Hiscox to continue as admitted insurer within the Hiscox Group
Markel Insurance Company (Markel) has announced that it is acquiring certain rights to the Hiscox Insurance Company Inc (Hiscox) animal mortality business which provides both equine and livestock coverage.
The business, which operates under the American Live Stock name, will be transitioned to Markel subject to receipt of required regulatory approvals and compliance with regulatory requirements.
Hiscox will continue to operate as an admitted insurer within the Hiscox Group.
Terms of the transaction are not disclosed, but it is due to be completed 1 October 2010 subject to customary closing conditions.
Markel will also obtain rights to the American Live Stock and Harding & Harding names, and will assist Hiscox with their run-off.
Several key members of the Hiscox team are expected to join Markel as part of their equine and livestock division.
The Markel Livestock team will be based in Geneva, Illinois. The equine business acquired from Hiscox will be handled by Markel’s existing teams based in Richmond, Virginia and Lexington, Kentucky.
Julian Bowen-Rees, managing director for equine and livestock at Markel, said: "I am confident that with our commitment to animal mortality insurance we can help the clients of American Live Stock to grow their businesses."
Richard Watson, CEO of Hiscox USA, said: "Both companies are committed to working closely together to ensure a smooth transition for agents and insureds."
