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don't include ticker symbol in lead
{{Infobox company |
name = Markel Corporation|
logo = Markel Corporation logo.jpg |
type = [[Public company|Public]]
| traded_as = {{nyse|MKL}}<br>[[Russell 1000 Index|Russell 1000 Component]]
| company_slogan = |
foundation = 1930|
location = [[Richmond, Virginia]], [[United States|USA]]|
key_people = Alan I. Kirshner, Executive Chairman<br>Anthony F. Markel, Vice Chairman<br>Steven A. Markel, Vice Chairman<br>Thomas S. Gayner, Co-Chief Executive Officer<br>Richard R. Whitt. III, Co-Chief Executive Officer<br>F. Michael Crowley, President|
industry = [[Insurance]]|
homepage = {{URL|http://www.markelcorp.com}}
}}
'''Markel Corporation''' is a holding company for [[insurance]], [[reinsurance]], and [[investment]] operations around the world.<ref>{{cite web|url=https://www.markelcorp.com/about-markel/our-business|title=Markel Corp|website=www.markelcorp.com}}</ref> 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.<ref>{{cite web|url=http://secfilings.nasdaq.com/edgar_conv_html/2010/03/01/0001193125-10-044413.html|title=MARKEL CORP (Form: 10-K, Received: 03/01/2010 13:52:50)|website=secfilings.nasdaq.com}}</ref> Through Markel Ventures, they allocate capital to invest in opportunities outside of insurance.<ref>{{cite web|url=https://www.markelcorp.com/markel-ventures/who-we-are|title=Markel Corp|website=www.markelcorp.com}}</ref>
==History==
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]].<ref name="history">{{cite web|url=https://www.markelcorp.com/about-markel/history|title=Markel Corp|website=www.markelcorp.com}}</ref> Sam Markel's four sons, Lewis, Irvin, Stanley, and Milton, joined the growing business in the 1930s, and [[Markel Service, Inc.]] was created.<ref>{{cite web|url=http://edg1.precisionir.com/companyspotlight/NA000093/Corporate_History_8-14.pdf |title=Archived copy |accessdate=December 22, 2014 |deadurl=yes |archiveurl=https://web.archive.org/web/20141222042448/http://edg1.precisionir.com/companyspotlight/NA000093/Corporate_History_8-14.pdf |archivedate=December 22, 2014 }}</ref> 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]].<ref name="history" />
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.<ref name="history" /> In 1980, the company became an insurance carrier when [[Essex Insurance Company]] was incorporated and licensed to write excess and surplus lines business.<ref>{{cite web|url=http://biz.yahoo.com/ic/110/110853.html|title=Stock Screener - Yahoo Finance|website=biz.yahoo.com}}</ref> 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.<ref name="nyse">{{cite web|url=http://www.thefreelibrary.com/Markel+Corporation+Announces+Its+Common+Stock+Has+Begun+Trading+on...-a019493735|title=Markel Corporation Announces Its Common Stock Has Begun Trading on NYSE - Free Online Library|website=www.thefreelibrary.com}}</ref> Markel gained access to specialty international markets in 2000, when [[Terra Nova Holdings, Ltd.]] was acquired and the [[London]] office opened.<ref name="online.wsj.com">{{cite web|url=https://online.wsj.com/articles/SB934807370107009765|title=Markel Agrees to Pay $879.4 Million in Cash and Stock for Terra Nova|first=Deborah Lohse Staff Reporter of The Wall Street|last=Journal|publisher=}}</ref> 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.<ref name="history" /> With the $3.1 billion acquisition of [[Alterra Capital Holdings Limited]], Markel added two additional insurance divisions, [[Markel Global]] and [[Markel Reinsurance]].<ref name="insurancejournal.com">{{cite web|url=http://www.insurancejournal.com/news/national/2013/05/01/290329.htm|title=Markel Completes Alterra Acquisition|date=1 May 2013|publisher=}}</ref> In 2015, Markel acquired Bermuda-based CATCo, a specialist investment management business; and Markel Ventures announced a majority interest in CapTech.<ref>{{cite web|url=https://www.markelcorp.com/ebrochures/markel-at-a-glance/|title=Markel at a glance|website=www.markelcorp.com}}</ref>
