Markel, the insurance division of Markel Group, has agreed to acquire Meco Group, a specialist marine managing general agent. The financial terms remain undisclosed, and the deal is subject to regulatory approval.
Founded in 1974, Meco operates from London, Dubai, and Shanghai, serving global marine clients such as charterers, traders, shipowners, and other maritime and supply chain participants.
In 2024, Meco wrote $63 mn in gross written premiums.
Meco’s core brands include The Charterers P&I Club, Transmarine, and Aurora P&I. The firm also provides legal services through its affiliated law firm, True North.
Its underwriting portfolio covers charterers’ protection and indemnity, freight, defense and demurrage, trade disruption, loss of hire, strikes delay, small vessel owners’ P&I, contractual extension liabilities, and related insurance products.
Andrew McMellin, managing director of wholesale–international at Markel, stated that the acquisition will enhance Markel’s marine offerings, particularly in Asia-Pacific and European markets.
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
Andrew McMellin, managing director of wholesale–international, at Markel
“Meco will integrate into Markel but will continue to operate utilizing its existing core insurance brands, leveraging Markel’s capabilities to build on existing successful relationships in its core regions,” said Andrew McMellin in a statement.
Meco will integrate into Markel while maintaining its current brands and operations, supported by Markel’s broader platform.
Chris Else, Chief Executive of MECO, commented: “Today’s announcement 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.”
