Markel Insurance, the insurance operations within Markel Group Inc. (NYSE: MKL), announced it has launched Financial Institutions (FI) solutions in Australia, with localised wordings to service a broad range of organisations in the sector.

This announcement follows the launch of localised Commercial Professional Indemnity solutions in 2024, under Markel's plan to progressively launch targeted and tailored specialty insurance products in the Australian market.

Leading the new FI solutions team will be Senior Underwriter in Professional and Financial Risks, Lan Pham, based in Melbourne, and Senior Underwriter Daisy Galvin, who has transferred to Sydney from Markel's London office. With specialist underwriters and dedicated claims handlers now onshore, Markel can provide local underwriting expertise, breadth of cover and professional claims service in Australia.

Kym Beazleigh, Head of Professional and Financial Risks Australia at Markel, said, "We have seen growing demand across Australia for financial lines, particularly for financial institutions. This has been driven in part by the growth of the digital economy alongside traditional industries, increased scrutiny on director liability, and a spate of high-profile cyber breaches.

"By nature, financial organisations face many threats in a highly regulated and complex industry. Financial institutions must protect their assets from risks such as climate and ESG disclosure, cybersecurity threats, and regulatory or legislative changes. If they're inadequately managed, they can cause significant damage to an institution and their clients' financial portfolios. We understand these risks and provide dynamic insurance solutions to fulfil the unique needs of the financial sector."

Rory Morison, Managing Director of Australia at Markel, said, "The launch of these localised FI solutions follows last year's focus on Commercial Professional Indemnity and marks the next part of our journey since entering the Australian market in 2023.

"We see a genuine need for more locally empowered underwriters in Australia, and we're excited to have Daisy join us from our London office to bolster our expertise in the FI space. We're very excited to bring these products to market, which combine the best of what Markel offers globally with our local IP and expertise."