March 25, 2010
Specialty insurer Markel International has agreed to acquire Elliott Special Risks in a deal worth $75 million, the two companies announced September 1.
The acquisition of Canada’s leading managing general agent builds on Markel’s plans to develop its international portfolio and will make it one of the main players in Canada’s specialty insurance market.
“[Elliot Special Risks’] focus fits well with Markel’s commitment to profitable underwriting in niche areas,” William Stovin, president and COO of Markel International, said in a statement announcing the deal. “There is strong potential to develop and extend ESR’s offering from Markel’s existing range of products, and we are looking forward to reviewing opportunities with the ESR team and the broking community.”
Last year, Elliot Special Risks reported $113 million in gross premium income. The company—which offers a range of specialty insurance products, including Environmental Impairment, Exporters Liability,General Liability, Errors and Omissions, Directors and Officers, Non-standard Property and Umbrella and Excess Liability risks through insurance pools– currently employs over 80 people in Montreal and Toronto, and will continue to operate under its own name once the the deal –slated to close on October 1—is complete.
Markel International writes specialty property, casualty, professional liability and marine insurance, as well as reinsurance, on a worldwide basis.
This story was originally published by Canadian Insurance Top Broker.