Markel Insurance has announced changes to the structure of its international operations, moving away from its current two-division model.
The company will transition from its existing Wholesale and National Markets divisions to five separate businesses before the end of the year. The new structure includes Asia-Pacific, Canada, Europe, London Market, and UK operations.
“The changes are designed to simplify decision-making, sharpen customer focus, and support our ambition to put Markel on the map by creating a framework where each business can scale independently and make decisions that best suit their markets,” the firm said in a press release.
The London Market business will operate as one of five new divisions, combining Markel’s Marine & Energy, PFR & Cyber, and Specialty product lines. It will also encompass international teams based in the United States. Markel International announced that it will conduct an open process to appoint a Managing Director to lead its London Market unit.
As a result of the restructuring, the Wholesale Managing Director and National Markets Managing Director positions will be eliminated. Henrik Bjørnstad, who served as National Markets Managing Director, will depart at the end of the year after more than a decade with the company.
In addition to the restructuring, Tom Hillier will take on the role of Chief Underwriting Officer, pending regulatory approval. Hillier joined Markel in December 2023 as Managing Director – Specialty, after launching the insurer’s Specialty practice within its International Wholesale division. He previously held the position of Managing Director of Specialty at Brit Insurance and has over 20 years of experience in the insurance sector across Property and Casualty lines.
All five businesses and the Chief Underwriting Officer role will report to Andrew McMellin, President of Markel International.
“The structural changes we’ve announced today … give each of the five new businesses the clarity and focus they need to grow and deliver for our clients and brokers,” McMellin noted.
