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Hsbc Holdings PLC increased its holdings in Markel Group Inc. (NYSE:MKL – Free Report) by 18.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,966 shares of the insurance provider’s stock after acquiring an additional 5,269 shares during the period. Hsbc Holdings PLC owned about 0.27% of Markel Group worth $66,423,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. Brighton Jones LLC purchased a new position in Markel Group in the fourth quarter valued at about $236,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Markel Group by 13.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 109 shares of the insurance provider’s stock valued at $204,000 after buying an additional 13 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Markel Group by 9.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 34,704 shares of the insurance provider’s stock valued at $64,883,000 after buying an additional 3,083 shares in the last quarter. Empowered Funds LLC increased its holdings in Markel Group by 49.1% in the first quarter. Empowered Funds LLC now owns 416 shares of the insurance provider’s stock worth $778,000 after buying an additional 137 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new position in Markel Group in the second quarter worth approximately $463,000. 77.12% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth A number of research firms have issued reports on MKL. Wall Street Zen upgraded shares of Markel Group from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. Weiss Ratings upgraded shares of Markel Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, August 17th. Finally, Wolfe Research initiated coverage on shares of Markel Group in a report on Wednesday, July 1st. They set an “underperform” rating on the stock. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $2,025.00.

View Our Latest Stock Analysis on Markel Group MKL stock opened at $1,828.12 on Tuesday. The stock has a market capitalization of $22.65 billion, a price-to-earnings ratio of 10.05 and a beta of 0.65. The company has a 50-day moving average of $1,893.22 and a two-hundred day moving average of $1,900.77. Markel Group Inc. has a 52-week low of $1,719.41 and a 52-week high of $2,207.59. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.63 and a quick ratio of 0.63.

Markel Group Company Profile (Free Report)

Markel Group (NYSE: MKL) is a diversified insurance holding company best known for underwriting specialty insurance products. Founded in 1930 and headquartered in Richmond, Virginia, the company provides a wide range of commercial property and casualty coverages tailored to niche and hard-to-place risks. Its underwriting operations focus on specialty lines across multiple industries, delivering customized policy structures, program administration, and claims management services for complex exposures.

In addition to primary specialty insurance, Markel operates reinsurance and alternative risk-transfer activities and manages invested assets derived from underwriting float.

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Key Takeaways MKL is partnering with Midwest to expand small-business workers' compensation coverage in California.Midwest's online quoting and established platform could help Markel reach smaller accounts more efficiently.MKL can use Midwest's data-driven approach to improve risk selection and pricing amid rising cost pressures. Markel Group (MKL - Free Report) is expanding its workers' compensation business in California through a collaboration with Midwest General Insurance Agency, a subsidiary of Acrisure.

The partnership will focus on small-business workers' compensation coverage. Midwest brings more than 20 years of experience in the California market and offers online quoting capabilities, which could help Markel access smaller accounts more efficiently.

The move could support Markel's insurance business by expanding its addressable market in one of the largest and most competitive workers' compensation markets in the United States. Midwest already has capabilities spanning marketing, underwriting, policy issuance, claims and loss control. This established platform could allow Markel to broaden its reach without having to develop an entirely new distribution infrastructure.

However, California's workers' compensation market is facing rising cost pressures. The state adopted an average advisory pure premium rate that is 6.6% higher than the 2025 level, effective Sept. 1, 2026.  This makes disciplined underwriting particularly important for Markel as it expands its business in the state.

Midwest's data-driven approach to account selection could benefit Markel. Better risk selection and appropriate pricing for rising medical and claims costs can help the insurer grow premiums while maintaining underwriting discipline.

The collaboration gives Markel an efficient avenue to expand its small-business workers' compensation portfolio in California and could support premium growth over the long term.

What About Its Peers?The Travelers Companies, Inc. (TRV - Free Report) has expanded its digital small-business quoting capabilities, making workers’ compensation available through its platform in more than 30 states. Its use of data and analytics can help improve risk selection and streamline policy issuance.

Berkshire Hathaway Inc. (BRK.B - Free Report) , through its GUARD business, has also been expanding its workers’ compensation business through partnerships. In 2025, GUARD partnered with London Underwriters to allow agencies to quote and bind its workers’ compensation policies through the LU One digital platform. GUARD also works with hundreds of payroll-service partners to distribute its workers’ compensation products.

