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.[3] Sam Markel's four sons, Lewis, Irvin, Stanley, and Milton, joined the business in the 1930s, and Markel Service, Inc. was created.[4] 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.[3]
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.[3] In 1980, the company became an insurance carrier when Essex Insurance Company was incorporated and licensed to write excess and surplus lines business.[5]
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.[6] Markel gained access to specialty international markets in 2000, when Terra Nova Holdings, Ltd. was acquired and the London office opened.[7] 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.[3] With the $3.1 billion acquisition of Alterra Capital Holdings Limited, Markel added two additional insurance divisions, Markel Global and Markel Reinsurance.[8]
In 2015, Markel acquired Bermuda-based CATCo, a specialist investment management business; and Markel Ventures announced a majority interest in CapTech.[9]
In 2023, Markel Corporation changed its name to Markel Group Inc.
Beginning in 1930, Markel established Markel Service, a separate company to handle direct and reinsurance of AF&C.[3]
In 1951, the company expanded into Canada by founding Markel Service Canada, Ltd., headquartered in Toronto, Ontario.[3]
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.[3]
The company later expanded beyond truck and bus companies, led by the third generation of Markels: Anthony, Steve, and Gary.[3]
In 1985, Prem Watsa took control of Markel Financial Holdings, a Canadian-based trucking insurance company. Near bankruptcy, Watsa determined it needed a capital injection.[3]
In December 1986, Markel Corp. held its first IPO at $8.33 per share, valuing the company at $15 million. Shares traded on the NASDAQ.[6]
In 1987, Markel reorganized Markel Financial Holdings (Canada) and renamed it Fairfax Financial Holdings Ltd., short for "fair, friendly acquisitions."[3]
In December 1987, Markel Corp. acquired half of Shand Morahan & Company, an underwriter in Deerfield, Illinois.[10]
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.[10]
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.[3]
In the Spring of 1997, Markel Corp. trading moved to the NYSE.[6]
In January 2000, Markel Corp. founded Markel Southwest Underwriters in Scottsdale, Arizona, after buying the Arizona policies of Acceptance Insurance Company.[11]
In March 2000, Markel Corp. completed the acquisition of Terra Nova (Bermuda) Holdings Ltd.[7]
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.[12]
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.[13]
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.[14]
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.[15]
On May 11, 2010, Markel Ventures, Inc. acquired Solbern, LLC, a manufacturer of food processing equipment for both the domestic and international markets.[16]
In July 2010, Markel Corp. acquired Aspen Holdings, Inc. of Omaha, Nebraska.[17]
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.[19]
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.[20]
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.[21]
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.[22]
In June 2012, Markel Direct expanded product range into charity and community group risks.
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.[25]
In January 2014, Markel Corp. acquired Abbey Protection plc, an integrated specialty insurance and consultancy group headquartered in London.[26]
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.[27]
In June 2016, it was announced that Markel had joined the Fortune 500 for the first time.[29]
In 2017, Markel merged their Global and Wholesale divisions and created Markel Assurance.[30]
On May 1, 2017, Markel Corp. acquired SureTec Financial Corp., one of the largest privately owned surety companies in the US.[31]
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.[32]
On November 1, 2017, Markel Corp. acquired State National Companies, Inc., a leading specialty provider of property and casualty insurance services.[33]
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.[34]
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.[35]
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,[36] 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.[37]
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.[38]
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.[39] As of June 2019 the firm manages $10.7 billion.[40]
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.[33]
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.[41]
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.[42]
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.[43] Markel Ventures companies include:
Aon PLC is a global professional services and management consulting firm that offers a range of risk-mitigation products, including commercial risk, investment, wealth, health, human capital, and reinsurance solutions. The firm also provides data and analytics services, strategy consulting through Aon Inpoint and investment banking advisory through Aon Securities. Aon has approximately 50,000 employees across 120 countries.
Berkshire Hathaway Inc. is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States. Its main business and source of capital is insurance, from which it invests the float in a broad portfolio of subsidiaries, equity positions and other securities. The company has been overseen since 1965 by its chairman and CEO Warren Buffett and vice chairman Charlie Munger, who are known for their advocacy of value investing principles. Under their direction, the company's book value has grown at an average rate of 20%, compared to about 10% from the S&P 500 index with dividends included over the same period, while employing large amounts of capital and minimal debt.
Alleghany Corporation is an American investment holding company originally created by the railroad entrepreneurs Oris and Mantis Van Sweringen as a holding company for their railroad interests. It was incorporated in 1929 and reincorporated in Delaware in 1984. On March 21, 2022, Berkshire Hathaway made an $11.6 billion offer to acquire the company, which completed in October 2022.
Swiss Reinsurance Company Ltd, commonly known as Swiss Re, is a reinsurance company based in Zürich, Switzerland. It is one of the world's largest reinsurers, as measured by net premiums written. Swiss Re operates through offices in more than 25 countries and was ranked 118th in Forbes Global 2000 leading companies list in 2016. It was also ranked 313th on the Fortune Global 500 in 2015.
General Reinsurance Corporation is an American multinational property/casualty and life/health reinsurance company offering a range of reinsurance products and services. The company is a primarily direct reinsurer and is represented in all major reinsurance markets worldwide through a network of more than 40 offices. Gen Re is a wholly owned subsidiary of Berkshire Hathaway Inc.
