Markel’s £116.5m takeover nets £18m for chief executive

Abbey Protection’s senior team will share a payout of £65m following the legal protection broker’s £116.5m takeover by US insurer Markel.

The Independent reports that Abbey chief executive Colin Davidson and group managing director Chris Ward will each net £18m from the deal.

Head of the firm’s tax division Liz Grace will receive £12m.

The deal is still subject to investor approval. So far, investors holding 67% of Abbey’s shares have approved the takeover.

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