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Markel, the insurance operations arm of Markel Group, has agreed to acquire the MECO Group (MECO), a specialist marine managing general agent (MGA).
Financial terms of the deal, which awaits regulatory approval, remain undisclosed.
MECO CEO Chris Else said: “There are clear strategic and cultural similarities between the two businesses. Ensuring MECO will continue operating its brands within Markel International recognises the value of our team and provides lasting benefit to clients."
Headquartered in London, MECO has additional offices in Dubai and Shanghai.
The company, established in 1974, recorded $63m (£47.58m) in gross written premiums (GWP) in 2024.
It serves various clients such as charterers, traders and shipowners, as well as entities involved in maritime operations and global supply chains.
The company offers marine coverage through the Charterers P&I Club, Transmarine and Aurora P&I brands, and extends legal services via its law firm, True North.
MECO is said to bring specialised expertise in underwriting marine classes that complement Markel's existing marine portfolio.
These include contractual extension liabilities, charterers protection and indemnity (P&I), defence and demurrage, freight, loss of hire, small vessel owners' P&I, strikes and delay, trade disruption, and other ancillary marine insurance products.
Markel Wholesale – International managing director Andrew McMellin commented: "This agreement presents a unique opportunity to strengthen our marine footprint and capabilities with new products, complementary services and client relationships in the fast-growing Asia-Pacific economies as well as in Europe.
“MECO will integrate into Markel but will continue to operate utilising its existing core insurance brands, leveraging Markel's capabilities to build on existing successful relationships in its core regions.”
In the fourth quarter of 2024 (Q4 2024), Markel Group reported net income attributable to shareholders of $549.2m, a 40.1% decline from $769.3m in Q4 2023.
For the full year 2024, net income attributable to shareholders stood at $2.7bn, a 47.4% surge from $1.9bn in the prior year.
"Markel to take over marine insurer MECO Group " was originally created and published by Life Insurance International, a GlobalData owned brand.
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