Markel Insurance has appointed Nick Rugg as Head of Financial Institutions & Fintech – PFR & Cyber within its London-based specialty insurance operation. The appointment is effective immediately.
Rugg will report to Martin McCarron, Director of Financial Institutions and Management Liability, International, and lead Markel’s team providing professional indemnity, directors’ and officers’ liability, crime and cyber coverage to financial services companies.
His responsibilities will span four product areas: Investment Managers, Fintech, Traditional Financial Institutions and Offshore Financial Institutions.
The appointment follows the recent promotion of Bhavik Desai to Managing Director of PFR & Cyber in London and represents another leadership change within Markel’s specialty financial lines business.
Rugg brings more than 20 years of underwriting experience.
He joined Markel in 2014 as an underwriter within the financial institutions team and has since held several senior underwriting positions, most recently serving as Head of Fintech and Investment Management Insurance.
Before joining Markel, he worked as a financial institutions underwriter at Arch Europe.
Rugg has played a central role in developing Markel’s fintech insurance product suite, which addresses risks that increasingly cut across professional liability, directors’ and officers’ liability, crime and cyber exposures.
Markel was also an early provider of blended cyber financial-institutions coverage within its fintech and investment management products.
The company sees continued convergence among financial services risks as fintech businesses mature and established financial institutions adopt increasingly technology-driven operating models.
Rugg’s expanded role gives him responsibility for applying Markel’s fintech expertise across a wider financial institutions portfolio while continuing to develop products around emerging exposures.
KEY QUOTES:
“Fintech has moved from being an emerging segment to an established part of the financial services market. As businesses have scaled and the range of business models has expanded, their insurance needs have become more varied.”
Nick Rugg, Head of Financial Institutions & Fintech – PFR & Cyber at Markel International
“His product expertise, broker relationships and experience in developing these portfolios give him a strong foundation to lead the wider team.”
“In this expanded role, Nick will bring that experience across the wider financial institutions portfolio, with a focus on developing products that respond to the way financial services risks are continuing to converge.”
Bhavik Desai, Managing Director of PFR & Cyber at Markel International
