Markel International to acquire Elliott Special Risks
Markel International, the London-based subsidiary of US property and casualty giant, Markel Corporation, has secured an agreement to acquire Elliott Special Risks (ESR), a Canadian managing general agent valued at around CDN $75 million.
ESR, which is majority owned by Newport Partners’ Income Fund, provides underwriting and administrative services to the insurance sector, reporting gross premium income of CDN $113 million in 2008.
The transaction is expected to be completed next month when it will enhance Markel’s international portfolio of specialist insurance businesses.
Markel International president and chief operating officer, William Stovin, comments: “We’ve been working closely with ESR as an insurer and a reinsurer since 1993 and have the highest regard for its underwriting skills and capabilities across a range of specialist lines.”
He adds that ESR’s focus fits well with Markel’s commitment to “profitable underwriting in niche areas” and says the group is looking forward to “reviewing opportunities with the ESR team and the broking community”.
It is understood that ESR will continue to trade under its own name as a wholly-owned subsidiary of its new owner.
Category: Companies News, Insurance News
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