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Markel history
Markel company history timeline
The company was founded by Samuel A. Markel in 1930 and is headquartered in Glen Allen, VA.”
Beginning in 1930, Markel established Markel Service, a separate company to handle direct and reinsurance of AF&C.
In 1951, the company expanded into Canada by founding Markel Service Canada, Ltd., headquartered in Toronto, Ontario.
In 1980, the company founded Essex Insurance Company in Delaware.
In 1980, the company became an insurance carrier when Essex Insurance Company was incorporated and licensed to write excess and surplus lines business.
In December 1986, Markel Corp. held its first IPO at $8.33 per share, valuing the company at $15 million.
In 1986, the Markel Corporation was listed on the NASDAQ exchange, with an IPO offered at $8.33 per share.
In 1987, Markel reorganized Markel Financial Holdings (Canada) and renamed it Fairfax Financial Holdings Ltd., short for "fair, friendly acquisitions."
In 1989, Markel Corp. acquired the Rhulen Agency of Monticello, New York.
In December 1990, Markel completed its acquisition of Shand.
In October 1996, Markel Corp. acquired Investors Insurance Holding Corporation in Red Bank, New Jersey.
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.
In January 2000, Markel Corp. founded Markel Southwest Underwriters in Scottsdale, Arizona after buying the Arizona policies of Acceptance Insurance Company.
Markel gained access to specialty international markets in 2000, when Terra Nova Holdings, Ltd. was acquired and the London office opened.
With a "permanent capital" investing approach, Markel Ventures acquired AMF Bakery Systems in 2005 and continued to acquire other varied and scalable businesses.
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 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.
On May 11, 2010, Markel Ventures, Inc. acquired Solbern, LLC, a manufacturer of food processing equipment for both the domestic and international markets.
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.
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.
June 2012, Markel Direct expands product range into charity and community group risks
In October 2012, Markel purchased Essentia Insurance Company.
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.
On December 17, 2013, Essentia Insurance Company (Essentia), a subsidiary of Markel Corp, was rated as “A2″ by Moody’s Investor Service with an uncertain outlook.”
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.
In 2015, Markel acquired Bermuda-based CATCo, a specialist investment management business; and Markel Ventures announced a majority interest in CapTech.
In June 2016, it was announced that Markel had joined the Fortune 500 for the first time.
On May 1, 2017, Markel Corp. acquired SureTec Financial Corp., one of the largest privately owned surety companies in the US.
In 2017, Markel merged their Global and Wholesale divisions and created Markel Assurance.
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.
Markel ranks #441 on the 2019 Fortune 500—moving up from #464 the previous year.
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| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Genworth | 2004 | $8.4B | 3,000 | 19 |
| Berkshire Hathaway | 1839 | $371.4B | 360,000 | 369 |
| Morgan Stanley | 1935 | $3.0B | 68,097 | 1,075 |
| Prudential Retirement Insurance And Annuity Co | - | $57 | 41,671 | - |
| Safeco Insurance | 1923 | $6.3B | 7,200 | - |
| Aetna | 1853 | $60.6B | 47,950 | 9 |
| Raymond James Financial | 1962 | $1.7B | 18,910 | 903 |
| M&T Bank | 1856 | $499.3M | 16,840 | 949 |
| Legg Mason | 1899 | $2.9B | 3,059 | - |
| Aimco | 1975 | $169.8M | 52 | - |
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