US-based insurance company Markel has reached an agreement to purchase VSC Fire & Security for an undisclosed amount.
VSC offers different solutions related to fire protection, life safety, and low voltage to retailers, and government properties, among others, in the southeast US.
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Set-up in 1958, VSC currently employs more than 1,200 people across 21 offices in nine states and in the District of Columbia.
VSC CEO Michael Meehan said: “At VSC our customers rely on our work to save property and lives. The integrity of our people and our work cannot be compromised, and we’ve invested in that since day one.
“When thinking about the next 60 years at VSC, we knew we needed a partner that shared our values and would allow us to continue running VSC the way we have for so long. We are confident Markel is that partner.”
Markel co-CEO Tom Gayner said: “VSC provides solutions that help minimise damage if something bad happens—a concept we’ve learned a lot about over our 89 years in the insurance industry.”
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By GlobalDataThe transaction is slated to close in the last quarter of this year.
Last month, Markel International sold its Brazilian insurance operations to its current executive team after a strategic review.
In August, Markel International bought a minority stake in specialty insurance managing general agent (MGA) The Hagerty Group for $212.5m.
