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Robert Powell, III// November 11, 2019//
Markel Corp. plans to buy an Ashland-based fire safety and security company.
Glen Allen-based Markel, a diversified financial holding company, has entered a definitive agreement to acquire VSC Fire & Security Inc. by the end of the year. Financial details were not disclosed.
“VSC provides solutions that help minimize damage if something bad happens — a concept we've learned a lot about over our 89 years in the insurance industry,” Tom Gayner, Markel’s co-CEO, said in a statement.
Markel’s primary business is specialty insurance. The company’s Markel Ventures subsidiary invests in businesses outside the insurance industry.
VSC provides fire protection, life safety and low voltage services to customers throughout the Southeast. Founded in in 1958, the company has grown to more than 1,200 employees working from 21 offices in nine states and the District of Columbia.
“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,” Michael Meehan, the CEO of VSC, said in a statement. “We are confident Markel is that partner.”
