Markel swoops for French broker

Markel International has agreed to acquire Le Centaure, a French equine insurance broker and cover holder based near Deauville, Normandy.

Le Centaure provides coverage for a broad range of equine and livestock risks arising predominantly in France, such as mortality, infertility, and equine-related property and liability.

The acquisition gives Markel International a stronger position in France and is the next stage in the development of its equine division, which began trading in December 2008.

Le Centaure was established in 1993 by Christophe German, its current principal. It employs a team of eight staff many of whom are actively involved in the equine world.

Mr German worked for Axa and Aon for over ten years before establishing Le Centaure and was a trotting amateur driver for 15 years. He is supported on business development by Emmanuel Viaud, who has many years' equine experience working as a trainer, in auctions and with the French Thoroughbred Breeders Association, and by Corinne Couturou, who manages client relationships and administration.

This year to date Le Centaure has insured nearly 3000 horses for a total sum insured of €250m (US$ 321m). In 2009 its gross premium income was approximately US$6m.

The equine division's managing director Juliet Redfern said: "The acquisition cements our already strong and fruitful relationship with Le Centaure, and is a logical step in developing our global equine business. We look forward to building on this success and expanding our interests in France."

Mr German added: "We are proud to join such a highly respected and innovative insurance brand, with a culture based on respect and excellence. Markel is a strong company with A rated financial security and which has been in existence since 1930 and is listed on the New York Stock Exchange.

"With Markel's support I am sure we will increase our market share in France and throughout Continental Europe and enhance the reputation we have established over the last 17 years."

William Stovin, president and chief operating officer of Markel International, concluded: "We have the highest regard for Le Centaure and its underwriting skills and are delighted that it will be representing the Markel name in France."