Markel launches energy property product for small US businesses

Markel Insurance, the insurance operation within Markel Group Inc. (NYSE: MKL), has launched a Chemical, Oil & Gas related Energy Property offering, known as CORE, targeting small to midsize US-domiciled businesses in the energy sector.

The product covers property damage, business interruption and, on selected risks, equipment breakdown. It also includes protection against natural catastrophe exposures such as flood, windstorm and earthquake, with limits of up to $50 million on both a primary and excess-of-loss basis.

Eligible businesses include those operating in industrial organic chemicals, petrochemicals, natural gas transmission and storage, terminals, gas processing, and midstream and downstream operations.

Alongside the product launch, Markel appointed Candice Walker as Head of First-Party Energy and Michael McClain as Senior Underwriter – Energy. Walker, who has been with Markel since 2015, brings more than 20 years of experience in the property insurance sector. McClain, based in Texas, previously served as Manager of Technical Operations at Tomorrow RNG, a subsidiary of Enbridge Inc., and held senior roles at Aethon Energy, LLC.

Walker said the offering is designed to address a "complex risk landscape, driven by increasing natural catastrophe events, operational disruptions and a challenging economic environment."

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