Markel Corp. has added a locally based provider of concierge medical services to its growing investment portfolio.
The Henrico County-based specialty insurer announced Wednesday that its Markel Ventures investment subsidiary has acquired PartnerMD LLC. Financial terms of the deal were not disclosed.
Started in Richmond in 2003 by Dr. James Mumper and Linda Nash, PartnerMD provides concierge medicine, a type of membership health-care service in which patients pay an annual fee for enhanced care that includes disease prevention, health maintenance and around-the-clock access to a physician.
That type of medical service is a small portion of the overall health-care industry, but it is growing, Mumper and Nash said yesterday.
"Even with the financial troubles in the last couple of years, we have not seen a hiccup in terms of new members," said Nash, the company's CEO.
PartnerMD's practice has about 4,200 individual and corporate clients. It has nine doctors and a staff of about 55. Its main office is at the Bon Secours Heart Institute at Reynolds Crossing in Henrico, and it also has offices in Midlothian and McLean.
The company is known regionally for its executive physical exams offered for individuals and companies.
Mumper and Nash plan to stay onboard to continue to run the business.
Markel's financial help will enable PartnerMD to pursue more growth opportunities. "We would like to grow regionally," Mumper said.
Nash said the good thing about Markel's backing is that the specialty insurer has a "measured" approach to growth.
"We want to grow, but we only want to grow if it makes sense," she said.
A Markel spokesman could not be reached Wednesday night.
"We're very excited about PartnerMD joining our group of companies," Markel President and Chief Investment Officer Tom Gayner said in a statement released by PartnerMD. "It has an outstanding reputation among its members and in the community, and it is a winning model for the future of health care."
Markel has acquired or bought majority stakes in several other Richmond-based companies in the past year.
In January, Markel acquired a majority interest in Diamond Healthcare Corp., a privately held company that manages behavioral-health programs, including one for chemical dependency.
In December, the investment subsidiary bought a majority interest in RD Holdings LLC, a nationwide retail intelligence service based in Henrico.