Specialty re/insurance company Markel Corporation has confirmed the structure of its reinsurance, retrocession and alternative reinsurance leadership team, reporting into President and Chief Underwriting Officer of Markel Global Reinsurance, Jed Rhoads.
Co-head’s of Global Reinsurance operations in Markel’s Bermuda office will be managing director’s Andrew Barnard and Peta White. Barnard leads on international property and retrocession, while White leads the U.S. property reinsurance business.
Also located in Bermuda is Erik Manning, another managing director who leads the alternative market initiatives and development of Markel’s relationships with insurance-linked securities (ILS) markets and investors.
Don Bahr and Tod Costikyan, both managing director’s, will co-head Global Reinsurance operations in Markel’s Summit, New Jersey office. Bahr leads the casualty reinsurance segment, while Costikyan leads the specialty reinsurance areas. Also based at the Summit office is Steve Leitz who has been promoted to Chief Administrative Officer for Markel’s Global Reinsurance operations.
Richie Whitt, President and Co-Chief Operating Officer of Markel Corporation, commented on the announcement; “Since last fall, Jed has transitioned to his role in leading Markel’s Global Reinsurance division, and he has created a management team that is strong with deep underwriting and leadership talent in each of our reinsurance platforms.”
Rhoads added; “I am excited to work with this team that includes experienced industry professionals with a wide breadth of knowledge. With this strong reinsurance leadership team, we believe that Markel will continue to be well positioned to successfully compete in today’s global reinsurance marketplace.”
Rhoads will split his time between the Bermuda and Summit offices.
Markel leverages the capital markets and ILS investors through its New Point vehicles, which are collateralized reinsurance sidecars. The re/insurer registered its latest sidecar vehicle in December 2014, with the Bermuda SPI New Point Re VII Ltd.
With a strong reinsurance leadership team the firm should be able to help investors access a diverse portfolio of risks, although to date much of its sidecar risk has been property catastrophe we understand. That may change in the future as investors seek to partner with re/insurers to access new types of risk.