Shareholders approve Markel acquisition
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.