Markel business insurance

Overview

Markel is one of the country's best-known specialty insurers, built on excess and surplus lines business, professional liability and niche programs. The group was ranked No. 15 among U.S. business insurers by 2025 commercial lines direct premiums written, with $7.73 billion, based on NAIC market share data. More than half of that is other liability, the bucket that holds general, excess, professional and management liability, where Markel ranks eighth nationally; it is also tenth in ocean marine.

The parent, Markel Group Inc. (formerly Markel Corporation), is listed on the NYSE and based in the Richmond, Virginia, area. It describes itself as a family of companies, with specialty insurance at the core alongside Markel Ventures, a portfolio of non-insurance businesses. The insurance side has three parts:

• Markel Insurance, the underwriting business, organized in U.S. Wholesale and Specialty, Programs and Solutions, and International divisions. Its main U.S. companies include Evanston Insurance Company (surplus lines), Markel Insurance Company, Markel American, Essentia, FirstComp (workers' comp) and SureTec (surety).
• State National, a fronting operation that issues policies on behalf of program partners and other risk-bearers and passes most of the risk to them. Its companies (State National, National Specialty, City National, United Specialty, Superior Specialty and Pinnacle National) are part of the NAIC group, so a meaningful share of Markel's U.S. premium is fronted business rather than risk Markel keeps.
• Nephila, an insurance-linked securities manager.

Tom Gayner is CEO and, since September 8, 2026, also chairman. Simon Wilson runs Markel Insurance.

History

Markel began more than 90 years ago insuring jitney buses that other insurers would not cover, and it still describes its edge as taking on risks others avoid. The company went public in 1986, when it was a small U.S. insurer, and over the following decades expanded into Lloyd's, international and Bermuda specialty markets, added State National's fronting business and Nephila, and built Markel Ventures.

The last two years have been a reset of the insurance operation:

• 2024 and 2025: Markel exited risk-managed directors and officers liability on its U.S. and European platforms and discontinued intellectual property collateral protection insurance, which produced $168.5 million of losses in 2024 and $64.3 million in 2025.
• March 2025: Simon Wilson, president of Markel International, became CEO of Markel Insurance, and State National and Nephila began reporting directly to Markel Group.
• August 2025: Markel sold the renewal rights to its Global Reinsurance division, about $1.2 billion of premium, to Nationwide (managed by Ryan Re), and put the division into run-off.
• 2026: Hagerty's classic-car business moved to a fronting arrangement, and in September Steve Markel announced his retirement as chairman after more than 50 years with the company; Wilson and Andrew Crowley, who runs Markel Ventures, became co-presidents.

Business insurance products

E&S and specialty. Casualty, property, excess and umbrella, environmental and professional and management liability, much of it on surplus lines paper placed by wholesale brokers, including contract-binding business for small accounts. Markel says it has more than 25 years in environmental insurance, with one of the broadest appetites in that market, and it writes financial institutions coverage for asset managers, investment advisors, banks, insurers, mortgage REITs and non-traditional lenders.

Programs. Markel Programs partners with MGAs on package, professional liability, casualty, accident and health, warranty, property and inland marine programs, admitted and non-admitted, targeting programs of $10 million to $15 million of annual premium; see program business: niche insurance through program administrators.

Small business. Specialty commercial package policies for niches such as child care centers, Pest control insurance operators, janitorial and lawn care firms and other service contractors, martial arts and dance studios, gymnastics and health clubs, and small manufacturers; stand-alone or packaged workers' compensation; accident medical coverage; and E&S small business casualty and property.

Surety. Contract, commercial, and court and probate bonds through appointed agents. See surety bonds explained: how they differ from insurance.

Industry practices also cover construction, energy (traditional and renewable), life sciences, ambulance and hospital fleets, equine and farm operations, and ocean and inland marine.

Who it insures

Markel's sweet spot is the account that does not fit a standard carrier's box: a class with unusual liability, a professional or management liability exposure, an environmental hazard, or a small business in a niche that admitted markets treat as an afterthought. It writes nationwide on both admitted and non-admitted paper, which matters because surplus lines policies are not covered by state guaranty funds. Markel also writes through its International division and a Bermuda platform.

How to buy

Markel does not sell business coverage directly to the public. Retail agents quote and bind admitted lines (workers' comp, miscellaneous E&O, accident medical, general liability, commercial property, farm property and equine mortality) in its mPortal system. Wholesale brokers use Markel Online for non-admitted contract-binding property and casualty, excess and commercial pollution liability. Surety agents work through Markel Surety Connect, and program administrators and insurtechs reach Markel through its programs and digital distribution teams. Policyholders can log in to pay bills, view documents and download proof of insurance. If your agent has no access to Markel, a wholesale broker usually does; see excess and surplus lines insurance explained.

Claims

Report U.S. claims online, by phone at 800-362-7535, by email to [email protected] or by fax to 855-662-7535. Markel runs a cyber response hotline (844-462-7535) and an environmental and hazardous spill line (855-442-5246) for incidents that need immediate response, and it has separate procedures for equine mortality claims, including verifying coverage before any surgery. Markel was named a 2026 Insurance Business America 5-Star Claims winner. Most professional and management liability policies are claims-made, so report potential claims within the policy period; see occurrence vs claims-made policies.

Financial strength and ratings

As of September 15, 2026, Markel lists A+ from S&P for its main insurance companies, A (Excellent) from AM Best for all of its U.S. companies including the State National fronting companies, and A2 (Good) from Moody's for Evanston, Markel Insurance Company, Markel American, Essentia and Markel Bermuda, all with stable outlooks.

Markel Insurance's combined ratio was 95% for 2025, a one-point improvement, and 93% in the second quarter of 2026. Results varied by division in late 2025: International ran an 80.5% combined ratio in the fourth quarter while Programs and Solutions ran 101.9%. Markel Group reported 2025 operating income of $3.2 billion, including market movements in its equity portfolio.

Strengths and weaknesses

Markel is a deep, long-established E&S and specialty market with broad appetite in professional, environmental and niche small business lines. Its ratings are a notch below several specialty rivals, and the insurance operation has spent two years retrenching.

• Strengths: No. 8 nationally in other liability and No. 10 in ocean marine. Broad E&S, environmental, financial institutions and program capabilities. Niche small business packages for classes many standard carriers avoid. Improving underwriting results in 2025 and 2026.
• Weaknesses: AM Best rates the companies A (Excellent), below the A+ held by some E&S peers. Recent exits from risk-managed D&O, IP collateral protection and reinsurance show past underwriting problems. A meaningful part of its NAIC premium is State National fronting, so the group's size overstates the risk Markel underwrites itself. No direct buying channel for business owners.

How to contact Markel