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Markel has announced the forthcoming retirement of Bryan Sanders, the current president of its Markel Specialty division, alongside leadership appointments to bolster this high-profile exit.

Sanders is set to retire by Dec, 31, 2024. In his place, Alex Martin, the current chief financial officer of Markel, will step into the position of president, Markel Specialty, reporting to Bob Cox, the president of global insurance operations.

Concurrently, Brian Costanzo, who currently serves as the senior vice president and chief accounting officer for Markel Group, will assume the role of chief financial officer of Markel, reporting to Jeremy Noble, Markel president.

As part of this transition, effective Dec. 1, 2023, Sanders will take on the role of chairman, Markel Specialty. With a career spanning over four decades in the insurance industry, he is retiring after making significant contributions to the transformation of the company’s US and Bermuda operations. Sanders has been an integral part of the leadership team, facilitating the company’s ability to meet the evolving needs of its clients.

Alex Martin, who has been with Markel for 17 years and has held various management positions, has experience that includes operations, underwriting, business development, strategy, and finance. He has a history of leading transformation efforts and building high-performing teams while driving operational efficiency and process improvement through technology and data utilisation.

Brian Costanzo has been with Markel for 14 years. He has experience in various leadership roles within finance. He has played a crucial part in driving strategic initiatives related to operational efficiency, actuarial transformation, technology, and data.

Other Markel appointments

Within Markel Specialty, Guenter Kryszon is set to assume the role of chief underwriting officer, bringing with him experience in driving growth and profitability through initiatives such as portfolio optimisation and addressing climate change and environmental, social, and governance concerns. He will lead and direct underwriting strategy and operations across all product lines within Markel Specialty.

Ryan Oosterheert, who has been with Markel since 2019, will become chief operations officer. With over 20 years of industry experience, Oosterheert has expertise in underwriting, product management, strategy, and operations. She has been instrumental in working on various strategic, data, technology, and operational efforts within the organisation.

“We are grateful to Bryan Sanders for his many contributions, including his support for developing an outstanding leadership team at Markel — one that reflects the strength of our people-powered culture. This thoughtful and intentional transition speaks to the depth of talent within Markel. With an exceptional set of leaders across our business, I am extremely optimistic that we will further strengthen our position in the marketplace, as well as execute on our continued transformation as we build the leading global specialty insurer,” Noble said.

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WTW, which sold its treaty reinsurance brokerage operations to Gallagher two years ago, isn’t discounting the possibility of a comeback, it’s been revealed.

When the sale of Willis Re was announced in August 2021, then WTW chief executive John Haley said: “Following the termination of the proposed combination with Aon, we have been taking time to reflect on what we have learned about WTW over the last 16 months and determine how we will move forward as an independent company.

“As part of this, we conducted a review of strategic alternatives for Willis Re, our global reinsurance business. While we highly value Willis Re and our colleagues who contribute to its success, we concluded that divestment was the appropriate path for this business and for WTW.”

Completed towards the end of 2021, the deal with Gallagher featured a two-year non-solicitation agreement, as reported by Insurance Business at the time. Now it appears WTW has not entirely closed its doors on reinsurance broking.

During WTW’s latest earnings call, an analyst cited speculation surrounding a potential re-entry for the broking giant and asked for comment on the matter.

In response, CEO Carl Hess (pictured) said: “Reinsurance is a natural fit with retail broking businesses. Many of our peers operate these businesses; we did so successfully as well. And with our non-compete with AJG (Arthur J. Gallagher & Co.) soon expiring, we are able to add reinsurance to the universe of capital allocations that we consider.

“We’ve remained well connected to the reinsurance markets. We have both a deep understanding of the strategic value of reinsurance brokerage for our business and a healthy appreciation for current market conditions as well.

“I think I’ll look at it this way: I’m not going to comment on any hypotheticals regarding capital allocation decisions or potential M&A (mergers and acquisitions) transactions. When evaluating our opportunity here, we look at it compared to any other opportunity we might have as a business.”

Hess pointed out that any such move will only be pursued if the expected returns and value creation potential are compelling compared to other available options.

“I think I’ll leave it at that,” the chief executive said.

Echoing the top leader’s sentiments, WTW chief financial officer Andrew Krasner told another analyst: “Yes, [reinsurance broking is] an attractive business, but there are other attractive possibilities as well. We want to be judicious on how we approach any such decision.”

In the third quarter of 2023, WTW’s net income amounted to US$139 million.

“In the near term, we expect year-over-year margin expansion for the fourth quarter and the full year as a result of operating leverage and increasing contributions from our expense management initiatives,” Hess noted earlier in the call.

“We’re pleased with our third quarter performance, and our progress gives us confidence in our ability to drive profitable growth and create value over the long term… Our focus on specialisation in our risk & broking segment has been one of the key drivers of our strong organic growth.”

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Dale Underwriting Partners, trading under Dale Managing Agency Limited’s Lloyd’s Syndicate 1729, has announced the appointment of Preben Prebensen as the independent non-executive chair of the group board. This appointment is set to take effect upon the completion of its transaction with CVC and is subject to customary regulatory approvals.