MKL’s Price PerformanceShares of MKL have lost 5.3% in the past year against the industry’s growth of 8.8%.

Image Source: Zacks Investment Research

MKL’s UndervaluationThe stock is undervalued compared with its industry. Its forward price-to-book value of 1.19X is lower than the industry average of 2.70X. It carries a Value Score of B.

Image Source: Zacks Investment Research

Estimate Movement for MKLThe Zacks Consensus Estimate for Markel’s 2026 earnings per share (EPS) indicates a year-over-year increase of 13.5%.

The consensus estimate for revenues is pegged at $15.9 billion, implying a year-over-year improvement of 3.9%.

The consensus estimate for 2027 EPS and revenues indicates an increase of 9.9% and 1.2%, respectively, from the corresponding 2026 estimates.

The Zacks Consensus Estimate for 2026 and 2027 earnings have moved 0.7% and 1% south, respectively, over the last 30 days.

Image Source: Zacks Investment Research

MKL stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

, /PRNewswire/ -- Markel, the insurance operations within Markel Group Inc. (NYSE: MKL), announced today a strategic collaboration with Midwest General Insurance Agency, LLC ("Midwest"), a subsidiary of Acrisure, to expand its workers compensation insurance offerings in California. Midwest is a full-service general insurance agency specializing in the small workers compensation sector and offers online quoting that is fast, simple, and easy for its trusted agency partners.

This initiative follows Markel's disciplined approach to growth in the workers compensation space. Markel identified Midwest as a strong fit, recognizing its deep experience in the California workers compensation insurance market, with more than 20 years of experience operating in a managing general agency (MGA) structure.

"Midwest's data-driven approach to account selection aligns perfectly with Markel and our commitment to growing the book profitably," said Mike Muma, Managing Director, Workers Compensation and Small Commercial Product at Markel. "We have long been impressed not only by how they have managed long-term successful carrier relationships but also by their fundamental understanding of the California workers compensation insurance market. This collaboration represents a carefully considered step to expand our reach in California."

As a full-service MGA, Midwest has established turnkey capabilities across marketing, underwriting, policy issuance, claims, and loss control.

"We have long admired Markel in the California workers compensation market and are excited to collaborate," said Max Carney, CEO and Founder, Midwest. "Between their deep knowledge of the California marketplace and our shared vision for risk selection and client service, we anticipate a strong and successful collaboration."

Markel has long recognized the critical role that America's small businesses play in supporting the nation's economy. This collaboration underscores Markel's respect for these businesses, their employees, and their families by reflecting a shared commitment to the communities where they operate.

About Markel
We are Markel, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people—and the deep, valued relationships they develop with colleagues, brokers and clients—that differentiates us worldwide. 

About Midwest General Insurance Agency, LLC
Midwest General Insurance Agency, LLC ("Midwest"), also known as Illinois Midwest Insurance Agency, LLC (IMIA), operates as a full-service general insurance agency and has utilized and sustained quality carrier partnerships since 2005. IMIA delivers outstanding performance and believes in service beyond expectation. We succeed through a constant desire to anticipate and fulfill evolving Agency Partner and Policyholder needs. The honesty, intelligence, and commitment of our people are vital to our mission. We take great pride in the company and respect everyone's contribution at every level. Exemplary Agency Partner relationships drive our growth and prosperity. Learn more at www.midins.com.

SOURCE Markel

A month has gone by since the last earnings report for Markel Group (MKL - Free Report) . Shares have lost about 4.3% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Markel Group due for a breakout? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent drivers for Markel Group Inc. before we dive into how investors and analysts have reacted as of late.

MKL Q2 Earnings Miss Estimates on Weak Industrial, Financial Units

Markel Group Inc. reported second-quarter 2026 adjusted operating income of $19.5 per share, which missed the Zacks Consensus Estimate by 34.84%. The bottom line deteriorated 25% year over year. Markel’s second-quarter results reflected improved insurance underwriting performance and higher net investment income, which were offset by lower adjusted operating income in the Industrial and Financial segments.

