Markel
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Markel also announced the appointment of Jon Michael to its board. -
Markel Insurance is made up of the firm’s three primary underwriting businesses.
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Markel had announced the exit from the line of business in the US last year.
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Technology is key to streamlining the value chain and mitigating loss ratios.
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Jana holds around 109,000 shares and 69,000 call options, at a $307mn total value.
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The group should also tilt capital allocation away from M&A and deepen its disclosure.
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The company did not take questions on its recently announced business review.
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The insurer acknowledged additional claims in 2025 would be “reasonably possible”.
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The specialty insurer reported favorable developments in both its insurance and reinsurance segments.
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The board will lead the review following feedback from shareholders including activist investor Jana.
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The carrier’s US platform will continue to be led by long-time executive Sal Pollaro.
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Fronting growth fell by half in 2024 due to uncertain loss climate and high cost of capital.
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