Markel Group Inc.
Company History
Markel History: Founding, Growth & Key Milestones
Founded 1930 in Glen Allen, Virginia
When was Markel founded?
Markel was founded in 1930 in Glen Allen, Virginia by Samuel A. Markel, making it 96 years old.
- Founded
- 1930
- Founding place
- Glen Allen, Virginia
- Founders
- Samuel A. Markel
- Headquarters today
- Glen Allen, Virginia
- Milestones documented
- 12 (1930–2026)
- Current CEO
- Thomas Gayner
- Acquisitions
- 3
| Year | Event |
|---|---|
| 1930 | Founded in Norfolk, Virginia |
| 1986 | Initial public offering |
| 1997 | NYSE Listing |
| 2000 | Terra Nova acquisition |
| 2005 | Markel Ventures begins |
| 2013 | Alterra Capital acquisition |
| 2015 | CATCo Acquired |
| 2016 | Richard R. Whitt III becomes CEO |
| 2017 | State National and Nephila |
| 2023 | Renamed Markel Group; Gayner sole CEO |
| 2025 | Insurance reorganization and reinsurance exit |
| 2026 | Q2 2026 results |
- Where was Markel founded?
- Markel was founded in Glen Allen, Virginia in 1930.
- Who founded Markel?
- Markel was founded by Samuel A. Markel.
- When did Markel start?
- Markel was founded in 1930.
- How old is Markel?
- Markel is 96 years old as of 2026.
Founding Story
In 1930 Samuel A. Markel formed the Mutual Casualty Association and the Mutual Casualty Company in Norfolk, Virginia, to insure jitney buses, early shared-ride vehicles that many carriers avoided. His four sons, Lewis, Irvin, Stanley and Milton, joined the business in the 1930s and helped build Markel Service, Inc. The company later moved its headquarters to the Richmond area and went public in 1986.
Founders
Samuel A. Markel
Samuel A. Markel started Markel in Norfolk, Virginia, in 1930. He formed the Mutual Casualty Association and the Mutual Casualty Company to cover jitney buses, a hard-to-insure class of early shared passenger vehicles. His sons Lewis, Irvin, Stanley and Milton joined during the 1930s, and the family built Markel Service, Inc. around insurance for transportation operators. The family's later generations, including Steven Markel, stayed involved as the company expanded into broader specialty lines and went public in 1986. Samuel A. Markel was born in 1885.
Key Milestones
Founded in Norfolk, Virginia
Samuel A. Markel forms the Mutual Casualty Association and Mutual Casualty Company to insure jitney buses.
Source: en.wikipedia.orgInitial public offering
Markel Corporation goes public; the same era produced 'The Markel Style', the company's written statement of values.
Source: en.wikipedia.orgNYSE Listing
Markel moved its listing to the New York Stock Exchange in 1997.
Source: en.wikipedia.orgTerra Nova acquisition
Markel acquires Terra Nova (Bermuda) Holdings, adding a London market and Lloyd's platform that became Markel International.
Source: en.wikipedia.orgMarkel Ventures begins
Markel starts buying controlling stakes in non-insurance businesses, beginning with AMF Bakery Systems, the base of what became Markel Ventures.
Source: en.wikipedia.orgAlterra Capital acquisition
Markel completes its roughly $3.1 billion acquisition of Bermuda-based Alterra Capital Holdings, adding reinsurance and broadening its global specialty lines.
Source: en.wikipedia.orgCATCo Acquired
Markel bought the reinsurance fund manager CATCo Investment Management in December 2015.
Source: en.wikipedia.orgRichard R. Whitt III becomes CEO
Richard R. Whitt III became CEO of Markel Group in 2016. Shared the CEO role with Tom Gayner until the end of 2022.
Source: en.wikipedia.orgState National and Nephila
Markel agrees to buy fronting and program-services specialist State National (closed 2017) and, in 2018, insurance-linked securities manager Nephila.
Source: en.wikipedia.orgRenamed Markel Group; Gayner sole CEO
Thomas S. Gayner becomes sole CEO after Co-CEO Richard Whitt retires, and shareholders approve the Markel Group Inc. name.
Source: en.wikipedia.orgInsurance reorganization and reinsurance exit
Simon Wilson is named CEO of Markel Insurance in March, and in August Markel completes the sale of its Global Reinsurance renewal rights to Nationwide. FY2025 operating revenue reaches $15.513 billion.
Source: markel.comQ2 2026 results
Q2 operating revenues of $4.0 billion; Markel Insurance combined ratio of 93% and adjusted operating income up 40% to $376 million.
Source: ir.mklgroup.comMajor Acquisitions
Alterra Capital Holdings
2013To expand the organization's large international presence and instantly secure lucrative Bermuda-based reinsurance capabilities that smaller rivals lacked.
State National Companies
2017To strategically acquire premier fronting insurance capabilities and program services, diversifying the large corporate revenue base beyond direct specialty underwriting.
Nephila Holdings
2018To add an insurance-linked securities and catastrophe-risk investment manager.
Keep researching Markel
Markel Company History FAQ
What are the major historical milestones of Markel Group from 1930 to today?
Milestones include founding as Mutual Casualty (1930), creating Markel Service (1935), 1986 IPO and 'Markel Style' manifesto, hiring Tom Gayner (1990), acquiring Terra Nova Lloyd's (2000), founding Markel Ventures (2005), acquiring Alterra Capital (2013), acquiring State National & Nephila (2017 to 2018), and rebranding to Markel Group (2023).
How did the 2005 creation of Markel Ventures expand Markel's business model?
In 2005, inspired by Berkshire Hathaway's diversification, Markel formed Markel Ventures with the acquisition of AMF Bakery Systems, establishing an engine of non-insurance operating earnings to diversify away from property-casualty insurance pricing cycles.
What was Markel's corporate response to COVID-19 in 2020?
During 2020, Markel absorbed event cancellation and business interruption insurance claims, supported Markel Ventures manufacturing businesses as essential infrastructure, and compounded equity holdings through the tech-led market recovery.
How did Markel celebrate its formal corporate name change to Markel Group Inc. in 2023?
In May 2023, shareholders approved rebranding the parent corporation to Markel Group Inc. at the annual meeting in Richmond, highlighting its identity as a diversified family of financial and industrial businesses.
What is the famous Markel Annual Shareholders Meeting tradition in Richmond, Virginia?
Known as 'Richmond's Berkshire Weekend', Markel's annual meeting draws hundreds of global value investors to Richmond, Virginia, featuring extensive Q&A sessions with Tom Gayner, showcasing Markel Ventures products, and celebrating long-term ownership.
What is Markel's long-term vision for the next century of business?
Markel's vision is to remain an enduring, independent home for exceptional specialty insurance underwriting, long-term value investing, and passionate business owners, compounding intrinsic per-share value for generations.
How did Markel start?
Markel was founded in 1930 in Virginia by Samuel A. Markel. In the 1920s, a new form of transportation called "jitney buses" (early, unregulated shared taxis) became highly popular, but traditional insurance companies were terrified to insure them because they crashed constantly. Samuel Markel aggressively cornered this highly niche, high-risk market, establishing Markel as the absolute premier "specialty" (excess and surplus) insurer in America.
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