Markel International has acquired Galleon Marine Insurance Agency, the London based MGA that specializes in marine professional indemnity and cargo liability business.
Markel Capital Holdings today acquired the issued share capital of Galleon; details of the terms of the agreement are not being made public.
Founded in 2010, Galleon underwrites on Lloyd’s paper as an approved coverholder. Its client base consists of ship managers, surveyors, consultants, freight forwarders, logistics providers and other similar businesses, explained Markel International in a statement. (London-based specialist insurer Markel International is a subsidiary of Markel Corp.)
The business will become part of Markel’s marine, energy and property division headed by divisional managing director Paul Jenks. The acquisition will mark Markel’s entry into the specialist marine professional indemnity market.
“We have known and supported the Galleon team since the business was founded and have had relationships with its principals going back 20 to 30 years,” said Jenks.
“It’s a high quality team which will fit well with our existing marine portfolio and with our culture. There are strong synergies between our portfolios. The acquisition continues our strategy of adding niche marine products to our core portfolio,” he added.
“At the same time, we think we can really support the business with the strength of our marketing proposition, our international distribution capabilities and our London and U.S. relationships,” Jenks went on to say.
Chris Curran, head of underwriting at Galleon, said: “We are delighted that we are going to be able to continue the development of our business with the benefits of Markel’s financial strength and its global relationships. We are looking forward to working with Paul and his team.”
Source: Markel International Ltd.
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