Markel Corporation announced that it has completed the purchase and acquisition of Alterra Capital Holdings Ltd. The acquisition has all the necessary regulatory approvals and shareholder votes to approve the actions of both companies.
According to Alan I Kirshner, CEO and Chairman of Markel, "As we have said from the outset, we believe the combination of Alterra with Markel will create a strong company in global specialty insurance and investments, with a demonstrated track record of underwriting discipline in niche market segments and proven asset management strengths that should benefit all our stakeholders."
He added, "Markel and Alterra teams have been working diligently on integration and transition efforts in preparation for today. For our broker and client partners this should be a seamless transition-the people you dealt with yesterday are the people you will deal with today. We look forward to giving our customers the same service to which they've become accustomed-'scale enhanced, business as usual.' With our enhanced scale, approximately $23 billion in combined assets and $6 billion in shareholders' equity, we believe we will be well positioned to take advantage of a wide range of profitable opportunities in insurance and investments."
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