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Markel Corporation is a holding company for
insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...
,
reinsurance Reinsurance is insurance that an insurance company purchases from another insurance company to insulate itself (at least in part) from the risk of a major claims event. With reinsurance, the company passes on ("cedes") some part of its own insu ...
, and
investment Investment is the dedication of money to purchase of an asset to attain an increase in value over a period of time. Investment requires a sacrifice of some present asset, such as time, money, or effort. In finance, the purpose of investing i ...
operations around the world. Headquartered in
Richmond, Virginia (Thus do we reach the stars) , image_map = , mapsize = 250 px , map_caption = Location within Virginia , pushpin_map = Virginia#USA , pushpin_label = Richmond , pushpin_m ...
, and founded in 1930, Markel reports its ongoing underwriting operations in three segments, and products originate from three insurance divisions and one reinsurance division. Through Markel Ventures, they allocate capital to invest in opportunities outside of insurance.


History

Company founder Samuel A. Markel formed the Mutual Casualty Association and established the Mutual Casualty Company in
Norfolk, Virginia Norfolk ( ) is an independent city in the Commonwealth of Virginia in the United States. Incorporated in 1705, it had a population of 238,005 at the 2020 census, making it the third-most populous city in Virginia after neighboring Virginia Be ...
. The company headquarters later moved to
Richmond, Virginia (Thus do we reach the stars) , image_map = , mapsize = 250 px , map_caption = Location within Virginia , pushpin_map = Virginia#USA , pushpin_label = Richmond , pushpin_m ...
. Sam Markel's four sons, Lewis, Irvin, Stanley, and Milton, joined the growing business in the 1930s, and Markel Service, Inc. was created. During this time, Markel was actively involved in efforts to develop safety and other standards aimed at legitimizing the growing bus and trucking industries. Markel also assisted in passing the National Motor Carrier Act of 1935. By the 1940s, Markel Service, Inc. earned a national following and developed a reputation for industry-leading claims adjusting and safety engineering. American Fidelity & Casualty, a sister company covering fleets of trucks and buses, also became the largest insurer of these risks in the
United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...
. In 1980, the company became an insurance carrier when Essex Insurance Company was incorporated and licensed to write excess and surplus lines business. In 1986, the Markel Corporation was listed on the
NASDAQ The Nasdaq Stock Market () (National Association of Securities Dealers Automated Quotations Stock Market) is an American stock exchange based in New York City. It is the most active stock trading venue in the US by volume, and ranked second ...
exchange, with an
IPO An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...
offered at $8.33 per share. The company's trading was moved to the
NYSE The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It is by far the List of stock exchanges, world's largest s ...
in 1997. Markel gained access to specialty international markets in 2000, when Terra Nova Holdings, Ltd. was acquired and the
London London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...
office opened. Branch offices later opened in the UK,
Europe Europe is a large peninsula conventionally considered a continent in its own right because of its great physical size and the weight of its history and traditions. Europe is also considered a Continent#Subcontinents, subcontinent of Eurasia ...
,
Asia Pacific Asia-Pacific (APAC) is the part of the world near the western Pacific Ocean. The Asia-Pacific region varies in area depending on context, but it generally includes East Asia, Russian Far East, South Asia, Southeast Asia, Australia and Pacific Is ...
, and
Canada Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by tot ...
. With a "permanent capital" investing approach, Markel Ventures acquired AMF Bakery Systems in 2005 and continued to acquire other varied and scalable businesses. With the $3.1 billion acquisition of Alterra Capital Holdings Limited, Markel added two additional insurance divisions, Markel Global and Markel Reinsurance. In 2015, Markel acquired Bermuda-based CATCo, a specialist investment management business; and Markel Ventures announced a majority interest in CapTech. Today, the company is led by Executive Chairman Alan I. Kirshner, who is one of the authors of the Markel Style.


