Filed Under:Markets, E&S/Specialty

Markel Expands into Reinsurance with $3B Alterra Buy

(Reuters) - Specialty insurer Markel Corp said it will buy Alterra Capital HoldingsLtd for about $3 billion in cash and stock to diversify into reinsurance.

The offer of $31 per share represents a premium of 34 percent to Alterra's closing stock price of $23.15 on Tuesday. Shares of Alterra opened slightly below the offer price, while Markel's shares fell 5 percent to $462.

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