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Markel launches Professional Indemnity solutions in Australia

Markel, the insurance operation within Markel Group Inc. (NYSE: MKL), today announced it is has launched professional indemnity solutions in Australia with localised wordings to service a broad range of professions.

Following the opening of offices in Sydney, Melbourne and Brisbane in September 2023, and the appointment of an experienced and empowered underwriting and claims team, Markel is now introducing its first products with localised wording to the Australian market.

Within its International Wholesale business, Markel has identified a strong opportunity to address growing demand for professional and financial risks (PFR) insurance solutions in Australia, due to a reduction in capacity in recent years. Markel’s new professional indemnity products are designed primarily for Australian-domiciled businesses, with wordings covering six professional areas: accounting, construction, design and construct, insurance, media, and miscellaneous.

Kym Beazleigh, Head of Professional and Financial Risks Australia at Markel, said, “Over the past five years, we have seen significant pricing and coverage remediation in the Australian professional indemnity market, affecting companies across sectors including construction, engineering, energy and professional services. In response, Markel is building a diversified and sustainable portfolio across a variety of professions.

“We have the expertise and ability to invest in supporting complex and evolving sectors that others have previously shied away from. One such area is renewable energy, where we will draw on the global renewables expertise within Markel. This market has historically been underserviced but continues to be a critical industry in Australia’s push towards reduced carbon emissions. With a better understanding of industry exposures including grid connection, weather risks, and emerging technologies, we’re seeing clients adapting their strategies and improving their risk profiles in this space.

“We are truly excited by the combination of local insurance solutions, underwriting empowerment, and the ability to leverage Markel’s global expertise in the Australian market. We will continue investing in our PFR underwriting team, with a view to being a strategic and long-term insurance partner for our brokers and clients.”