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Company profile

Markel International is a subsidiary of Markel Corporation, a US property and casualty insurance group with a long and distinguished history. Founded in 1930 by Sam Markel, Markel Corporation wrote gross premiums of $1.9 billion in 2009 and has a market capitalisation of approximately $3.5 billion (as of 31 December 2009).

Markel International was created after Markel Corporation acquired Terra Nova Insurance Company in 2000. A holding company, Terra Nova wrote a diverse portfolio of property, casualty, marine and aviation insurance and reinsurance worldwide. The acquisition gave Markel access to new markets and greatly enlarged the brand's specialty business. Markel International wrote gross premiums of $641 million in 2009.

As of 31 December 2009, Markel International Insurance Company Ltd had shareholders' equity of approximately $450 million. For the 2010 year, Markel Syndicate 3000 had a capacity of $454 million.

 

Operations

Markel International operates in the UK through two commercial entities:

  • Markel International Insurance Company Limited (MIICL), a London based insurance company
  • Markel Syndicate 3000, a 100% Markel-owned Lloyd's corporate syndicate

 

MIICL is licensed for insurance in all EU countries; has surplus lines licences in 47 US states plus the District of Columbia and the US Virgin Islands; and is an accredited reinsurer in 47 states plus the District of Columbia.

MIICL can also write insurance in a number of other overseas territories, as well as reinsurance in most countries around the world. Markel Syndicate 3000 benefits from the Lloyd's global licences and therefore can write insurance and reinsurance business worldwide.

 

Markel style

'Markel Style' is how we do business; it's our vision and values, our code of behaviour, and it governs all our actions.

Markel has a commitment to success. We believe in hard work and a zealous pursuit of excellence while keeping a sense of humour. Our creed is honesty and fairness in all our dealings.

The Markel way is to seek to be a market leader in each of our pursuits. We seek to know our customers' needs and to provide our customers with quality products and service.

Our pledge to our shareholders is that we will build the financial value of our company. We respect our relationship with our suppliers and have a commitment to our communities.

We are encouraged to look for a better way to do things... to challenge management. We have the ability to make decisions or alter a course quickly. The Markel approach is one of spontaneity and flexibility. This requires a respect for authority but a disdain of bureaucracy.

At Markel we hold the individual's right to self-determination in the highest light, providing an atmosphere in which people can reach their personal potential. Being results-oriented, we are willing to put aside individual concerns in the spirit of team work to achieve success.

Above all, we enjoy what we are doing. There is excitement at Markel, one that comes from innovating, creating, striving for a better way, sharing success with others...winning.'

Markel International

Markel milestones

Early years
Sam Markel launches an insurance company in 1930 for buses and trucks. It quickly expands and the brand becomes a mainstay of the transportation industry. Sam's sons carry the family business forward.

1970s and 1980s
Tony Markel, grandson of Sam, takes over the firm and begins to diversify the business. By 1980, Markel is moving from transportation into property/casualty excess and surplus business.

The move is achieved by the formation of Essex Insurance Company. Markel becomes a public company in 1986, which helps finance a series of acquisitions over the next 15 years.

2000
The company expands with the purchase of Terra Nova, which marks the birth of Markel International.

2002
Markel International consolidates its operations with the formation of Markel Syndicate 3000 and the creation of five key business lines

2009
Markel International acquires Elliott Special Risks LP (ESR) and launches an equine and livestock division.

2010
Markel International celebrates its 10th anniversary and launches a trade credit division.