Markel Completes Acquisition Of Alterra Capital
The Markel Corporation announced today [May 1] it has completed its acquisition of Bermuda’s Alterra Capital Holdings Limited.
The closing follows receipt of regulatory approvals and votes in favor of the transaction by the shareholders of the two companies in February.
The combined entity will have approximately $23 billion in assets and $6 billion in shareholders’ equity.
In December specialty insurer Markel agreed to acquire Alterra for $3.1 billion in cash and stock to increase business diversification and expand into reinsurance.
“As we have said from the outset, we believe the combination of Alterra with Markel will create a strong company in global specialty insurance and investments, with a demonstrated track record of underwriting discipline in niche market segments and proven asset management strengths that should benefit all our stakeholders,” Alan I. Kirshner, chairman and chief executive officer of Virginia-based Markel, said in a statement.
Alterra, together with its subsidiaries, provides specialty insurance and reinsurance products to corporations, public entities, and property and casualty insurers in North America, Europe, and internationally.
The company was formerly known as Max Capital Group Ltd. and changed its name to Alterra Capital Holdings Limited in May 2010. Alterra Capital Holdings Limited was founded in 1999 and is headquartered in Hamilton.
