Markel promotes for new head of financial institutions and fintech

Markel Insurance has appointed Nick Rugg as head of financial institutions and fintech, PFR and cyber within its London specialty insurance operation.

The promotion is the latest leadership change within the insurer’s professional and financial risks division and follows the recent appointment of Bhavik Desai as managing director of PFR and cyber in London.

Reporting to Martin McCarron, director of financial institutions and international management liability, Rugg will lead the team responsible for underwriting professional indemnity, directors’ and officers’ liability, crime and cyber insurance across four specialist areas.

This includes investment managers, fintech, traditional financial institutions and offshore financial institutions.

Rugg said: “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.”

Experience

Rugg joined Markel in 2014 as an underwriter within the financial institutions team and has since held a number of senior underwriting roles. Most recently, he served as head of fintech and investment management insurance.

Before joining Markel, he worked as a financial institutions underwriter at Arch Europe. He brings more than 20 years of underwriting experience to the position.

Desai said: “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, Rugg 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.”