PRA grants Markel approval to complete its ECIC acquisition

Markel has completed its acquisition of building services insurance provider ECIC after receiving approval from the Prudential Regulation Authority (PRA).

ECIC will join Abbey Legal and Abbey Tax as part of Markel’s UK national markets business. The move is part of Markel UK’s aim to become a liability led, selected sector specialist.

Markel UK divisional managing director Neil Galjaard, said: ”ECIC is a well-established, niche insurance specialist, which will benefit from the financial resources and operational efficiencies we can bring to supporting its business, as well as the attractions we offer of a broader distribution reach and a wider product and services portfolio. It will establish us as a leading player in the contractors’ market.”

ECIC chief executive officer, Richard Forrest Smith added: “Markel is an attractive new parent which has the expertise and commitment to grow and develop ECIC’s core business lines. We look forward to being part of the Markel family.”