Markel forms Surety Corporation post $250m SureTec acquisition

Specialty insurer Markel Corporation has completed the acquisition of Houston-based SureTec Financial which offers contract and commercial surety bonds across 50 states in the US.

Following the completion of the deal, SureTec becomes a part of Markel's Specialty division and US insurance segment and will be renamed Markel Surety Corporation. It will be led by John Knox Jr., the current chairman and CEO of SureTec.

The $250 million acquisition was first announced in February 2017.

Richard Whitt, co-chief executive officer of Markel, said: "We are delighted to have John and the SureTec team join the Markel family of companies. SureTec has earned a great reputation, and their culture and customer commitment are very consistent with Markel's."

"Joining forces with Markel is positive for SureTec on all fronts—we will enhance our scale, product portfolio, and risk capacity," Knox Jr. commented. "However, our commitment to our production partners, loyal associates, and values-driven culture remains stronger than ever."

Matt Parker, president of Markel Specialty, added: "SureTec is a timely and welcome addition to the Markel Specialty portfolio. The surety business is positioned well, and SureTec will have the resources and support they need to grow and prosper."

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