Activist Jana Pushes Insurer Markel to Separate Venture Unit

Jana Partners has amassed a stake in insurer Markel Group Inc. and is pushing the specialty insurance company to explore a separation or sale of its private investments business, according to Scott Ostfeld, managing partner at the activist investment firm.

Markel is “significantly undervalued” and would benefit from improvement in execution of its core insurance business, Ostfeld said on Tuesday. Jana believes that the entire company is an “attractive” takeover target for larger insurers.

The size of Jana’s stake in Markel wasn’t disclosed. A representative for Markel didn’t immediately respond to a request for comment.

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