Weightmans advises in Markel acquisition of Caunce O’Hara
Markel UK, the division of Markel International, will acquire Caunce O’Hara, subject to regulatory approval.
Markel UK, the division of Markel International that provides insurance, tax and legal services for SMEs, will acquire the online freelancer and contractor business of commercial insurance brokers, Caunce O’Hara, subject to regulatory approval.
As part of the deal, Markel will acquire the insurance functions of the freelancers and contractors business whilst Caunce O’Hara will retain all broking services. The team joining Markel will continue to support their 27,000 customers, from their existing office in Manchester, and will keep the Caunce O’Hara brand. Chris Caunce will support the integration and growth of the transferring online business over the next two years.
Neil Galjaard, divisional managing director of Markel UK, commented:
“We’re delighted to be welcoming the freelancer and contractor team to Markel. This is an important acquisition and strengthens our existing presence in the online market, complementing the Markel Direct business and delivering to those clients that buy outside of the broker channel. It’s a natural fit and extension to our underwriting capabilities.”
Founder and director of Caunce O’Hara, Chris Caunce, added:
“We have shared values with Markel and recognise them as a great company to take forward the online business that we have built. They know the market very well and have excellent tax and legal capabilities, which will enhance and deliver a compelling proposition for the customer. I look forward to working closely with the team in Manchester as we support in the transition period over the next couple of years.”
National law firm Weightmans acted for Caunce O’Hara. The firm’s Manchester-based corporate finance partner Paul Raftery commented;
“I was very pleased to have helped the owners effect the sale of this innovative online insurance broker business. There continue to be lots of consolidation in the broker market place and businesses like Caunce O’Hara which successfully meet the online challenge will always be attractive.
“Good guys do win and I am delighted for the owners Chris and Martin.”