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Markel Corp. said Wednesday that Terry Ledbetter, chairman and chief executive officer of its State National division, will retire at the end of this year and be succeeded by State National President Matthew Freeman.
Mr. Ledbetter founded State National with his brothers, Lonnie and Garry, in 1973, Richmond, Virginia-based Markel said in its statement. Mr. Freeman joined State National in 2016 as president. Markel acquired State National Cos. Inc. in November 2017.
State National’s program services business provides reinsurers and other capital providers access to the U.S. property/casualty market in exchange for ceding fees.
In addition, its lender services business insures personal automobiles and other vehicles as collateral for loans made by credit unions, banks and specialty finance companies.
Markel Corp.’s recent acquisition of State National Cos. Inc. complements the larger company, analysts said, but Markel will be taking on some credit risks.