Markel Completes Acquisition of Aspen, FirstComp

October 18, 2010

Markel Corp. has completed the previously announced acquisition of Aspen Holdings, Inc., a privately held insurance group that provides workers compensation insurance and related services, principally to small businesses, in 31 states.

Aspen, which is headquartered in Omaha, Nebraska, operates primarily through FirstComp Insurance Co., a Nebraska-domiciled insurance company, and FirstComp Underwriters Group, Inc. and FirstComp Insurance Agency, Inc., which act as managing general agents.

Aspen will continue to operate as a separate unit, with Luke Yeransian, Aspen’s current chief executive officer, as president. The unit will report to Mike Crowley, Markel’s president and co-chief operating officer, as part of Markel’s specialty admitted segment.

Markel Corp. markets and underwrites specialty insurance products and programs to a variety of niche markets.

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