Deal set to conclude in second quarter
The shareholders of Markel Corporation and Alterra Capital Holdings have voted in favour of the merger.
Under the terms of the agreement, Alterra shareholders will receive 0.04315 Markel shares and $10 (£6.60) in cash per share.
Markel agreed to buy Bermuda-based (re)insurer Alterra for $3.13bn (£2.06bn) in December 2012.
Following the merger of the two companies, Markel’s existing shareholders will own 69% of the combined entity and Alterra’s shareholders will own 31%.
The combined entity will control about $4.4bn of gross written premium.
The deal remains subject to regulatory approval and is expected to be completed in the second quarter of 2013.
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