MKL’s Quarterly Operational UpdateTotal operating revenues were $4.01 billion in Q2 2026, a decline of about 0.1% year over year, surpassing the Zacks Consensus Estimate by 8.6%. Earned premiums decreased 3% year over year to $2 billion in the second quarter. The figure was lower than the Zacks Consensus Estimate of $2.1 billion.

Net investment income increased 11.4% year over year to $256.1 million in the second quarter, driven by higher interest income from fixed maturity securities and higher dividend income from equity securities. The figure was lower than the Zacks Consensus Estimate of $262 million. Total operating expenses of Total operating expenses of Markel Group increased 3.7% year over year to $3.6 billion due to higher product expenses, services and other expenses.

MKL’s Q2 Segment UpdateMarkel Insurance: Operating revenues decreased 2% year over year to $2.2 billion. Adjusted operating income rose 40% year over year to $376.5 million. The combined ratio improved 400 bps year over year to 93%.

Industrial: Operating revenues rose 2% year over year to $1 billion. Adjusted operating income decreased 27% year over year to $75.4 million.

Financial: Operating revenues decreased 1% year over year to $171.3 million. The segment reported an adjusted operating loss of $148.9 million against the adjusted operating income of $78.4 million in the year-ago quarter.

Consumer and Other: Operating revenues increased 4% year over year to $552 million. Adjusted operating income rose 20% year over year to $122.1 million.

MKL’s Financial UpdateMarkel Group exited the second quarter with investments, cash and cash equivalents and restricted cash and cash equivalents of $37.6 billion as of June 30, 2026, up 0.4% from the year-end 2025 level. The increase in invested assets was primarily driven by higher investment balances, partially offset by lower cash and cash equivalents. Senior long-term debt and other debt balance increased 1.5% to $4.4 billion as of June 30, 2026, from the year-end 2025 level. Shareholders' equity was $19 billion at the end of the second quarter of 2026, up 2.2% from the 2025-end level. During the first half of 2026, MKL repurchased common shares worth $370.7 million.

How Have Estimates Been Moving Since Then?It turns out, fresh estimates have trended downward during the past month.

VGM ScoresAt this time, Markel Group has a poor Growth Score of F, however its Momentum Score is doing a bit better with a D. However, the stock has a score of B on the value side, putting it in the top 40% for value investors.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of this revision indicates a downward shift. Notably, Markel Group has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Advisors Capital Management LLC bought a new stake in shares of Markel Group Inc. (NYSE:MKL – Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 348 shares of the insurance provider’s stock, valued at approximately $680,000.

Several other institutional investors have also recently added to or reduced their stakes in MKL. Fideuram Asset Management Ireland dac acquired a new stake in shares of Markel Group during the 4th quarter worth approximately $26,000. Reflection Asset Management bought a new stake in shares of Markel Group during the 4th quarter worth about $26,000. Measured Wealth Private Client Group LLC bought a new stake in Markel Group during the third quarter worth approximately $29,000. Basepoint Wealth LLC acquired a new stake in Markel Group in the fourth quarter worth approximately $32,000. Finally, Kelleher Financial Advisors acquired a new stake in Markel Group in the third quarter worth approximately $38,000. 77.12% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets Several brokerages recently weighed in on MKL. Truist Financial decreased their target price on Markel Group from $2,100.00 to $1,950.00 and set a “hold” rating for the company in a research note on Thursday, April 30th. Wolfe Research assumed coverage on shares of Markel Group in a research note on Wednesday, July 1st. They set an “underperform” rating for the company. Wall Street Zen upgraded shares of Markel Group from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. Finally, Weiss Ratings upgraded shares of Markel Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Markel Group has an average rating of “Hold” and a consensus price target of $2,025.00.

Check Out Our Latest Analysis on Markel Group Markel Group Price Performance NYSE:MKL opened at $1,791.88 on Friday. The company has a fifty day moving average price of $1,907.86 and a 200 day moving average price of $1,921.68. Markel Group Inc. has a one year low of $1,719.41 and a one year high of $2,207.59. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.63 and a quick ratio of 0.63. The stock has a market cap of $22.20 billion, a P/E ratio of 9.85 and a beta of 0.66.

