Markel Corp.'s board approved a program that will allow the company to repurchase up to $300 million of its common shares.

Under the program, Markel can buy outstanding shares from time to time in privately negotiated or open market transactions. The program has no expiration date but may be terminated by the board at any time.

The program terminates and replaces a similar program authorized in November 2013 under which about $176 million of the company's common shares were repurchased.