RICHMOND, Va., Nov. 17, 2017 /PRNewswire/ -- Markel
Corporation (NYSE: MKL) announced today that it has completed its
acquisition of State National Companies, Inc., a leading specialty
provider of property and casualty insurance services that operates
two core businesses, program and lender services. The agreement to
acquire State National was entered into and previously announced on
July 26, 2017.
Richard R. Whitt, Markel's
Co-Chief Executive Officer, stated, "We are excited about this
acquisition for many reasons. State National is a great company
with a well-respected brand and a unique product suite. We look
forward to adding the premier fronting platform through which
insurance products can be offered throughout the US as well as
adding a recognized provider of collateral protection insurance to
credit unions and regional banks to our product offerings. Equally
as important, the people at State National have the talent and
integrity that we look for when adding to the Markel portfolio of
companies. We welcome State National to the family and fully expect
their track record of success to continue."
Terry Ledbetter, State National's
Chairman and Chief Executive Officer, added, "We have been looking
forward to the day when we can officially say that we are one
company and begin to realize the many benefits of this combination
for State National clients and employees. With the support of a
parent like Markel, State National is now even better positioned to
offer our clients unique, high-quality solutions. Markel
understands the uniqueness of our business model and shares our
commitment to innovation, service, and long-term relationships. We
look forward to continuing to build upon our leadership position as
part of a larger, stronger organization."
State National, which is based in Bedford, Texas, will operate as an independent
division of Markel.
About Markel Corporation
Markel Corporation is a diverse financial holding company
serving a variety of niche markets. The Company's principal
business markets and underwrites specialty insurance products. In
each of the Company's businesses, it seeks to provide quality
products and excellent customer service so that it can be a market
leader. The financial goals of the Company are to earn consistent
underwriting and operating profits and superior investment returns
to build shareholder value. Visit Markel Corporation on the web at
markelcorp.com.
About State National Companies, Inc.
State National Companies, Inc. is a leading specialty provider
of property and casualty insurance services operating in two niche
markets across the United States.
In its Lender Services segment, the Company specializes in
providing portfolio protection solutions which insures personal
automobiles and other vehicles held as collateral for loans made by
credit unions, banks, and specialty finance companies. In its
Program Services segment, the Company leverages its "A" (Excellent)
A.M. Best rating, expansive licenses, and trusted reputation to
provide access to the US property and casualty insurance market in
exchange for ceding fees. To learn more, please visit
statenational.com.
Disclaimer
Some of the statements in this release may be considered
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. Statements that are not
historical facts, including statements about Markel's and State
National's beliefs, plans, or expectations, are forward-looking
statements. These statements are based on Markel's and State
National's current plans, estimates, and expectations. There
are risks and uncertainties that could cause actual results to
differ materially from those expressed in or suggested by such
statements. Neither Markel nor State National assumes any
obligation to update this release (including any forward-looking
statements herein) as a result of new information, developments, or
otherwise. This release speaks only as of the date issued.
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SOURCE Markel Corporation