Humble beginnings

Sam Markel forms Mutual Casualty Association and establishes Mutual Casualty Company in Norfolk, VA to insure jitney buses. Later, agrees to selectively cover responsible long haul truckers, a group snubbed by traditional carriers. Company relocates to Richmond, VA. 

A family business

Sam Markel's four sons, Lewis, Irvin, Stanley, and Milton, join the growing business, and Markel Service, Inc. is created. Mr. Markel is actively involved in efforts to develop safety and other standards aimed at legitimizing the growing bus and trucking industries. He helps draft the National Motor Carrier Act of 1935.

Competitive advantages

Markel Service, Inc. earns a national following and develops a reputation for industry-leading claims adjusting and safety engineering. American Fidelity & Casualty, a sister company covering fleets of trucks and buses, becomes the largest insurer of these risks in the US.

Becoming an insurance carrier

Essex Insurance Company is incorporated and licensed to write excess & surplus (E&S) lines business. Essex begins as a property insurer in White Bear Lake, MN, but later moves its base of operations to Richmond, VA.

Going public

Markel listed on NASDAQ exchange.  IPO offered at $8.33 per share; market capitalization of nearly $15 million (USD).

Getting bigger

Trading of Markel shares moves to the NYSE and with 5.5 million shares outstanding, market capitalization approaches $900 million (USD). During calendar year 1997, share price increases from $90 to $156, a 73% increase. The ticker symbol is "MKL."

Going global

Markel acquires Terra Nova Holdings Ltd. (Bermuda) and gains access to specialty international markets. Opens London office, a short two blocks away from the Lloyd's building. Markel International Insurance Company Limited expands; opens branch offices throughout UK and Europe. Through the acquisition of Elliott Special Risks, gains presence in Canada. Opens offices in Singapore, Hong Kong, and elsewhere in Asia-Pacific. Establishes Markel Syndicate 3000 at Lloyd's. 

Introducing Markel Ventures

Markel Ventures deploys "permanent capital" investing approach to acquire non-insurance companies.  Future acquisitions include Parkland Ventures (2008); Panel Specialist and Ellicott Dredges (2009); Solbern, Markel-Eagle Partners, RetailData, and Diamond Healthcare  Corporation (2010); PartnerMD, and Weldship (2011); Havco Wood Products, Tromp Bakery Equipment, and Reading Bakery Systems (2012). 

Markel Ventures continues to grow

During 2011, other revenues which primarily represent the Markel Ventures companies, rose 89% to $351m versus $186m in 2010. During the year, Markel Ventures announces the acquisition of PartnerMD and controlling interest in Weldship. AMF and Ellicott, existing Markel Ventures subsidiaries, also make acquisitions that add to the scope and profitability of their businesses.

Finding new markets

Markel Specialty grows by acquisition of FirstComp (workers compensation insurer focused on small businesses), THOMCO (program administrator with customers ranging from senior living programs to ambulance/medical transport providers to pest control operators), and Essentia Insurance (an insurer of classic cars and vintage boats).

Alterra: A natural fit

Markel completes game-changing acquisition of Alterra Capital Holdings Limited for $3.1 billion (USD). Alterra and Markel shareholders approve. Transition theme, "Scale enhanced. Business as usual." guides successful integration effort. Markel adds two additional insurance segments--Markel Global Insurance and Markel Global Reinsurance. Deal closes on May 1, 2013.

Continued growth

Abbey Protection plc is acquired by Markel International; and Cottrell is acquired by Markel Ventures.

More acquisitions

Markel acquires Bermuda-based CATCo; Markel Ventures announces majority interest in CapTech.

Markel joins the Fortune 500

In our 30th year as a public company, Markel joins the Fortune 500 at #476.

Growing the family

Markel acquires SureTec Financial Corp. and State National. Markel Ventures acquires Costa Farms.

Getting bigger

Markel acquires Nephila. Markel Ventures acquires Rosemont Investment Group and Brahmin.

Hello #441

Markel ranks #441 on the 2019 Fortune 500—moving up from #464 the previous year.

Markel launches Lodgepine Capital Management Limited, a new retrocessional ILS platform based in Bermuda.