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Member, Beacon International Group, Ltd.
TORONTO—Specialty property/casualty insurer Markel International Ltd. said Monday it has agreed to buy Canadian managing general agent Elliott Special Risks L.P. for $75 million Canadian ($68.7 million).
In 2008, ESR reported gross premium income of $113 million Canadian ($103.5 million). Toronto-based ESR was sold by Newport Partners Income Fund, which is a publicly-traded diversified fund that invests in Canadian private businesses.
The deal is expected to close Oct. 1.
London-based Markel International, a wholly owned subsidiary of Markel Corp., said the acquisition of ESR is part of the insurer’s plan to “further its international portfolio of specialist insurance businesses.” ESR will keep its name as a wholly owned Markel subsidiary.
ESR employs 80 staff in Toronto and Montreal and provides specialty insurance products such as environmental impairment liability, exporters liability, general liability, errors and omissions, directors and officers liability, and excess liability risks.