Carriers: Markel FirstComp Insurance

This is the first in a series of blog posts we are writing about the carriers we partner with for workers compensation insurance coverage. Markel FirstComp Insurance has been a partner of Workers Compensation Shop since 2007. We are proud to be one of the few agencies approved to offer and administer Pay As You Go Workers Compensation with First Comp. Markel FirstComp also offers self-reporting, 9 installment plans, and annual pay policies. Learn more about Markel FirstComp Insurance here.

Markel FirstComp Insurance is a holding company that does business in insurance, reinsurance, and financial services. Markel was founded in 1930 and is headquartered in Richmond, VA. There are operations stationed all over the world. FirstComp Insurance was founded in 1997 with a goal of providing a consistent solution for agents and insured’s who operate in an unstable marketplace. This instability occurs in some high risk industries and with some businesses that have bad loss runs. First Comp was purchased by Markel in 2010. Under their new name, Markel FirstComp, the organization began offering additional property and liability lines of coverage in 2013. In June 2016, it was announced that Markel had joined the Fortune 500 for the first time.

Divisions of Markel Insurance

Markel FirstComp Insurance is currently made up of five main divisions. Those five divisions include:

  • Markel Global Insurance
  • Markel Specialty
  • Markel Wholesale
  • Markel International
  • Markel Global Reinsurance

Markel Global delivers customized solutions to sophisticated policy holders while Markel specialty underwrites a wide variety of commercial personal and program business. Markel wholesale is a go to market for out of the box risks and features excess and surplus risks. Markel international is headquartered in London, but has branch offices throughout the world that underwrite a growing portfolio of a number of policies. Markel Global Reinsurance manages a wide variety of reinsurance products to the broker market.

Image result for Markel first comp logo

Workers Compensation Shops’ Relationship with Markel FirstComp

Workers Compensation Shop began partnering with Markel FirstComp Insurance in 2007. Just two years in to business, Workers Compensation Shop began partnering with Markel FirstComp as one of only a few agencies approved to offer and administer Pay As You Go Workers Compensation reporting with FirstComp. In addition to this program, FirstComp also offers a self-reporting option, a traditional 9 installment plan, and annual pay workers comp policies. Markel FirstComp has made a name for itself as one of the best carriers in the industry for quoting new business ventures, artisan contractors, and main street businesses. These are the types of businesses many carriers shy away from because of less than stellar claims history. While primarily focusing on writing grey and blue collar companies, FirstComp is actively quoting in 36 states across the country.

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