December 19, 2012 / 1:15 PM / in 5 years

Insurer Markel to buy rival Alterra Capital for about $3 bln

Dec 19 (Reuters) - Specialty insurer Markel Corp said it will buy rival Alterra Capital Holdings Ltd for about $3 billion in cash and stock.

The offer of $31 per share represents a premium of 34 percent to Alterra's closing stock price of $23.15 on Tuesday.

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