Markel has announced that Terry Ledbetter, Chairman and Chief Executive Officer (CEO) of its State National division, will be retiring at the end of 2019.
Matthew Freeman, currently State National President, will move into the role effective from January 1, 2020.
Acquired by Markel in November 2017, State National is a specialty provider of property and casualty (P&C) insurance services in the US. Ledbetter helped to found the company back in 1973.
Its Lender Services business insures personal automobiles and other vehicles as collateral for loans made by credit unions, banks, and specialty finance companies.
The Program Services business, meanwhile, provides access for reinsurers and other capital providers to the US P&C market and is considered as the largest pure-play fronting business in the US.
“We thank Terry for everything he has done for State National and Markel,” said Richard R. Whitt, Co-CEO of Markel.
“The vision he and his brothers had for taking a small Texas mutual insurance company and building it into the leading fronting business in the industry was simply amazing,” Whitt remarked. “We wish him all the best in the next chapter of his life.”
Freeman, who is due to take over the role of CEO next year, joined State National in 2016 as President.
Whitt further stated: “Under Terry’s leadership, State National established a strong industry reputation built around long-term client relationships, and we’re confident Matt will do a great job building on his track record of sustainable growth and success.”
