SNC Spotlight

Insurance can be complex. Turn to our blog for up-to-date, relevant content to help you make the best decisions for your financial institution. With expert knowledge from seasoned industry professionals, we simplify insurance topics so you can get back to business.
All Posts

Terry Ledbetter to Retire as Chairman and CEO of State National

Markel announced today that Terry Ledbetter, Chairman and Chief Executive Officer (CEO) of its State National division, will be retiring at the end of 2019. Ledbetter founded State National with his brothers, Lonnie and Garry, in 1973.

Richmond, VA, November 13, 2019 — Markel (NYSE: MKL) announced today that Terry Ledbetter, Chairman and Chief Executive Officer (CEO) of its State National division, will be retiring at the end of 2019. Ledbetter founded State National with his brothers, Lonnie and Garry, in 1973.

Markel also announced that State National President Matthew Freeman will succeed Ledbetter as CEO, effective January 1, 2020.

“We thank Terry for everything he has done for State National and Markel,” said Richard R. Whitt, Co-CEO of Markel. “The vision he 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. We wish him all the best in the next chapter of his life.”

State National is a specialty provider of property and casualty insurance services operating in two niche markets across the United States. 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 and is recognized as the largest and longest-standing pure-play fronting business in the US insurance industry.

Freeman joined State National in 2016 as President. Markel acquired State National Companies, Inc. in November 2017.

“Under Terry’s leadership, State National established a strong industry reputation built around long-term client relationships, and we’re confident Matt will do a great job building on his track record of sustainable growth and success,” Whitt said.

About Markel Corporation

Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company’s principal business markets and underwrites specialty insurance products. In each of the Company’s businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at

For investor inquiries contact:
Investor Relations
For media inquiries contact:
Paul Broughton


State National
State National
As the leading insurance carrier in the United States specializing in CPI, State National offers single-source solutions for credit unions, banks, finance companies, and specialty lenders of all sizes. Our services are cost-effective and tailor-made to safeguard assets against uninsured collateral losses.

Related Posts

Bringing Partnership to Life: Inside State National's Client Advisory Council

At State National, we don’t see client relationships as a static part of our business; they’re a dynamic, evolving element that helps both our organization and our clients' organizations move forward. Our commitment goes beyond mere transactions; prioritizing and nurturing healthy client partnerships is vital to us, as they serve as the foundation of our company.

CPI to Blanket: Risky Business

The Hidden Dangers of Abandoning CPI Over the past 50+ years we have seen how unintended consequences often surprise lenders who choose to switch their portfolio protection solution from CPI to a blanket policy. For many credit unions, it seems like a good option — until later down the road when both their number of uninsured borrowers AND their premiums keep rising. Without the monitoring of the loan portfolio that comes with CPI, it has been shown time and again that the number of uninsured borrowers will increase and the credit union’s losses will grow larger. To show how this plays out in a real-world example, one of our current clients* recently worked with us to run a test on their portfolio after they decided to move to blanket coverage, by continuing to track their borrowers' insurance status (to ensure their privacy, we'll call them "Best Lending Institution").

SNCares: Collaboration, Compassion, and Community

The SNCares Journey