Insurer buys London-based underwriting agency
Markel International has bought London-based marine professional indemnity (PI) and cargo liability underwriting agency Galleon for an undisclosed sum.
The deal marks Markel’s entry into the marine PI market. The acquisition will become part of Markel’s marine, energy and property division headed by divisional managing director Paul Jenks.
Galleon was founded in 2010 and is a Lloyd’s approved coverholder. Its clients are ship managers, surveyors, consultants, freight forwarders, logistics providers and other similar businesses.
Jenks said: “We have known and supported the Galleon team since the business was founded and have had relationships with its principals going back 20 to 30 years. It’s a high quality team which will fit well with our existing marine portfolio and with our culture.”
He added: “The acquisition continues our strategy of adding niche marine products to our core portfolio. At the same time, we think we can really support the business with the strength of our marketing proposition, our international distribution capabilities and our London and US relationships.”
Galleon head of underwriting Chris Curran said: “We are delighted that we are going to be able to continue the development of our business with the benefits of Markel’s financial strength and its global relationships. We are looking forward to working with Paul and his team.”
Markel International is the London-based international division of US insurance gruop Markel Corporation.