Markel was founded in 1930 in Norfolk, Virginia, by Samuel A. Markel, who formed the Mutual Casualty Association to insure jitney buses, early shared passenger vehicles that many carriers would not cover. That focus on hard-to-place risks still defines the company, which reported $15.51 billion of operating revenue in 2025.
Specialty and E&S insurance
Markel Insurance writes excess and surplus (E&S) and specialty coverage such as professional liability, casualty, property, marine and niche programs, rather than standard personal auto or homeowners policies. It competes with W. R. Berkley, Kinsale Capital, RLI, Arch Capital and Lloyd's syndicates. The segment generated $9.35 billion of 2025 operating revenue at a 94.6% combined ratio.
Tom Gayner and the investment engine
Tom Gayner joined Markel in 1990 and built a long-term public equity portfolio funded by insurance float, the premiums held before claims are paid. The approach is often compared with Berkshire Hathaway, which is also one of Markel's largest equity holdings. The equity portfolio was worth about $13 billion at the end of 2025.
Markel Ventures and the owned businesses
Starting with AMF Bakery Systems in 2005, Markel began buying controlling stakes in private companies and holding them indefinitely. These businesses, now reported as the Industrial, Financial and Consumer and Other segments, produced about $6 billion of 2025 operating revenue.
2025-2026: a simpler Markel under pressure
In 2025 Markel named Simon Wilson CEO of Markel Insurance and sold its Global Reinsurance renewal rights to Nationwide. In April 2026 activist JANA Partners urged a sale of Markel Ventures and a $2 billion tender offer. In Q2 2026 Markel Insurance ran a 93% combined ratio and its adjusted operating income rose 40% to $376 million.
