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 the 1920s by Sam Markel, the company made its name as an insurer of jitney buses - converted automobiles that were a familiar sight across America in the early part of the last century.

Sam Markel wrote the first public transportation policy on record. He also improved safety standards and launched a pioneering claims department. In 1930, he created Markel Service, a nationwide insurance and reinsurance business.

Since then, the Markel name has become synonymous with the unusual, the innovative or the neglected. From buses and trucks in America, to super yachts, race horses and a welter of other specialist needs worldwide, the company has a reputation for covering hard-to-place risks. Boldness and honesty define the brand.

Markel International was created in 2000 through the acquisition of Terra Nova Insurance Company, which had a worldwide portfolio of niche insurance products.

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.'

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 milestones

Early years
Sam Markel launches a bus and truck insurance company in 1930. It quickly expands and 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 diversifies the business. By 1980, Markel has moved into property/casualty excess and surplus business. This 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 forms Markel Syndicate 3000 and creates five key business lines.

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

2010
Markel International launches a trade credit division.

2011
Markel International Netherlands is launched. New offices are opened in Hong Kong and Barcelona.

2012
Markel International enters the German marketplace. Markel Corporation announces merger with Alterra.