Markel to sell reinsurance renewal rights to Nationwide
Markel has entered into an agreement to sell the renewal rights for its global reinsurance business to Nationwide. The sale is part of Markel’s broader strategy to simplify operations and grow the business by empowering local expert teams to serve the needs of their core specialty insurance markets.
Nationwide plans to delegate the underwriting and management of all renewal policy opportunities included in this transaction – currently $1.2 billion in premium – to Ryan Re Underwriting Managers, a reinsurance managing general underwriter of Ryan Specialty, expanding the strategic alliance between Nationwide and Ryan Specialty established in 2019.
Markel will not sell any insurance company entities as part of the transaction, and Markel’s global reinsurance division will enter runoff, with premiums continuing to earn out over the next two to three years.
The transaction is subject to customary closing conditions and is expected to close in August 2025.
“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.
“By working with two respected names in the industry, this strategic acquisition reinforces Nationwide’s position as a diversified risk partner and creates an opportunity for us to expand our reinsurance footprint. Nationwide’s collaboration with Ryan Specialty, and Ryan Re in particular, has positioned us to increase our presence in the specialty reinsurance market. This strategic move accelerates this progress, and we’re excited about the diverse portfolio it unlocks.” – Nationwide CEO Kirt Walker.
