Markel exits non-viable business lines after strategic review

Specialist insurer Markel International will cease to write personal accident and contingency insurance, following a "strategic review" that found that the businesses were not "viable".

The company's wholesale business will be focusing solely on the entertainment book of business within its personal accident, contingency and entertainment (PACE) portfolio with immediate effect.

The entertainment portfolio, which includes film, TV and advertising production coverage as well as theatrical business, will be moved within the professional and financial risks (PFR) portfolio with the media errors and omissions (E&O) account.

Markel said the decision follows a strategic review, conducted in the context of both profitability and market outlook. The changes will also apply to its PACE portfolio across Asia.

Markel Canada and Markel Spain, which both write personal accident from their respective regions under the national markets side of the business, will be unaffected by these changes, as well as Markel Global Reinsurance who will continue to write accident and health treaty business.

James Hastings, managing director of wholesale at Markel International, commented: “The performance, market dynamics and sector outlook for PACE have been part of a strategic review and with the addition of the impact of COVID-19, sadly we found that neither PA nor contingency were viable beyond this point.

“The entertainment portfolio will be well positioned to prosper alongside the media liability book within PFR, and under the management of David Sawyer who heads up the division.”