MARKEL TO BUY ELLIOTT SPECIAL RISKS

Markel International, the London-based subsidiary of Virginia-based property-casualty business Markel Corp, is to buy Canada-based Elliott Special Risks (ESR), a major Managing General Agent in Canada, for CAD75m ($67.7m). The seller is Toronto-based Newport Partners Income Fund, which said that the proceeds would be used to meet a November 10 deadline for the first part of a repayment plan with its creditors. Markel said that the deal would increase its ability to sell specialty business in Canada. Markel said that ESR would continue to trade under its own name. The company employs 80 staff in Toronto and Montreal. Markel International president and chief operating officer William Stovin noted that Markel had been working closely with ESR since 1993. He said that “its focus fits well with Markel’s commitment to profitable underwriting in niche areas”. Markel International had gross written premiums of $693m in 2008, In the London market it owns syndicate 3000.