Glen Allen-based Markel Corporation makes slight name change

Markel Corporation, a global Fortune 500 family of companies headquartered in Innsbrook, will change its name to Markel Group Inc. on May 26, company officials announced May 16.

The change aims to provide greater clarity and definition around the nature of Markel's holding company, which includes three engines of insurance, investments, and a group of diverse businesses in Markel Ventures.

According to Chief Executive Officer Tom Gayner, the name Markel has been used to refer both to the specialty insurance business and the holding company. The new name for the entire group of companies is designed to help create greater clarity as the company continues to grow each of its three entities.

Coinciding with this change, Markel Group launched a new website at mklgroup.com. The company will continue to trade on the New York Stock Exchange under the stock ticker symbol MKL, and there will be no significant structural or organizational impacts.

The company's global specialty insurance business will continue to operate under the name Markel, as it has for nearly a century. Its primary website will remain markel.com.

"We chose the name Markel Group because even though we have many different businesses powered by 20,000 people around the globe, we are all part of the same team and we share the values of the Markel style," said Gayner. "Together, our three engines form a connected system that is uniquely equipped to help our customers, colleagues, and shareholders win in the long term."