LONDON, UK / ACCESSWIRE / November 22, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Markel Corp. (NYSE: MKL), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=MKL. The Company announced on November 17, 2017, that it has completed the acquisition of State National Cos, Inc. (NASDAQ: SNC), a leading specialty provider of property and casualty insurance services. The latter will operate as an independent division of Markel. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Acquisition Results in Adding Recognized Provider of Collateral Protection Insurance
Richard R. Whitt, Co-Chief Executive Officer (CEO) of Markel, stated that the Company looks forward to adding the premier fronting platform through which insurance products can be offered throughout the US, as well as adding a recognized provider of collateral protection insurance to credit unions and regional banks to its product offerings.
State National to Build Upon its Leadership Position as Part of a Larger and Stronger Organization
Terry Ledbetter, Chairman, and CEO of State National, mentioned that with the support of a parent like Markel, State National is now even better positioned to offer its clients unique, high-quality solutions. Ledbetter added that State National looks forward to continuing building upon its leadership position as part of a larger, stronger organization.
Agreement to Acquire State National Previously Announced in July 2017
On July 26, 2017, Markel announced a definitive agreement to acquire all of the outstanding shares of State National's common stock for $21.00 per share in cash. The transaction had a total value of approximately $919 million. Markel planned to finance the transaction using cash balances on hand. The transaction was subject to the approval of a majority of State National's shareholders, approvals by relevant state insurance regulators, and other customary closing conditions. Sidley Austin LLP served as legal counsel to Markel. Evercore served as the exclusive financial advisor, and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to State National.
Markel's Other Acquisitions in 2017
- On July 28, 2017, Markel entered into a definitive agreement to acquire a majority interest in Costa Farms and its related operating Companies.
- The Company completed the acquisition of SureTec Financial Corp., one of the largest privately-owned surety Companies in the US, on April 28, 2017. The acquisition was previously announced in February 2017.
- On April 06, 2017, Markel Canada acquired the 50% of Allsport Insurance Marketing Ltd that it did not already own. The move would enable Markel to expand its position in the west of Canada.
About Markel Corp.
Established in 1930 and headquartered in Richmond, Virginia, Markel is a holding Company for insurance, reinsurance, and investment operations around the world. The Company reports its ongoing underwriting operations in three segments, and products originate from four insurance divisions and one reinsurance division.
About State National Cos, Inc.
Founded in 1973, State National is a leading specialty provider of property and casualty insurance services, operating in two niche markets across the United States. In its Lender Services segment, the Company specializes in providing portfolio protection solutions which insures personal automobiles and other vehicles held as collateral for loans made by credit unions, banks, and specialty finance companies. State National is based in Bedford, Texas.
Last Close Stock Review
At the closing bell, on Tuesday, November 21, 2017, Markel's stock slightly climbed 0.14%, ending the trading session at $1084.74. A total volume of 17.12 thousand shares have exchanged hands. The Company's stock price surged 3.14% in the last three months, 10.84% in the past six months, and 19.29% in the previous twelve months. Moreover, the stock rallied 19.93% since the start of the year. The stock is trading at a PE ratio of 241.38 and currently has a market cap of $15.01 billion.
On Friday, November 17, 2017, the stock closed the trading session flat at $21.02, with a 3-month average volume of 311.35 thousand shares traded. State National's stock price skyrocketed 0.50% in the last three months, 30.72% in the past six months, and 60.58% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have soared 51.66%. The stock is trading at a PE ratio of 16.78 and has a dividend yield of 1.14%. At Tuesday's closing price, the stock's net capitalization stands at $886.20 million.
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