This move marks the first time Markel has expanded its offerings in Australia beyond the long-tail lines it introduced two years ago. The decision reflects the company's commitment to diversifying its portfolio and addressing the evolving needs of the Australian market.
Tim Wills brings a wealth of experience to his new role, having previously served as Head of Marine in Asia-Pacific at Tokio Marine Kiln. In that position, he was responsible for rebuilding the marine portfolio following the company's brief exit from the market in 2018. Prior to that, Wills held marine insurance roles at Chubb Insurance and QBE, further solidifying his expertise in the sector.
Rory Morison, Managing Director for Australia at Markel, expressed enthusiasm about Wills' appointment, stating, "Tim's expertise makes him a valuable addition to our team, and we're very excited to welcome him to Markel. This diversification into marine is a continuation of our plan to put local, empowered specialty underwriters on the ground in Australia, serving the unique needs of our customers in each jurisdiction."
The expansion into marine insurance comes at a time when global trade volumes and vessel values are on the rise. According to the latest annual Stats Report by the International Union of Marine Insurance (IUMI), these increases present both opportunities and challenges for insurers. By introducing marine products, Markel aims to provide comprehensive solutions that cater to the specific requirements of Australian boat owners and marine operators.
For Australian clients, the addition of Markel's marine insurance offerings means access to a broader range of coverage options backed by a company with a strong international reputation. The focus on marine cargo insurance is particularly relevant for businesses involved in importing and exporting goods, as it provides protection against potential losses during transit.
As Markel continues to expand its presence in Australia, the appointment of Tim Wills and the introduction of marine products underscore the company's commitment to meeting the diverse needs of the market. Clients can look forward to innovative insurance solutions tailored to the unique challenges of the marine industry.
