Markel to move reinsurance property cat unit, cut jobs
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Markel Corp. said Wednesday it will move its property catastrophe reinsurance business into Nephila Holdings Ltd. and close its Markel Global Reinsurance property catastrophe unit, resulting in some 25 job losses.
The move would make Nephila Markel’s single point of entry for serving property catastrophe reinsurance operations, Markel’s statement said Wednesday.
Markel Global Re will increase its focus on underwriting casualty and specialty lines under the continued leadership of Jed Rhoads, president and chief underwriting officer, Markel Global Re.
Some Markel Global Re property employees may have the opportunity to join the Nephila team, but those employees affected will leave the company on Dec. 31, 2020, the statement said.
The move is expected to generate “operational efficiencies,” according to Markel Co-CEO Richie Whitt, who said in the statement the company is “committed to working with and assisting employees affected by this change.”
Markel bought Nephila in 2018.
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