Henrico County-based specialty insurer Markel Corp. is planning to add one of the nation’s top surety bond companies, SureTec Financial Corp., to its portfolio.
The companies announced Wednesday that they have entered into a definitive agreement for Markel to acquire SureTec for about $250 million, inclusive of a three-year earnout.
Texas-based SureTec will become part of Markel’s specialty division and U.S. insurance segment, but it will operate as a separate business unit led by its current chairman and chief executive officer, John T. Knox Jr.
