These are exciting times at Markel. We continue to grow because of our great production partners. The Markel value proposition is reflected in our focus of building strong relationships with our partners, developing niche leading products, providing underwriting and claims expertise, as well as excellent service.
Markel Specialty underwrites property and casualty products for both standard and hard-to-place risks. Our primary product focus is on commercial and personal lines programs.
All of Markel’s contracted producers receive compensation for placing insurance with our admitted insurance company affiliates. Additional compensation may be offered to encourage producers to market and sell our products, and to maintain a volume of profitable business. An overview of Markel’s various compensation plans could include:
Base commissions (contract commission schedule)
We generally pay producers a fixed commission for business placed with our admitted insurance company affiliates . Commissions are paid on new and renewal policies. This commission is usually a fixed percentage of the policy premium. The percentage varies dependent on line of business and products.
Contingent compensation (profit sharing and bonus commission plans)
Contingent compensation plans generally use specific goals, often in combination, to determine if a producer can qualify for additional compensation after meeting certain criteria. Goals may include, but are not limited to, profitability and volume as defined in the producer contract.
A producer may have separate contingent compensation plans with various programs and/or other Markel business units. We evaluate performance against pre-set goals annually. If the producer has met the goals, the payment amount can be a percentage of the earned premium a producer has placed with us for specific types of insurance
Business production incentives
We can provide producers the opportunity to receive additional compensation for placing specific types of policies with us, helping us pursue new business opportunities with their customers such as book rolls or transfers, or performing additional marketing and advertising duties.
Additional producer incentives
Additional producer incentives could include sales promotions, where gift cards, prizes, or additional commissions are awarded to encourage submissions and placement of new and renewal business with Markel.
Please note, we may not pay all these types of compensation to a producer who places business with Markel. For questions on Markel’s producer compensation plans, please contact your Markel sales representative or underwriting contact.