The appointment is a significant step following the recent announcement of Dale’s strategic partnership with CVC, a prominent global private markets manager overseeing €177 billion in assets. In line with this partnership, a new group board will be established, consisting of CVC and Dale’s executive and non-executive directors. This board will operate alongside the existing governance framework and will be dedicated to supporting the business in realising the next phase of its strategic vision.

Prebensen brings a wealth of experience to his new role, with over 40 years in the banking and insurance sectors. He served as the CEO of Close Brothers Group Plc, a FTSE 250 merchant bank, for 11 years. His previous roles include chief investment officer and member of the group executive committee at Catlin Group, and CEO at Wellington Underwriting.

Additionally, he currently holds the position of the independent non-executive chair at RiverStone International and Enra Specialist Finance, as well as senior independent director at The British Land Company plc.

“Having someone of Preben’s calibre joining the Group Board is a real achievement for the business following our strategic partnership announcement with CVC. Preben’s extensive experience within financial services will help with Dale’s exciting plans for growth and continue its mission of delivering superior underwriting results and service to our clients,” said Duncan Dale, chief executive and founder of Dale.

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MS Amlin has announced the promotion of Jamie Cleary (pictured above) to the position of head of crisis management, effective immediately.

Cleary, based in London, will lead the growth and advancement of MS Amlin’s crisis management portfolio, which specialises in offering tailor-made solutions to protect clients from significant incidents that have the potential to disrupt their business operations or harm their reputation.

With over two decades of experience in the London market, Cleary brings a wealth of knowledge to his new role. He spent seven years at Talbot AIG before joining MS Amlin’s crisis management team in 2010, where he played a key role in developing the business’s credit and political risk and political violence accounts. He is recognised as an expert in credit, political risk, war, and terrorism insurance, and serves as a member of the Lloyd’s Trade Credit and Political Risk Panel.

Cleary will be taking on this additional role while retaining his responsibilities as the lead underwriter for credit and political risk. He will report to Neil Walker, deputy chief underwriting officer and head of speciality insurance at MS Amlin.

“In an era of heightened geopolitical risk and uncertainty, our clients are looking for tailored and responsive solutions to the many risk management challenges they face,” Walker said. “I’m thrilled that Jamie will be leading MS Amlin’s crisis management portfolio in his new, expanded role. Throughout his time at MS Amlin, he has fostered our culture of tenacity, entrepreneurship, and innovation. This promotion is testament to MS Amlin’s deep industry expertise and commitment to investing in the development of our internal talent pool.”

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The evolution of the ISC Group is a bodyweight exercise masterclass in action – empowering women in insurance to leverage their own strength to close the opportunity gap. Founded in 2003 by chair Barbara Schonhofer (pictured left), the global networking platform has gone from strength to strength boasting almost 10,000 members and over 100 corporate partners worldwide.

In conversation with Insurance Business, Schonhofer and USA Chair Margaret Resce Milkint (pictured right) noted that this is a launch-pad time for ISC, as exemplified by today’s news that it has welcomed Isabel Hudson and Nick Dunlop as new group NEDs. 

“We are delighted to welcome Isabel and Nick to join our board of directors,” Schonhofer said. “It is a significant move for ISC Group to have secured such prominent individuals from the insurance industry and both so committed to gender equity and ESG. 

“Isabel has been on the ISC journey for the last 20 years and knows how we have evolved to be the leading insurance industry association internationally from our roots as a small business network in the London Market. Isabel has tremendous global main board experience from inside and outside insurance, having served on the boards of QBE Group, Standard Life, Phoenix and RSA. Isabel currently sits on the AXA Group and BT boards. 

“Together with Isabel it is another coup for us to have Nick join our board as the first male representation in our Group, and we couldn’t have asked for a more prominent and trusted ally to step forward.  Nick had a long career with WTW, one of the most prestigious brokers in the world, and is a significant ISC Group supporter and member. 

“He brings us a wealth of international experience as a prominent insurance broker, focused on risk management for global clients and, more recently, the challenges and opportunities presented by climate change. He attended the World Economic Forum in Davos for many years. 

“Nick’s knowledge of membership organisations is substantial as he has just completed his year as Master of the Worshipful Company of Insurers, one of the modern City Livery companies and was a long-standing board member of British American Business, supporting international trading between the UK and US. 

The addition of Hudson and Dunlop, the scale of the group and the impact of its members on the profession demonstrates the importance of the initiative’s core mission – to bring more women in insurance into leadership positions, said Schonhofer.  

Resce Milkint noted that when Schonhofer first approached her about becoming chair of ISC in the USA, it was a responsibility she took – and still takes – very seriously, because she has seen first-hand the impact commanded by the ISC brand. It’s incredible to see the relationships that have developed under the umbrella of the platform, she said, and how women are supporting each other in the safe space created by this community.  

