Markel strikes £116.5m deal to buy Abbey Protection
Markel has agreed to buy legal expenses provider Abbey Protection for £116.5m.
The price represents 9.3 times the Ebitda of the specialist insurer and a price-to-earnings multiple of 14.5.
On completion, Abbey Protection will be managed by Markel International, which is headquartered in London.
The firms described the acquisition as "complementary", and explained that it would improve Markel's UK product range and reach.
Commenting on the acquisition, William Stovin, president, Markel International said there was a "strong cultural fit" between the two companies.
"Our
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