Today, the company is led by Executive Chairman [[Alan I. Kirshner]],<ref>{{cite web|url=https://www.markelcorp.com/about-markel/leadership|title=Markel Corp|website=www.markelcorp.com}}</ref> 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]].<ref name="history" />
In 1951, the company expanded into Canada by founding [[Markel Service Canada, Ltd.]], headquartered in [[Toronto|Toronto, Ontario]].<ref name="history" />
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.<ref name="history" />
The company later expanded beyond truck and bus companies, led by the third generation of Markels: Anthony (Vice Chairman), Steve, and Gary.<ref name="history" />
In 1980, the company founded [[Essex Insurance Company]] in Delaware. Essex began as a property insurance company in [[White Bear Lake, Minnesota]], but later moved to [[Richmond, Virginia]].<ref name="history" />
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.<ref name="history" />
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]].<ref name="nyse" />
In 1987, Markel reorganized [[Markel Financial Holdings]] (Canada) and renamed it [[Fairfax Financial Holdings Ltd.]], short for "fair, friendly acquisitions."<ref name="history" />
In December 1987, Markel Corp. acquired half of [[Shand Morahan & Company]], an underwriter in [[Deerfield, Illinois]].<ref name="shand">[https://www.markelamerican.com/About markelamerican.com]{{dead link|date=June 2017 |bot=InternetArchiveBot |fix-attempted=yes }}</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]] specializing in personal boat and motorcycle insurance.<ref name="shand" />
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]].<ref name="history" />
In the Spring of 1997, Markel Corp. trading moved to the [[NYSE]].<ref name="nyse" />
In January 2000, Markel Corp. founded [[Markel Southwest Underwriters]] in [[Scottsdale, Arizona]] after buying the Arizona policies of [[Acceptance Insurance Company]].<ref>{{cite web|url=http://connection.ebscohost.com/c/articles/4600037/acceptance-insurance-companies-announces-sale-property-casualty-business|title=Acceptance Insurance Companies Announces Sale Of Its Property And Casualty Business|website=connection.ebscohost.com}}</ref>
In March 2000, Markel Corp. completed the acquisition of [[Terra Nova (Bermuda) Holdings Ltd]].<ref name="online.wsj.com"/>
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.<ref>{{cite web|url=http://www.insurancejournal.com/news/international/2009/09/01/103428.htm|title=Markel International To Acquire Canada's Elliott Special Risks|date=1 September 2009|publisher=}}</ref>
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.<ref>{{cite web|url=https://www.bloomberg.com/apps/news?pid=conewsstory&tkr=MKL:US&sid=av5lwWG8wymA|title=404. Page Not Found - Bloomberg|website=Bloomberg.com}}</ref>
In July 2010, Markel Corp. acquired [[Aspen Holdings, Inc.]] of [[Omaha, Nebraska]].<ref>{{cite web|url=http://www.insurancejournal.com/news/national/2010/07/15/111612.htm|title=Markel to Acquire Workers' Compensation Insurer FirstComp|date=15 July 2010|publisher=}}</ref>
In April 2011, [[Markel (UK) Limited]] launched [[Markel Direct]], an online direct to customer distribution channel for [[specialist insurance]].<ref>{{cite web|url=http://www.prnewswire.com/news-releases/leading-specialist-insurer-markel-launches-new-brand-and-service-120190189.html|title=Leading Specialist Insurer Markel Launches New Brand and Service|first=Markel|last=Direct|website=www.prnewswire.com}}</ref>
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.<ref>{{cite web|url=http://insurancenewsnet.com/oarticle/2012/01/09/markel-acquires-thompson-insurance-enterprises-%5Bprofessional-services-close--up-a-324581.html#.VGPSw_TF-OU|title=Markel Acquires Thompson Insurance Enterprises [Professional Services Close – Up]|date=9 January 2012|publisher=}}</ref>
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.<ref>{{cite web|url=https://finance.yahoo.com/news/campdoc-com-markel-insurance-continue-130000128.html|title=CampDoc.com and Markel Insurance Continue to Support a Safer and Healthier Camp Experience|publisher=}}</ref>
In June 2012, Markel Direct expanded product range into charity and community group risks.
