In a move that underlines the unique strength of the Lloyd’s of London franchise, Markel International (MINT) is planning to open for business in Canada with an office in Toronto.
MINT Canadian Specialty Underwriters (MCSU) will write business through Markel Syndicate 3000 at Lloyd’s. 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. Initially MCSU will focus on several key products and will broaden its product offering over time. MINT Canadian Specialty Underwriters Ltd plans to open for business in early summer 2005.
Gerry Albanese, President and Chief Operating Officer of Markel International 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. We are very excited about the opportunities we see in the Canadian market, where we will have the ability to offer a range of specialty products developed in London and in the US, 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 world wide. Markel’s plans in Canada show just how valuable this franchise can be”.
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For further information contact:
Derah McCall
Marketing & PR Specialist
020 7953 6732
derah.mccall@markelintl.com
Notes to editors:
1. The office opening is subject to formal regulatory approval.
2. Markel International Limited is a specialty property and casualty insurer. Based in London and comprising the international operations of Markel Corporation, it wrote gross premiums in 2004 of $ 746 million. It has five operating divisions writing business either through Markel Syndicate 3000 or through Markel International Insurance Company Limited.
3. Markel Corporation markets and underwrites specialty insurance products and programs for a variety of niche markets. In each of these markets, the Company seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting profits and superior investment returns to build shareholder value.