About Markel Group (Free Report)

Markel Group (NYSE: MKL) is a diversified insurance holding company best known for underwriting specialty insurance products. Founded in 1930 and headquartered in Richmond, Virginia, the company provides a wide range of commercial property and casualty coverages tailored to niche and hard-to-place risks. Its underwriting operations focus on specialty lines across multiple industries, delivering customized policy structures, program administration, and claims management services for complex exposures.

In addition to primary specialty insurance, Markel operates reinsurance and alternative risk-transfer activities and manages invested assets derived from underwriting float.

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Update! What Is Congress Trading So Far In 2025? Markel Group NYSE: MKL reported second-quarter adjusted operating income of $436 million, down from $578 million a year earlier, while net income to common shareholders rose to $1.2 billion, or $93 per diluted share, from $631 million, or $50 per diluted share. The company said quarterly net income was aided by $1.2 billion of net investment gains, which more than offset investment losses recorded in the first quarter.

Operating revenue, excluding net investment gains, was flat at $4 billion in the quarter. For the first half of 2026, adjusted operating income totaled $934 million, compared with $1.1 billion in the prior-year period, while net income to common shareholders increased to $957 million from $753 million.

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Buffett's latest portfolio additions, trims and cuts in Q3Chief Executive Officer Tom Gayner said the company evaluates near-term progress using adjusted operating income, which excludes public-equity market swings and amortization expense, while using a longer time horizon to assess operating performance and capital allocation.

For the five years ended June 2026, Gayner said average annual operating income was $2.5 billion, up from $1.2 billion in the prior five-year period, representing a 15% compound annual growth rate. Average operating income per share rose at a 16% compound annual rate to $188.94, while the company reduced its outstanding share count by just under 10% over the period.

Insurance underwriting improved, despite catastrophe losses Don't Overlook Hidden Gem Kinsale As Rallies To New HighsMarkel Insurance reported a 93% combined ratio for the fourth consecutive quarter, improving from 97% in the second quarter of 2025. The result reflected favorable prior-year reserve development and a slightly lower expense ratio, partly offset by $41 million, or 2 points on the combined ratio, of catastrophe losses tied to the Middle East conflict.

Underwriting gross written premiums declined to $2.4 billion from $2.8 billion. However, premiums grew 10% excluding the company’s exit from Global Reinsurance and the transition of its Hagerty program to a fronting model. Adjusted operating income in the insurance operation rose to $376 million from $270 million, supported by improved underwriting profitability and higher net investment income.

International gross written premiums rose 31% to $890 million, led by marine and energy, general liability, and professional liability. Its combined ratio was 82%, including 6 points of Middle East-related losses. U.S. wholesale and specialty premiums fell 4% to $799 million amid intentional reductions in binding contractors and casualty lines and softer property pricing. Its combined ratio improved to 97% from 102%. Programs and solutions premiums fell 27% to $717 million due primarily to the Hagerty shift. Excluding that effect, premiums grew 6%. The combined ratio increased to 94% from 91%, reflecting a higher accident-year loss ratio in personal umbrella and certain delegated programs. Markel Insurance CEO Simon Wilson said the company has prioritized “the sanity of bottom-line profit over the vanity of top-line growth.” He said the insurer has reorganized into three divisions and 14 business units, each with assigned leadership and financial and strategic plans.

Wilson also described a series of technology initiatives, including the launch of Cortex, a new business unit focused on hard-to-place U.S. casualty risks. Markel partnered with Bain & Co. on the initiative. The insurer also said it has applied agentic AI to six classes of business totaling more than $500 million of existing gross written premiums, with initial risk-assessment time declining by 50% to 90%, depending on the line of business.

State National charge weighs on financial segment The financial segment recorded an adjusted operating loss of $149 million in the quarter, compared with adjusted operating income of $78 million a year earlier. The decline stemmed primarily from a $205 million bad-debt charge at State National, related to a collateral shortfall associated with a capacity provider in bankruptcy.

Gayner said the affected business began in 2012 and Markel stopped writing on the programs in 2021. He described the event as State National’s first substantial credit loss in more than 40 years and said Markel’s reserve estimate was intended to be conservative.

