Markel Insurance, the insurance operation within Markel Group Inc. (NYSE: MKL), has appointed Nick Rugg as Head of Financial Institutions & Fintech – PFR & Cyber within its London-based specialty insurance operation, effective immediately.

Rugg will report to Martin McCarron, Director of Financial Institutions and Management Liability, International. In the role, he will lead a team providing professional indemnity, directors' and officers' liability, crime, and cyber coverage across four product lines: Investment Managers, Fintech, Traditional Financial Institutions, and Offshore Financial Institutions.

Rugg joined Markel in 2014 as an underwriter in the financial institutions team and has held senior underwriting positions since, most recently serving as Head of Fintech and Investment Management Insurance. He has more than 20 years of underwriting experience and previously worked as a financial institutions underwriter at Arch Europe.

The appointment follows Bhavik Desai's move to Managing Director of PFR & Cyber in London, which the company described as the latest in a series of leadership changes within the division.

Rugg said he looks forward to developing the wider Financial Institutions portfolio alongside underwriting teams, brokers, and clients across the four product lines.