There is some debate about whether any insurance firm can claim to be a mini Berkshire as almost all of them have developed a much more proactive use of the float but we are happy with applying the moniker to Markel as the investing appetite steps well beyond investing into only short term holdings in public entities. Markel has made a number of purchases into private ownership of businesses under a section called Markel Ventures.
Alongside this Markel has also created an association to the investment strategy around one man Tom Gaynor. Catalyst for the purchase today was the promotion of Mr Gaynor to Co CEO. Given the current CEO (Alan Kirschner) was CEO and Chairman and has become Executive Chairman the changes seem mostly cosmetic. But I assume that they are in favour with Mr Gaynor and show that succession planning and development of the business is ongoing. It is to be hoped that as co-CEO Mr Gaynor will be able to bring forward one of his staff as a public demonstration of the depth of the investing team.