Markel agreed in August 2025 to sell the renewal rights of its $1.2 billion global reinsurance book to Nationwide, putting the division into runoff. From January this year, classic-car specialist Hagerty also shifted to a fronting arrangement under which Hagerty Re takes 100% of the underwriting and investment economics, paying Markel a 2% fronting fee, the firms said when the deal was unveiled.
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