The shareholders of both companies have approved Richmond-based Markel Corp.’s acquisition of Bermuda-based Alterra Capital Holdings Ltd.
When the deal was announced in December, it was valued at $3.1 billion
The acquisition is expected to allow Markel, a specialty insurance company, to expand into reinsurance. Under reinsurance, part of an insurer’s risk is assigned to other companies in return for a share of the premiums.
Under the terms of the merger agreement, Alterra shareholders will receive 0.04315 Markel common shares plus $10 for each Alterra share.
Completion of the deal, expected to occur in the second quarter, is subject to regulatory approvals and other closing conditions.
There are no comments for this entry