Markel, the insurance coverage operations arm of Markel Group, has agreed to accumulate the MECO Group (MECO), a specialist marine managing basic agent (MGA).
Monetary phrases of the deal, which awaits regulatory approval, stay undisclosed.
MECO CEO Chris Else stated: “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 group and supplies lasting profit to purchasers.”
Headquartered in London, MECO has extra places of work in Dubai and Shanghai.
The corporate, established in 1974, recorded $63m (£47.58m) in gross written premiums (GWP) in 2024.
It serves varied purchasers similar to charterers, merchants and shipowners, in addition to entities concerned in maritime operations and international provide chains.
The corporate provides marine protection by way of the Charterers P&I Membership, Transmarine and Aurora P&I manufacturers, and extends authorized companies through its legislation agency, True North.
MECO is alleged to convey specialised experience in underwriting marine lessons that complement Markel’s present marine portfolio.
These embrace contractual extension liabilities, charterers safety and indemnity (P&I), defence and demurrage, freight, lack of rent, small vessel house owners’ P&I, strikes and delay, commerce disruption, and different ancillary marine insurance coverage merchandise.
Markel Wholesale – Worldwide managing director Andrew McMellin commented: “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.
“MECO will combine into Markel however will proceed to function utilising its present core insurance coverage manufacturers, leveraging Markel’s capabilities to construct on present profitable relationships in its core areas.”
Within the fourth quarter of 2024 (This autumn 2024), Markel Group reported internet revenue attributable to shareholders of $549.2m, a 40.1% decline from $769.3m in This autumn 2023.
For the total yr 2024, internet revenue attributable to shareholders stood at $2.7bn, a 47.4% surge from $1.9bn within the prior yr.
