Jana renewing push for divestiture, buybacks at Markel, Bloomberg says

Jana Partners, which nearly a year and a half ago disclosed a stake in Markel (MKL) and called on the insurer to unload its private investments business, Markel Ventures, is renewing its push for Markel to divest its venture arm while pushing the company to also buy back $2B of its shares, reported Bloomberg. “The current structure produces sub-peer shareholder returns, creates no unique value and warrants a discounted multiple. The need for change is clear,” Jana Managing Partner Scott Ostfeld and Managing Director Jimmy Ganas said in a letter to Markel’s board reviewed by Bloomberg News.