Markel Canada, the Toronto-based subsidiary of Markel International, has acquired the remaining 50 percent stake in Allsport Insurance Marketing Ltd.
Allsport is an incorporated managing general agent (MGA) specializing in providing insurance to Canadians for sports, leisure and recreation activities. It was founded in 1987 and has been part owned by Markel since 1997.
The move will expand Markel’s position in western Canada and reflect Markel’s growing focus on all parts of this attractive sector, the company said in a statement. Financial terms were not disclosed.
Gina Bennett, president of Allsport, will become vice president of Markel’s western region.
“Over the past 20 years, Markel Canada, formerly Elliott Special Risks, has been a shareholder of Allsport Insurance,” Bennett said. “We can now combine our strengths and operate under a single brand for the entire sector,” which creates “a winning proposition for our brokers and policyholders.”
Karen Barkley, president of Markel Canada, said: “We have been working closely with Allsport for 20 years; we know the business and the people really well and so we are delighted that they are now part of our team. Together our strengths will create more opportunities for growth.”
Markel Canada, established in 1966, has offices in Toronto, Montreal, Calgary and Vancouver. Allsport’s head office is in Burnaby, British Columbia, which is near Vancouver.
Source: Markel Canada