US specialty insurance underwriter Markel has inked a definitive agreement with OneBeacon Insurance Group to acquire Essentia Insurance, in an undisclosed deal.
Pending regulatory approval and satisfying customary closing conditions, the deal is expected to complete during the first month of 2013.
On completion of the acquisition, the company which is being acquired will continue to underwrite insurance exclusively for Hagerty Insurance Agency and Hagerty Classic Marine Insurance Agency across the US.
Following the closing of transaction, there will be no change, either in specialized products, service offerings or in claim handling, and the customers and agents will enjoy benefits as usual, the acquirer said.
Commenting on the purchase, Hagerty Insurance CEO said, "Our new relationship with Markel is a natural fit because we are both exclusively focused on specialty and niche insurance markets and are dedicated to providing the best protection to all types of collector vehicles."
Hagerty offers underwriting services to classic vehicles around the globe, which include classic cars, vintage boats, motorcycles and related automotive collectibles.
Headquartered in Virginia, Markel mainly trades in business markets and underwrites specialty insurance products.