Markel Corp. said it has completed its acquisition of Alterra Capital Holdings Limited.
The closing follows receipt of regulatory approvals and votes in favor of the transaction by the shareholders of the two companies in February.
As a result, two new businesses, Markel Global Insurance (large commercial accounts) and Markel Global Reinsurance, will be added to the existing Markel Specialty, Markel Wholesale and Markel International units.
The combined entity will have approximately $23 billion in assets and $6 billion in shareholders’ equity.
“As we have said from the outset, we believe the combination of Alterra with Markel will create a strong company in global specialty insurance and investments, with a demonstrated track record of underwriting discipline in niche market segments and proven asset management strengths that should benefit all our stakeholders,” Alan I. Kirshner, chairman and chief executive officer of Markel, said.
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