Founded in the United States in the early part of the last century, the company has built its reputation on covering complex and hard-to-place risks, and is noted for innovation, flexibility and financial stability.
The parent company is Markel Corporation, which is listed on the New York Stock Exchange and is capitalised around $4 billion. Markel International, a subsidiary of Markel Corporation, is responsible for all the company's operations outside the United States and has offices across Europe, Asia Pacific, and Canada.
Markel in Asia Pacific
Markel operates across Asia Pacific through service companies in Singapore, Hong Kong and Labuan.
Business is conducted in through Markel's wholly-owned Lloyd's syndicate - Syndicate 3000 - and the company benefits from Lloyd's global trading licences and can write reinsurance across the region and direct insurance in Hong Kong, Singapore, Australia and New Zealand.
Lloyd's currenlty enjoys an A rating from A.M. Best and A+ ratings from Fitch and Standard and Poor's.
We are well known for our thorough and pragmatic approach to underwriting, our emphasis on progressive policy wordings and our ability to present information clearly and precisely, particularly when covering complex risks.
We have been active in Asia Pacific for many years and now have offices in Singapore, Hong Kong, and Malaysia. We have a strong focus on a wide range of liability risks including those affecting financial institutions as well as professional liability.
We have also been at the forefront of directors’ and officers’ insurance for over 20 years. We have a versatile range of products that enables us to protect directors' and officers' in companies of all types and sizes, both public and private.
Our product range includes bespoke coverage for public offerings and a blended policy for the fund management industry.
Markel’s product liability offering draws on over 30 years’ practice in this specialist insurance sector. Cover is provided for a broad range of medium to high hazard risks such as auto parts and sports equipment, both on an occurrence and claims made basis.
Worldwide exposure is catered for, with a particular focus on exports to North America. Markel’s strong knowledge of product liability law and import regulations in the United States, together with its strength in American and Canadian domestically, mean that it is exceptionally well placed to insure imports into North America. We also have the ability to manage claims across Europe through our extensive network of lawyers and adjusters managed out of London.
Markel has always been a leading Hull underwriter in the London market and is now able to offer the same service and expertise in Asia. We are able to quote and support hull and machinery, builders risks, increased value, mortgagees interests and war risks from our office in Singapore. With dedicated resources locally we can offer the required flexibility and responsiveness to our clients needs throughout the Asia Pacific region. We insure both Blue and Brown water vessels as well as all types of craft involved in the energy sector. Markel writes all classes of marine liability including ports and terminals, ship repairers and marina operators. We are able to consider both standard and bespoke wordings giving us the flexibility and responsiveness to service clients in all disciplines of the marine sector. Markel is a respected cargo lead underwriter and is able to consider all types of exposures from simple transits to large and complex project cargoes and multi-billion dollar turnover commodities accounts. We are able to offer a wide range of coverage including consequential loss as well as war and strikes cover in areas of perceived enhanced risk. With dedicated local resources we are able to service clients needs across the Asia Pacific region.
The modern day energy industry is a complex risk environment that needs cover for onshore and offshore operations, as well construction of new assets. Markel is a long-established leader in this specialist sector, drawing on the expertise of underwriters with international market experience. The Singapore Energy team is able to offer the Asian market-place a broad range of energy insurance products that are specifically tailored to the needs of our clients. Together with our industry-leading claims management team, Markel offers a world-class, integrated insurance product. Clients need an insurance partner that specializes in highly technical, bespoke insurance products, with the expertise to build flexible, innovative solutions and which is backed by longstanding financial stability to meet their ever evolving needs.
Working with a network of broker partners to develop retail Accident and Health business opportunities in Asia, we look to develop long term distribution and underwriting partnerships where we can provide added value and underwriting solutions not widely available in local markets. We will analyse current market products and competitors and identify “gaps” and tailor our products to suit local markets.
Low risk business will consist of homogenous business written on a scheme/volume basis where the broker/underwriting agency will take a high level of control in the distribution, day to day underwriting and administration of the business. High risk business would consist of requiring bespoke underwriting and a close working relationship with Markel.
Group business would consist of SME related group personal accident and business travel accounts. Large associations/organisations would require bespoke tailored covers. Schemes/affinity type products are volume schemes that would include specific value add-on cover for charities, unions etc. In the healthcare sector doctors, surgeons, dentists, vets and locums along with the education sector workers such as teachers and students would also be a target market for cover. High value executives, entrepreneurs and individuals in the entertainment industry would also be considered. Professional and amateur sports persons would also be considered on a selective basis.
Open Market Facultative Risks
Our current risk appetite is selective throughout the region. The following occupancies are not underwritten in our book, Mining & Mineral Processing, Petrochemicals, Heavy Chemicals, Fertilizers, Power & Utilities, Metal Processing, Agriculture, Sawmills, Ports, Cold Storage, any EPS construction and Poultry. We avoid proportional or primary layers except for Japan earthquake risks, which we can consider on a primary basis. However, we do consider placements on an excess basis throughout the region.
We offer capacity to cedants in the Asia Region, protecting domestic portfolios written primarily on an excess of loss basis, offering our Lloyd’s Syndicate as carrier, utilising our technical expertise throughout the Group but with our local knowledge based in Singapore.
Credit is vital to the commercial world. Markel International’s trade credit cover promotes international trade by ensuring that buyers and sellers can do business with confidence. The trade credit division has a wealth of experience worldwide and helps to control counterparty payment default risks.
Buyers and sellers have long relied on credit to facilitate trade but never more so than in today’s global marketplace where supply and demand are founded on increasingly complex credit arrangements. Where credit is involved there are also counterparty risks. What happens if a buyer defaults on payment before meeting its commitments through insolvency or for other reasons? Non-payment can have a devastating effect on the balance sheet, which is why trade credit insurance is essential for business security and confidence.
The trade credit team offers expert knowledge of commercial counterparty and country risks across a wide variety of trade sectors. The key benefits for clients include: security of non-cancellable credit and country limits; balance sheet and cash flow protection; improved terms for bank financing facilities; an effective alternative to letters of credit or other types of collateral; reduced need for bad debt reserves; increased potential for sales growth to new and existing buyers because credit is based on a firm foundation; and risk transfer to satisfy capital adequacy requirements.
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