|Traded as||NYSE: MKL|
|Headquarters||Richmond, Virginia, USA|
|Alan I. Kirshner, Executive Chairman
Anthony F. Markel, Vice Chairman
Steven A. Markel, Vice Chairman
Thomas S. Gayner, Co-Chief Executive Officer
Richard R. Whitt. III, Co-Chief Executive Officer
F. Michael Crowley, President
Markel Corporation (NYSE – MKL) 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, and products originate from four insurance divisions and one reinsurance division. Through Markel Ventures, they allocate capital to invest in opportunities outside of insurance.
- 1 History
- 2 Markel Lines of Business
- 3 Office Locations
- 4 Companies
- 5 Markel-Gayner Asset Management Corp
- 6 Further reading
- 7 References
- 8 Regulatory Filings
Company founder Samuel A. Markel formed the Mutual Casualty Association and established the Mutual Casualty Company in Norfolk, Virginia. The company headquarters later moved to Richmond, Virginia. 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 USA. 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 exchange, with an IPO offered at $8.33 per share. The company’s trading was moved to the NYSE in 1997. Markel gained access to specialty international markets in 2000, when Terra Nova Holdings, Ltd. was acquired and the [London] office opened. Branch offices later opened in the UK, Europe, Asia Pacific, and Canada. 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.
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 (Vice Chairman), Steve, and Gary.
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 specializing in personal boat and motorcycle insurance.
In 1989, Markel Corp. acquired the Rhulen Agency of Monticello, New York. Rhulen is a specialty insurer for children's summer camps and youth organizations. Rhulen was later moved to Richmond, Virginia, and renamed Markel Insurance Company.
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 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.
In February 2012, Markel's Camp Insurance Program joined forces with CampDoc.com, an electronic health record 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.
Markel Lines of Business
- 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.
- This division offers excess liability, professional liability, property, trade credit, and marine coverage. Markel Global also includes Markel’s practice groups, which provide insurance programs tailored to meet the needs to specific segments of the marketplace.
- Markel’s Wholesale division provides creative excess and surplus lines insurance solutions when coverage is not available from the standard market. Distributed through regional wholesale brokers and surplus lines agents, Markel Wholesale’s products include contract binding, data breach, environmental & energy, excess & umbrella, general liability, healthcare professional liability, inland marine, management liability, ocean marine, products liability, professional liability, property, public entity, railroad, and transportation.
- 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.
Markel Global Reinsurance
- Based in Bermuda, Markel Global Reinsurance provides Property, Casualty, and Specialty Reinsurance products to the broker market.
- Also based in Bermuda, Markel CATCo manages retrocessional and traditional reinsurance portfolios on behalf of financial institutions, charities, pension funds, family offices, and investment funds.
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:
- AMF Bakery Systems – Richmond, Virginia
- Cotrell – Gainesville, Georgia
- Diamond Healthcare Corporation – Richmond, Virginia
- Eagle Construction of VA – Richmond, Virginia
- Ellicott Dredges – Baltimore, Maryland
- Havco – Cape Girardeau, Missouri
- Eagle Partners – Richmond, Virginia
- Panel Specialists – Temple, Texas
- Parkland Ventures – Richmond, Virginia
- PartnerMD – Richmond, Virginia
- Reading Bakery Systems – Reading, Pennsylvania
- RetailData – Richmond, Virginia
- Solbern – Fairfield, New Jersey
- Tromp Group – Netherlands
- Weldship – Bethlehem, Pennsylvania
- CapTech – Richmond, Virginia
Abbey Protection PLC - United Kingdom
In 2014, Markel completed its acquisition of Abbey Protection PLC, a company that sells and underwrites insurance products that provide protection against legal expenses and other professional fees incurred by clients as a result of legal actions and HMRC investigations.
- Essex Insurance Company
- Shand, Morahan & Company
- Markel Insurance Company
- Markel American Insurance Company
- Investors Underwriting Managers, Inc.
- Markel Global Reinsurance
- 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 UK Ltd
- Elliott Special Risks LP
Markel-Gayner Asset Management Corp
Markel's internal money management firm is Markel-Gayner Asset Management Corp.
|Wikimedia Commons has media related to Markel Building, Richmond.|
- Markel Corporation Research Report by Richard M. Rockwood
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- In His Image: An Insurer With Buffet-Like Charm By JONATHAN R. LAING
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- Markel UK launches the first phase of a multi-distribution operation model with launch of Markel Direct
- "Archived copy" (PDF). Archived from the original (PDF) on December 22, 2014. Retrieved December 22, 2014.
- https://www.markelamerican.com/About Markel/Pages/AboutMarkelAmerican.aspx
- "Here Are The 15 New Companies Joining The Fortune 500". fortune.com. 2016-06-06. Retrieved 2016-06-07.