Markel sells U.K. auto book

Fairfax subsidiary Markel is selling its U.K. auto portfolio to Brit Insurance Ltd. Markel International is selling the portfolio that includes fleet, self drive hire (rental) and taxi business. In total, the book is worth about 16.25 million pounds in annual gross written premiums.Some staff will also go to Brit Insurance in the deal for renewal rights.”Once again Brit is realising an opportunity to bring in a team of specialist underwriters who will be well placed to make a real contribution to building Brit’s long-term underwriting presence,” says Brit CEO Dane Douetil. “The Markel UK motor portfolio is an excellent strategic fit with our existing business, allowing us to broaden the portfolio in discrete, specialist areas such as self drive hire.”The company already purchased Gerling’s fleet business late last year.”Whilst the motor portfolio is profitable, regrettably it does not fit our long term strategic plans,” says William Stovin, director of underwriting & special projects at Markel International. “We are delighted, therefore, to have found a buyer who can offer continuity to both staff and their brokers and clients alike.”