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Markel Corp MKL

Rating as of

Morningstar’s Analysis

Valuation
Currency in USD
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Investment Gains Lead Markel to Strong Q1

Brett Horn, CFA Senior Equity Analyst

Analyst Note

| Brett Horn, CFA |

Markel's aggressive investment approach was a positive in the first quarter, leading to strong profitability and a 3% increase in book value per share since year-end. While catastrophe losses dinged underwriting profitability a bit, positive pricing trends appear to be putting Markel and the rest of the industry on a more solid base. We will maintain our $1,007 fair value estimate and no-moat rating.

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Company Profile

Business Description

Markel's primary business is property and casualty insurance, and the company focuses primarily on specialty lines, ranging from areas such as executive liability to commercial equine insurance. The acquisition of Alterra in 2013 added substantial reinsurance operations, which now account for a little over 20% of premiums. The company uses capital generated by its insurance operations to buy noninsurance operations in diverse areas, such as bakery equipment manufacturing and residential homebuilding.

Contact
4521 Highwoods Parkway
Glen Allen, VA, 23060-6148
T +1 804 747-0136
Sector Financial Services
Industry Insurance - Property & Casualty
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2020
Stock Type Aggressive Growth
Employees 18,900

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