Markel International, the London-based specialist insurer and Markel Corp. subsidiary, plans to acquire the business of EC Insurance Co. Ltd. (ECIC).
Sevenoaks, England-based ECIC, whose ultimate parent is the Electrical Contractors’ Association, provides a wide range of insurance products for contractors and affinity groups across the UK building services sector.
Financial details of the transaction were not disclosed.
In a statement, ECA said it “particularly attracted to Markel as the new owner by virtue of its commitment and expertise to growing ECIC’s core lines of business.”
Contracts for the sale have been signed and, subject to approvals from the Financial Conduct Authority and Prudential Regulation Authority, the deal is expected to complete in the final quarter of this year.
ECIC is part of EC Insurance Holdings Ltd., which also includes the insurance and employee benefits business EC Insurance Services Ltd. (ECIS).
Source: Markel International/ECIC
Topics Mergers & Acquisitions Carriers
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