The international arm of Markel Corp. has agreed to acquire a French firm known for insuring horses and livestock, according to several overseas reports.
Markel International struck a deal to buy Le Centaure, which according to Insurance Times, has insured nearly 3,000 horses for a total of $321 million. The French company’s gross premium income according to reports was $6 million.
According to reports in the The Post and Insurance Times, both of the United Kingdom, Markel International started its equine division in December 2008. Read the Post report here.
The financial terms of the pending deal were not available. It’s also unclear what involvement, if any, Markel’s domestic operations here in Richmond had in the deal. Bruce Kay, Markel’s usual spokesman did not return a call by deadline.
Markel’s equine division insures private horse owners and stud farms, according to its website. It also covers livestock for farms and zoos.
The equine division’s managing director Juliet Redfern, the managing director of Marke’ls equine division said in the Post and IT reports:
The acquisition cements our already strong and fruitful relationship with Le Centaure, and is a logical step in developing our global equine business. We look forward to building on this success and expanding our interests in France.
Is this straight from the horse’s mouth??
Yea, I know, but I couldn’t resist.
Yet another example of French and Markel getting mixed up. Hopefully this one will end better than the ongoing local drama.