Markel's origins in the USA date from the early 1920's, when Sam Markel started a business to provide insurance to the transportation industry, which was still in its infancy. For 50 years, Markel was one of the most successful insurance brokers in the United States. Mr. Markel's two sets of twin sons were followed by another generation of the Markel family, who carried on the tradition of hiring specialists who focused on solving the problems of the unusual risks they insured.

Over time, these Markel associates developed more underwriting expertise than many of the insurance companies to which they brokered business. They had so much faith in their own underwriters, they were ready to begin a strategic evolution from insurance broker to risk bearer. It has proven to be a risk well worth taking.

Markel International

Possibly the most significant event in Markel’s history occurred on March 24, 2000 with the completion of the acquisition of Terra Nova (Bermuda) Holdings Ltd. Terra Nova was the holding company for five wholly owned operating entities -- Terra Nova Insurance Company Limited in the UK, Terra Nova (Bermuda) Insurance Company Ltd., Corifrance in Paris, and Terra Nova Capital Limited and Octavian Syndicate Management Limited which managed six Lloyd's syndicates in which the Company had a participation. Through these companies, Terra Nova wrote diverse property, casualty, marine and aviation insurance and reinsurance business on a worldwide basis.
 
Terra Nova was acquired to gain access to specialty, international markets. Markel saw an opportunity to acquire a large specialty business, in many ways similar to the North American operations, which had the potential to produce underwriting profits while enjoying significant investment leverage.

Markel, through its Octavian Syndicate Management (later renamed Markel Syndicate Management), was now one of the largest managing agencies at Lloyd's managing six syndicates with a combined capacity of £340 million.

As of January 1, 2002, Markel International underwent a major reorganisation. The Lloyd's Syndicates were consolidated into Markel Syndicate 3000, whilst Markel International Insurance Company Limited will continue to operate in the company market. The five operating Divisions were established within Markel International as part of the reorganisation.

Markel had grown at home, it had expanded abroad and was now one of the largest and finest specialty insurers in the world.