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Jamie Carsey named Chief Claims Officer, Markel Specialty
Prnewswire· 2024-06-03 20:45
Core Viewpoint - Markel Group Inc. has appointed Jamie Carsey as Chief Claims Officer to enhance claims operations in the US and Bermuda within its Specialty division [1][2]. Company Overview - Markel is a leading global specialty insurer with a focus on a people-first approach, operating various divisions including Markel Specialty, Markel International, and Markel Global Reinsurance [3]. Leadership and Experience - Jamie Carsey has extensive experience in claims management, having joined Markel in 2017 and previously serving as Senior Managing Director, Claims – Legal and Head of Litigation [2]. - Prior to Markel, Carsey was a partner at a Texas-based insurance firm, managing large litigation teams on complex cases nationwide [2]. Strategic Goals - Carsey's appointment aims to strengthen claims operations and enhance risk management, compliance, technology, and data efforts within the company [2][3]. - The leadership team at Markel expresses confidence in Carsey's ability to further improve the company's reputation for superior claims service [2].
Jamie Carsey named Chief Claims Officer, Markel Specialty
Prnewswire· 2024-06-03 20:45
Carsey joined Markel in 2017, and has held various positions within the company, most recently as Senior Managing Director, Claims – Legal and Head of Litigation. Prior to joining Markel, she was a partner at a Texas-based insurance firm, where she managed large litigation teams handling complex cases nationwide. She is a member of Markel's D&I Global Steering Committee and Talent Advisory Council and serves on the Houston board for the Insurance Industry Charitable Foundation (IICF). Carsey holds a bachelo ...
Retirement Stocks to Buy: 7 Picks Offering Value, Growth and Dividends
investorplace.com· 2024-05-29 16:30
Finding the best retirement stocks that perfectly align with every investor's portfolio is challenging. Numerous factors influence the decision tree, including your retirement account's tax structure, age, risk tolerance and personal investment preferences. Nonetheless, a robust retirement plan usually involves diversification across multiple industries, offering exposure to a broad array of investments. It's never too early to start considering retirement investing; starting yesterday is best, but the seco ...
3 Stocks That Could Be the Cornerstone of Your Dream Portfolio
investorplace.com· 2024-05-24 18:01
What do you consider your core portfolio stocks? Some stick to growth, others slant value, while others throw as much cash at today's (or yesterday's) top meme stocks — but which method is best? As with all things investing, there's no hard and fast rule regarding which companies should form your core portfolio stocks. Still, for most retail investors with sufficiently long investment periods, a handful of commonalities should form the backbone of your search for core portfolio stocks. If you research each ...
Markel (MKL) - 2024 Q1 - Earnings Call Transcript
2024-05-02 23:32
Financial Data and Key Metrics Changes - Comprehensive income to shareholders in Q1 2024 was $909 million, up from $646 million in Q1 2023, driven by favorable public equity valuations despite a negative impact from the fixed maturity portfolio [3][50] - Total revenues increased by 23% to $4.5 billion, with all three operating engines showing year-over-year growth [49] - Operating income grew by 77% to $1.3 billion, largely due to increased net investment gains [28] - Net cash provided by operating activities was $631 million, compared to $284 million in the same period last year [29] - Total shareholders' equity stood at $15.7 billion at the end of Q1 2024 [51] Business Line Data and Key Metrics Changes - Gross written premiums in underwriting operations grew by 4% to $2.8 billion, reflecting new business growth and favorable rates [30] - Operating income from Markel Ventures increased by 13%, driven by higher revenues and improved operating margins [54] - The combined ratio for the insurance segment was 95%, slightly up from 94% in Q1 2023, primarily due to a higher attritional loss ratio in US General Liability and Professional Liability [52][55] Market Data and Key Metrics Changes - The company experienced high single-digit to low double-digit rate increases across most product classes in Casualty Lines, although there was a mild softening in the international portfolio [5][77] - The international professional liability and marine and energy product lines showed favorable development in Q1 2024 [31] Company Strategy and Development Direction - The company is focused on improving the overall health of its insurance operations through corrective underwriting actions, particularly in US Specialty Insurance [4] - Markel is committed to long-term performance, emphasizing a disciplined approach