Timeline

Beginning in 1930, Markel established Markel Service, a separate company to handle direct and reinsurance of AF&C. In 1951, the company expanded into Canada by founding Markel Service Canada, Ltd., headquartered in
Toronto, Ontario Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the ancho ...
. In 1959, the national claims division of AF&C became National Claims Service, an independent adjuster that could be contracted by other insurance firms. The Safety Engineering Division also began offering services to other firms. The company later expanded beyond truck and bus companies, led by the third generation of Markels: Anthony, Steve, and Gary. In 1980, the company founded Essex Insurance Company in Delaware. Essex began as a property insurance company in
White Bear Lake, Minnesota White Bear Lake is a city in Ramsey County in the state of Minnesota, United States. A small portion of the city also extends into Washington County. The population was 23,769 at the 2010 census. The city is located on White Bear Lake, one o ...
, but later moved to
Richmond, Virginia (Thus do we reach the stars) , image_map = , mapsize = 250 px , map_caption = Location within Virginia , pushpin_map = Virginia#USA , pushpin_label = Richmond , pushpin_m ...
. In 1985,
Prem Watsa Prem Watsa (born 5 August 1950) is an Indian-Canadian billionaire businessman who is the founder, chairman, and chief executive of Fairfax Financial Holdings, based in Toronto. He has been called the "Canadian Warren Buffett." He was awarded th ...
took control of Markel Financial Holdings, a Canadian-based trucking insurance company. Near bankruptcy, Watsa determined it needed a capital injection. In December 1986, Markel Corp. held its first
IPO An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...
at $8.33 per share, valuing the company at $15 million. Shares traded on the
NASDAQ The Nasdaq Stock Market () (National Association of Securities Dealers Automated Quotations Stock Market) is an American stock exchange based in New York City. It is the most active stock trading venue in the US by volume, and ranked second ...
. In 1987, Markel reorganized Markel Financial Holdings (Canada) and renamed it Fairfax Financial Holdings Ltd., short for "fair, friendly acquisitions." In December 1987, Markel Corp. acquired half of Shand Morahan & Company, an underwriter in
Deerfield, Illinois Deerfield is a north shore suburb of Chicago in Lake County, Illinois, United States, with a small portion extending into Cook County, Illinois. The population was 19,196 at the 2020 census. Deerfield is home to the headquarters of Walgreens Boo ...
.markelamerican.com
/ref> In December 1990, Markel completed its acquisition of Shand. As part of the Shand acquisition, Markel Corp. also acquired American Underwriting Managers, an insurance underwriter in
Pewaukee, Wisconsin Pewaukee is a city in Waukesha County, Wisconsin. The population was 13,195 at the 2010 census. The Village of Pewaukee, which was incorporated out of the town before it incorporated as a city, is surrounded by the city. The name of the city ...
, specializing in personal boat and motorcycle insurance. In 1989, Markel Corp. acquired the Rhulen Agency of
Monticello, New York Monticello ( ) is a village located in Thompson, Sullivan County, within the Catskills region of New York, United States. The population was 7,173 at the 2020 census. It is the seat for the Town of Thompson and the county seat of Sullivan Count ...
. Rhulen is a specialty insurer for children's summer camps and youth organizations. Rhulen was later moved to
Richmond, Virginia (Thus do we reach the stars) , image_map = , mapsize = 250 px , map_caption = Location within Virginia , pushpin_map = Virginia#USA , pushpin_label = Richmond , pushpin_m ...
, and renamed Markel Insurance Company. In the Spring of 1997, Markel Corp. trading moved to the
NYSE The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It is by far the List of stock exchanges, world's largest s ...
. In January 2000, Markel Corp. founded Markel Southwest Underwriters in
Scottsdale, Arizona , settlement_type = City , named_for = Winfield Scott , image_skyline = , image_seal = Seal of Scottsdale (Arizona).svg , image_blank_emblem = City of Scottsdale Script Logo.svg , nick ...
, after buying the Arizona policies of Acceptance Insurance Company. In March 2000, Markel Corp. completed the acquisition of Terra Nova (Bermuda) Holdings Ltd. In October 2009, Elliott Special Risks LP (ESR) was purchased by Markel International, a London-based specialty property and casualty insurer that runs the international operations of Markel Corp. On October 30, 2009, Markel Ventures, Inc. acquired Panel Specialists, LLC., a manufacturer of panels, wall systems, casework, furniture, and countertops and other stone-related products. On December 2, 2009, Markel Ventures, Inc. acquired a majority interest in Ellicott Dredge Enterprises, LLC, a company which manufactures dredging equipment for both domestic and international markets. On May 10, 2010, at the Markel Corp. Annual Meeting, it was reported there would be a new management structure approved by the Board. Alan I. Kirshner would remain Chairman and Chief Executive Officer while Anthony F. Markel and Steven A. Markel would still serve as Vice Chairman. Reporting to them would be a three-member Office of the President. Thomas S. Gayner became President and Chief Investment Officer, while Richard R. Whitt, III and F. Michael Crowley became President and Co-Chief Operating Officers. On May 11, 2010, Markel Ventures, Inc. acquired Solbern, LLC, a manufacturer of food processing equipment for both the domestic and international markets. In July 2010, Markel Corp. acquired Aspen Holdings, Inc. of
