Markel is restructuring its insurance operations to combine two divisions into one.

The company, which is based in the US, but which has offices on Front Street, said the new division, to be known as Markel Assurance, would be up and running by the start of next year.

The company’s existing Wholesale and Global Insurance operations will combine under the new banner, to be led by Bryan Sanders, president of Markel Wholesale.

Bermuda will host an underwriting team for the new division, as will Dublin and London. In the US, Markel Assurance will operate through a regional structure with ten offices in six regions serving all major insurance hubs.

Markel Assurance said gross written premium of the new division was around $1.8 billion, coming from three product lines — casualty, professional liability, and property/marine.

“This move combines two talented and successful divisions and aligns our structure more closely with both production partners and customers,” said Richard Whitt, the co-chief executive officer of Markel. “We are committed to innovation and to making it easier to do business with Markel — establishing this new division accomplishes both of those objectives.”

Mr Sanders added: “We will have more resources, more products, and all of the long-term relationships that have brought us this far. Creating this new division will help Markel maintain its leadership position.”