RICHMOND, Va., Sept. 17, 2018 /PRNewswire/ -- Markel
Corporation ("Markel") (NYSE: MKL) and Brahmin announced today that
they have entered into a definitive agreement for Markel to acquire
a majority interest in Brahmin. The transaction is subject to
customary closing conditions and is expected to close in the fourth
quarter of 2018. Additional terms were not disclosed.
Brahmin is a creator of fashion leather handbags with
significant wholesale distribution and a rapidly growing
direct-to-consumer business. Founded by Bill, Joan, and
Scott Martin in 1982, Brahmin has
been creating handbags of outstanding execution and quality for 36
years. Brahmin products represent the best use of exquisite design,
superior materials, and smart functionality. "It was quickly
identified when Markel and Brahmin were introduced that both share
the same business vision and culture. Scott and I look forward to
Brahmin's continued growth with the Markel partnership", said
Susan Thacker, CEO, Brahmin.
Markel, through its subsidiary Markel Ventures makes long term
investments in high quality companies. "The Martins, Susan, and the
entire Brahmin team have built a phenomenal business", said
Tom Gayner, Co-CEO, Markel Corporation. "We were fortunate to be
introduced to the Martins and the Brahmin brand by a member of our
own family – immediately, we recognized the shared values of our
two organizations. Together, we look forward to the perpetuation of
the Brahmin story…and of course, we can't wait to purchase a few
handbags from their beautiful new fall line."
Visit Brahmin on the web at brahmin.com.
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.
Through its subsidiary Markel Ventures, Markel makes investments
in businesses that operate outside of the insurance
marketplace. The Markel Ventures businesses operate with a
high degree of autonomy and have the shared goal of positively
contributing to the long-term financial performance of Markel
Corporation.
Visit Markel Corporation on the web at markelcorp.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 Brahmin's beliefs,
plans or expectations, are forward-looking statements. These
statements are based on Markel's and Brahmin'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
Brahmin 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