Specialist insurer Markel International has revealed its plans to snap up a UK insurance agency.
Revealed earlier today, the company will acquire the business of Sevenoaks-based EC Insurance Co. Ltd (ECIC), whose parent is the Electrical Contractors’ Association (ECA). It provides a wide range of insurance products for contractors and affinity groups throughout the UK building services sector and was said to be particularly attracted to Markel as the new owner because of its “commitment and expertise” to grow ECIC’s core lines of business.
According to a Markel release, contracts for the sale have been signed following approval by the Council, ECA’s ultimate decision-making body.
The deal is expected to be complete in the fourth quarter of the year subject to approval from the Financial Conduct Authority and the Prudential Regulation Authority.
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