Nationwide Acquires Markel's $1.2 Billion Reinsurance Renewal Rights

Markel Insurance has completed the sale of its $1.2 billion global reinsurance business renewal rights to Nationwide. The transaction is part of Markel's strategy to simplify operations and focus on core specialty insurance markets. Nationwide will delegate underwriting and management to Ryan Re Underwriting Managers and has entered a strategic alliance with Ryan Specialty Group. Markel's global reinsurance division has entered runoff and premiums will continue to earn out over the next two to three years.

Markel Insurance has completed the sale of the renewal rights for its $1.2 billion global reinsurance business to Nationwide. This transaction, announced on July 30, is part of Markel's broader strategy to "simplify operations and focus on the distinct needs of its core specialty insurance markets" [1].

The sale involves Nationwide delegating the underwriting and management of all renewal policies to Ryan Re Underwriting Managers, a managing general underwriter of Ryan Specialty Group. This arrangement is facilitated through an existing strategic alliance between Nationwide and Ryan Specialty Group, established in 2019 [2].

Markel Insurance's global reinsurance division has entered a runoff period, with premiums expected to earn out over the next two to three years. The transaction did not involve the sale of any insurance company entities, and Markel's CEO, Simon Wilson, stated that this move will allow the company to "sharpen our focus on doing more of what we do best so that we can grow our core specialty insurance business" [1].

Nationwide's CEO, Kirt Walker, expressed confidence in the company's ability to meet the protection needs of Markel's clients and deliver long-term value to broker partners. He also noted that this acquisition accelerates Nationwide’s reinsurance growth and deepens their strategic alliance with Ryan Specialty Group [2].

The financial terms of the deal have not been publicly disclosed. Markel Insurance recently launched a new insurance offering, InsurtechRisk+, which encompasses several insuring clauses including insurance services and technology liability, directors and officers liability, crime, and cyber liability and loss cover [2].

References:
[1] https://www.insurancejournal.com/news/national/2025/08/19/836198.htm
[2] https://finance.yahoo.com/news/markel-finalises-sale-global-reinsurance-115429393.html