In October 2012, Markel purchased [[Essentia Insurance Company]].<ref>{{cite web|url=https://finance.yahoo.com/news/markel-buys-essentia-insurance-165855131.html|title=Markel Buys Essentia Insurance|publisher=}}</ref>
On May 1, 2013, Markel Corporation completed its acquisition of [[Alterra Capital Holdings Limited]].<ref>{{cite web|url=http://www.businessinsurance.com/article/20130502/NEWS09/130509973|title=Markel completes acquisition of Bermudian insurer Alterra - Business Insurance|publisher=}}</ref>
In June 2016, it was announced that Markel had joined the [[Fortune 500]] for the first time.<ref>{{cite web|url=
http://fortune.com/2016/06/06/fortune-500-companies-making-debuts/ |title=Here Are The 15 New Companies Joining The Fortune 500|publisher=fortune.com |date=2016-06-06 |accessdate=2016-06-07}}</ref>
==Markel Lines of Business==
===Insurance===
====Markel Specialty====
*Markel Specialty provides property and casualty [[solution]]s 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.<ref>{{cite web|url=http://www.markelinsurance.com/Pages/default.aspx |title=Archived copy |accessdate=2014-12-22 |deadurl=yes |archiveurl=https://web.archive.org/web/20141222064124/http://www.markelinsurance.com/Pages/default.aspx |archivedate=2014-12-22 |df= }}</ref>
====Markel Global====
*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.<ref>{{cite web|url=http://www.markelglobal.com/|title=Markel Corp|website=www.markelglobal.com}}</ref>
====Markel Wholesale====
*Markel's Wholesale division provides creative excess and surplus lines insurance [[solution]]s 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.<ref>{{cite web|url=https://www.markelcorp.com/us-insurance/wholesale|title=Markel Corp|website=www.markelcorp.com}}</ref>
====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.<ref>{{cite web|url=http://www.markelinternational.com/|title=Markel International|website=www.markelinternational.com}}</ref>
===Reinsurance===
====Markel Global Reinsurance====
*Based in Bermuda, Markel Global Reinsurance provides Property, Casualty, and Specialty Reinsurance products to the broker market.<ref>{{cite web|url=http://www.markelre.com/|title=Markel Corp|website=www.markelre.com}}</ref>
===ILS Management===
====Markel CATCo====
*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.<ref>{{cite web|url=http://www.catcoim.com/|title=CATCo Investment Management Ltd.|website=www.catcoim.com}}</ref>
===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.<ref>{{cite web|url=https://www.nytimes.com/2007/05/13/business/yourmoney/13gret.html|title=Managers and Investors, Well Met|first=Gretchen|last=Morgenson|date=13 May 2007|publisher=|via=NYTimes.com}}</ref> Markel Ventures companies include:
*[[AMF Bakery Systems]] – [[Richmond, Virginia]]<ref>{{cite web|url=http://www.timesdispatch.com/business/markel-ventures-adds-another-bakery-supplier/article_2203de14-9932-5dd4-8ac6-06337f96a01f.html?mode=jqm|title=Markel Ventures adds another bakery supplier|first=John Reid|last=Blackwell|publisher=}}</ref>
*[[Costa Farms]] – [[Miami, FL]]
*[[Cotrell]] – [[Gainesville, Georgia]]<ref>{{cite web|url=http://www.prnewswire.com/news-releases/markel-ventures-announces-acquisition-of-cottrell-268338892.html|title=Markel Ventures Announces Acquisition Of Cottrell|first=Markel|last=Corporation|website=www.prnewswire.com}}</ref>
*[[Diamond Healthcare Corporation]] – [[Richmond, Virginia]]<ref>{{cite web|url=http://www.prnewswire.com/news-releases/markel-announces-diamond-healthcare-acquisition-112800634.html|title=Markel Announces Diamond Healthcare Acquisition|first=Markel|last=Corporation|website=www.prnewswire.com}}</ref>
*[[Eagle Construction of VA]] – [[Richmond, Virginia]]<ref>{{cite web|url=http://www.timesdispatch.com/business/local/companies/markel-ventures-buys-eagle-construction/article_0a34a161-858b-5622-b82b-12d9c0299034.html|title=Markel Ventures acquires Eagle Construction|first=JOHN REID BLACKWELL Richmond|last=Times-Dispatch|publisher=}}</ref>
