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Markel moves reinsurance property tax, cuts jobs



Markel Corp. said Wednesday that it will relocate its property disaster reinsurance business to Nephila Holdings Ltd. and close its Markel Global Reinsurance property disaster unit, resulting in approximately 25 job losses.

The move would make Nephila Markel's only point of entry to service reinsurance business in the event of a property disaster, Markel's statement said on Wednesday.

Markel Global Re will increase its focus on insurance accidents and special lines under the continued guidance of Jed Rhoads, President and Chief Insurance Officer, Markel Global Re.

Some Markel Global Re-property employees may have the opportunity to join the Nephila team, but the employees concerned will leave the company on December 31

, 2020, the statement said.

The move is expected to generate "operational efficiency", according to Markel Co-CEO Richie Whitt, who said in the statement that the company is "committed to working with and helping employees affected by this change."

[19659002] Markel bought Nephila 2018.

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