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Published in Business and Finance on Wednesday, January 4th 2012 at 5:35 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
Markel Completes THOMCO Acquisition -- RICHMOND, Va., Jan. 4, 2012 /PRNewswire/ --
Markel Completes THOMCO Acquisition
RICHMOND, Va., Jan. 4, 2012 /PRNewswire/ -- Markel Corporation (NYSE: [ MKL ]) announced today that it has completed the previously announced acquisition of Thompson Insurance Enterprises, LLC (dba THOMCO), a privately held Program Administrator underwriting multi-line, industry-focused insurance programs. Headquartered in Kennesaw, Georgia, THOMCO manages over 20 national programs including Medical Transportation, Senior Living, Childcare Centers, Fitness Clubs, Pest Control Operators, Tanning Salons and Inflatable Rental Operators, among others.
THOMCO will continue to operate as a separate business unit with Greg Thompson and Bob Heaphey, THOMCO's current Chairman and President, respectively, leading the operation. The operating unit will be a part of Markel Specialty.
Mike Crowley, Markel's President and Co-Chief Operating Officer, said: "We welcome THOMCO's employees, agents and business partners to the Markel team. We look forward to building our businesses together."
Greg Thompson added: "In addition to Markel's substantial resources, we have been pleased to discover that Markel's culture and values echo our own. We are convinced that this acquisition will benefit both our customers and our staff."
Davis Fulkerson, Managing Partner of Century Capital Partners, a Boston-based private equity fund and minority investor in THOMCO, commented: "We are thrilled that THOMCO and Markel, two organizations with stellar reputations and complementary cultures, have been able to consummate this transaction."
BofA Merrill Lynch acted as financial advisor to THOMCO.
About Markel Corporation
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value.
SOURCE Markel Corporation
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