Done! Markel International’s swoop for EC Insurance Co. Ltd has officially crossed the finishing line.
The specialist insurer revealed this morning that it had received approval from the Prudential Regulation Authority for the acquisition which will see it pick up ECIC, which provides a range of insurance products for contractors and affinity group across the UK building services sector.
Speaking about the deal, Neil Galjaard, divisional managing director, outlined that ECIC will become part of Markel’s UK national markets business which also includes the likes of Abbey Legal and Abbey Tax.
“ECIC is a well-established, niche insurance specialist, which will benefit from the financial resources and operational efficiencies we can bring to supporting its business, as well as the attractions we offer of a broader distribution reach and a wider product and services portfolio,” he said. “It will establish us as a leading player in the contractors’ market.”
“Markel is an attractive new parent which has the expertise and commitment to grow and develop ECIC’s core business lines,” added Richard Forrest Smith, chief executive officer of ECIC. “We look forward to being part of the Markel family.”
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