Jana Pushes Markel to Divest Ventures, Buy Back $2 Billion Shares

Jana Partners is renewing its push for Markel Group Inc. to divest its venture arm while pushing the insurer to also buy back $2 billion of its shares to boost the stock.

“The current structure produces sub-peer shareholder returns, creates no unique value and warrants a discounted multiple,” Jana Managing Partner Scott Ostfeld and Managing Director Jimmy Ganas said in a letter to Markel’s board Thursday reviewed by Bloomberg News. “The need for change is clear.”