Financial services, specialty insurance and reinsurance group, Markel Corporation has completed its $919 million acquisition of fronting, program and lender service insurance specialist, State National Companies, Inc.
Markel announced its agreement to acquire State National on July 26th 2017, so the transaction has been completed in a relatively short amount of time.
Under the terms of the acquisition Markel acquired all State National’s common stock for $21 per share in cash, representing a total transaction value of around $919 million. State National will operate as an independent division of Markel going forwards.
Richard R. Whitt, Markel’s Co-Chief Executive Officer, commented on the completion of the deal, “We are excited about this acquisition for many reasons. State National is a great company with a well-respected brand and a unique product suite. We look forward to adding the premier fronting platform through which insurance products can be offered throughout the US as well as adding a recognized provider of collateral protection insurance to credit unions and regional banks to our product offerings.
“Equally as important, the people at State National have the talent and integrity that we look for when adding to the Markel portfolio of companies. We welcome State National to the family and fully expect their track record of success to continue.”
Terry Ledbetter, State National’s Chairman and Chief Executive Officer, also said, “We have been looking forward to the day when we can officially say that we are one company and begin to realize the many benefits of this combination for State National clients and employees.
“With the support of a parent like Markel, State National is now even better positioned to offer our clients unique, high-quality solutions. Markel understands the uniqueness of our business model and shares our commitment to innovation, service, and long-term relationships. We look forward to continuing to build upon our leadership position as part of a larger, stronger organization.”
