International property and casualty insurance holding company Markel has purchased Essentia Insurance Company from OneBeacon Insurance Group, for an undisclosed amount.

Financial terms of the transaction have not been disclosed by the companies.

The acquired entity will continue to underwrite insurance policies solely for Hagerty Insurance Agency and Hagerty Classic Marine Insurance Agency across the US.

Operating as a privately-owned family business, Hagerty provides insurance for classic cars, vintage boats, motorcycles and related automotive collectibles.

Following completing of the transaction, Hagerty customers and agents will receive same level of services, as both firms have agreed to co-operate for the same specialized products, service offerings and claim handling.

Markel markets and underwrites specialty insurance products and programs to a variety of niche markets.

Bermuda-domiciled holding company, OneBeacon Insurance Group offers various specialty insurance products marketed through independent agencies, regional and national brokers, wholesalers and managing general agencies.