Markel International, the specialist insurer, has completed its acquisition of EC Insurance Co. Ltd. (ECIC), having received approval from the Prudential Regulation Authority.
Sevenoaks, England-based ECIC provides a wide range of insurance products for contractors and affinity groups across the UK building services sector. Markel first announced its intention to purchase EC Insurance Co. in September 2017.
ECIC will become part of Markel’s UK national markets business, which also includes Abbey Legal and Abbey Tax which support a number of affinity groups, including the Federation of Small Businesses.
Markel’s UK national markets business is focused on establishing itself as a liability led, selected sector specialist, the company said in a statement.
“ECIC is a well-established, niche insurance specialist, which will benefit from the financial resources and operational efficiencies we can bring to supporting its business, as well as the attractions we offer of a broader distribution reach and a wider product and services portfolio,” said Neil Galjaard, divisional managing director. “It will establish us as a leading player in the contractors’ market.”
Richard Forrest Smith, chief executive officer of ECIC, said: “Markel is an attractive new parent which has the expertise and commitment to grow and develop ECIC’s core business lines. We look forward to being part of the Markel family.”
Source: Markel
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Topics Mergers & Acquisitions Carriers
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