Markel International is expanding its business with a significant acquisition that will take it into the specialist marine professional indemnity market for the first time.
Announced this morning (November 01), the specialist insurer has completed its acquisition of London-based MGA, Galleon, which specialises in the marine professional indemnity and cargo liability businesses.
Founded in 2010, Galleon underwrites on Lloyd’s paper as an approved coverholder. Its client base consists of ship managers, surveyors, consultants, freight forwarders, logistics providers and other similar businesses.
“We are delighted that we are going to be able to continue the development of our business with the benefits of Markel’s financial strength and its global relationships,” said Chris Curran, head of underwriting at Galleon.
The business will become part of Markel’s marine, energy and property division headed by divisional managing director Paul Jenks. The acquisition will mark Markel’s entry into the specialist marine professional indemnity market.
“We have known and supported the Galleon team since the business was founded and have had relationships with its principals going back 20 to 30 years,” Jenks commented. “It’s a high quality team which will fit well with our existing marine portfolio and with our culture. There are strong synergies between our portfolios. The acquisition continues our strategy of adding niche marine products to our core portfolio. At the same time, we think we can really support the business with the strength of our marketing proposition, our international distribution capabilities and our London and US relationships.”
Details of the terms of the agreement are not being made public.
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