Markel International, London, November 1, 2016 --- Markel International, the specialist insurer, has acquired Galleon, the London based MGA that specialises in marine professional indemnity and cargo liability business. Markel Capital Holdings acquired the issued share capital of Galleon Marine Insurance Agency Limited as from today. Details of the terms of the agreement are not being made public.
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.
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.
Paul Jenks commented: “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. 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.”
Chris Curran, head of underwriting at Galleon, said: “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. We are looking forward to working with Paul and his team.”
For more information:
Michael Henman, Director of Communications + 44 (0)20 7953 6000
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 four divisions and through offices across the UK, Europe, Canada, Latin America, Middle East 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