Markel Insurance wraps up marine insurer MECO acquisition
Markel Insurance has completed its acquisition of the MECO Group, a specialist marine managing general agent (MGA), after receiving regulatory approval.
The MECO Group, now rebranded as MECO Specialty, will operate within the Specialty division of Markel International’s Wholesale operation, under the leadership of Tom Hillier, managing director – Specialty.
Go deeper with GlobalData
The deal was first announced in April this year. Headquartered in London, MECO has additional offices in Dubai and Shanghai.
The company, established in 1974, recorded $63m (£47.58m) in gross written premiums in 2024.
MECO’s clientele includes charterers, traders, shipowners and various other participants in maritime operations and global supply chains.
Markel International president Andrew McMellin said: “We are thrilled to finalise this acquisition and officially welcome MECO’s people to Markel.
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData“MECO is a well-regarded brand, known for its professionalism, operational quality and robust distribution channels in regions where we are actively expanding our presence. I look forward to the opportunities we can leverage as we join forces.”
The company’s specialised underwriting capabilities cover a range of marine insurance products, which are expected to complement Markel’s existing marine portfolio.
These products include charterers protection and indemnity (P&I), contractual extension liabilities, defence and demurrage, freight, loss of hire, small vessel owners’ P&I, strikes and delay, trade disruption and other related marine insurance offerings.
MECO CEO Chris Else said: “This development represents an important milestone in the evolution of the MECO Group. Markel is a rapidly growing organisation that has built its success on a strong balance sheet, clear strategic vision and philosophy of local empowerment.
“From early discussions with the leadership team, it was evident that their core values, as a people-powered business, make Markel an excellent fit for MECO as we embark on this new and exciting chapter.”
Sign up for our daily news round-up!
Give your business an edge with our leading industry insights.
Content Original Link:
" target="_blank">
