There was an announcement recently made by Markel Canada that it will be ceasing the property and writing in the open market in London. This has given a shock to everyone involved with the company in London. But, Michael Canada has said that there is no need to worry about its ceasing move.
It has assured all its broker partners and other associates that it will not affect any of its local property business. The company has only plans to pull out from ceasing property underwriting in London and nowhere else. There is no idea of closing the entire company down.
Markel Canada has also made it clear that it will be continuing the property insurance writing through the cover holder arrangements and the underwriting group for choosing sectors and problems. They were carried out through the company’s local treaties.
The company has had very poor property results over a year. This is why it has planned to cease its property undertaking. In the press statement, it is said that the company has made arrangements to meet their property appetite and focus on some of the important sectors. Markel Canada will be continuing with all the 2018 plans to come out with new property products that will help the business to grow in the key sectors.