Richmond-based Markel Corp. plans to acquire Essentia Insurance Co. from Minnesota-based OneBeacon Insurance Group LLC.
Completion of the deal is expected to occur in January. Terms of the transaction were not disclosed.
Markel said Essentia Insurance will continue to underwrite insurance exclusively for Traverse City, Mich.-based Hagerty Insurance Agency and Hagerty Classic Marine Insurance Agency throughout the United States.
Hagerty is a major insurance provider for classic vehicles and host to the largest network of classic car owners. Hagerty offers insurance for classic cars, vintage boats, motorcycles and related automotive collectibles. Hagerty remains a privately-owned, family business.
Markel is a diverse financial holding company serving a variety of niche markets. The company’s principal business markets and underwrites specialty insurance products.
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