Markel to change name

Glen Allen Fortune 500 insurance and investment firm Markel Corp. will change its name to Markel Group Inc. on May 26, the firm announced Tuesday.

The change is to “provide greater definition around the nature of [the] holding company, which includes three engines of insurance, investments and a group of diverse businesses in Markel Ventures,” according to a news release.

The company will also launch a new website, mklgroup.com, but continue trading under the stock ticker symbol MKL on the New York Stock Exchange. There won’t be any significant structural or organizational impacts, executives said.

“Over the last 93 years, Markel has evolved from a regional transportation insurer to a global Fortune 500 family of companies and investments,” CEO Tom Gayner said in a statement. “Given the nature of this evolution, we have used the name Markel to refer both to our specialty insurance business and our holding company. This new name for our entire group of companies will help us create greater clarity as we continue to grow each of our three engines.”

Markel’s global specialty insurance business will continue as Markel, and its primary website will stay markel.com.

Sam Markel started the firm in 1930 to insure jitney buses. Over nearly a century, it has grown with various acquisitions and in 1986 became public, with a listing on the NASDAQ exchange. It was first listed on the Fortune 500 in 2016.

“We chose the name Markel Group because even though we have many different businesses powered by 20,000 people around the globe, we are all part of the same team and we share the values of the Markel style,” Gayner said. “Together, our three engines form a connected system that is uniquely equipped to help our customers, colleagues and shareholders win in the long term.”

Markel has about 20,300 employees and reported $11.67 billion in 2022 operating revenue, down from $12.84 billion in 2021. Its total 2022 assets were $49.79 billion.