|By John Reid Blackwell, Richmond Times-Dispatch, Va.|
|McClatchy-Tribune Information Services|
The deal to buy
The deal, which requires shareholder and regulatory approvals, would create a company with about
"We believe that we are forming a winning combination that creates value for both sets of shareholders and all of our policyholders, as well as our associates," Markel Vice Chairman
Markel shares dropped 10.25 percent, or
Markel will remain based in
Markel has about 2,666 employees at 37 U.S. and international offices, not including businesses it owns as part of its
Under the deal, shareholders of
The offer of
Following the acquisition, Markel's shareholders will own about 69 percent of the combined company, with
Markel's largest deal previously was an acquisition in 2000 of
In recent years, Markel has ventured into sectors other than specialty insurance, setting up an investment subsidiary called
(c)2012 the Richmond Times-Dispatch (Richmond, Va.)
Visit the Richmond Times-Dispatch (Richmond, Va.) at www.timesdispatch.com
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