Fairfax Financial Holdings Limited is a Canadian financial holding company based in Toronto, Ontario, engaged in property, casualty, insurance and reinsurance, investment management, and insurance claims management. The company operates primarily through several subsidiaries, including Allied World, Odyssey Re, Northbridge Financial, Crum & Forster, Verassure Insurance, Onlia Agency Inc., and Zenith Insurance Company. The company was also the largest shareholder of Torstar with 40% of the Class B shares, as of May 2020.
Intrawest Resorts Holdings, Inc was a developer and operator of destination resorts and a luxury adventure travel company. The company was founded in 1976 as a privately funded real estate development company. In 2006, Intrawest was purchased by Fortress Investment Group, a private equity investment company, which resulted in the company being delisted from the Toronto Stock Exchange and New York Stock Exchange. Fortress was under financial pressure related to the Intrawest debt, but a new loan with a single lender was completed in April 2010 and all prior lenders were repaid in full.
Chubb Limited is an American company incorporated in Zürich, Switzerland. It is the parent company of Chubb, a global provider of insurance products covering property and casualty, accident and health, reinsurance, and life insurance and the largest publicly traded property and casualty company in the world. Chubb operates in 55 countries and territories and in the Lloyd's insurance market in London. Clients of Chubb consist of multinational corporations and local businesses, individuals, and insurers seeking reinsurance coverage. Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance.
The People's Insurance Company (Group) of China Limited, known as PICC Group or just PICC, is a Chinese listed insurer. The Chinese Central Government is the controlling shareholder.
Liberty Mutual Group is an American diversified global insurer and the sixth-largest property and casualty insurer in the United States. It ranks 71st on the Fortune 100 list of largest corporations in the United States based on 2020 revenue. Based in Boston, Massachusetts, and featuring the Statue of Liberty on its logo, it employs over 45,000 people in more than 900 locations throughout the world. As of December 31, 2021, Liberty Mutual Insurance had $156.043 billion in consolidated assets, $128.195 billion in consolidated liabilities and $48.2 billion in annual consolidated revenue.
Lincoln National Corporation is a Fortune 200 American holding company, which operates multiple insurance and investment management businesses through subsidiary companies. Lincoln Financial Group is the marketing name for LNC and its subsidiary companies.
The Travelers Companies, Inc., commonly known as Travelers, is an American insurance company. It is the second-largest writer of U.S. commercial property casualty insurance, and the sixth-largest writer of U.S. personal insurance through independent agents. Travelers is incorporated in Minnesota, with headquarters in New York City, and its largest office in Hartford, Connecticut. It has been a component of the Dow Jones Industrial Average since June 8, 2009.
Atlantic Union Bankshares Corporation is a bank holding company headquartered in Richmond, Virginia which has Virginia roots dating back to 1900. Through its subsidiaries, the Company offers a wide range of personal and business financial services including checking and savings accounts, credit cards, various lending products, and wealth management. With 114 branches across Virginia, Maryland, and North Carolina, Atlantic Union Bank is the Company's primary subsidiary.
Axa XL is an American subsidiary of global insurance and reinsurance company Axa. It is headquartered in Stamford, Connecticut, domiciled in Hamilton, Bermuda, and has more than 100 offices on 6 continents.
QBE Insurance Group Limited is a general insurance and reinsurance company listed on the Australian Securities Exchange and headquartered in Sydney. The company employs more than 11,700 people in over 27 countries. Across its operations, QBE offers commercial, personal and specialty products and risk management products.
WesBanco, Inc., is a bank holding company headquartered in Wheeling, West Virginia. It has over 200 branches in West Virginia, Ohio, Western Pennsylvania, Kentucky, Maryland, and Southern Indiana.
ProAssurance Corporation, headquartered in Birmingham, Alabama, is a property and casualty company that sells professional liability insurance to doctors. The company was founded in 1976 as Mutual Assurance and was later renamed to Medical Assurance in 1997. The name "ProAssurance" was created in 2001 when Medical Assurance merged with Professionals Group. The company is currently the fourth largest medical professional liability insurance writer and has over $6 billion in assets.
Kemper is an American insurance provider with corporate headquarters located in Chicago, Illinois. With nearly $13 billion in assets, the Kemper family of companies provide insurance to individuals, families, and businesses.
Intact Financial Corporation is a Canadian multinational property and casualty insurance company. Originally established in 1809 as the Halifax Fire Insurance Association, it was later acquired by Nationale-Nederlanden and from 1993 to 2009 was a subsidiary of the Dutch multinational ING Group under the name ING Canada. Intact Financial directly underwrites insurance through its subsidiary companies Intact Insurance and Belair Insurance, as well as operating additional brokerage, insurance service, and damage restoration subsidiaries. As of 2017, Intact was the largest provider of property and casualty insurance in Canada by annual premiums.
State National Companies, Inc., is a specialty provider of property and casualty insurance operating in two niche markets, Program Services and Lender Services. The company is licensed to do business in all 50 states and D.C.
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US$12.846 Billion (Fiscal Year Ended December 31, 2021) [1] 
