Markel Insurance to sell reinsurance renewal rights to Nationwide

Markel Insurance, the insurance operations within Markel Group (MKL), has entered into an agreement to sell the renewal rights for its Global Reinsurance business to Nationwide. The sale is part of Markel’s broader strategy to simplify operations and grow the business by empowering local expert teams to serve the distinct needs of their core specialty insurance markets. Nationwide intends to delegate the underwriting and management of all renewal policies included in this transaction to Ryan Re Underwriting Managers, a managing general underwriter of Ryan Specialty (RYAN), through the expansion of their existing strategic alliance. Markel will not sell any insurance company entities as part of the transaction, and Markel’s Global Reinsurance division will enter runoff, with premiums continuing to earn out over the next two to three years. The transaction is subject to customary closing conditions and is expected to close in August 2025.