During the question-and-answer session, Chief Financial Officer Brian Costanzo said the company obtained more granular program data, completed an internal actuarial review and engaged an outside third party. The business was primarily primary habitational casualty, with a smaller excess-casualty component concentrated in a handful of states.

Gayner said the collateral itself was sound, but loss estimates had developed faster than the collateral level. Executive Vice President Andrew Crowley added that the company’s review would result in collateral increases from other financially healthy reinsurers for similar lines of business.

Investments, consumer operations and capital allocation Net investment income increased 11% to $256 million, reflecting a higher average book yield and larger average fixed-maturity balances. The fair value of Markel’s public-equity portfolio rose to $13.5 billion at quarter-end from $12.3 billion at the end of the first quarter. The company reported cumulative pretax unrealized gains of $9.3 billion on its equity holdings.

Industrial revenue increased 2% to $1 billion, supported by a December 2025 bolt-on acquisition, while adjusted operating income declined to $75 million from $105 million. Costanzo cited tighter margins and softer demand in the car-hauling equipment business. Crowley said the segment was also affected by cyclical declines in car hauling and industrial bakery equipment, as well as long-term selling, general and administrative investments at some businesses.

Consumer and other segment revenue rose 4% to $552 million, driven by ornamental plants during its seasonally strongest period. Adjusted operating income increased to $122 million from $102 million, primarily due to higher sales volume.

Markel repurchased $237 million of its shares during the quarter and $371 million year to date, reducing shares outstanding to 12.4 million. Gayner said the company has repurchased more than $2 billion of stock since the start of 2022 and funded the buybacks through earnings rather than borrowing.

About Markel Group (NYSE:MKL)Markel Group NYSE: MKL is a diversified insurance holding company best known for underwriting specialty insurance products. Founded in 1930 and headquartered in Richmond, Virginia, the company provides a wide range of commercial property and casualty coverages tailored to niche and hard-to-place risks. Its underwriting operations focus on specialty lines across multiple industries, delivering customized policy structures, program administration, and claims management services for complex exposures.

In addition to primary specialty insurance, Markel operates reinsurance and alternative risk-transfer activities and manages invested assets derived from underwriting float.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Posted by Defense World Staff on Jul 30th, 2026

Markel Group (NYSE:MKL – Get Free Report) and Great Elm Group (NASDAQ:GEG – Get Free Report) are both multi-sector conglomerates companies, but which is the superior business? We will compare the two businesses based on the strength of their profitability, institutional ownership, earnings, analyst recommendations, risk, dividends and valuation.

Profitability This table compares Markel Group and Great Elm Group’s net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets Markel Group 10.85% 7.90% 2.10% Great Elm Group -100.48% -54.63% -25.87% Volatility & Risk Markel Group has a beta of 0.66, meaning that its stock price is 34% less volatile than the S&P 500. Comparatively, Great Elm Group has a beta of 0.57, meaning that its stock price is 43% less volatile than the S&P 500.

Analyst Ratings This is a summary of current ratings and target prices for Markel Group and Great Elm Group, as reported by MarketBeat.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Markel Group 1 5 0 0 1.83 Great Elm Group 1 0 0 0 1.00 Markel Group presently has a consensus target price of $2,025.00, suggesting a potential upside of 0.22%. Given Markel Group’s stronger consensus rating and higher possible upside, equities research analysts plainly believe Markel Group is more favorable than Great Elm Group.

Insider & Institutional Ownership 77.1% of Markel Group shares are owned by institutional investors. Comparatively, 52.8% of Great Elm Group shares are owned by institutional investors. 1.1% of Markel Group shares are owned by company insiders. Comparatively, 49.7% of Great Elm Group shares are owned by company insiders. Strong institutional ownership is an indication that endowments, hedge funds and large money managers believe a company is poised for long-term growth.

Earnings and Valuation This table compares Markel Group and Great Elm Group”s top-line revenue, earnings per share (EPS) and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Markel Group $15.51 billion 1.63 $2.11 billion $138.77 14.56 Great Elm Group $16.32 million 4.21 $12.89 million ($0.82) -2.67 Markel Group has higher revenue and earnings than Great Elm Group. Great Elm Group is trading at a lower price-to-earnings ratio than Markel Group, indicating that it is currently the more affordable of the two stocks.

