London, October 8th / PRNewswire / -- Markel Group Inc. ( NYSE : MKL )'s insurance business, Markel Insurance, announces the launch of property insurance for energy-related industries such as chemicals and oil and gas ( Chemical, Oil & Gas related Energy Property, referred to as CORE), and appoints Candice Walker as the person in charge of First - Party Energy, with Michael McClain serving as the senior underwriter for energy business.
This launch will strengthen the solutions provided by Markel for the first-party energy business in the United States, offering specialized property insurance solutions for small and medium-sized enterprises (SMEs) locally. These solutions cover a wide range of energy sectors including chemicals, oil and gas, as well as industrial organic chemicals, petrochemicals, natural gas transportation and storage, end-use applications, natural gas processing, and midstream and downstream operations.
This new product is designed to address various risks associated with land-based energy and energy-related projects, providing customized coverage for property damage and business interruptions. It also covers equipment failures for certain types of risks. Customers can also benefit from protection against natural disaster risks, including floods, storms, and earthquakes. Under both the main insurance and excess loss coverage options, the maximum insured amount can reach up to 50 million US dollars.
Walker will be responsible for driving the development of new products and will work closely with Markel International's existing midstream and downstream underwriting teams to provide specialized solutions for domestic risks in the United States. Her team will evaluate, price, and underwrite a wide range of business types, from smaller-scale operations to complex onshore businesses in the U.S., while maintaining a robust underwriting discipline and service level.
Walker has over 20 years of experience in the field of property insurance and joined Markel since 2015. She initially joined the company's Environmental and Liability team in the United States as a Senior Underwriter, later was promoted to Director of Property and Marine Insurance, and then became the Senior Director of First-Party Business for the Western Region. During this time, she collaborated with product leaders and underwriting teams to develop customized insurance solutions for clients across the United States and implement technical underwriting strategies.
Walker Indicates that "energy companies are facing a complex risk environment, affected by an increase in natural disasters, operational disruptions, and a challenging economic climate. Our new product provides tailored solutions for local brokers and clients in the United States, designed around their constantly changing risk exposures, while also enabling them to more conveniently obtain Markel professional underwriting, claims processing, and engineering support through a long-term and committed partner."
Residing permanently in Texas, he will report to Walker and serve as a senior underwriter for the energy business. In his new role, he will support the continuous development and evolution of CORE products. He will also guide the direction of the midstream and downstream US investment portfolio for Markel and help strengthen the broker-customer relationships within the company's first-party energy business portfolio.
McClain has recently served as the Technical Operations Manager for Tomorrow RNG; Tomorrow RNG is a natural gas subsidiary of Enbridge Inc. In this role, he led the technical operations team and collaborated with the senior management team to establish and implement company standards and processes. Prior to that, McClain held several senior positions at private natural gas producers and midstream companies Aethon Energy and LLC, involving facilities, construction, and production. He has executed oil and gas infrastructure projects worth millions of dollars and was responsible for the asset planning and development of Aethon's largest site in East Texas.
When discussing the appointment of McClain, Walker stated: "We are very pleased to welcome Michael to join our team at America's leading first-party energy company. He possesses an outstanding engineering background, operational experience, and a strong track record in managing energy infrastructure projects worth millions of dollars, which will bring valuable technical insights to our underwriting work."
She added, "I look forward to working closely with Michael to continue providing unparalleled services to our brokers, clients, and trading partners, while also making preparations for long-term, profitable growth."
About Markel Insurance
We are Markel Insurance, a leading global professional insurance company that upholds a truly people-oriented philosophy. As an insurance business under Markel Group Inc. ( NYSE : MKL ), we leverage our extensive capabilities and expertise to create intelligent solutions for the most complex professional insurance needs. However, what truly sets us apart globally is our employees and the deep, valuable relationships they build with their colleagues, brokers, and clients.
