£116.5m deal for UK legal expenses broker finalised
US insurance group Markel has completed its purchase of UK legal expenses insurance broker Abbey Protection.
The broker will form part of Markel’s London-based international business, but will keep its own brand.
The deal’s completion follows court approval of the scheme of arrangement for the transaction to take place.
Markel announced its plans to buy Abbey for £116.5m in October last year. The deal values Abbey at 9.3 times earnings before interest, tax, depreciation and amortisation.
Markel International chief operating officer William Stovin said: “We are delighted to have the Abbey team join us and very much hope that they will find the next stage of Abbey’s development as exciting and rewarding as the journey so far.
“Positioned as a Markel International business, Abbey will continue to operate under its own brand, with its own management retaining their responsibilities within the business.
“With its focus on niche products supported by high quality service, Abbey is a valuable acquisition for the future development of Markel’s retail strategy.
“Abbey will benefit from the strength of our balance sheet, and our underwriting expertise, to further develop and expand its business.”