*[[Ellicott Dredges]] – [[Baltimore, Maryland]]<ref>{{cite web|url=http://www.prnewswire.com/news-releases/markel-ventures-announces-ellicott-dredge-acquisition-in-holland-161269305.html|title=Markel Ventures Announces Ellicott Dredge Acquisition In Holland|first=Markel|last=Corporation|website=www.prnewswire.com}}</ref>
*[[Havco]] – [[Cape Girardeau, Missouri]]<ref>{{cite web|url=http://www.prnewswire.com/news-releases/markel-announces-acquisition-of-havco-147991905.html|title=Markel Announces Acquisition of Havco|first=Markel|last=Corporation|website=www.prnewswire.com}}</ref>
*[[Eagle Partners]] – [[Richmond, Virginia]]<ref>{{cite web|url=http://www.markel-eagle.com/|title=Markel-Eagle|website=www.markel-eagle.com}}</ref>
*[[Panel Specialists]] – [[Temple, Texas]]<ref>{{cite web|url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aB3on_aTiTCQ|title=404. Page Not Found - Bloomberg|website=Bloomberg.com}}</ref>
*[[Parkland Ventures]] – [[Richmond, Virginia]]<ref>{{cite web|url=http://www.timesdispatch.com/business/article_19f75434-e05f-5bd9-a06a-3f5cce2c3ef0.html|title=Markel builds the next Berkshire Hathaway in the Richmond area|first=Carol|last=Hazard|publisher=}}</ref>
*[[PartnerMD]] – [[Richmond, Virginia]]<ref>{{cite web|url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=agOtBeTGfXsQ|title=404. Page Not Found - Bloomberg|website=Bloomberg.com}}</ref>
*[[Reading Bakery Systems]] – [[Reading, Pennsylvania]]<ref>{{cite web|url=http://www.prnewswire.com/news-releases/markel-ventures-announces-acquisition-of-reading-bakery-systems-168661496.html|title=Markel Ventures Announces Acquisition of Reading Bakery Systems|first=Markel|last=Corporation|website=www.prnewswire.com}}</ref>
*[[RetailData]] – [[Richmond, Virginia]]<ref>{{cite web|url=http://www.richmondbizsense.com/2010/12/16/acquisition-streak-continues-at-markel/|title=Acquisition streak continues at Markel - Richmond BizSense|date=16 December 2010|publisher=}}</ref>
*[[Solbern]] – [[Fairfield Township, Essex County, New Jersey|Fairfield, New Jersey]]<ref>{{cite web|url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=auyi09S7RWRs|title=404. Page Not Found - Bloomberg|website=Bloomberg.com}}</ref>
*[[Tromp Group]] – [[Netherlands]]<ref>{{cite web|url=http://www.timesdispatch.com/business/economy/markel-ventures-buys-two-dutch-firms/article_75ab196f-046f-5dea-93ef-fdfb676a8161.html|title=Markel Ventures buys two Dutch firms|first=JOHN REID BLACKWELL Richmond|last=Times-Dispatch|publisher=}}</ref>
*[[Weldship]] – [[Bethlehem, Pennsylvania]]<ref>http://www.businessweek.com/ap/financialnews/D9QFELF01.htm</ref>
*[[CapTech Ventures]] – [[Richmond, Virginia]]<ref>{{cite web|url=http://www.prnewswire.com/news-releases/markel-ventures-and-captech-announce-majority-investment-in-captech-300192688.html|title=Markel Ventures And CapTech Announce Majority Investment In CapTech|first=Markel|last=Corporation|website=www.prnewswire.com}}</ref>
====Abbey Protection PLC - United Kingdom====
In 2014, Markel completed its acquisition of [[Abbey Protection PLC]],<ref>{{cite web|url=https://www.reuters.com/finance/stocks/MKL.N/key-developments/article/2844286|title=${Instrument_CompanyName} ${Instrument_Ric} Key Developments - Reuters.com|first=Reuters|last=Editorial|website=U.S.}}</ref> 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.
==Office Locations==
Markel is headquartered in [[Richmond, Virginia]], and globally holds 62 offices in 20 countries:<ref>{{cite web|url=https://www.markelcorp.com/locations|title=Markel Corp|website=www.markelcorp.com}}</ref>
==Companies==
* [[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]]
* [[Alterra Latin America|Alterra]]
==Markel-Gayner Asset Management Corp==
Markel's internal money management firm is Markel-Gayner Asset Management Corp.
