Markel-State National: the valuation question

The optics of Markel's $919mn acquisition of fronting
carrier State National look very different depending on the
methodology employed to value a business without an obvious public
markets peer.
State National's management and shareholders can certainly
make the case for this being a full valuation for a straight cash
exit, but Markel can equally argue to its own investors that the
business is reasonably priced.
On the crudest valuation metric - price-to-book multiple - the
deal looks rich, with