Industries Insurance

Shareholders approve Markel acquisition

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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.

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