Markel Insurance, the insurance business of Markel Group Inc., has appointed Nick Rugg to the newly expanded role of Head of Financial Institutions & Fintech – PFR & Cyber within its London specialty insurance operation.
The appointment is effective immediately and will see Rugg take responsibility for a portfolio spanning four areas of the financial services market: Investment Managers, Fintech, Traditional Financial Institutions and Offshore Financial Institutions.
In the role, Rugg will oversee teams providing professional indemnity, directors’ and officers’ liability, crime and cyber insurance. He will report to Martin McCarron, Markel’s Director of Financial Institutions and Management Liability, International.
Markel said the appointment follows Bhavik Desai’s move into the position of Managing Director of PFR & Cyber in London and represents a further change to the division’s leadership structure.
Rugg added: “Fintech has moved from being an emerging segment to an established part of the financial services market. As businesses have scaled and the range of business models has expanded, their insurance needs have become more varied. Markel entered the market early, so we have seen that development first-hand and built considerable specialist experience alongside it.
“I look forward to working with our underwriting team, brokers and clients to develop the wider Financial Institutions portfolio. We will continue to strengthen our position as a leading partner to financial services businesses across our four product lines.”
Rugg has been closely involved in the development of its insurance proposition for fintech businesses, with products covering risks across professional liability, directors’ and officers’ liability, crime and cyber.
The company also highlighted its previous introduction of blended cyber financial institutions cover across its Fintech and investment management products. Markel said this approach has supported its offering to businesses operating in those sectors.
Desai said: “Nick has played a key role in building Markel’s Fintech product suite, designed for businesses whose exposures cut across professional liability, directors’ and officers’ liability, crime and cyber risk. This includes Markel’s early move to provide blended cyber FI coverage across its Fintech and investment management products, an approach that’s helped establish Markel as a leading insurer for Fintech and investment management sectors.
“His product expertise, broker relationships and experience in developing these portfolios give him a strong foundation to lead the wider team. In this expanded role, Nick will bring that experience across the wider financial institutions portfolio, with a focus on developing products that respond to the way financial services risks are continuing to converge.”
Rugg has been with Markel since 2014, when he joined the financial institutions team as an underwriter. During his time with the company, he has taken on a series of senior underwriting positions, most recently serving as Head of Fintech and Investment Management Insurance.
Rugg brings more than two decades of underwriting experience to the position. Before joining the company, he worked as a financial institutions underwriter at Arch Europe.
