UK-based insurer Markel International has acquired Germany-based MDT Makler der Touristik Assekuranzmakler, for an undisclosed amount.
Established in 2008, MDT is a managing general agent and broker, which provides insurance for the German travel sector.
The company offers property and casualty package cover, combining professional indemnity, general liability, credit and office contents protection to travel agents, tour operators and intermediaries in the country.
In addition, the company provides travel insurance to German consumers, through travel agents and tour operators.
Markel International president and COO William Stovin said the travel is an important part of the economy, with Germans spending €70bn annually.
"MDT is a high quality, well reputed and well managed business, which has successfully developed innovations such as a purpose built travel sector IT system and a third party claims handling capability which is used by leading tour operators in Germany," Stovin added.
Markel said that the acquisition follows its purchase of Anglo Underwriting and the subsequent formation of the German Markel branch office in 2013.
Markel operates insurance and reinsurance business through eight divisions, and has offices in the UK, Europe, Canada, Latin America and Asia Pacific.