to portfolio management and exiting unprofitable product lines [12][36] - The company continues to repurchase shares, with $161 million in buybacks in Q1 2024, nearly doubling the amount from the previous year [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the effectiveness of recent underwriting actions and the potential for improved combined ratio results over time [37][61] - The company remains cautious in its reserving practices, especially for longer-tail product classes, while also increasing reserve margins for new business [59] - Management highlighted the importance of long-term thinking and the resilience of the diversified income streams from insurance, ventures, and investments [137] Other Important Information - The company updated its press release format to include five years of data, reflecting its commitment to long-term performance metrics [24] - Net investment gains were reported at $902 million in Q1 2024, with a return of 9.8% on the public equity portfolio [11] Q&A Session Summary Question: Can you comment on the loss development in General Liability and Professional Liability? - Management noted that there was little unexpected movement in these areas, with favorable prior year development primarily in international professional lines [64] Question: What is the outlook for reserves given recent adverse developments? - Management indicated a cautious approach, focusing on improving profitability in underperforming lines without expecting further product exits [90] Question: Can you elaborate on the combined ratio being above target? - Management expects improvement over the year as actions taken to exit unprofitable products begin to yield results [92] Question: How is the pricing environment in the casualty market? - Management confirmed ongoing modest rate increases across the diversified product portfolio, with some lines experiencing stronger pricing than others [142] Question: What is the differentiation between the International and U.S. books? - Management highlighted differences in client profiles and product offerings, with a more cautious approach to the international portfolio based on recent performance [151]
Compared to Estimates, Markel Group (MKL) Q1 Earnings: A Look at Key Metrics
Zacks Investment Research· 2024-05-02 02:01
For the quarter ended March 2024, Markel Group (MKL) reported revenue of $3.56 billion, up 9% over the same period last year. EPS came in at $18.17, compared to $17.35 in the year-ago quarter.The reported revenue represents a surprise of -1.51% over the Zacks Consensus Estimate of $3.62 billion. With the consensus EPS estimate being $18.50, the EPS surprise was -1.78%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their ...
Markel Group reports 2024 first quarter results
Prnewswire· 2024-05-01 20:36
RICHMOND, Va., May 1, 2024 /PRNewswire/ -- Markel Group Inc. (NYSE:MKL) today reported its financial results for the first quarter of 2024. The Company also announced today it filed its Form 10-Q for the quarter ended March 31, 2024 with the Securities and Exchange Commission. Markel Group aspires to build one of the world's great companies and deploys three financial engines in pursuit of this goal: Insurance, Investments and Markel Ventures. "We are pleased with the overall performance of our businesses a ...
Markel (MKL) - 2024 Q1 - Quarterly Report
2024-05-01 20:31
UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from _______ to _______ Commission File Number: 001-15811 _________________________________________ Table of Contents Washington, D.C. 20549 ___________________________________________ FORM 10-Q ______________________________________________________________________________________ ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securi ...
Markel Group (MKL) Q1 Earnings on the Horizon: Analysts' Insights on Key Performance Measures
Zacks Investment Research· 2024-04-22 14:22
Wall Street analysts expect Markel Group (MKL) to post quarterly earnings of $18.50 per share in its upcoming report, which indicates a year-over-year increase of 6.6%. Revenues are expected to be $3.62 billion, up 10.7% from the year-ago quarter.The consensus EPS estimate for the quarter has undergone a downward revision of 1.9% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe.Prior to ...
Markel promotes Chloe Gordge to Head of Terrorism in London
Prnewswire· 2024-04-18 09:30
LONDON, April 18, 2024 /PRNewswire/ -- Markel, the insurance operations within Markel Group Inc. (NYSE: MKL) has promoted Chloe Gordge to Head of Terrorism in London, effectively immediately. This decision underlines Markel's commitment to the terrorism market by investing in top-tier talent, as the business positions itself for further profitable growth across its portfolios in Asia, London, and the United States (US). Gordge joined the organisation as an Underwriting Assistant more than 11 years ago, duri ...