Markel Acquires Majority Stake in Dredging Equipment Maker

December 2, 2009

Markel Ventures has acquired a majority interest in Ellicott Dredge Enterprises, LLC, a privately held company headquartered in Baltimore, Maryland that manufactures dredging equipment for both domestic and international markets. Terms of the transaction were not disclosed.

Markel Ventures owns and manages the affiliated investment activities of Markel Corp., which markets and underwrites specialty insurance products and programs to a variety of niche markets.

According to Bruce Kay, vice president of investor relations for Markel, the deal is an equity investment in what Markel sees as a promising privately-held business. With hedge funds retrenching, he said Markel thinks there are growth investment opportunities. Ellicot Dredge is not the first private company the insurer has invested in. It has also invested in a furniture maker, a bakery equipment manufacturer, a community bank and a mobile home park management firm.

Source: Markel Corp.

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