Markel Insurance has appointed John Riley as senior claims adjuster for financial institutions, strengthening its capabilities as claims become increasingly complex.
Based in London, Riley will report to Natalie Myhill, claims manager for financial institutions and fintech, within the professional and financial risks claims team led by Jonathan Pestell.
He brings more than 25 years of experience in handling financial institutions and directors’ and officers’ (D&O) claims in the London Market. His background includes managing complex cross-border cases across the UK, US, South America, Europe and Israel.
In his new role, Riley will oversee financial institutions and management liability claims across UK and international markets. He will work closely with managing agents and service providers across multiple jurisdictions, while also collaborating with underwriting teams on policy wordings.
Riley most recently served as a senior adjuster at Starr Underwriting Agents. Prior to that, he worked at Aon UK, where he acted as a referral point for financial lines claims.
Rising claims complexity
The appointment comes amid a more challenging claims environment for financial institutions. Data from Cornerstone Research shows that securities class action filings declined to 207 in 2025 from 226 the previous year. However, Disclosure Dollar Loss rose significantly from US$429 billion to US$694 billion.
Average settlement values in Rule 10b-5 class actions nearly doubled in the second half of 2025. Freshfields’ 2025 outlook also highlighted growing risks from mass consumer claims and group litigation, alongside ongoing regulatory enforcement related to anti-money laundering controls.
Pestell cited increasing regulatory scrutiny, cross-border exposures and evolving management liability risks as key factors behind the appointment. He noted that Riley brings strong technical expertise and established relationships across brokers, co-insurers and insureds, which will support Markel’s continued expansion in financial institutions and fintech.
D&O pressures at Markel
The hire comes as Markel faces adverse development within its run-off D&O professional liability lines. The issue was first disclosed in the company’s second-quarter 2025 results, where it contributed to a higher combined ratio.
According to AM Best, this trend is not unique to Markel, with adverse development embedded in prior-year D&O reserves across the industry. The agency also questioned whether pricing in the segment had declined too rapidly. WTW’s 2025 outlook similarly warned that continued rate reductions may no longer be sustainable.
For full-year 2025, Markel’s insurance segment reported a combined ratio of 94.6%, improving from 95.9% in 2024. Its international division recorded 14% growth in gross written premium and delivered an 83% combined ratio, while group operating revenues rose 5% to US$15.51 billion.
