Terry Ledbetter will retire as chairman and CEO of State National, a division of Markel that provides specialty property and casualty insurance services in the US, at the end of the year.
Matthew Freeman, joined State National as president in 2016, will succeed him in the role, effective January 1.
Ledbetter founded State National with his brothers, Lonnie and Garry, 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. Its program services business provides access for reinsurers and other capital providers to the US property and casualty insurance market in exchange for ceding fees.
Markel acquired the business in November 2017.
Richard Whitt, Co-CEO of Markel, said: “The vision [Ledbetter] 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.”
Terry Ledbetter, Matthew Freeman, Richard Whitt, State National, Markel