Markel Building Canadian Business On Lloyd's Franchise

NU Online News Service, March 2, 4:30 p.m. EST

The firm said MINT Canadian Specialty Underwriters (MCSU) will write business through Markel Syndicate 3000 at Lloyd's.

MINT said that over time MCSU will have access to over eighty products currently underwritten by Markel International in London as well as the entire Markel portfolio of products in the United States.

Markel Corp., the parent firm in London, said it underwrites in niche markets providing a wide amount of coverage ranging from ships to aircraft, cultural services, fine arts, taxicabs, and directors and officers.

MCSU will initially focus on several key products and will broaden its product offering over time. MCSU plans to open for business in early summer 2005, MINT said.

Gerry Albanese, MINT president and chief operating officer, said, "When Markel came to London five years ago, we were clear that we planned to build a truly international business based in this unique market.

"The global Lloyd's franchise means that, from London, we can do business in Canada that we would be unable to underwrite through Markel Corporation," he explained.

Mr. Albanese said that in Canada MINT "will have the ability to offer a range of specialty products developed in London and in the U.S., all written through our Lloyd's syndicate."

"We are very serious about developing our international business, and the $1 billion we have invested in London over the last five years reflects this commitment."

Julian James, Director of Worldwide Markets at Lloyd's, said, "Lloyd's offers a unique vehicle for underwriting risk worldwide. Markel's plans in Canada show just how valuable this franchise can be."

MINT comprises the international operations of Markel Corporation. The company said it wrote gross premiums in 2004 of $746 million. The firm has five operating divisions writing business either through Markel Syndicate 3000 or through Markel International Insurance Company Limited.

A spokesman for MINT said it accounted for roughly 25 percent of the business of Markel Corp., which in 2004 reported gross written premiums of $2.5 billion.

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Markel Building Canadian Business On Lloyd's Franchise

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