Timeline
Beginning in 1930, Markel established Markel Service, a separate company to handle direct and reinsurance of American Fidelity & Casualty.[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 American Fidelity & Casualty 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 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.[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.[11]
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.[11]
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.[12]
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.[13]
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.[14]
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.[15]
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.[16]
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.[17]
In April 2011, Markel (UK) Limited launched Markel Direct, an online direct to customer distribution channel for specialist insurance.
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.[18]
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.[19][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.[22]
In June 2012, Markel Direct expanded product range into charity and community group risks.
In October 2012, Markel purchased Essentia Insurance Company.[23]
On May 1, 2013, Markel Corporation completed its acquisition of Alterra Capital Holdings Limited.[24]
On August 16, 2013, Markel Ventures, Inc. acquired Eagle Construction of VA.[25][26][27]
In January 2014, Markel Corp. acquired Abbey Protection plc, an integrated specialty insurance and consultancy group headquartered in London.[28]
On July 23, 2014, Markel Ventures, Inc. acquired majority interest in Cottrell, Inc., involved in the design, manufacture and delivery of automobile transport equipment.[29]
On January 1, 2016, Thomas S. Gayner and Richard R. Whitt III began serving Markel as co-CEOs.[30]
In June 2016, it was announced that Markel had joined the Fortune 500 for the first time.[31]
In 2017, Markel merged their Global and Wholesale divisions and created Markel Assurance.[32]
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.[33]
On November 1, 2017, Markel Corp. acquired State National Companies, Inc., a leading specialty provider of property and casualty insurance services.[34]
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.[35][36]
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.[37][38]
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.[39]
