"This move allows us to more fully leverage Nephila's market leading competitive position while also generating necessary operational efficiencies," said Markel Co-CEO
Moving forward, Markel Global Reinsurance will increase its focus on underwriting and growing its casualty and specialty lines under the continued leadership of
"The process to shift to our new model will begin immediately and we will ensure that it's completed in a professional, orderly, and seamless fashion," said Rhoads. "I want to express my deep thanks and appreciation to our property CAT clients, trading partners, and employees for their years of loyal support."
While some Markel Global Re property team employees may have the opportunity to join the Nephila team, the change will result in approximately 25 job reductions globally. Those employees impacted will depart the company on
"We are committed to working with and assisting employees affected by this change," Whitt said.
Markel is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Visit Markel on the web at markel.com.
Note on Forward-Looking Statements
Some of the statements in this release may be considered forward-looking statements. Statements that are not historical facts, including statements about Markel's beliefs, plans or expectations, are forward-looking statements. These statements are based on Markel's current plans, estimates and expectations. There are risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by such statements. Factors that could cause actual results to differ from those in the forward-looking statements are discussed in Markel's periodic filings with the
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