Operations/tech

Branch faces the same issues as others in personal lines, as it tries to gain control of loss ratios and achieve rate adequacy.

Right now firms pursuing this strategy are winning, although there are some potential slow-burn issues to watch.

Guy Carpenter was the sole placing broker sourcing capacity for the tie-up.

Proxy advisers had called for shareholders to reject the pay deals, which feature a $50mn pay award for CEO Peter Zaffino.

Need to Know

Egan will receive an annual base salary of $1.1mn and an annual target bonus equal to 140% of his salary.

The InsurTech has identified over $25mn in annual expenses to eliminate since February.

The move follows a rebrand completed in November 2022.

The board also approved a PLA 2023 line of credit, which provides up to $1.25bn in liquidity.

The company is making the change to provide greater definition around its three engines of insurance, investments, and a group of diverse businesses in Markel Ventures.

Tizzio’s new employment agreement starts May 4, 2023 and ends December 31, 2026, with automatic one-year renewal periods unless either party gives prior notice of non-renewal.

As a result, the insurer expects to realize a charge of around $5mn, primarily in the first quarter of 2023.