Insurer Markel has acquired the rights to American Live Stock, the animal mortality business of Hiscox Insurance Co..
Terms of the deal were not disclosed, but the companies said it would close the transaction by October 1.
The transaction, which includes the rights to the American Live Stock and Harding & Harding names, calls for Markel to assist Hiscox with its run-off.
Several key members of the Hiscox team are expected to join Markel as part of their Equine & Livestock division. Markel’s Livestock team will be based in Geneva, Illinois, but the equine business acquired from Hiscox will be handled by Markel’s divisions in Richmond, Virginia and Lexington, Kentucky.
“It is exciting for us to acquire such a well established name in the business,” said Julian Bowen-Rees, Markel’s managing director for Equine & Livestock. “I am confident that with our commitment to animal mortality insurance we can help the clients of American Live Stock to grow their businesses going forward.”
Richard Watson, CEO of Hiscox USA, said that “both companies are committed to working closely together to ensure a smooth transition for agents and insureds.”
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Source: Markel
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