Markel Insurance has introduced a construction & engineering practice within its international division.
The new practice will initially offer construction all risks (CAR) and erection all risks (EAR) products to clients worldwide, expanding Markel’s coverage across energy and construction sectors.
The CAR product is designed to provide cover for a range of projects, including retail, healthcare, data centres, housing developments, and civil engineering. The EAR product targets clients in the energy and industrial sectors, focusing on the construction and installation of heavy industrial plant and equipment.
Both products are available globally, with limits up to $50 million on a probable maximum loss basis.
Anna Woolley (pictured above, left) has been named director – construction and will lead the new practice. Woolley is tasked with overseeing the construction & engineering team and developing Markel’s international portfolio. She is based in London and reports to Rohan Davies, managing director – London Market at Markel International.
Keely Madden (pictured above, middle) has joined as head of erection all risk – construction. Madden will support Woolley in developing the EAR product and will be responsible for underwriting, as well as building broker and client relationships. She will also contribute to innovation and risk management services for construction clients.
Simon Marshall (pictured above, right) joins as an engineer, assisting underwriters with risk selection and providing insights into new technologies in construction and engineering. Marshall will also conduct site visits and review risk management information to support clients with up-to-date mitigation strategies. Both Madden and Marshall will report to Woolley and be based in London.
The launch of Markel's new practice comes amid a shifting landscape; the global construction insurance sector is undergoing a period of adjustment, with increased capacity and a growing appetite among insurers. Underwriters are closely monitoring emerging risks, including climate events and cyber threats.
Previously, Aon reported that a sense of “cautious optimism” is present in most segments. Insurers are seeing increased demand, driven by large infrastructure projects and the expansion of energy and high-tech manufacturing. This outlook, however, is moderated by ongoing macroeconomic challenges, climate-related volatility, and changes in liability exposures.
The market has become increasingly divided. Projects considered lower risk, particularly those with strong claims records and effective risk management, are securing more favourable pricing and broader coverage. In contrast, projects located in areas prone to natural catastrophes, those involving complex civil engineering, or those with a history of losses are experiencing stricter terms and rising premiums.
Aon’s report notes that, while there is optimism, “insurers remain vigilant in their assessment of risk.” The report also highlights that “premium inflation is most pronounced in sectors exposed to climate and engineering complexities.” As the market continues to evolve, both insurers and clients are adjusting strategies to address the changing risk environment and economic pressures.
