Marine insurance firm MECO Group sells shares to Markel
The Shareholders of specialist marine insurance MGA MECO Group have agreed to sell their shares to Markel International, part of the Markel Group Inc., a global insurance company.
MECO Group was founded in London in 1974 and is a specialist marine insurance MGA, operating across three key hubs in London, Dubai and Shanghai, providing marine insurance products and services to a diverse range of global marine clients, including charterers and traders, shipowners and entities engaged in maritime operations and global supply chains. The Group is owned and controlled by its executive board.
The name MECO is derived from Michael Else and Company Ltd. Michael Else, who went to sea as a deck cadet and came ashore with a Master’s ticket in 1969, was instrumental in helping to found the company with the creation of Transmarine, which is one of The MECO Group’s core brands.
MECO provides coverage through its three core insurance brands – The Charterers P&I Club, Transmarine, Aurora P&I – and offers complementary legal services through its law firm True North.
Chris Else, Chief Executive of MECO, said:
“We’re excited to be joining forces with Markel. This marks a new chapter for MECO, 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 will continue operating its brands within Markel International recognises the value of our team and provides lasting benefit to clients.”
Markel, with its HQ in Richmond Virginia, is a leading global specialty insurer, operating the Markel Specialty, Markel International, and Markel Global Reinsurance divisions.
Andrew McMellin, Managing Director of Wholesale – International, at Markel, commented:
“This agreement presents a unique opportunity to strengthen our marine footprint and capabilities with new products, complementary services and client relationships in the fast-growing Asia-Pacific economies as well as in Europe.
“MECO 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.”
All existing insurance policies remain in full force and effect until their natural expiry. Post Completion, the MECO Group will operate as part of the Specialty division of Markel International’s Wholesale operation based in London. MECO will become a new business unit within Markel, to be called MECO Specialty.
The transaction will complete on receipt of all the necessary regulatory approvals for the change in control. At this stage we estimate that this should be before 30 June 2025.