Specialist insurer Markel International will no longer write London open market property business.
“Dean Pitts, supported by Guy House, has worked hard to make this business successful but, sadly, the market has been against them, in terms of both capacity and pricing,” explained Markel International president William Stovin. “That has been a feature of the market for some time and, despite their and our best efforts and a range of strategies, we have not been able to overcome this fundamental issue.”
The market exit is effective immediately.
Markel International, however, said the development will not impact or have any implications for Markel Corporation’s US and Bermuda property businesses. For reasons of size and structure, these units have not met the same woes as the London open market business.
As for Pitts and House, Stovin said: “Both will leave the business and go with our best wishes and our support for the future.”