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Markel Corp MKL

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Morningstar’s Analysis

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In Markel’s Third Quarter, Catastrophe Losses Are Offset by Equity Gains

Brett Horn, CFA Senior Equity Analyst

Analyst Note

| Brett Horn, CFA |

Much as we’ve seen at peers, Markel’s third-quarter results were weighed down by catastrophe losses, but the company had a good quarter on the investment side. Overall, though, it has been a somewhat difficult year for the company, with book value per share up only 2% through the first nine months. We will maintain our $912 fair value estimate.

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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.

4521 Highwoods Parkway
Glen Allen, VA, 23060-6148
T +1 804 747-0136
Sector Financial Services
Industry Insurance - Property & Casualty
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Aggressive Growth
Employees 18,600