July 26 (Reuters) - State National Companies Inc SNC.O
* Markel to acquire State National
* State National Companies Inc - transaction has a total value of approximately $919 million
* State National Companies Inc - deal for $21.00 per share in cash
* State National Companies Inc says upon completion of transaction, state national will operate as a separate business unit
* State National Companies Inc - agreement, has been unanimously approved by both companies' board of directors
* State national companies inc says transaction is not subject to any financing condition
* State National Companies Inc says Markel plans to finance transaction using cash balances on hand
* State National Companies - management team, led by Terry Ledbetter, State National's current chairman, CEO will remain in place