{{commons category|Markel Building, Richmond}}
==References==
* [http://www.markelcorp.com/ Markelcorp.com - Official Website]
{{reflist|30em}}
==Regulatory Filings==
* [https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001096343&owner=include&count=40 SEC.gov - the EDGAR database] Markel Corp. - EDGAR Filings (CIK: 0001096343)
* [https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001034180&owner=include&count=40 SEC.gov - the EDGAR database] Markel-Gayner Asset Management Corp. - EDGAR Filings (CIK: 0001034180)
[[Category:Companies listed on the New York Stock Exchange]]
[[Category:Insurance companies of the United States]]
[[Category:Financial services companies established in 1930]]
[[Category:Companies based in Virginia]]
[[Category:1930 establishments in Virginia]]
name = Markel Corporation|
logo = Markel Corporation logo.jpg |
type = [[Public company|Public]]
| traded_as = {{nyse|MKL}}<br>[[Russell 1000 Index|Russell 1000 Component]]
| company_slogan = |
foundation = 1930|
location = [[Richmond, Virginia]], [[United States|USA]]|
key_people = Alan I. Kirshner, Executive Chairman<br>Anthony F. Markel, Vice Chairman<br>Steven A. Markel, Vice Chairman<br>Thomas S. Gayner, Co-Chief Executive Officer<br>Richard R. Whitt. III, Co-Chief Executive Officer<br>F. Michael Crowley, President|
industry = [[Insurance]]|
homepage = {{URL|http://www.markelcorp.com}}
}}
'''Markel Corporation''' is a holding company for [[insurance]], [[reinsurance]], and [[investment]] operations around the world.<ref>{{cite web|url=https://www.markelcorp.com/about-markel/our-business|title=Markel Corp|website=www.markelcorp.com}}</ref> 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.<ref>{{cite web|url=http://secfilings.nasdaq.com/edgar_conv_html/2010/03/01/0001193125-10-044413.html|title=MARKEL CORP (Form: 10-K, Received: 03/01/2010 13:52:50)|website=secfilings.nasdaq.com}}</ref> Through Markel Ventures, they allocate capital to invest in opportunities outside of insurance.<ref>{{cite web|url=https://www.markelcorp.com/markel-ventures/who-we-are|title=Markel Corp|website=www.markelcorp.com}}</ref>
==History==
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]].<ref name="history">{{cite web|url=https://www.markelcorp.com/about-markel/history|title=Markel Corp|website=www.markelcorp.com}}</ref> Sam Markel's four sons, Lewis, Irvin, Stanley, and Milton, joined the growing business in the 1930s, and [[Markel Service, Inc.]] was created.<ref>{{cite web|url=http://edg1.precisionir.com/companyspotlight/NA000093/Corporate_History_8-14.pdf |title=Archived copy |accessdate=December 22, 2014 |deadurl=yes |archiveurl=https://web.archive.org/web/20141222042448/http://edg1.precisionir.com/companyspotlight/NA000093/Corporate_History_8-14.pdf |archivedate=December 22, 2014 }}</ref> 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]].<ref name="history" />
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.<ref name="history" /> In 1980, the company became an insurance carrier when [[Essex Insurance Company]] was incorporated and licensed to write excess and surplus lines business.<ref>{{cite web|url=http://biz.yahoo.com/ic/110/110853.html|title=Stock Screener - Yahoo Finance|website=biz.yahoo.com}}</ref> 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.<ref name="nyse">{{cite web|url=http://www.thefreelibrary.com/Markel+Corporation+Announces+Its+Common+Stock+Has+Begun+Trading+on...-a019493735|title=Markel Corporation Announces Its Common Stock Has Begun Trading on NYSE - Free Online Library|website=www.thefreelibrary.com}}</ref> Markel gained access to specialty international markets in 2000, when [[Terra Nova Holdings, Ltd.]] was acquired and the [[London]] office opened.<ref name="online.wsj.com">{{cite web|url=https://online.wsj.com/articles/SB934807370107009765|title=Markel Agrees to Pay $879.4 Million in Cash and Stock for Terra Nova|first=Deborah Lohse Staff Reporter of The Wall Street|last=Journal|publisher=}}</ref> 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.<ref name="history" /> With the $3.1 billion acquisition of [[Alterra Capital Holdings Limited]], Markel added two additional insurance divisions, [[Markel Global]] and [[Markel Reinsurance]].<ref name="insurancejournal.com">{{cite web|url=http://www.insurancejournal.com/news/national/2013/05/01/290329.htm|title=Markel Completes Alterra Acquisition|date=1 May 2013|publisher=}}</ref> In 2015, Markel acquired Bermuda-based CATCo, a specialist investment management business; and Markel Ventures announced a majority interest in CapTech.<ref>{{cite web|url=https://www.markelcorp.com/ebrochures/markel-at-a-glance/|title=Markel at a glance|website=www.markelcorp.com}}</ref>