Summary Markel Group beats Great Elm Group on 11 of the 13 factors compared between the two stocks.

About Markel Group (Get Free Report)

Markel Group Inc., a diverse holding company, engages in marketing and underwriting specialty insurance products in the United States, Bermuda, the United Kingdom, and Germany. The company offers general and professional liability, personal lines, marine and energy, specialty programs, and workers' compensation insurance products; and property coverages that include fire, allied lines, and other specialized property coverages, including catastrophe-exposed property risks, such as earthquake and wind. It also offers credit and surety products, and collateral protection insurance products. In addition, the company offers transaction, directors and officers, and healthcare liability reinsurance; and specialty treaty reinsurance products comprising credit and surety, workers' compensation, marine and energy, public entity, mortgage default, aviation and space, agriculture, and discrete political violence and national terror pools. Further, it provides construction services, consumer and building products, transportation-related products, consulting services, and equipment manufacturing products, as well as healthcare, leasing, and investment services. Additionally, the company operates as an insurance and investment fund manager offering a range of investment products, including insurance-linked securities, catastrophe bonds, insurance swaps, traditional reinsurance contracts, industry loss warranties and other financial instruments; and program services. It also manages funds with third parties. The company was formerly known as Markel Corporation and changed its name to Markel Group Inc. in May 2023. Markel Group Inc. was founded in 1930 and is based in Glen Allen, Virginia.

About Great Elm Group (Get Free Report)

Great Elm Group, Inc. operates as a asset management company. The company engages in credit, real estate, and finance businesses. It is also involved in business development related activities and offers investment management services. The company was formerly known as Great Elm Capital Group, Inc. and changed its name to Great Elm Group, Inc. in December 2020. Great Elm Group, Inc. was incorporated in 1994 and is headquartered in Waltham, Massachusetts.

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, /PRNewswire/ -- Markel Group Inc. (NYSE: MKL) today reported its financial results for the second quarter of 2026. The Company also announced today it filed its Form 10-Q for the quarter ended June 30, 2026 with the Securities and Exchange Commission.

"In the first half of 2026, our insurance underwriting improved, our businesses generated strong cash flow, and we continued to allocate capital with discipline, including ongoing share repurchases funded from net earnings," said Tom Gayner, Chief Executive Officer. "Also, our diversified array of businesses generated nearly $1 billion of adjusted operating income. For the balance of 2026, the improvement of our insurance operations should continue."

Highlights of our 2026 second quarter and six-months results:

Operating revenues were $4.0 billion in the quarter and $7.6 billion year to date, both of which are consistent with the comparable periods of 2025. Operating income, which includes market movements in our equity portfolio, was $1.6 billion in the quarter and $1.3 billion year to date. Adjusted operating income, which excludes market movements in our equity portfolio, was $436 million for the quarter compared to $578 million in the second quarter of 2025. Adjusted operating income was $934 million year to date compared to $1.1 billion in the first half of 2025. Share repurchases were $237 million in the quarter and $371 million year to date. For Markel Insurance, our cornerstone business:
Underwriting gross premium volume increased by 10% for both the quarter and year to date when excluding the impact of the sale of the renewal rights of our Global Reinsurance division in 2025 and the transition of our Hagerty business to a fronting arrangement in 2026. Adjusted operating income increased 40% for the quarter to $376 million, due to improved underwriting profitability and higher net investment income, reflecting the continued progress on our reorganization and refocused strategy, which began last year. The combined ratio for the quarter was 93%, which includes two points of losses related to the Middle East conflict and a two point unfavorable impact from our exited Global Reinsurance division. The following table presents summary consolidated financial data.

Quarter Ended June 30,

Six Months Ended June 30,

(dollars in thousands)

2026

2025

2026

2025

Operating revenues

$  4,018,437

$    4,022,543

$  7,569,042

$    7,570,719

Operating income

$  1,560,345

$    1,107,340

$  1,287,016

$    1,389,864

Add: Amortization of acquired intangible assets

43,301

51,213

86,814

98,155

Less: Net investment gains

1,167,525

580,223

439,963

431,152

Adjusted operating income (1)

$     436,121

$       578,330

$     933,867

$    1,056,867

Comprehensive income to shareholders

$  1,101,325

$       867,511

$     760,895

$    1,215,181

(1) See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure.

