Markel International, London, March 5, 2012 - Markel International, the specialist insurer with a worldwide product portfolio, has acquired the portfolio of business of Quay Underwriting (QU), a managing agent based in Dorset.
The company provides a wide range of insurance products for fine art and collectables, including bespoke products for niche businesses and unusual risks. The agreement builds on an existing and very successful relationship with Markel, which has underwritten QU’s entire book since the inception of the company, and it will strengthen Markel’s UK retail business.
QU was formed in 2009 and employs three people in Bridport. Although founded recently, QU draws on the underwriting experience of its owner, Richard Norman, who has worked with leading insurance brands for many years.
Commenting, Steve Carroll, head of Markel’s worldwide retail operations, said: “We have a detailed understanding of QU’s products and have built a good rapport with the Bridport team over the last three years. Our aim is to launch fine art and collectables as a new niche product in the UK, with coverage provided through our network of offices. Gross written premium for QU in 2011 was approximately £1 million, a figure that has significant potential for growth through our network.”
Richard Norman, commenting for QU, said: “We are delighted to join Markel and to build on what is already a very successful union. With Markel’s backing we will enjoy much greater penetration of the UK market and can further enhance our reputation as a specialist insurer in the fine art and collectables sector.”
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For more information:
Markel International Cubitt Consulting
Sean Martin, Marketing Director Michael Henman, Partner
020 7953 6896 020 7367 5100
Notes to editors:
Markel International is a subsidiary of Markel Corporation. Based in London and comprising the international operations of Markel Corporation, Markel International wrote gross premiums of $825 million in 2011. It has seven operating divisions and nine overseas offices writing business either through Markel Syndicate 3000 or Markel International Insurance Company Limited. Markel Corporation is a US listed business, capitalised at around $4.0 billion. In 2011, it wrote gross premiums of $2.3 billion. See www.markelintl.com