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RICHMOND, Va., July 30, 2025 /PRNewswire/ -- Markel Insurance, the insurance operations within Markel Group Inc. (NYSE:MKL), 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 distinct needs of their core specialty insurance markets.
"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," said Simon Wilson, Chief Executive Officer of Markel Insurance. "With this change, we will sharpen our focus on doing more of what we do best by growing our core specialty insurance business."
Nationwide intends to delegate the underwriting and management of all renewal policies included in this transaction to Ryan Re Underwriting Managers ("Ryan Re"), a managing general underwriter of Ryan Specialty (NYSE: RYAN), through the expansion of their existing strategic alliance. 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.
"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," said Wilson. "We are confident that they will deliver for our reinsurance customers and trading partners."
Transaction terms have not been publicly disclosed.
About Markel Insurance
We are Markel Insurance, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people – and the deep, valued relationships they develop with colleagues, brokers, and clients – that differentiates us worldwide.
Disclaimer
Certain of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. 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 may cause actual results to differ are often presented with the forward-looking statements themselves. Additional factors that could cause actual results to differ from those predicted are set forth in the Markel Group Annual Report on Form 10-K for the year ended December 31, 2024, including under "Business Overview," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Safe Harbor and Cautionary Statement," and "Quantitative and Qualitative Disclosures About Market Risk," and in the Markel Group Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, including under "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Safe Harbor and Cautionary Statement," "Quantitative and Qualitative Disclosures About Market Risk," and "Risk Factors." Neither Markel nor Markel Group assumes any obligation to update this release (including any forward-looking statements herein) as a result of new information, developments, or otherwise. This release speaks only as of the date issued.
SOURCE Markel