By Alice Uribe
SYDNEY–The insurance arm of U.S.-based Markel Group has expanded its leadership team in Australia, as the company looks to secure a long-term foothold in the local market.
Rory Morison, the managing director in charge of Australia, said in an interview with Dow Jones Newswires that the focus for this year was to continue to build out the team, and systems, including pricing. Even so, Markel has already written its first business.
Markel announced in September that it was opening three new offices in Australia to offer casualty, professional indemnity and directors and officers products, with other lines to follow.
“Next year, we’ll have our go to market plans ready to unleash on the market I would say for general liability, PI and D&O,” Morison said.
Morison said the timing was right to enter Australia, in part due to market conditions that have seen attractive premium pricing.
“Particularly in the longer tail classes that we’re launching, we’ve had a period of sustained rate increases over the last few years, and that’s also coincided with a contraction of underwriting empowerment,” he said.
“So, it’s really a confluence of events…which also tie in with Markel and the international division of Markel going through a growth strategy.”
The Australia unit sells risk products aimed at the mid-market and above via brokers, and Morison said he expected to have around 10 staff by the end of the year.
Markel has already appointed Ahmed Farag as Head of Casualty and Kym Beazleigh as Head of Professional and Financial Risk and Head of Sydney.
Farag joins from Swiss Re Corporate Solutions, while Beazleigh comes over from Allied World.
Markel has also appointed Arné Booysen as Senior Underwriter, Professional Indemnity from Allied World.
Earlier in October, Markel named Stephen Rogers as Head of Queensland.
Write to Alice Uribe at [email protected]
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