Markel Insurance Segment

Quarter Ended June 30,

Six Months Ended June 30,

(dollars in thousands)

2026

2025

% Change

2026

2025

% Change

Gross premium volume:

Underwriting

$ 2,387,090

$   2,808,823

(15) %

$ 4,602,663

$   5,602,229

(18) %

Adjusted underwriting (1)

$ 2,402,318

$   2,183,041

10 %

$ 4,595,311

$   4,179,593

10 %

Fronting

$ 1,282,026

$   1,293,649

(1) %

$ 1,869,448

$   1,671,794

12 %

Operating revenues:

Earned premiums

$ 1,992,361

$   2,063,622

(3) %

$ 3,961,700

$   4,080,161

(3) %

Net investment income

231,223

207,728

11 %

460,842

415,245

11 %

Services and other revenues

10,330

8,283

25 %

13,057

10,903

20 %

Operating revenues

$ 2,233,914

$   2,279,633

(2) %

$ 4,435,599

$   4,506,309

(2) %

Adjusted operating income:

Underwriting profit

$    142,119

$       63,200

125 %

$   284,368

$     143,362

98 %

Net investment income

231,223

207,728

11 %

460,842

415,245

11 %

Services and other income

3,148

(1,173)

NM (2)

770

(6,737)

NM (2)

Adjusted operating income

$    376,490

$     269,755

40 %

$   745,980

$     551,870

35 %

Combined ratio

93 %

97 %

93 %

96 %

(1) See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure.

(2) NM - Not meaningful.

Industrial Segment

Quarter Ended June 30,

Six Months Ended June 30,

(dollars in thousands)

2026

2025

% Change

2026

2025

% Change

Operating revenues

$  1,038,068

$    1,015,715

2 %

$  1,921,126

$    1,845,289

4 %

Adjusted operating income

$       75,434

$       103,513

(27) %

$    124,720

$       162,277

(23) %

Financial Segment

Quarter Ended June 30,

Six Months Ended June 30,

(dollars in thousands)

2026

2025

% Change

2026

2025

% Change

Operating revenues

$    171,348

$      172,852

(1) %

$    332,878

$      351,333

(5) %

Adjusted operating income (loss)

$   (148,940)

$        78,422

NM (1)

$   (112,735)

$      158,033

NM (1)

(1) NM - Not meaningful.

Consumer and Other Segment

Quarter Ended June 30,

Six Months Ended June 30,

(dollars in thousands)

2026

2025

% Change

2026

2025

% Change

Operating revenues

$    551,974

$      529,226

4 %

$    832,471

$      817,012

2 %

Adjusted operating income

$    122,146

$      101,523

20 %

$    161,901

$      133,911

21 %

* * * * * * * *

A copy of our Form 10-Q is available on our website at mklgroup.com, under Investor Relations-Financials, or on the SEC website at www.sec.gov. Readers are urged to review the Form 10-Q for a more complete discussion of our financial performance. Our quarterly conference call, which will involve discussion of our financial results and business developments and may include forward-looking information, will be held Thursday, July 30, 2026, beginning at 9:30 a.m. (Eastern Time). Investors, analysts, and the general public may listen to the call via live webcast at ir.mklgroup.com. The call may be accessed telephonically by dialing +1 (833) 461-5787 in the U.S., or +44 808 196 8935 internationally, and providing Meeting ID: 332 635 047. A replay of the call will be available on our website approximately one hour after the conclusion of the call. Any person needing additional information can contact Markel Group's Investor Relations Department at [email protected].

Supplemental Financial Information

Markel Group manages the business and assesses performance using a variety of performance metrics, each reflecting a different time horizon and serving a different purpose, rather than relying upon a single metric.

Short-term Performance Metrics

In analyzing our current period performance, we believe adjusted operating income is the best metric to assess the performance of our operating businesses. Adjusted operating income excludes the market value movement in our equity portfolio and amortization of acquired intangible assets.

The following table summarizes adjusted operating income by segment.

