The local insurance giant has invested in yet another private business, this time adding to its portfolio a stake in a Florida-based startup investment firm.
GoodHaven Capital Management said in its inaugural release that Markel will not only be its first client, but that it also made a “significant minority investment in GoodHaven.”
It’s unclear whether this latest investment is being made through Markel’s investment arm, Markel Ventures, or directly by Markel Corp. Markel Ventures has been active of late, acquiring majority stakes in two local companies in the past month, including Diamond Healthcare Corp. and RetailData LLC.
Read more about those deals here.
Neither Markel spokesman Bruce Kay nor Markel Ventures head Tom Gayner could be reached by press time.
GoodHaven was founded by Larry Pitkowsky and Keith Trauner, who left Fairholme Fund, a Rhode Island mutual fund, to start their own firm.
“We are delighted to have Markel as our partner in launching GoodHaven,” Pitkowsky said in a prepared statement.
Gaynor said in a statement: “We are delighted to partner with the principals of GoodHaven ans they launch their firm. We’ve known Larry and Keith for decades and we respect their skills as disciplined and thoughtful investors.”
Michael Schwartz is a BizSense reporter. Please send news tips to [email protected]