Specialist insurer Markel has signed an agreement to purchase EC Insurance company (ECIC), whose ultimate parent is the Electrical Contractors’ Association.
The association offers a range of insurance products for contractors and affinity groups across the UK building services sector.
The deal is subject to receipt of approvals from the Financial Conduct Authority and the Prudential Regulation Authority and is anticipated to be closed by the fourth quarter in 2017.
US-based holding company, Markel, writes insurance and reinsurance business through six divisions and its offices are located across the UK, Europe, Canada, Latin America and Asia Pacific.
The insurance firm manages the business of Abbey Protection Group by providing legal and professional fees insurance cover along with legal and tax consultancy services.
ECIC works with insurance intermediaries to guide trade associations and construction businesses of different sizes.
In June, Markel has announced to merge its excess and surplus lines division with its complex, risk-managed accounts division.
The new combined division which will be called as Markel Assurance is anticipatedto be in place by 1 January 2018.
It will be headed by Bryan Sanders, who is currently president of Markel Wholesale, the surplus lines division.
Markel Assurance will comprise underwriting teams working across the US, Bermuda, London and Dublin.
Markel Assurance will begin operations with a gross written premium of around $1.8bn and will feature three insurance product lines in casualty, professional liability, and property/marine.
In the same month, Markel UK, has introduced creative and media professions package policy.
This policy brings together a mandatory professional liability section, with a combined wording for liability, property, cyber and D&O under one transaction.
Image: Markel signs agreement to purchase ECIC. Photo:Courtesy of adamr at FreeDigitalPhotos.net