Markel Leads the Way in Equine Insurance

Markel, a renowned company with interests in various industries such as insurance, building supplies, and bakery equipment, has reported gross premium volumes exceeding US$10 billion in 2023. Among its many operations, equine and livestock insurance is a small but significant part, accounting for approximately US$60 million worth of business. Despite its size, Markel's equine and livestock insurance services have a global reach, catering to racehorse owners, stud farms, and zoos in countries like England, Europe, the US, Canada, New Zealand, and Australia.

Andrew McMellin, the managing director for wholesale international at Markel, highlighted the company's offerings in the equine and livestock sector, which include coverages for bloodstock, Arabian thoroughbreds, pony clubs, cattle, and chicken farms. The European equine insurance business is managed directly by a dedicated team based in France. Markel's insurance coverages for horses and livestock include mortality risk covers, liability insurance, and protection against diseases and natural disasters.

With a focus on thoroughbreds and mortality risks, Markel currently holds approximately 30% of the equine market share. McMellin also shared the company's plans for expanding its presence in the Asia-Pacific region, with the goal of growing the business from US$140 million to US$500 million over the next five years. This expansion will involve establishing key offices in strategic locations to better serve the market.

Markel's commitment to a long-term approach to business was underscored, with recent expansions in Australia and the introduction of professional indemnity offerings in the region. These initiatives focus on professionalism and financial risks, particularly in sectors like renewable energy.