Omaha, Nebraska Omaha ( ) is the largest city in the U.S. state of Nebraska and the county seat of Douglas County. Omaha is in the Midwestern United States on the Missouri River, about north of the mouth of the Platte River. The nation's 39th-largest cit ...
. In April 2011,
Markel (UK) Limited Markel Group Inc. is a group of companies headquartered in Richmond, Virginia, and originally founded in 1930 as an insurance company. History Company founder Samuel A. Markel formed the Mutual Casualty Association and established the Mutual ...
launched
Markel Direct Markel Corporation is a holding company for insurance, reinsurance, and investment operations around the world. Headquartered in Richmond, Virginia, and founded in 1930, Markel reports its ongoing underwriting operations in three segments, a ...
, an online direct to customer distribution channel for
specialist insurance Specialist may refer to: Occupations * Specialist (rank), a military rank ** Specialist (Singapore) * Specialist (arena football) * Specialist degree, in academia * Specialty (medicine) * Designated market maker, in the American stock market * ...
. On July 14, 2011, Markel Corp. acquired PartnerMD, LLC, a company which provides concierge medicine, a type of membership health-care service in which patients pay an annual fee for enhanced care that includes disease-prevention, health-maintenance, and around-the-clock access to a physician. On October 19, 2011, Markel Ventures, Inc. acquired a majority interest in WI Holdings, Inc. ("Weldship") which manufactures, leases and sells high pressure tube trailers, certified ISO containers and other gas and liquid containers to industrial gas manufacturers, independent distributors, specialty chemical companies and the United States Government for use in the domestic and international compressed gas, electronic gas and specialty chemical industries. On January 4, 2012, Markel Corp. completed the acquisition of Thompson Insurance Enterprises, a privately held program administrator underwriting multi-line, industry-focused insurance programs. In February 2012, Markel's Camp Insurance Program joined forces with CampDoc.com, an
electronic health record An electronic health record (EHR) is the systematized collection of patient and population electronically stored health information in a digital format. These records can be shared across different health care settings. Records are shared throu ...
system for camps, to help summer camps reduce risk and liability and to ensure the health and safety of kids while at camp. In June 2012, Markel Direct expanded product range into charity and community group risks. In October 2012, Markel purchased Essentia Insurance Company. On May 1, 2013, Markel Corporation completed its acquisition of Alterra Capital Holdings Limited. On August 16, 2013, Markel Ventures, Inc. acquired Eagle Construction of VA, a recognized leader in designing active adult communities and in building energy efficient homes through its signature E3 program. In January 2014, Markel Corp. acquired Abbey Protection plc, an integrated specialty insurance and consultancy group headquartered in London. On July 23, 2014, Markel Ventures, Inc. acquired majority interest in Cottrell, Inc., a global leader in the design, manufacture and delivery of over-the-road automobile transport equipment. On January 1, 2016, Thomas S. Gayner and Richard R. Whitt III began serving Markel as co-CEOs.    In June 2016, it was announced that Markel had joined the
Fortune 500 The ''Fortune'' 500 is an annual list compiled and published by ''Fortune'' magazine that ranks 500 of the largest United States corporations by total revenue for their respective fiscal years. The list includes publicly held companies, along ...
for the first time. In 2017, Markel merged their Global and Wholesale divisions and created Markel Assurance. On May 1, 2017, Markel Corp. acquired SureTec Financial Corp., one of the largest privately owned surety companies in the US. On July 26, 2017, Markel Corp. announced their plans to acquire majority interest in Costa Farms and their related operating companies. Costa Farms is the largest producer of ornamental plants in the world. On November 1, 2017, Markel Corp. acquired State National Companies, Inc., a leading specialty provider of property and casualty insurance services. On June 4, 2018, Markel Corp. announced their partnership with Rosemont Investment Partners LLC, a specialist investor focusing on making investments in asset and wealth management companies. On August 31, 2018, Markel Corp. acquired Nephila Capital Ltd, a leading investment manager which specializes in reinsurance. Nephila Capital Ltd focuses on insurance-linked securities, catastrophe bonds, insurance swaps, and weather derivatives. On September 17, 2018, Markel Corp. announced their plans to acquire majority interest in Brahmin, a creator of fashion leather handbags. On September 12, 2019, Markel announced their plans to acquire Caunce O'Hara & Company Limited, an Insurance Broker based in Manchester specialising in providing insurance to freelance and contract workers.