“We accelerate and we celebrate each other,” she said. “We have to live this message and we have to role model this message. That’s always been Barbara’s vision. That’s why ISC is now in seven countries because of that synergy, that focus on cross-collaboration – it’s a force multiplier and it’s wonderful to see in action.”

There’s a “mission spirit” in insurance that doesn’t really exist in the same way in any other industry, she said, and it’s exemplified by how the members of ISC Group work together to create a richer, stronger, more sustainable insurance talent pipeline. Resce Milkint strongly believes that the insurance sector has a great opportunity to shine a spotlight on the work it does to protect society and, in doing so, to bring fresh new talent into the sector and to attract great talent from other industries.  

“And those who join our industry will enrich us with fresh eyes and fresh perspectives,” she said. “I think it’s a new day for insurance. I think it’s a new day for women. ISC Group is a big part of that.” 

The mission of ISC is underpinned by a few key elements, Schonhofer said, which work in combination to empower women talent and effect lasting change to the makeup of the senior leadership teams of insurance businesses. The first is its focus on forming trusted bonds amongst senior leaders on a global scale via small, intimate events for senior women. These members are given the space to explore and debate thought leadership topics in a safe environment. Twenty years ago, this acted as the founding style of connection for the original ISC members and remains central to the community’s success. 

“Then you’ve got the programmes designed to reinforce the talent pipeline,” she said. “And we’ve seen the impact that has – and how it works for our members. The group coaching piece is about allowing our members to know their natural place in a team, and to understand that they don’t have to be all things to all people.

“The ISC Lunch & Learns are where we often get one of our more senior members to come in and bust some of the myths around what leadership really entails, which takes away the fear for some of our more junior members. They also present an opportunity for role-modelling and mentoring which are frequently touted as central to helping women progress.”  

It’s the greatest testament to the strength of the ISC that its senior members remain as engaged and involved as ever, despite having already established such strong networks between themselves. It’s the clearest indication of the value that this initiative offers its members, she said, which is why the mission of the ISC remains unchanged even while its business plan is being restructured to enable the platform to continue to work its magic across the sector and across borders. 

“We’ve developed a huge following and the global network that has been created is having an impact on women in the market,” she said. “Now we’ve got to formalise our systems and focus on areas that we know are really making a difference. To do all of that, to really work with and for the industry, we need proper, sound funding. So, we’re looking at our structures going forward, what we’re offering, what it costs us to provide, where we need to get professional support.” 

Schonhofer highlighted that the platform is ready to cement those foundations and look to the future, a desire which is only reinforced by the addition of Hudson and Dunlop to the board of directors. Key to this drive will be a greater emphasis on every promotion that occurs across the ISC Group’s membership, she said, as this is the proof of concept that the initiative is enacting significant and consequential change for the sector.  

The time is right for the wider industry to throw its weight behind the ISC Group in a tangible way, Resce Milkint said, because the work the association is doing is at a critical juncture where it’s seeing the pay-off from its efforts to date in the opportunities knocking at the door for women in insurance.

“This is the time for us to scale,” she said. “This is our moment, and we want to welcome everyone to be part of this moment.”

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FSB Insurance Service has announced it has secured the top prize of £20,000 through the 2023 Aviva Broker UK Community Fund for their chosen charity, which they named to be Birmingham-based SPLIT UK.

In a news release, the insurance service lauded the support SPLIT UK provided to families who incurred unexpected costs at the time their child is in need of intestinal or liver transplants. “It’s a lifeline for the families facing a journey no one should travel alone,” the release said.

Helping families during challenging times

In the UK, one in 1,000 children develop liver disease. Technology nowadays could save the lives of these children, including through advanced diagnosis, drug therapies, molecular genetics, and transplantation. However, there are only three transplant centers in the UK, and some of the children with the disease had to travel long distances for treatment, resulting in more expenses than anticipated.

This is the point where SPLIT UK steps in, supporting the families during these challenging times. They offer financial support and crisis grants through the SPLIT Family Fund; provide vital information on organ donation, liver/intestinal disease, and transplantation; assist in the research and education into the causes of liver/intestinal disease and transplantation, and treatments.

FSB Insurance’s senior executive, Anne Butler, is one of those who witnessed the support that SPLIT UK provides.

“My seven-year-old granddaughter Tilly was diagnosed with stage 4 liver cancer just before COVID struck,” Butler said. “After rounds of chemotherapy to shrink the cancer, the only real cure was a multi-organ transplant. SPLIT was amazing and supported Tilly and the family all the way along what was a very bumpy road. Tilly is now fit and well, and thanks are also due to hospital staff, the transplant teams, and the selfless generosity of the donor family, for which we will be eternally grateful.”

“Thank you, FSB Insurance Service; here at SPLIT UK, we are so grateful for your efforts, and your donations will help many families in the future,” said Sally Jerome, trustee and advanced nurse practitioner at SPLIT UK.

The funding was presented during the final of the Aviva ceremony in London. Of 40 brokers who applied, only five secured the top tier of funding. The secured funding is in addition to the £4,742 that FSB Insurance Service has already raised in the year so far through other activities, including a Snowdon climb.

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