As previously announced, Columbus-domiciled Nationwide, a diversified financial services and insurance company in the United States, has completed the acquisition of the renewal rights of Markel Insurance’s Global Reinsurance business.
The terms of the transaction were not publicly disclosed. Nationwide will delegate the underwriting and management of all renewal policies, worth approximately $1.2 billion in premium, included in this transaction to Ryan Re Underwriting Managers, a managing general underwriter of Ryan Specialty.
Markel did not sell any insurance company entities as part of the transaction, and Markel’s Global Reinsurance division has entered into run-off, with premiums continuing to earn out over the next two to three years.
Simon Wilson, Chief Executive Officer (CEO), Markel Insurance, commented, “This move will sharpen our focus on doing more of what we do best so that we can grow our core specialty insurance business. We are grateful to Nationwide and Ryan Re for being great partners throughout this transaction.”
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Kirt Walker, CEO, Nationwide, added, “This acquisition accelerates Nationwide’s reinsurance growth and deepens our strategic alliance with Ryan Specialty, through Ryan Re, established in 2019. Together, we’ve built a strong foundation in specialty reinsurance. This transaction builds on that momentum and broadens the range of opportunities we can bring to market.”
Mark Berven, President of Property & Casualty, Nationwide, stated, “These renewal rights create new opportunities to grow and diversify our reinsurance portfolio while adding specialised talent to Ryan Re’s team. We’re ready to provide Markel’s clients with the solutions and service they’ve come to expect, while delivering new value for broker partners.”
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