Honoring Steve Markel '66

As vice-chairman of Markel Corp., the 1966 Collegiate graduate has used his financial acumen – genius, some might say – as well as his wisdom and mentoring instincts to grow what was once a small insurance agency into a highly respected global holding company for insurance, reinsurance and investments.

 

He was a guiding force when the company went public in 1986. Back then, a share of stock sold for $8.33. Yesterday, it closed at $986.63. Markel, which operates 69 offices in 20 countries is 460th in the latest Fortune 500 list, which was released Wednesday. Because of its excellent management, outstanding investment yields and exceptional stockholder returns, financial analysts have often compared it to Warren Buffet’s Berkshire Hathaway.

 

Steve Markel, who joined the organization in 1975, played an instrumental role in designing, implementing and reinforcing The Markel Style, a philosophy which empowers employees to be creative and challenge management if they discover a better way to operate and encourages them to work diligently to achieve success while maintaining a sense of humor and finding joy in the journey.

 

“Steve is a business guy who has not only built a world-class business operation, but he’s also enriched the Richmond community many times over with all that he’s done,” said Frank Heiner, his Collegiate classmate and senior vice-president of Scott & Stringfellow. “Steve has made his mark with his head and heart.”

 

Over the years, Markel and his family have devoted considerable time, energy and resources to bolster their community, the arts and education.

 

“I feel like I’ve been so lucky,” he said. “It’s an obligation to give back in one form or another. Maybe it’s genetic. I inherited a gene that said, ‘Giving back is part of your responsibility.’ I enjoy it. It’s certainly very rewarding (intrinsically) to spend time and energy (involved in charitable initiatives).”

 

From 1993-2000, Markel served as finance chair of Collegiate’s Board of Trustees. He was chair and founding trustee of the Virginia Commonwealth University School of Business Foundation. He is a founding supporter – with his wife Kathie – of the VCU Institute for Contemporary Art, which opens in October 2017. He has served on the board of myriad organizations, among them VCU Health System, Childfund International and the Virginia Museum of Fine Arts. Most recently, he’s spearheaded an effort to bring a new grocery store – Jim’s Local Market – into an underserved area of Richmond’s East End.

 

“Steve is a quiet, tireless worker who doesn’t elevate himself to the front of anything,” said Alex Smith, a 1965 graduate and retired vice president for development at his alma mater. “He’s one of those do-good-and-disappear types.”

 

Today, though, Markel was center-stage at Collegiate’s 102nd Commencement where he received the Distinguished Alumni Award. Sarah Cook Martin ’94, president of the Alumni Board, bestowed the honor. She addressed his professional accomplishments, altruistic endeavors and humble, unpretentious nature.

 

Several days earlier, when speaking of his life’s work and philanthropic calling, Markel, as is his wont, deflected the credit. Instead, he cited the influence of his alma mater at an impressionable time in his life.

 

“Collegiate gave me a strong foundation,” he said. “Certainly, compassion, honesty, having discipline and focus, and doing your best were important trademarks of the Collegiate experience.

 

“Collegiate has been totally built on philanthropy. As a student and parent (of two Collegiate graduates, Neely Markel Winston ‘96 and Drew Markel ’99), we were aware that people before us had a vision. We got to enjoy what someone else created for us, so the sense of obligation to pay our fair share was clearly very important.”

 

Markel also cited the influence of Malcolm U. Pitt Jr., who headed Collegiate from 1959-1987.

 

“Mac Pitt was the authoritarian figure, but he also had a warm heart and obviously cared about all of his students, not just how they did in the classroom but how they performed on the athletic field and whether or not they had a smile on their face,” he said. “He was the image of the ideal headmaster.”

 

Steve Markel has never sought acclaim or fame for his achievements or beneficence. Neither has he expected it. To him, the effort and opportunity to “pay it forward,” attain goals and fulfill dreams have provided reward aplenty.

 

“It’s obviously nice to be recognized,” he said, “but Kathie and I have never been anxious to have public recognition. So many great people have come out of Collegiate. It’s just nice to be associated with them.”

           --Weldon Bradshaw