Markel acquires Swedish coverholder

Globen focuses on property & casualty and accident & health insurance for small and medium-sized businesses and local municipalities. Established in 1989, it distributes through a network of brokers across Sweden.

The company will be integrated with Markel International Sweden, which covers North and East Europe from Markel’s base in Stockholm, and it will help to extend Markel’s regional product range and distribution capability.

Anne-Sofia Hedin, general manager of Markel International Sweden, said: “We have known the Globen Försäkringar business for some time, not least because we are both active in the fine art market. Through Globen Försäkringar, we see opportunities to extend our business into parts of Sweden where we are not currently strongly represented. Globen Försäkringar’s customers will also benefit from the broader product range that we can now offer them.”

William Stovin, president and chief operating officer of Markel International, said: “Globen Försäkringar is a classically attractive business to us. It combines profitable performance with strong local market knowledge, and it shares our rigorous approach to business profitability and our high standards of client service. We look forward to the role it can play in growing our overall European business.”

Markel International Sweden targets Nordic countries, the Baltic region and Russia, with  a core product range for marine business, fine art, professional liability, and general liability and product liability.