Markel Capital Holdings, a wholly owned subsidiary of Markel Corporation, has completed the acquisition of Abbey Protection Group plc, following approval from the Court today for the scheme of arrangement (the ‘Scheme’) to implement the deal.
Abbey sells and underwrites insurance products which provide protection against legal expenses and other professional fees incurred by clients as a result of legal actions and HMRC investigations. As well as these covers, it also provides legal, human resources and tax consultancy services to its own and to third party clients.
William Stovin, President and Chief Operating Officer of Markel International, which will be responsible for the management of the business, commented:
‘We are delighted to have the Abbey team join us and very much hope that they will find the next stage of Abbey’s development as exciting and rewarding as the journey so far.
‘Positioned as a Markel International business, Abbey will continue to operate under its own brand with its own management retaining their responsibilities within the business. With its focus on niche products supported by high quality service, Abbey is a valuable acquisition for the future development of Markel’s retail strategy. Abbey will benefit from the strength of our balance sheet, and our underwriting expertise, to further develop and expand its business.’