Markel, which is part of Markel Group Inc, has agreed to purchase The Meco Group Limited, which was founded in 1974 and is a marine focused managing general agent operating out of London, Dubai and Shanghai. Meco has three core insurance brands – The Charterers P&I Club, Transmarine and Aurora P&I.

Andrew McMellin, managing director of wholesale – international at Markel, said: “Meco will integrate into Markel but will continue to operate utilising its existing core insurance brands, leveraging Markel's capabilities to build on existing successful relationships in its core regions. The evident synergies between our two companies will allow us to provide a more comprehensive and competitive offering for clients.”

Chris Else, chief executive of Meco, added: “We're excited to be joining forces with Markel. 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.”