Markel to acquire 51-year-old MGA specialising in marine products

Markel has entered into an agreement to acquire marine focused MGA Meco Group.

Founded in 1974, Meco Group provides products and services to a range of global marine clients, including charterers and traders, shipowners and entities engaged in maritime operations and global supply chains.

The firm, which wrote £47.5m ($63m) in gross written premium (GWP) in 2024, operates in London, Dubai and Shanghai.

Chris Else, chief executive at Meco Group, said: “We’re excited to be joining forces with Markel. Today’s announcement marks a new chapter for Meco Group, our colleagues and clients, as we continue to expand on the strong foundations we’ve built in many key markets over the past 50 years.

“There are clear strategic and cultural similarities between the two businesses. Ensuring Meco Group will continue operating its brands within Markel International recognises the value of our team and provides lasting benefit to clients.”

‘Complementary’

Markel added that Meco Group’s insurance business “brings in-depth expertise of underwriting several specialist marine classes that are complementary” to its existing marine business.

Andrew McMellin, managing director of international wholesale at Markel, added: “Meco Group will integrate into Markel but will continue to operate utilising its existing core insurance brands, leveraging Markel’s capabilities to build on existing successful relationships in its core regions.

“The evident synergies between our two companies will allow us to provide a more comprehensive and competitive offering for clients.”