Today, the company is led by Executive Chairman [[Alan I. Kirshner]],<ref>{{cite web|url=https://www.markelcorp.com/about-markel/leadership|title=Markel Corp|website=www.markelcorp.com}}</ref> 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]].<ref name="history" />
In 1951, the company expanded into Canada by founding [[Markel Service Canada, Ltd.]], headquartered in [[Toronto|Toronto, Ontario]].<ref name="history" />
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.<ref name="history" />
The company later expanded beyond truck and bus companies, led by the third generation of Markels: Anthony (Vice Chairman), Steve, and Gary.<ref name="history" />
In 1980, the company founded [[Essex Insurance Company]] in Delaware. Essex began as a property insurance company in [[White Bear Lake, Minnesota]], but later moved to [[Richmond, Virginia]].<ref name="history" />
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.<ref name="history" />
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]].<ref name="nyse" />
In 1987, Markel reorganized [[Markel Financial Holdings]] (Canada) and renamed it [[Fairfax Financial Holdings Ltd.]], short for "fair, friendly acquisitions."<ref name="history" />
In December 1987, Markel Corp. acquired half of [[Shand Morahan & Company]], an underwriter in [[Deerfield, Illinois]].<ref name="shand">[https://www.markelamerican.com/About markelamerican.com]{{dead link|date=June 2017 |bot=InternetArchiveBot |fix-attempted=yes }}</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]] specializing in personal boat and motorcycle insurance.<ref name="shand" />
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]].<ref name="history" />
In the Spring of 1997, Markel Corp. trading moved to the [[NYSE]].<ref name="nyse" />
In January 2000, Markel Corp. founded [[Markel Southwest Underwriters]] in [[Scottsdale, Arizona]] after buying the Arizona policies of [[Acceptance Insurance Company]].<ref>{{cite web|url=http://connection.ebscohost.com/c/articles/4600037/acceptance-insurance-companies-announces-sale-property-casualty-business|title=Acceptance Insurance Companies Announces Sale Of Its Property And Casualty Business|website=connection.ebscohost.com}}</ref>
In March 2000, Markel Corp. completed the acquisition of [[Terra Nova (Bermuda) Holdings Ltd]].<ref name="online.wsj.com"/>
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.<ref>{{cite web|url=http://www.insurancejournal.com/news/international/2009/09/01/103428.htm|title=Markel International To Acquire Canada's Elliott Special Risks|date=1 September 2009|publisher=}}</ref>
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.<ref>{{cite web|url=https://www.bloomberg.com/apps/news?pid=conewsstory&tkr=MKL:US&sid=av5lwWG8wymA|title=404. Page Not Found - Bloomberg|website=Bloomberg.com}}</ref>
In July 2010, Markel Corp. acquired [[Aspen Holdings, Inc.]] of [[Omaha, Nebraska]].<ref>{{cite web|url=http://www.insurancejournal.com/news/national/2010/07/15/111612.htm|title=Markel to Acquire Workers' Compensation Insurer FirstComp|date=15 July 2010|publisher=}}</ref>
In April 2011, [[Markel (UK) Limited]] launched [[Markel Direct]], an online direct to customer distribution channel for [[specialist insurance]].<ref>{{cite web|url=http://www.prnewswire.com/news-releases/leading-specialist-insurer-markel-launches-new-brand-and-service-120190189.html|title=Leading Specialist Insurer Markel Launches New Brand and Service|first=Markel|last=Direct|website=www.prnewswire.com}}</ref>
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.<ref>{{cite web|url=http://insurancenewsnet.com/oarticle/2012/01/09/markel-acquires-thompson-insurance-enterprises-%5Bprofessional-services-close--up-a-324581.html#.VGPSw_TF-OU|title=Markel Acquires Thompson Insurance Enterprises [Professional Services Close – Up]|date=9 January 2012|publisher=}}</ref>
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.<ref>{{cite web|url=https://finance.yahoo.com/news/campdoc-com-markel-insurance-continue-130000128.html|title=CampDoc.com and Markel Insurance Continue to Support a Safer and Healthier Camp Experience|publisher=}}</ref>
In June 2012, Markel Direct expanded product range into charity and community group risks.
