Market entry slated for next year
By Terry Gangcuangco
Nov 29, 2023 Share
State National Companies, a Markel Group division in the US, is expanding into the UK next year.
Markel Group’s insurance operations Markel said in an emailed release: “State National, the largest program services carrier in the US, is partnering with Markel International Insurance Company Limited to create a program services division in the UK to serve managing general agents (MGA).
“The new division will leverage State National’s long track record of success in the program services marketplace combined with Markel International Insurance Company Limited’s strong balance sheet, existing regulatory framework, and operational controls. The new division will focus on supporting specialty commercial lines programs.”
Subject to regulatory approval, 28-year Markel veteran Rob Whitt will become executive director for State National Global. He currently serves as managing executive for corporate development at Markel.
“Working across Markel, Rob has driven the effort to establish State National Global with its program services expertise in the UK market,” noted State National chief executive and president Matt Freeman. “We’re excited to be partnering with our UK colleagues to leverage the strategic offerings that Markel has assembled and the capabilities we have to support our customers worldwide.”
Based in Texas, State National became a wholly owned subsidiary of Markel Group six years ago. Its UK expansion is slated for January 1, 2024.
Simon Wilson, Markel International president, commented: “This is a tremendous example of leveraging the capabilities that exist across the Markel platform. When complete, we believe Markel launching a division focused on program services will bring much-needed capabilities to the market and help us better support the MGAs in the UK.
“It has been tremendous learning from State National’s skill and experience in program services. We are excited about taking this offering to the UK MGA market.”
Meanwhile Freeman pointed to a “meaningful growth opportunity” amid what he described as strong demand.
“The UK MGA market is underserved, and we’re intent on building a leading program services division in the UK,” he said. “The new division is a great example of Markel’s ’power of the platform’, combining State National’s 40-plus years of program services experience with Markel’s well-established insurance company in the UK.”
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- Markel to acquire State National in $919m deal
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