Markel Insurance, part of the Markel Group, has agreed to sell the renewal rights for its Global Reinsurance business to Nationwide as part of its strategy to simplify operations and cater to core specialty insurance markets.
Nationwide will delegate the underwriting and management of the renewal policies to Ryan Re Underwriting Managers, a managing general underwriter within Ryan Specialty. Markel will not sell any insurance company entities in this transaction; instead, its Global Reinsurance division will enter runoff, allowing premiums to continue earning out over the next two to three years.
The transaction is subject to customary closing conditions and is expected to close in August 2025. And the transaction terms have not been publicly disclosed.
KEY QUOTES:
“We are grateful for the work that our Global Reinsurance team has done for our valued customers, but our scale has held us back from being a leader in the reinsurance market. With this change, we will sharpen our focus on doing more of what we do best by growing our core specialty insurance business.”
“Nationwide and Ryan Re have the scale, market presence, and expertise necessary to leverage these renewal rights to build an even stronger foundation for long-term success. We are confident that they will deliver for our reinsurance customers and trading partners.”
Simon Wilson, Chief Executive Officer of Markel Insurance