In October 2012, Markel purchased [[Essentia Insurance Company]].<ref>{{cite web|url=https://finance.yahoo.com/news/markel-buys-essentia-insurance-165855131.html|title=Markel Buys Essentia Insurance|publisher=}}</ref>
On May 1, 2013, Markel Corporation completed its acquisition of [[Alterra Capital Holdings Limited]].<ref>{{cite web|url=http://www.businessinsurance.com/article/20130502/NEWS09/130509973|title=Markel completes acquisition of Bermudian insurer Alterra - Business Insurance|publisher=}}</ref>
In June 2016, it was announced that Markel had joined the [[Fortune 500]] for the first time.<ref>{{cite web|url=
http://fortune.com/2016/06/06/fortune-500-companies-making-debuts/ |title=Here Are The 15 New Companies Joining The Fortune 500|publisher=fortune.com |date=2016-06-06 |accessdate=2016-06-07}}</ref>
==Markel Lines of Business==
===Insurance===
====Markel Specialty====
*Markel Specialty provides property and casualty [[solution]]s 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.<ref>{{cite web|url=http://www.markelinsurance.com/Pages/default.aspx |title=Archived copy |accessdate=2014-12-22 |deadurl=yes |archiveurl=https://web.archive.org/web/20141222064124/http://www.markelinsurance.com/Pages/default.aspx |archivedate=2014-12-22 |df= }}</ref>
====Markel Global====
*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.<ref>{{cite web|url=http://www.markelglobal.com/|title=Markel Corp|website=www.markelglobal.com}}</ref>
====Markel Wholesale====
*Markel's Wholesale division provides creative excess and surplus lines insurance [[solution]]s 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.<ref>{{cite web|url=https://www.markelcorp.com/us-insurance/wholesale|title=Markel Corp|website=www.markelcorp.com}}</ref>
====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.<ref>{{cite web|url=http://www.markelinternational.com/|title=Markel International|website=www.markelinternational.com}}</ref>
===Reinsurance===
====Markel Global Reinsurance====
*Based in Bermuda, Markel Global Reinsurance provides Property, Casualty, and Specialty Reinsurance products to the broker market.<ref>{{cite web|url=http://www.markelre.com/|title=Markel Corp|website=www.markelre.com}}</ref>
===ILS Management===
====Markel CATCo====
*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.<ref>{{cite web|url=http://www.catcoim.com/|title=CATCo Investment Management Ltd.|website=www.catcoim.com}}</ref>
===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.<ref>{{cite web|url=https://www.nytimes.com/2007/05/13/business/yourmoney/13gret.html|title=Managers and Investors, Well Met|first=Gretchen|last=Morgenson|date=13 May 2007|publisher=|via=NYTimes.com}}</ref> Markel Ventures companies include:
*[[AMF Bakery Systems]] – [[Richmond, Virginia]]<ref>{{cite web|url=http://www.timesdispatch.com/business/markel-ventures-adds-another-bakery-supplier/article_2203de14-9932-5dd4-8ac6-06337f96a01f.html?mode=jqm|title=Markel Ventures adds another bakery supplier|first=John Reid|last=Blackwell|publisher=}}</ref>
*[[Costa Farms]] – [[Miami, FL]]
*[[Cotrell]] – [[Gainesville, Georgia]]<ref>{{cite web|url=http://www.prnewswire.com/news-releases/markel-ventures-announces-acquisition-of-cottrell-268338892.html|title=Markel Ventures Announces Acquisition Of Cottrell|first=Markel|last=Corporation|website=www.prnewswire.com}}</ref>
*[[Diamond Healthcare Corporation]] – [[Richmond, Virginia]]<ref>{{cite web|url=http://www.prnewswire.com/news-releases/markel-announces-diamond-healthcare-acquisition-112800634.html|title=Markel Announces Diamond Healthcare Acquisition|first=Markel|last=Corporation|website=www.prnewswire.com}}</ref>
*[[Eagle Construction of VA]] – [[Richmond, Virginia]]<ref>{{cite web|url=http://www.timesdispatch.com/business/local/companies/markel-ventures-buys-eagle-construction/article_0a34a161-858b-5622-b82b-12d9c0299034.html|title=Markel Ventures acquires Eagle Construction|first=JOHN REID BLACKWELL Richmond|last=Times-Dispatch|publisher=}}</ref>
*[[Ellicott Dredges]] – [[Baltimore, Maryland]]<ref>{{cite web|url=http://www.prnewswire.com/news-releases/markel-ventures-announces-ellicott-dredge-acquisition-in-holland-161269305.html|title=Markel Ventures Announces Ellicott Dredge Acquisition In Holland|first=Markel|last=Corporation|website=www.prnewswire.com}}</ref>
