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Company Description

Contact Info

4521 Highwoods Parkway

Glen Allen, VA 23060

United States

Phone: 804-747-0136

Fax: 804-965-1600

Markel Corporation operates as a financial holding company. The company’s principal business markets and underwrites specialty insurance products. It also owns interests in various industrial and service businesses that operate outside of the specialty insurance marketplace. Segments The company operates through three segments, including U.S. Insurance, International Insurance, and Reinsurance. U.S. Insurance This segment includes all direct business and facultative placements written by the company’s insurance subsidiaries domiciled in the United States. This segment includes both risks written outside of the standard market on an excess and surplus lines basis and unique and hard-to-place risks that must be written on an admitted basis due to marketing and regulatory reasons. Business in this segment is written through the company’s Wholesale, Specialty and Global Insurance divisions. Wholesale Division The Wholesale division writes commercial risks, primarily on an excess and surplus lines basis. The excess and surplus market focuses on hard-to-place risks and loss exposures that generally cannot be written in the standard market. United States insurance regulations generally require an excess and surplus account to be declined by admitted carriers before an excess and surplus company may write the business. The company’s excess and surplus business is written through two distribution channels, professional surplus lines general agents who have limited quoting and binding authority and wholesale brokers. The majority of its excess and surplus business produced by this segment is written on a surplus lines basis through Essex or Evanston. Essex is authorized to write business in 49 states and the District of Columbia and Guam. Evanston is authorized to write business in all 50 states and the District of Columbia, Guam, Puerto Rico and the U.S. Virgin Islands. Specialty Division The Specialty division writes program insurance and other specialty coverages for well-defined niche markets, primarily on an admitted basis. The company’s business written in the admitted market focuses on risks that, although unique and hard-to-place in the standard market, must remain with an admitted insurance company for marketing and regulatory reasons. The majority of the company’s business written in the Specialty division is written by retail insurance agents who have very limited or no underwriting authority. Certain products and programs are marketed directly to consumers or distributed through wholesale producers. Personal lines coverages included in this segment are marketed directly to the consumer using direct mail, Internet and telephone promotions, as well as relationships with various motorcycle and boat manufacturers, dealers and associations. The majority of the business produced by this division is written either through Markel Insurance Company (MIC), Markel American Insurance Company (MAIC), FirstComp Insurance Company (FCIC) or Essentia Insurance Company (Essentia). MIC, MAIC and Essentia are licensed to write property and casualty insurance in all 50 states and the District of Columbia. MAIC is also licensed to write property and casualty insurance in Puerto Rico. Essentia specializes in coverage for classic cars and boats. FCIC is licensed in 28 states and specializes in workers' compensation coverage. Global Insurance Division The Global Insurance division writes risks outside of the standard market on both an admitted and non-admitted basis. The portion of Global Insurance division business written by the company’s U.S. insurance subsidiaries is included in this segment, and the remainder is included in the International Insurance segment. U.S. business produced by this division is primarily written on either Evanston or AAIC. AAIC is licensed to write property and casualty insurance in all 50 states and the District of Columbia. U.S. Insurance Product offerings within the U.S. Insurance segment fall within various major product groupings, including general liability, professional liability, property, personal lines, programs, workers' compensation, and other product lines.

 

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MKL

Industry Average

Valuation MKL Industry Range
Price/Earnings 24.4x
Price/Sales 2.4x
Price/Book 1.5x
Price/Cash Flow 21.2x
TEV/Sales 1.1x
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