Markel Insurance has launched a new property insurance line for small and midsize US chemical, oil and gas companies, naming Candice Walker as Head of First-Party Energy and Michael McClain as a senior underwriter focused on energy to run it, the insurer said Oct. 8.

What the new coverage includes

The product, called Chemical, Oil & Gas related Energy Property (CORE), covers property damage, business interruption and, on selected risks, equipment breakdown for industrial organic chemicals, petrochemicals, natural gas transmission and storage, terminals, gas processing, and midstream and downstream operations. It also covers natural catastrophe exposures such as flood, windstorm and earthquake, with limits of up to $50 million on both a primary and an excess-of-loss basis, a second layer of coverage that pays out once losses exceed the primary limit. Markel Insurance is the insurance arm of Markel Group Inc. (NYSE: MKL).

Walker's background

Walker will lead the new line's development alongside Markel International's existing Midstream and Downstream underwriting teams, assessing, pricing and underwriting businesses ranging from smaller operations to complex US onshore risks. She has worked at Markel since 2015, most recently as Senior Director of First Party for the West Region, after earlier roles as a Senior Underwriter on the US Environmental & Casualty team and as Director, Property & Marine. She has more than 20 years in the property insurance sector. Walker said energy businesses are dealing with increasing natural catastrophe events and operational and economic pressures, and that CORE gives US brokers and clients a tailored solution with access to Markel's underwriting, claims and engineering expertise.

New underwriter joins from Enbridge subsidiary

McClain, based in Texas, will report to Walker and help guide Markel's Midstream and Downstream US portfolios. He most recently managed technical operations at Tomorrow RNG, a gas subsidiary of Enbridge Inc., and earlier held senior facilities, construction and production roles at Aethon Energy LLC, a privately held gas producer and midstream company, where he worked on multimillion-dollar oil and gas infrastructure projects at Aethon's largest East Texas properties. "We're delighted to welcome Michael to our First-Party Energy team here in the US," Walker said.