Markel Insurance sells reinsurance renewal rights to Nationwide

Markel Insurance, part of Markel Group Inc. (NYSE: MKL), announced an agreement to sell renewal rights for its Global Reinsurance business to Nationwide. The transaction is expected to close in August 2025, subject to customary closing conditions.

The sale forms part of Markel's strategy to simplify operations and focus on specialty insurance markets. Simon Wilson, Chief Executive Officer of Markel Insurance, stated that the company's scale has limited its ability to lead in the reinsurance market.

Nationwide plans to delegate underwriting and management of all renewal policies from this transaction to Ryan Re Underwriting Managers, a managing general underwriter of Ryan Specialty (NYSE: RYAN), through an expansion of their existing strategic alliance.

Markel will not sell any insurance company entities as part of the deal. The company's Global Reinsurance division will enter runoff, with premiums continuing to earn out over the next two to three years.

The companies did not disclose financial terms of the transaction. The information is based on a press release statement from Markel Insurance.

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