Markel (MKL)
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Markel (MKL) - 2020 Q4 - Annual Report
2021-02-18 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Commission File Number 001-15811 MARKEL CORPORATION (Exact name of registrant as specified in its charter) A Virginia Corporation IRS Employer Identification No. 54-1959284 4521 Highwoods Parkway, Glen Allen, Virginia 23060-6148 (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code: (804) 747-0136 Securities registered pursuant to Section 12(b) of the Act: | Title of each class | Trading ...
Markel (MKL) - 2020 Q4 - Earnings Call Transcript
2021-02-03 17:17
Markel Corporation (NYSE:MKL) Q4 2020 Earnings Conference Call February 3, 2021 9:30 AM ET Company Participants Thomas Gayner - Co-CEO Jeremy Noble - SVP & CFO Richie Whitt - Co-CEO Conference Call Participants Philip Stefano - Deutsche Bank Jeff Schmitt - William Blair John Fox - Fenimore Asset Management Mark Dwelle - RBC Capital Markets Mark Hughes - Truist Securities Operator Good morning and welcome to Markel Corporation Fourth Quarter 2020 Conference Call. All participants will be in a listen-only mod ...
Markel (MKL) - 2020 Q3 - Earnings Call Transcript
2020-10-28 18:49
Markel Corporation (NYSE:MKL) Q3 2020 Earnings Conference Call October 28, 2020 9:30 AM ET Company Participants Thomas S. Gayner - Co-CEO Jeremy A. Noble - SVP & CFO Richard R. Whitt, III - Co-CEO Conference Call Participants Philip Stefano - Deutsche Bank Jeff Schmitt - William Blair Mark Dwelle - RBC Capital Markets John Fox - Fenimore Asset Management Unidentified Analyst - Robert Farnam - Boenning & Scattergood Operator Good morning and welcome to Markel Corporation Third Quarter 2020 Conference Call. ...
Markel (MKL) - 2020 Q3 - Quarterly Report
2020-10-27 20:32
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________________ FORM 10-Q ______________________________________________________________________________________ ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended September 30, 2020 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from _______ to _______ Commission File ...
Markel (MKL) - 2020 Q2 - Earnings Call Transcript
2020-07-29 17:52
Financial Data and Key Metrics Changes - Gross written premiums increased to $3.7 billion for the first half of 2020, up 12% from $3.3 billion in 2019, primarily driven by the insurance segment which saw a 16% increase to $3 billion [14][15] - The consolidated combined ratio for the first six months of 2020 was 103%, compared to 95% in 2019, while the second quarter ratio improved to 88% from 95% a year ago [15][16] - A net loss to common shareholders of $484 million was reported for the first half of 2020, compared to net income of $1.1 billion in the same period last year [26] Business Line Data and Key Metrics Changes - The insurance segment's gross written premiums for the second quarter were up 14% year-over-year, with a combined ratio of 88% compared to 95% last year [36][37] - The reinsurance segment's gross written premiums remained flat year-over-year, with a combined ratio of 90% for the second quarter, down from 96% [40][42] - Revenues from Markel Ventures increased to $1.2 billion for the first half of 2020, up from $1.1 billion last year, with EBITDA rising to $173 million from $160 million [24][58] Market Data and Key Metrics Changes - The company noted a hard market for most insurance and reinsurance lines, with significant rate increases observed in general liability, professional liability, and property lines [46][72] - Double-digit rate increases were reported in several lines, with property rates approaching 20% [72] Company Strategy and Development Direction - The company aims to support growth in its insurance operations, viewing it as the best capital allocation decision amid current market conditions [51][56] - There is a focus on writing more and better-priced insurance business, with a commitment to maintaining a strong balance sheet and liquidity [30][56] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the unprecedented challenges posed by COVID-19 but expressed optimism about the company's ability to adapt and recover [7][33] - The company expects to continue seeing opportunities in the specialty insurance marketplace, despite uncertainties related to the pandemic [13][30] Other Important Information - The company issued $600 million of preferred shares to enhance liquidity and capital position in response to COVID-19 uncertainties [29][102] - The effective tax rate for the first half of 2020 was 21%, down from 22% in 2019 [26] Q&A Session Summary Question: Outlook for the ILS business - Management expressed a positive outlook for the ILS business, noting an uptick in conversations and potential mandates as market conditions stabilize [63][64] Question: Impact of social inflation on general liability - Management acknowledged ongoing concerns about social inflation but indicated that current rate increases are outpacing potential impacts [65][66] Question: Pricing trends in Workers' Compensation - Management noted that while pricing has been under pressure, it is moderating, and the impact of COVID-19 on premium volume is significant [68][69] Question: Details on rate environment and growth opportunities - Management highlighted double-digit rate increases in general liability and professional liability, with solid growth in these areas [72][74] Question: COVID-19 related losses and underwriting practices - Management confirmed a moratorium on writing event cancellation policies and a cautious approach to property exposure due to COVID-19 [98][99] Question: Recent acquisitions and their impact on revenues - Management indicated that revenues from recent acquisitions contributed positively, but underlying businesses faced challenges, with a noted decline in same-store revenues [100]
Markel (MKL) - 2020 Q2 - Quarterly Report
2020-07-28 20:39
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________________ FORM 10-Q ______________________________________________________________________________________ ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended June 30, 2020 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from _______ to _______ Co ...
Markel (MKL) - 2020 Q1 - Earnings Call Transcript
2020-04-29 18:37
Markel Corp (NYSE:MKL) Q1 2020 Earnings Conference Call April 29, 2020 9:30 AM ET Company Participants Thomas Gayner - Co-CEO & Director Jeremy Noble - SVP & CFO Richard Whitt - Co-CEO & Director Conference Call Participants Mark Hughes - SunTrust Robinson Humphrey Philip Stefano - Deutsche Bank Ronald Bobman - Capital Returns Jeffrey Schmitt - William Blair & Company John Fox - Fenimore Asset Management Mark Dwelle - RBC Capital Markets Robert Hauff - Wells Fargo Securities Operator Good morning, and welco ...
Markel (MKL) - 2020 Q1 - Quarterly Report
2020-04-28 20:43
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION (I.R.S. Employer Identification No.) Washington, D.C. 20549 ___________________________________________ FORM 10-Q ______________________________________________________________________________________ ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended March 31, 2020 or ☐Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transit ...
Markel (MKL) - 2019 Q4 - Annual Report
2020-02-21 21:46
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2019 Commission File Number 001-15811 Registrant's telephone number, including area code: (804) 747-0136 Securities registered pursuant to Section 12(b) of the Act: | Title of each class | Trading Symbol(s) | Name of exchange on which registered | | --- | --- | --- | | Common Stock, no p ...
Markel (MKL) - 2019 Q4 - Earnings Call Transcript
2020-02-05 20:43
Markel Corporation (NYSE:MKL) Q4 2019 Earnings Conference Call February 5, 2020 9:30 AM ET Company Participants Tom Gayner ??? Co-Chief Chief Executive Officer Jeremy Noble ??? Chief Financial Officer Richie Whitt ??? Co-Chief Chief Executive Officer Conference Call Participants Phil Stefano ??? Deutsche Bank Jeff Schmitt ??? William Blair Mark Hughes ??? SunTrust John Fox ??? Fenimore Asset Management Scott Heleniak ??? RBC Capital Markets Operator Good morning, and welcome to the Markel Corporation Fourth ...