AF&C became National Claims Service, an independent adjuster that could be contracted by other insurance firms. The Safety Engineering Division also began offering services to other firms. The company later expanded beyond truck and bus companies, led by the third generation of Markels: Anthony, Steve, and Gary. In 1980, the company founded Essex Insurance Company in Delaware. Essex began as a property insurance company in White Bear Lake, Minnesota, but later moved to Richmond, Virginia. In 1985, Prem Watsa took control of Markel Financial Holdings, a Canadian-based trucking insurance company. Near bankruptcy, Watsa determined it needed a capital injection. In December 1986, Markel Corp. held its first IPO at $8.33 per share, valuing the company at $15 million. Shares traded on the NASDAQ. In 1987, Markel reorganized Markel Financial Holdings (Canada) and renamed it Fairfax Financial Holdings Ltd., short for "fair, friendly acquisitions." In December 1987, Markel Corp. acquired half of Shand Morahan & Company, an underwriter in Deerfield, Illinois. In December 1990, Markel completed its acquisition of Shand. As part of the Shand acquisition, Markel Corp. also acquired American Underwriting Managers, an insurance underwriter in Pewaukee, Wisconsin, specializing in personal boat and motorcycle insurance. In 1989, Markel Corp. acquired the Rhulen Agency of Monticello, New York. Rhulen is a specialty insurer for children's summer camps and youth organizations. Rhulen was later moved to Richmond, Virginia, and renamed Markel Insurance Company. In the Spring of 1997, Markel Corp. trading moved to the NYSE. In January 2000, Markel Corp. founded Markel Southwest Underwriters in Scottsdale, Arizona, after buying the Arizona policies of Acceptance Insurance Company. In March 2000, Markel Corp. completed the acquisition of Terra Nova (Bermuda) Holdings Ltd. In October 2009, Elliott Special Risks LP (ESR) was purchased by Markel International, a London-based specialty property and casualty insurer that runs the international operations of Markel Corp. On October 30, 2009, Markel Ventures, Inc. acquired Panel Specialists, LLC., a manufacturer of panels, wall systems, casework, furniture, and countertops and other stone-related products. On December 2, 2009, Markel Ventures, Inc. acquired a majority interest in Ellicott Dredge Enterprises, LLC, a company which manufactures dredging equipment for both domestic and international markets. On May 10, 2010, at the Markel Corp. Annual Meeting, it was reported there would be a new management structure approved by the Board. Alan I. Kirshner would remain Chairman and Chief Executive Officer while Anthony F. Markel and Steven A.