Markel, the insurance coverage operations inside Markel Group Inc., introduced it has agreed to buy The MECO Group Ltd. (MECO), topic to regulatory approval.
Monetary particulars of the transaction weren’t disclosed.
Based in 1974, MECO is a number one, impartial specialist marine managing common agent (MGA) primarily based out of London, with workplaces in Dubai and Shanghai. It focuses on offering marine insurance coverage services and products to a various vary of world marine shoppers, together with charterers and merchants, shipowners and entities engaged in maritime operations and world provide chains. It wrote US$63 million of gross written premiums in 2024.
MECO supplies protection by means of its three core insurance coverage manufacturers – The Charterers P&I Membership, Transmarine, Aurora P&I and presents complementary authorized companies by means of its regulation agency True North.
Its insurance coverage enterprise brings in-depth experience of underwriting a number of specialist marine courses which are complementary to Markel’s current marine enterprise, together with charterers P&I; freight, protection and demurrage; commerce disruption; lack of rent; strikes delay; small vessels homeowners’ P&I; contractual extension liabilities; in addition to ancillary marine insurance coverage merchandise.
“This settlement presents a singular alternative to strengthen our marine footprint and capabilities with new merchandise, complementary companies and shopper relationships within the fast-growing Asia-Pacific economies in addition to in Europe,” stated Andrew McMellin, managing director of Wholesale – Worldwide, at Markel.
“MECO will combine into Markel however will proceed to function utilising its current core insurance coverage manufacturers, leveraging Markel’s capabilities to construct on current profitable relationships in its core areas. The evident synergies between our two corporations will permit us to offer a extra complete and aggressive providing for shoppers,” McMellin added.
Chris Else, chief government of MECO, commented: “We’re excited to be becoming a member of forces with Markel. At present’s announcement marks a brand new chapter for MECO, our colleagues and shoppers, as we proceed to increase on the robust foundations we’ve inbuilt many key markets over the previous 50 years. There are clear strategic and cultural similarities between the 2 companies. Guaranteeing MECO will proceed working its manufacturers inside Markel Worldwide recognises the worth of our workforce and supplies lasting profit to shoppers.”
Supply: Markel
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