Markel unveils new units following Alterra deal
Markel Corporation has revealed plans to launch two new businesses following its acquisition of Alterra Capital Holdings, which secured regulatory approval yesterday (May 1).
Markel Global Insurance will service large commercial accounts while Markel Global Reinsurance will service cover reinsurance. They will complement Markel Specialty, Markel Wholesale and Markel International.
“As we have said from the outset, we believe the combination of Alterra with Markel will create a strong company in global specialty insurance and investments, with a demonstrated track record of underwriting discipline in niche market segments and proven asset management strengths that should benefit all our stakeholders,” said Alan Kirshner, chief executive of Markel.
“Over the past 83 years, Markel has built its financial and operating platform on a foundation of talented associates. We welcome the Alterra underwriting, claims and support teams, who will expand our product offerings as well as our geographic reach. With that greater underwriting depth and our enhanced financial scale, we are confident we will better serve our customers.
“We will be adding two new businesses for us, Markel Global Insurance (large commercial accounts) and Markel Global Reinsurance. They will join our existing Markel Specialty, Markel Wholesale and Markel International units. We are committed to all these businesses, which we believe fit well with our disciplined underwriting approach, on a worldwide basis.
“Markel and Alterra teams have been working diligently on integration and transition efforts in preparation for today. For our broker and client partners this should be a seamless transition—the people you dealt with yesterday are the people you will deal with today.
“With our enhanced scale, approximately $23 billion in combined assets and $6 billion in shareholders’ equity, we believe we will be well positioned to take advantage of a wide range of profitable opportunities in insurance and investments.”
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