Markel Insurance, part of the Markel Group Inc, has named Tim Wills (pictured) as head of marine – Australia, taking effect immediately.
Operating from Sydney, Wills will oversee the rollout of marine offerings in the Australian market, beginning with marine cargo coverage.
The new business line marks the insurer’s first Australian expansion outside its existing long-tail lines, which it introduced when establishing its local presence two years ago.
Industry data from the International Union of Marine Insurance (IUMI) shows ongoing increases in global trade volumes and vessel values, factors the company considered in its decision to enter the market.
Wills’s previous role was head of marine for Asia-Pacific at Tokio Marine Kiln, where he led efforts to re-establish the marine portfolio after the company’s earlier market withdrawal. His earlier career includes marine underwriting positions with Chubb Insurance and QBE.
Rory Morison, managing director – Australia, said the appointment supports Markel’s aim to build locally based specialty underwriting teams.
“Tim’s expertise makes him a valuable addition to our team, and we’re very excited to welcome him to Markel. This diversification into marine is a continuation of our plan to put local, empowered specialty underwriters on the ground in Australia, serving the unique needs of our customers in each jurisdiction,” he said.
He added that Wills’s background will assist in developing the marine segment alongside the firm’s current casualty, professional and financial risks, and claims business.
The announcement comes as Markel Group released its second-quarter 2025 (Q2 2025) results.
For the three months to June 30, total operating revenues reached US$4.6 billion, up from US$3.7 billion in the same quarter a year earlier.
Insurance segment revenue was US$2.23 billion, compared with US$2.15 billion in Q2 2024.
Net investment income rose to US$228.1 million, while net investment gains totalled US$580.2 million, reversing a US$130 million loss in the prior-year period.
Operating income for the quarter was US$1.1 billion, compared with US$410 million last year.
The combined ratio for the insurance business was 96.9%, higher than the 93.8% posted in the previous year.
The group attributed this to adverse development in certain run-off directors and officers product lines and in its global reinsurance portfolio, which is now being wound down.
For the first half of 2025 (H1 2025), the company reported US$60.9 million in losses tied to the January wildfires in southern California.
These claims added 1.5 points to the combined ratio. Without the wildfire losses, the ratio was broadly in line with the same period of 2024.
First-quarter 2025 (Q1 2025) results showed lower operating revenue year-on-year, largely from net unrealised losses in equity investments. That quarter’s combined ratio also reflected US$80.6 million in wildfire-related losses.
In a separate development, law firm Wotton Kearney appointed Tony O’Malley as its new chair and non-executive director, effective July 1.
O’Malley has held senior leadership roles including managing partner at King & Wood Mallesons in Australia and global legal services leader at PwC.
Chief executive partner David Kearney said O’Malley will draw on his legal and commercial experience to help shape the firm’s future direction.
“In his role as chair, Tony will draw on his significant experience across law, business, and consulting to help guide our next chapter and align with our values and trailblazing ambitions,” he said.
O’Malley commented: “Wotton Kearney has built an impressive, high-growth business with strong leadership, a clear focus, and a reputation for innovation. I look forward to working with the board and executive team to help guide the firm’s continued growth and deliver on its long-term strategy.”
Outgoing chair Steve Gledden will continue as a board member and as managing director of the firm’s private equity partner, Straight Bat.
“It has been a privilege to serve as chair during a period of significant growth and strategic evolution for Wotton Kearney. I’m proud of the courageous decisions we’ve made, from investing in legal tech to expanding our geographic footprint, and I look forward to continuing to support the firm’s success as a non-executive director,” Gledden said.
Kearney added: “Thank you to Steve Gledden for his leadership as chair. His impact on our growth and support for key decisions has helped shape the legal business we are today. I know he will continue to make a very valuable contribution to our desire to become an even better business partner for our clients as we grow our international footprint.”
