Markel Insurance is running off its global reinsurance business and selling renewal rights to the $1.2 billion book to Nationwide, according to Markel Group and Nationwide in separate announcements on Wednesday.
Neither company disclosed financial terms of the deal.
Markel said its decision to run off the reinsurance book helps to simplify its specialty insurance structure, referring to an effort that’s been in motion since earlier this year. For Nationwide, acquiring the renewal rights creates an opportunity to further diversify and expand a growing presence in the specialty reinsurance market, the insurance and financial services products company said.
Simplifying Markel
Markel Group referred to its decision to place the g…