Markel International Ltd. will cease writing London open market property business, effective immediately, the U.K.-based specialist insurer said March 15.
"Dean Pitts, supported by Guy House, has worked hard to make this business successful but, sadly, the market has been against them, in terms of both capacity and pricing," President William Stovin said, adding that both are set to leave the business.
Pitts and House are the business' head of property direct and facultative and senior underwriter, respectively, according to the Insurance Times.
Markel International noted that the development has no impact or implications for ultimate parent Markel Corp.'s property businesses in the U.S. and Bermuda.
