Sam Markel founds Markel Service Inc 1930 in Richmond VA as Mutual Casualty Insurance Exchange manager — specializing in jitney bus operators denied coverage by mainstream insurers. Family-controlled specialty/E&S underwriting culture defines what becomes 'baby Berkshire' by 2000s.

Markel goes public Dec 1986 on NYSE; raises $50M. Steven Markel + Tony Markel + Anthony Markel (3rd generation) lead family-controlled specialty E&S insurer through 90s/2000s expansion. Markel becomes one of the best-performing insurance stocks ever — book value compounds 18%/year 1986-2010.

Tom Gayner becomes Markel President 2010 + Co-CEO 2016 — investment-driven CEO modeled on Buffett. Gayner manages Markel's $25B+ float-driven investment portfolio: ~80% equities (concentrated positions in BRK.B, Brookfield, Visa). Defines Markel's 'three-engine' model: specialty insurance + Markel Ventures + investments.

Markel 2007 — diversifies specialty insurance via Aspen Holdings + similar Bermuda-domiciled subsidiaries. Tony Markel + Steven Markel + Anthony Markel (3rd generation cousins) co-lead family-controlled insurer. Book value compounds 18%/year 1986-2010 — best US insurance compounding record.

Markel acquires FirstComp Underwriters Apr 2010 for $135M expanding workers' comp specialty. Markel Ventures launched 2005 expands non-insurance operating businesses (Cottrell trailers, AMF Bakery, others) emulating Buffett's Berkshire model. By 2025 Markel Ventures $5B+ revenue.

Markel acquires Alterra Capital May 2013 for $3.1B in cash + stock — Bermuda reinsurer specialty/professional liability. Markel's largest acquisition; doubles reinsurance + specialty insurance scale. Combined entity becomes 4th-largest US specialty insurer. Steven Markel: 'We're building Berkshire of specialty insurance.'

Markel International CATCo Investment scandal disclosed Dec 2018 — Markel's Bermuda ILS subsidiary faces $35M+ reserve issues from 2017/2018 cat losses (Harvey, Irma, Maria, California fires). Markel writes down CATCo $100M+; investor lawsuits. Embarrassing but limited damage to core specialty business.

Markel rebrands as 'Markel Group' Dec 2022 emphasizing 3-engine structure: Markel Insurance (specialty/E&S underwriting), Markel Ventures (operating businesses), and Investments. Tom Gayner sole CEO from Jan 2023 (Richie Whitt + Gayner co-CEO ended). Markel called 'baby Berkshire' for compounder culture + diversified earning streams.

Markel FY2024 — Tom Gayner CEO reports $15B revenue; Markel Group's 3-engine model: specialty insurance + Markel Ventures + Investments. Book value compounds ~10%/year over 5 years. Stock $1,650+. Investment portfolio $30B+ in BRK.B, Brookfield, Visa, concentrated equities.