On August 31, 2018, Markel Corporation announced it had entered into a definitive agreement to acquire Nephila Holdings Limited.
Under the terms of the deal, Markel Corporation (“Markel”) will acquire all of the outstanding shares of Nephila Holdings Limited (“Nephila”). Upon completion of the transaction, Nephila will continue to operate as a separate business unit, with Greg Hagood, Frank Majors, and the rest of the management team remaining in place. Further terms of the deal were not disclosed. The transaction is expected to close in the fourth quarter of 2018, subject to customary closing conditions and approval by the relevant insurance regulators.
Markel (NYSE: MKL) is a financial holding company specializing in insurance products.
Nephila is an investment manager specializing in reinsurance risk. Nephila offers investment products focusing on insurance-linked securities, catastrophe bonds, insurance swaps, and weather derivatives. Nephila had approximately $12.3 billion in assets under management as of July 31, 2018.
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