Markel Corp. mentioned Wednesday it’ll transfer its property disaster reinsurance enterprise into Nephila Holdings Ltd. and shut its Markel World Reinsurance property disaster unit, leading to some 25 job losses.
The transfer would make Nephila Markel’s single level of entry for serving property disaster reinsurance operations, Markel’s assertion mentioned Wednesday.
Markel World Re will enhance its give attention to underwriting casualty and specialty traces below the continued management of Jed Rhoads, president and chief underwriting officer, Markel World Re.
Some Markel World Re property staff might have the chance to hitch the Nephila group, however these staff affected will go away the corporate on Dec. 31, 2020, the assertion mentioned.
The transfer is predicted to generate “operational efficiencies,” in response to Markel Co-CEO Richie Whitt, who mentioned within the assertion the corporate is “dedicated to working with and aiding staff affected by this alteration.”
Markel purchased Nephila in 2018.