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Coronavirus hits Markel’s accident, contingency business

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Specialist insurer Markel International says its wholesale personal accident, contingency and entertainment portfolio will be cut back due to the coronavirus.

London-based Markel says the business will focus solely on its entertainment book and will no longer write personal accident or contingent insurance, effective immediately.

“The performance, market dynamics and sector outlook for personal accident, contingency and entertainment have been part of a strategic review and with the addition of the impact of COVID-19, sadly we found that neither personal accident nor contingency were viable beyond this point,” MD of Wholesale James Hastings said.

The entertainment book, which includes film, TV and advertising production, as well as theatrical business, will be moved into the professional and financial risks portfolio.

The decision also applies to its personal accident, contingency and entertainment portfolio across Asia, where Markel has offices in Singapore, China, India, Malaysia and Japan.

The company’s Market Global Reinsurance division will continue to write accident and health treaty business.