Markel International has announced that it has ceased writing London open market property business with immediate effect.
The company said that the development has no impact or implications for Markel’s US and Bermuda property businesses which have not faced the same challenges as the London open market business.
As a result, head of property direct and facultative (D&F) Dean Pitts and senior underwriter Guy House will leave the company.
Markel International president William Stovin said that Pitts and House had worked hard to make the business successful but unfortunately the market had been against them "in terms of both capacity and pricing".
“That has been a feature of the market for some time and, despite their and our best efforts and a range of strategies, we have not been able to overcome this fundamental issue,” he added.