Markel Lines of Business


Insurance


Markel Specialty

*Markel Specialty provides property and casualty solutions for standard and hard-to-place risks to commercial customers and individuals for the insuring of: camps; child care centers; horses and farms; medical transportation, motorcycle, boat, and ATV owners; museums and fine art collections; pest control operators; schools; social service agencies; and small businesses.


Insurance-linked securities and insurance services


Markel CATCo

*Based in Bermuda, Markel CATCo manages retrocessional and traditional reinsurance portfolios on behalf of financial institutions, charities, pension funds, family offices, and investment funds.


Nephila

* Based in Bermuda, Nephila Capital Ltd offers a broad range of investment products focusing on instruments such as insurance-linked securities, catastrophe bonds, insurance swaps, and weather derivatives. As of June 2019 the firm manages $10.7 billion.


State National

* State National Companies, Inc., is a leading specialty provider of property and casualty insurance services operating in two niche markets across the United States—Its Lender Services and Program Services segments.


Markel Assurance

*Markel Assurance has underwriting teams located across the US, and in Bermuda, Dublin, and London. Products originate from three product lines—casualty, professional liability, and property/marine.


Markel International

*Headquartered in London, Markel International writes business across the UK, Europe, Canada, Latin America, and Asia Pacific. Their product portfolio includes equine and livestock, marine and energy, professional liability, and trade credit coverage. They also write "specialty" coverage on a primary and reinsurance basis, including products for accident & health, casualty treaty reinsurance, contingency, property open market (including manufacturing risks), and property treaty reinsurance.


