Fintech PR
State National entering the UK market in 2024
- State National partnering with its UK-based Markel affiliate to create the market-leading program services division for UK MGAs
- Latest example of Markel utilizing its broad array of tools to effectively and efficiently connect capital with risk
LONDON, Nov. 28, 2023 /PRNewswire/ — Markel, the insurance operations within Markel Group Inc. (NYSE: MKL), announced today that State National Companies, its wholly owned subsidiary, is entering the UK market beginning January 1, 2024. State National, the largest program services carrier in the U.S., is partnering with Markel International Insurance Company Limited to create a program services division in the UK to serve managing general agents (MGA).
The new division will leverage State National’s long track record of success in the program services marketplace combined with Markel International Insurance Company Limited’s strong balance sheet, existing regulatory framework, and operational controls. The new division will focus on supporting specialty commercial lines programs.
“There is a meaningful growth opportunity supporting the creation of a program services platform in the UK that will address strong demand associated with local MGAs and more broadly across the globe,” said Matt Freeman, CEO and President of State National Companies. “The UK MGA market is underserved, and we’re intent on building a leading program services division in the UK. The new division is a great example of Markel’s ‘power of the platform’, combining State National’s 40-plus years of program services experience with Markel’s well-established insurance company in the UK.”
“This is a tremendous example of leveraging the capabilities that exist across the Markel platform,” said Simon Wilson, President, Markel International. “When complete, we believe Markel launching a division focused on program services will bring much-needed capabilities to the market and help us better support the MGAs in the UK. It has been tremendous learning from State National’s skill and experience in program services. We are excited about taking this offering to the UK MGA market.”
Markel’s Rob Whitt will lead the new division as Executive Director, State National Global, subject to regulatory approval. A 28-year veteran of Markel, Whitt currently serves as Managing Executive for Corporate Development, responsible for the insurance operations’ M&A activity, as well as product development focused on linking Markel’s insurance, reinsurance, programs service and insurance linked securities capabilities. Prior to his current role, Whitt served in a number of finance and operational roles with increased responsibilities, giving him deep knowledge and understanding of Markel’s global insurance operations.
“Working across Markel, Rob has driven the effort to establish State National Global with its program services expertise in the UK market,” Freeman added. “We’re excited to be partnering with our UK colleagues to leverage the strategic offerings that Markel has assembled and the capabilities we have to support our customers worldwide.”
About State National Companies
State National Companies, Inc. is a leading specialty provider of property and casualty insurance services operating in two niche markets across the U.S. In its Lender Services segment, the company specializes in providing portfolio protection solutions that insure autos, mortgages, and other collateral for loans made by credit unions, banks, and specialty finance companies. In its Program Services segment, the company leverages its “A” (Excellent) A.M. Best rating, expansive licenses, and trusted reputation to provide access to the U.S. property and casualty insurance market in exchange for ceding fees. State National Companies is a division of the Markel Group, a Fortune 500 holding company for insurance, reinsurance, and investment operations. To learn more, please visit statenational.com and connect on LinkedIn.
About Markel
We are Markel, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we operate the Markel Specialty, Markel International, and Markel Global Reinsurance divisions, as well as State National, our portfolio protection and program services operations, and Nephila, our insurance-linked securities operations. Our broad array of capabilities and expertise allow us to create intelligent solutions for the most complex risk management needs. However, it is our people—and the deep, valued relationships they develop with colleagues, brokers and clients—that differentiates us worldwide.
Markel International Insurance Company Limited is A rated by AM Best and S&P. Markel International Insurance Company Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
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