Key takeaways:
Global insurer, Markel, has expanded into Australia’s financial institutions sector, launching tailored insurance solutions including professional indemnity, directors and officers liability, and cyber cover to meet growing local demand.
The move reinforces Markel’s strategic growth in Asia-Pacific, with new offices in Sydney, Melbourne, and Brisbane, and the appointment of Rory Morison as Managing Director to lead the expansion.
Markel, a global specialty insurer, has expanded its presence in Australia by opening offices in Sydney, Melbourne, and Brisbane, appointing Rory Morison as Managing Director. Morison, formerly of AXA XL, brings extensive experience in casualty and financial lines, aligning with Markel’s focus on these sectors in the Australian market.
The expansion aims to meet the growing demand for specialty commercial insurance in Australia, particularly in casualty and financial lines, driven by the digital economy’s growth. Markel plans to introduce products like Fintech and CommTech insurance solutions, covering risks such as professional indemnity, general liability, directors and officers liability, and cyber threats.
Additionally, Markel has launched professional indemnity solutions tailored for Australian businesses across various sectors, including accounting, construction, and media. This move addresses the reduced capacity in Australia’s professional indemnity market and underscores Markel’s commitment to providing localized insurance solutions.
This strategic investment reflects Markel’s commitment to the Australian market and its broader Asia-Pacific expansion plans. By establishing a strong local presence, Markel aims to better serve Australian clients with specialized underwriting solutions and responsive claims handling.
For more information, see the media release below.