The Shareholders of the MECO Group, have agreed to sell their shares to Markel International, part of the Markel Group Inc., a US listed global (re)insurance company (NYSE: MKL), headquartered in Richmond Virginia. The transaction will complete on receipt of all the necessary regulatory approvals for the change in control. At this stage we estimate that this should be before 30 June 2025.
Post Completion, the MECO Group will operate as part of the Specialty division of Markel International’s Wholesale operation based in London. MECO will become a new business unit within Markel, to be called MECO Specialty.
This is an exciting development in the evolution of the MECO Group. Being part of Markel will give us additional channels to distribute our existing products, and the opportunity to sell additional insurance covers that Markel offers. It also provides access to the resources of a much larger company, which will assist the MECO team in recognising the full potential of our brands and our people.
Markel Group Inc. has a solid track record as a global insurance company and a strong position in the London Market through its two insurance operations, Markel International Insurance Company Limited and Markel Syndicate 3000 at Lloyd’s.
MECO will continue to operate across its 3 main hubs in London, Dubai and Shanghai, with all EAA risks being managed through the MECO Group (EAA) GmbH in Hamburg. No fundamental changes are expected to the roles and responsibilities of the current MECO team.
All existing insurance policies remain in full force and effect until their natural expiry. From now until 30 June 2025, all new business enquiries and renewals will be processed under the existing arrangements with Munich Re/Great Lakes. The intention is that Markel will become the insurance capital provider for all new and renewing policies from 1 July onwards.
Please contact Chris Else (celse@themecogroup.co.uk) or Gavin Ritchie (gritchie@themecogroup.co.uk) if you have any specific inquiries.
