US-based speciality property and casualty insurer State Nationwide Firms is foraying into the UK market beginning 1 January 2024.
A subsidiary of speciality insurer Markel, State Nationwide is collaborating with Markel Worldwide Insurance coverage Firm to arrange a programme providers division.
The brand new unit will cater to managing normal brokers (MGA) within the UK, with a concentrate on aiding speciality industrial strains programmes.
Markel stated the brand new division will profit from Markel Worldwide Insurance coverage Firm’s strong stability sheet, present regulatory framework, and operational controls, along with State Nationwide’s expertise within the programme providers trade.
Following regulatory approval, Rob Whitt, a 28-year veteran of Markel, will oversee the brand new division as the manager director of State Nationwide International.
State Nationwide Firms president and CEO Matt Freeman stated: “There’s a significant development alternative supporting the creation of a programme providers platform within the UK that can handle robust demand related to native MGAs and extra broadly throughout the globe.
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“The UK MGA market is underserved, and we’re intent on constructing a number one programme providers division within the UK.”
Markel Worldwide president Simon Wilson stated: “When full, we consider Markel launching a division targeted on programme providers will deliver much-needed capabilities to the market and assist us higher help the MGAs within the UK.
“It has been great studying from State Nationwide’s talent and expertise in programme providers. We’re enthusiastic about taking this providing to the UK MGA market.”
Final month, Markel acquired a 49% stake in UK-based tax MGA Certa for an undisclosed sum.
On the time, the US insurer stated the funding in Certa would offer additional entry to long-term development alternatives in a speciality line of enterprise.