*[[Havco]] – [[Cape Girardeau, Missouri]]<ref>{{cite web|url=http://www.prnewswire.com/news-releases/markel-announces-acquisition-of-havco-147991905.html|title=Markel Announces Acquisition of Havco|first=Markel|last=Corporation|website=www.prnewswire.com}}</ref>
*[[Eagle Partners]] – [[Richmond, Virginia]]<ref>{{cite web|url=http://www.markel-eagle.com/|title=Markel-Eagle|website=www.markel-eagle.com}}</ref>
*[[Panel Specialists]] – [[Temple, Texas]]<ref>{{cite web|url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aB3on_aTiTCQ|title=404. Page Not Found - Bloomberg|website=Bloomberg.com}}</ref>
*[[Parkland Ventures]] – [[Richmond, Virginia]]<ref>{{cite web|url=http://www.timesdispatch.com/business/article_19f75434-e05f-5bd9-a06a-3f5cce2c3ef0.html|title=Markel builds the next Berkshire Hathaway in the Richmond area|first=Carol|last=Hazard|publisher=}}</ref>
*[[PartnerMD]] – [[Richmond, Virginia]]<ref>{{cite web|url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=agOtBeTGfXsQ|title=404. Page Not Found - Bloomberg|website=Bloomberg.com}}</ref>
*[[Reading Bakery Systems]] – [[Reading, Pennsylvania]]<ref>{{cite web|url=http://www.prnewswire.com/news-releases/markel-ventures-announces-acquisition-of-reading-bakery-systems-168661496.html|title=Markel Ventures Announces Acquisition of Reading Bakery Systems|first=Markel|last=Corporation|website=www.prnewswire.com}}</ref>
*[[RetailData]] – [[Richmond, Virginia]]<ref>{{cite web|url=http://www.richmondbizsense.com/2010/12/16/acquisition-streak-continues-at-markel/|title=Acquisition streak continues at Markel - Richmond BizSense|date=16 December 2010|publisher=}}</ref>
*[[Solbern]] – [[Fairfield Township, Essex County, New Jersey|Fairfield, New Jersey]]<ref>{{cite web|url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=auyi09S7RWRs|title=404. Page Not Found - Bloomberg|website=Bloomberg.com}}</ref>
*[[Tromp Group]] – [[Netherlands]]<ref>{{cite web|url=http://www.timesdispatch.com/business/economy/markel-ventures-buys-two-dutch-firms/article_75ab196f-046f-5dea-93ef-fdfb676a8161.html|title=Markel Ventures buys two Dutch firms|first=JOHN REID BLACKWELL Richmond|last=Times-Dispatch|publisher=}}</ref>
*[[Weldship]] – [[Bethlehem, Pennsylvania]]<ref>http://www.businessweek.com/ap/financialnews/D9QFELF01.htm</ref>
*[[CapTech Ventures]] – [[Richmond, Virginia]]<ref>{{cite web|url=http://www.prnewswire.com/news-releases/markel-ventures-and-captech-announce-majority-investment-in-captech-300192688.html|title=Markel Ventures And CapTech Announce Majority Investment In CapTech|first=Markel|last=Corporation|website=www.prnewswire.com}}</ref>
====Abbey Protection PLC - United Kingdom====
In 2014, Markel completed its acquisition of [[Abbey Protection PLC]],<ref>{{cite web|url=https://www.reuters.com/finance/stocks/MKL.N/key-developments/article/2844286|title=${Instrument_CompanyName} ${Instrument_Ric} Key Developments - Reuters.com|first=Reuters|last=Editorial|website=U.S.}}</ref> 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.
==Office Locations==
Markel is headquartered in [[Richmond, Virginia]], and globally holds 62 offices in 20 countries:<ref>{{cite web|url=https://www.markelcorp.com/locations|title=Markel Corp|website=www.markelcorp.com}}</ref>
==Companies==
* [[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]]
* [[Alterra Latin America|Alterra]]
==Markel-Gayner Asset Management Corp==
Markel's internal money management firm is Markel-Gayner Asset Management Corp.
{{commons category|Markel Building, Richmond}}
==References==
* [http://www.markelcorp.com/ Markelcorp.com - Official Website]
{{reflist|30em}}
==Regulatory Filings==
* [https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001096343&owner=include&count=40 SEC.gov - the EDGAR database] Markel Corp. - EDGAR Filings (CIK: 0001096343)
* [https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001034180&owner=include&count=40 SEC.gov - the EDGAR database] Markel-Gayner Asset Management Corp. - EDGAR Filings (CIK: 0001034180)
[[Category:Companies listed on the New York Stock Exchange]]
[[Category:Insurance companies of the United States]]
[[Category:Financial services companies established in 1930]]
[[Category:Companies based in Virginia]]
[[Category:1930 establishments in Virginia]]
