Markel acquires SureTec for $250m
Markel Corporation has entered into a definitive agreement to acquire SureTec Financial for approximately $250 million, including a three-year earn out.
Following the acquisition, SureTec will operate as a separate business unit with its current chairman and CEO John Knox Jr. leading his team. The operating unit will become part of Markel's specialty division and US insurance segment.
The transaction is expected to close in the first half of 2017.
Richard Whitt, co-chief executive officer of Markel, commented: "We are very excited to have John and the SureTec team join Markel. Since its start in 2002, SureTec has grown its surety business prudently and profitably with a diversified product and geographic mix. It has become a top 20 player in the surety market nationwide through its offerings of contract, commercial, and court bonds.
"As with all our acquisitions, we look forward to exploring opportunities to profitably grow the business."
Knox Jr. added: "We could not be happier to be joining Markel. I look forward to leading what will become Markel Surety and building upon SureTec's success while benefiting from Markel's financial strength and re/insurance capabilities, which will position us to better serve our customers and grow our business."
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