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Markel buys stake in LandAmerica: Insurer: Shares in Innsbrook neighbor are 'a good value'(Richmond Times-Dispatch (VA) (KRT) Via Thomson Dialog NewsEdge) Dec. 29--Markel Corp., a Henrico County-based specialty insurer, has bought a 5.98 percent interest in LandAmerica Financial Group Inc., a real estate services provider based in Glen Allen. The specialty insurer and its vice chairman, Steven A. Markel, have been buying LandAmerica stock since Oct. 31. LandAmerica shares closed yesterday at $33.48, up 27 cents. The 52-week high was $108.92 on June 19 and the low was $23.23 on Nov. 27. Markel stock jumped 2.1 percent yesterday to $481.30. The company paid $25.7 million for the stock, according to documents filed with the Securities and Exchange Commission. A filing is required within 10 days of acquiring 5 percent or more of a public firm's stock. The insurer holds 930,500 of the 15.6 million LandAmerica shares outstanding as of Sept. 30, or 5.98 percent. In addition, Steve Markel bought 15,600 shares and has the right to buy 3,000 more within 60 days. "It's just in our investment portfolio," said Bruce Kay, spokesman for Markel. "We think it's a good value right now. "The company is right down the street from us in Innsbrook; it is headquartered here. We know the people running it, and it's a great business." LandAmerica posted a third-quarter loss of $20.8 million, reflecting the housing slump. It cut jobs and closed offices this year, as fewer people needed home purchasing services. "We are pleased that Markel has recognized the potential long-term value of an investment in LandAmerica stock, and we appreciate its vote of confidence in our ability to manage the company through the real estate cycle," said LandAmerica Chairman and CEO Theodore L. Chandler Jr. Markel stated that it will pursue state and federal approvals required to buy more than 10 percent of LandAmerica's stock. Contact Carol Hazard at (804) 775-8023 or [email protected]. To see more of the Richmond Times-Dispatch, or to subscribe to the newspaper, go to http://www.timesdispatch.com. Copyright (c) 2007, Richmond Times-Dispatch, Va. Distributed by McClatchy-Tribune Information Services. For reprints, email [email protected], call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. |