Non-Insurance Businesses


Markel Ventures

This line of business makes permanent investments in businesses outside of the specialty insurance marketplace. The goal is to build profitable enterprises that will endure as part of the broader Markel Corporation. Markel Ventures companies include: *Brahmin – Boston, Massachusetts * CapTech Ventures
Richmond, Virginia (Thus do we reach the stars) , image_map = , mapsize = 250 px , map_caption = Location within Virginia , pushpin_map = Virginia#USA , pushpin_label = Richmond , pushpin_m ...
* Costa Farms
Miami, Florida Miami ( ), officially the City of Miami, known as "the 305", "The Magic City", and "Gateway to the Americas", is a East Coast of the United States, coastal metropolis and the County seat, county seat of Miami-Dade County, Florida, Miami-Dade C ...
* Cotrell
Gainesville, Georgia The city of Gainesville is the county seat of Hall County, Georgia, United States. As of the 2020 census, the city had a population of 42,296. Because of its large number of poultry processing plants, it is often called the "Poultry Capital of t ...
* Diamond Healthcare Corporation
Richmond, Virginia (Thus do we reach the stars) , image_map = , mapsize = 250 px , map_caption = Location within Virginia , pushpin_map = Virginia#USA , pushpin_label = Richmond , pushpin_m ...
* Eagle Construction of VA
Richmond, Virginia (Thus do we reach the stars) , image_map = , mapsize = 250 px , map_caption = Location within Virginia , pushpin_map = Virginia#USA , pushpin_label = Richmond , pushpin_m ...
* Eagle Partners
Richmond, Virginia (Thus do we reach the stars) , image_map = , mapsize = 250 px , map_caption = Location within Virginia , pushpin_map = Virginia#USA , pushpin_label = Richmond , pushpin_m ...
* Ellicott Dredges
Baltimore, Maryland Baltimore ( , locally: or ) is the List of municipalities in Maryland, most populous city in the U.S. state of Maryland, fourth most populous city in the Mid-Atlantic (United States), Mid-Atlantic, and List of United States cities by popula ...
* Havco
Cape Girardeau, Missouri Cape Girardeau ( , french: Cap-Girardeau ; colloquially referred to as "Cape") is a city in Cape Girardeau and Scott Counties in the U.S. state of Missouri. At the 2020 census, the population was 39,540. The city is one of two principal citie ...
* Markel Food Group
Richmond, Virginia (Thus do we reach the stars) , image_map = , mapsize = 250 px , map_caption = Location within Virginia , pushpin_map = Virginia#USA , pushpin_label = Richmond , pushpin_m ...
  * Panel Specialists
Temple, Texas Temple is a city in Bell County, Texas, United States. As of 2020, the city has a population of 82,073 according to the U.S. census, and is one of the two principal cities in Bell County. Located near the county seat of Belton, Temple lies in t ...
* Parkland Ventures
Richmond, Virginia (Thus do we reach the stars) , image_map = , mapsize = 250 px , map_caption = Location within Virginia , pushpin_map = Virginia#USA , pushpin_label = Richmond , pushpin_m ...
* PartnerMD
Richmond, Virginia (Thus do we reach the stars) , image_map = , mapsize = 250 px , map_caption = Location within Virginia , pushpin_map = Virginia#USA , pushpin_label = Richmond , pushpin_m ...
* RetailData
Richmond, Virginia (Thus do we reach the stars) , image_map = , mapsize = 250 px , map_caption = Location within Virginia , pushpin_map = Virginia#USA , pushpin_label = Richmond , pushpin_m ...
* Rosemont Investment Group
Richmond, Virginia (Thus do we reach the stars) , image_map = , mapsize = 250 px , map_caption = Location within Virginia , pushpin_map = Virginia#USA , pushpin_label = Richmond , pushpin_m ...
* Weldship
Bethlehem, Pennsylvania Bethlehem is a city in Northampton and Lehigh Counties in the Lehigh Valley region of eastern Pennsylvania, United States. As of the 2020 census, Bethlehem had a total population of 75,781. Of this, 55,639 were in Northampton County and 19, ...


Reinsurance


Markel Global Reinsurance

*Based in Bermuda, Markel Global Reinsurance provides Property, Casualty, and Specialty Reinsurance products to the broker market.


Office Locations

Markel is headquartered in
Richmond, Virginia (Thus do we reach the stars) , image_map = , mapsize = 250 px , map_caption = Location within Virginia , pushpin_map = Virginia#USA , pushpin_label = Richmond , pushpin_m ...
, and globally holds 76 offices in 18 countries:


Companies

*
Essex Insurance Company Essex () is a county in the East of England. One of the home counties, it borders Suffolk and Cambridgeshire to the north, the North Sea to the east, Hertfordshire to the west, Kent across the estuary of the River Thames to the south, and G ...
* Shand, Morahan & Company * Markel Insurance Company * Markel American Insurance Company * Investors Underwriting Managers, Inc. *
Markel Global Reinsurance Markel Corporation is a holding company for insurance, reinsurance, and investment operations around the world. Headquartered in Richmond, Virginia, and founded in 1930, Markel reports its ongoing underwriting operations in three segments, a ...
* Markel Southwest Underwriters * Markel International Insurance Company Limited U.K. * Corifrance (Compagnie de Reassurance d'lle-de-France) * Markel Capital Limited * Markel Syndicate Management Limited *
Markel Syndicate 3000 Markel Corporation is a holding company for insurance, reinsurance, and investment operations around the world. Headquartered in Richmond, Virginia, and founded in 1930, Markel reports its ongoing underwriting operations in three segments, a ...
* Markel UK Ltd * Elliott Special Risks LP * Alterra


Markel-Gayner Asset Management Corp

Markel's internal money management firm is Markel-Gayner Asset Management Corp.


References


External links

* {{Authority control Companies listed on the New York Stock Exchange Insurance companies of the United States Financial services companies established in 1930 Companies based in Virginia 1930 establishments in Virginia