Markel Insurance, part of Markel Group Inc., has announced an agreement to sell the renewal rights for its Global Reinsurance business to Nationwide. This strategic decision aligns with Markel's goal to streamline operations and enhance its focus on core specialty insurance markets. Nationwide plans to manage the renewal policies through Ryan Re Underwriting Managers, capitalizing on their partnership to strengthen their market presence. Markel will not divest any insurance company entities, and the Global Reinsurance division will transition to runoff, with premiums expected to conclude over the next two to three years. The deal is anticipated to close in August 2025, pending customary closing conditions. Financial terms of the transaction have not been disclosed.
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