Printer Friendly

MARKEL CORPORATION ANNOUNCES MANAGEMENT PROMOTIONS

 MARKEL CORPORATION ANNOUNCES MANAGEMENT PROMOTIONS
 RICHMOND, Va., March 11 /PRNewswire/ -- Markel Corporation


(NASDAQ: MAKL) has announced several promotions within its executive management team.
 These changes are consistent with the company's strategy of simplifying its organizational structure and heightening its focus on the specialty insurance marketplace. Additionally, the organizational structure will make for a smooth transition of responsibility in the future.
 Alan I. Kirshner, chairman, announced that Anthony F. Markel had been promoted to president and chief operating officer, and Steven A. Markel had been promoted to vice chairman.
 As president, Anthony F. Markel will be responsible for all insurance company operations. As vice chairman, Steven A. Markel will continue to be responsible for strategic planning and will have the additional responsibility for corporate wide pricing and loss reserve adequacy.
 Joseph J. Prochaska Jr. was named executive vice president-Operations and will report to Anthony F. Markel. In this role he will focus on the company's goal of achieving underwriting profits throughout its businesses as well as the development and implementation of business plans and budgets.
 Darrell D. Martin was named executive vice president and chief financial officer and will report to Steven A. Markel. Martin will oversee the company's financial affairs and regulatory compliance.
 Several of the company's business units are the result of acquisitions. During the past year the company has focused its energies in bringing these business divisions together to share a common mission and common value system.
 According to Kirshner: "While we previously encouraged the independent, autonomous operation of our divisions, we now want a more common focus on market leadership and underwriting profits. We believe our new organizational structure will help us achieve this focus as well as help us take advantage of all the strengths throughout the company."
 Since 1986, the year Markel became a public company, earnings have grown from $5 million to $14.4 million; book value has grown from $3.42 per share to $15.59 per share, and return on equity has averaged 25 percent. Primary lines of business include professional liability insurance, program business and specialty property and casualty lines.
 Markel Corporation, which was founded in 1930, markets and underwrites specialty insurance products and programs to a variety of niche markets. In each of these markets, the company seeks to provide quality products and excellent customer service so it can be a market leader. The financial goals of the company are to earn consistent underwriting profits and superior investment returns to build shareholder value.
 -0- 3/11/92
 /CONTACT: Bruce A. Kay of Markel Corporation, 804-965-1720/
 (MAKL) CO: Markel Corporation ST: Virginia IN: INS SU: PER


BN-CF -- CH001 -- 7175 03/11/92 08:37 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 11, 1992
Words:444
Previous Article:SPECIAL DEVICES INC. ANNOUNCES FIRST QUARTER 1992 EARNINGS
Next Article:BURLINGTON DEBT TENDER OFFERS EXTENDED
Topics:


Related Articles
MARKEL CORPORATION ANNOUNCES NEGOTIATIONS TO SELL DIVISION TO ROLLINS SPECIALTY GROUP
MARKEL ANNOUNCES SALE OF GOVERNMENTAL PROGRAMS DIVISION
MARKEL CORPORATION ANNOUNCES RESIGNATION
A&A ENTERS AGREEMENT TO SETTLE
MARKEL ENTERS AGREEMENT TO BUY INSURER
Markel Announces Appointments at Markel International.
Markel Announces Share Repurchase Authorization.
Markel Corporation Appoints John Latham as President of Southeast Region.
Markel Corporation Announces Two Leadership Positions for Markel Midwest.
Markel Insurance Company Acquires Assets of Child Welfare Insurance Services.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters