Nationwide to acquire renewal rights of Markel’s Global Reinsurance business

Columbus-domiciled Nationwide, a diversified financial services and insurance company in the United States, has entered into a definitive agreement to acquire the renewal rights of Markel Insurance’s Global Reinsurance business, signalling Markel’s exit from the reinsurance market as the firm focuses on growing its core specialty insurance operation.

This sale aligns with Markel Group’s broader strategy to simplify operations and drive business growth by empowering “local expert teams to serve the distinct needs of their core specialty insurance markets.”

Nationwide plans to delegate the underwriting and management of all renewal policy opportunities included in this transaction, currently $1.2 billion in premiums, to Ryan Re Underwriting Managers, the managing general underwriter of Ryan Specialty.

This move expands Nationwide’s strategic alliance with Ryan Specialty, which was established in 2019.

Markel has confirmed that it will not sell any insurance company entities as part of the transaction, and Markel’s Global Reinsurance division will enter run-off, with premiums continuing to earn out over the next two to three years.

The transaction is expected to close in August 2025, subject to customary closing conditions. Transaction terms have not been publicly disclosed.

Kirt Walker, Chief Executive Officer (CEO), Nationwide, commented, “By working with two respected names in the industry, this strategic acquisition reinforces Nationwide’s position as a diversified risk partner and creates an opportunity for us to expand our reinsurance footprint. 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, and we’re excited about the diverse portfolio it unlocks.”

Simon Wilson, CEO, Markel Insurance, added, “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. With this change, we will sharpen our focus on doing more of what we do best by growing our core specialty insurance business.

“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. We are confident that they will deliver for our reinsurance customers and trading partners.”

Mark Berven, President of Property & Casualty at Nationwide, said, “We are confident in our ability to meet the protection needs of Markel’s clients and deliver long-term value to broker partners. Our partnership brings the scale, reach and specialised capabilities to offer these clients a broad suite of products, including specialty lines that enhance their options in meaningful ways.”

Berven emphasised that the agreement provides the opportunity for strategic team expansion by adding specialised reinsurance underwriting talent and ensuring the continuation of exceptional service to renewing clients.

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