Feb 5 (Reuters) - Insurer Markel Group said on

Wednesday it has decided to conduct a review of its business and

would consider ways to simplify its structure.

The Richmond, Virginia-based company, which has a market

value of $23.9 billion, said the focus of the review would be on

the performance of its specialty insurance business.

"Insurance is at the heart of what we do, and we're fully

committed to supporting areas within insurance that are

excelling while also addressing underperformance," according to

Markel ( MKL ).

In December, Bloomberg News reported that activist investor

JANA Partners had amassed a stake in Markel ( MKL ) and was pushing the

company to explore a separation or sale of its private

investments business.

"We believe the value and potential of our combined group of

businesses is not fully reflected in our current stock price,"

Markel ( MKL ) said on Wednesday.

The company added that it had asked shareholders, including

JANA for feedback on where it could improve. As part of the

review, the company will also consider ways to improve capital

allocation.