Markel and Aspen (doing business as FirstComp) have entered into a definitive agreement for the acquisition by Markel of Aspen, a privately held insurance group that provides workers' compensation insurance and related services, principally to small businesses, in 31 states. Omaha-based Aspen operates primarily through FirstComp Insurance Co., a Nebraska-domiciled insurance company; FirstComp Underwriters Group, Inc. and FirstComp Insurance Agency, Inc., which act as managing general agents; and REX, Inc., which operates as a wholesale intermediary.

Aspen's subsidiaries collectively underwrite more than $300 million of gross written premium annually. They operate through a network of over 9,000 retail agents and have more than 500 employees based in Nebraska, Rhode Island, Nevada, California and Florida.

Following the acquisition, Aspen will continue to operate as a separate business unit, with Luke Yeransian, Aspen's current chief executive officer, as president. The operating unit will be part of Markel's specialty admitted segment, headed by Mike Crowley, Markel's president and co-chief operating officer.