Markel closing reinsurance division, selling rights to Nationwide
- October 30, 2025
- Posted by: Web workers
- Category: Finance
Markel Insurance said Wednesday it was shuttering its global reinsurance operation and agreed to sell the renewal rights to Nationwide.
Ryan Specialty will handle the underwriting and management of the business, which totals $1.2 billion in premium, for Nationwide.
Terms were not disclosed.
The scale of Markel’s reinsurance business “has held us back from being a leader in the reinsurance market,” CEO Simon Wilson said in a statement.
The transaction is expected to close in August, when Markel’s reinsurance unit will enter run-off.
The deal will expand Nationwide’s existing alliance with Ryan Specialty, which began in 2019, Nationwide CEO Kirt Walker said in a statement.
“Nationwide’s collaboration with Ryan Specialty, and Ryan Re in particular, has positioned us to increase our presence in the specialty reinsurance market. This strategic move accelerates this progress,” Mr. Walker said in the statement.
Markel’s global reinsurance division reported a 125.7% combined ratio in the second quarter, according to the company’s latest 10-Q, also released Wednesday.
