2009-09-01

By Editor, CIR

Markel International is to acquire Elliott Special Risks (ESR), a Canadian underwriting and administrative services company which provides a range of specialty insurance products including environmental impairment, exporters' liability, general liability, E&O and D&O.

William Stovin, president and COO of Markel International, said: "We've been working closely with ESR as an insurer and a reinsurer since 1993 and have the highest regard for its underwriting skills and capabilities across a range of specialist lines.

"There is strong potential to develop and extend ESR's offering from Markel's existing range of products, and we are looking forward to reviewing opportunities with the ESR team and the broking community. We are committed to developing the ESR business and providing the necessary capital to do so. At the same time, we look forward to continuing to work closely with other pool members with whom we have acted as co-insurers over recent years."

Following the acquisition, ESR, which employs 80 staff, will continue to trade under its own name as a wholly-owned Markel subsidiary. The acquisition is expected to close on October 1 2009 and values ESR at CDN$75million.

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