Markel to acquire German travel specialist MDT
Markel International, London, October 8, 2014 --- Markel International, the specialist insurer, has acquired MDT Makler der Touristik GmbH Assekuranzmakler, based in Dreieich near Frankfurt am Main, a managing general agent and broker, focused solely on providing insurance for the German travel sector. The consideration for the acquisition is not being disclosed.
Founded in 2008 by Helmut Deininger, the company provides property and casualty package cover, combining professional indemnity, general liability, credit and office contents protection, to German travel agents, tour operators and intermediaries. Through travel agents and tour operators, it also provides travel insurance to German consumers and generates revenue from its market leading claims handling service.
Markel’s acquisition of the business will enable Mr Deininger to focus his efforts on making the best use of his extensive contacts in the German travel industry to market and sell the company’s products, while also providing a well-capitalised owner to develop the business strategically.
The acquisition follows Markel’s purchase of Anglo Underwriting and the subsequent formation of the German Markel branch office in 2013.
William Stovin, President and Chief Operating Officer of Markel International, said; “MDT is a high quality, well reputed and well managed business, which has successfully developed innovations such as a purpose built travel sector IT system and a third party claims handling capability which is used by leading tour operators in Germany. Travel is an important part of the economy, with Germans spending €70 billion annually and MDT is strongly positioned, with Markel’s help, to grow its distribution and sales capabilities in the sector.”
For more information:
Markel International 020 7953 6000
Michael Henman, Director of Communications
About Markel International:
Markel International Limited is a subsidiary of Markel Corporation, a US-based holding company trading on the New York Stock Exchange (MKL). Markel International writes insurance and reinsurance business through eight divisions and through offices across the UK, Europe, Canada, Latin America and Asia Pacific. Markel International’s insuring entities include Syndicate 3000, Markel Resseguradora do Brasil S.A. and Markel International Insurance Company Limited. Markel International also manages the business of Abbey Protection Group which provides legal and professional fees insurance cover as well as legal, tax and human resources consultancy services. For more information please visit us at www.markelinternational.com