Quarter Ended June 30,

Six Months Ended June 30,

(dollars in thousands)

2026

2025

% Change

2026

2025

% Change

Markel Insurance

$    376,490

$      269,755

40 %

$    745,980

$      551,870

35 %

Industrial

75,434

103,513

(27) %

124,720

162,277

(23) %

Financial

(148,940)

78,422

NM (1)

(112,735)

158,033

NM (1)

Consumer and Other

122,146

101,523

20 %

161,901

133,911

21 %

Corporate and eliminations

10,991

25,117

(56) %

14,001

50,776

(72) %

Adjusted operating income (2)

$    436,121

$      578,330

(25) %

$    933,867

$   1,056,867

(12) %

(1)    NM - Not meaningful.

(2)    See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure.

Long-term Performance Metrics

We believe our financial performance is most meaningfully measured over longer periods of time, which helps mitigate the effects of short-term volatility and better aligns with the long-term perspective we apply to operating our businesses, making capital allocation decisions, and determining executive compensation.

The following tables present a long-term view of our performance over multiple time periods. These metrics drive the growth in intrinsic value per share.

Twelve Months Ended June 30,

(dollars in thousands)

2026

2025

2024

2023

2022

Operating revenues

$ 15,511,556

$ 14,988,029

$ 14,746,975

$ 13,888,418

$ 11,980,034

Operating income

$   3,092,004

$   3,356,660

$   2,950,634

$   2,847,678

$     201,819

Add: Amortization of acquired intangible assets

173,666

191,105

180,314

176,028

172,829

Add: Impairment of goodwill

—

—

—

80,000

—

Less: Net investment gains (losses)

1,084,892

1,466,107

1,439,228

1,174,399

(1,136,132)

Adjusted operating income (1)

$  2,180,778

$  2,081,658

$  1,691,720

$  1,929,307

$  1,510,780

(1) See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure.

Five-Year Period From

Five-Year

Compound Annual
Growth Rate

(dollars in thousands, except per share data)

Q3 2021 -

Q2 2026

Q3 2016 -

Q2 2021

Average operating income (1)

$      2,489,759

$      1,239,056

15 %

Average operating income per share (2)

$           188.94

$             88.99

16 %

Average adjusted operating income (1) (3)

$      1,878,849

$         805,208

18 %

Average shareholders' equity (4)

$    15,585,105

$    10,275,658

9 %

Average debt (4)

$      4,204,538

$      3,195,020

6 %

(in thousands)

June 30, 2026

June 30, 2021

% Change

Shares outstanding

12,409

13,734

(10) %

(1) Represents the average of the five trailing-twelve-month periods.

(2) Represents average operating income divided by the average of the quarterly weighted average diluted shares outstanding.

(3) See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure.

(4) Represents the average of quarter-end balances in the trailing five-year period.

Non-GAAP Financial Measures

Markel Group utilizes certain non-GAAP measures that we believe enhance the understanding of our performance. These measures should not be viewed as a substitute for measures determined in accordance with U.S. GAAP.

Consolidated Adjusted Operating Income

Consolidated adjusted operating income, which excludes net investment gains and losses, amortization of acquired intangible assets, and impairment of goodwill, is a non-GAAP financial measure. We believe adjusted operating income is generally an accurate representation of the operating performance of our businesses in our periodic results. Net investment gains and losses are predominantly derived from our investments in publicly traded equity securities and typically include significant unrealized gains and losses from market value movements. We believe that net investment gains and losses, whether realized from sales or unrealized from market value movements, are distortive in understanding the short-term operating performance of our businesses. We do not view amortization of intangible assets and impairment of goodwill, which arise from purchase accounting for acquisitions, as ongoing costs of operating our businesses, and therefore exclude those amounts from our adjusted operating income metric.

The following table reconciles average operating income to average adjusted operating income for the last two trailing-five-year periods.

Five-Year Period From

(dollars in thousands)

Q3 2021 -

Q2 2026

Q3 2016 -

Q2 2021

Average operating income

$          2,489,759

$          1,239,056

Add: Average amortization of acquired intangible assets

178,788

123,598

Add: Average impairment of goodwill and acquired intangible assets

16,000

43,584

Less: Average net investment gains

805,699

601,031

Average adjusted operating income

$          1,878,848

$           805,208

Adjusted Underwriting Gross Premium Volume

Adjusted underwriting gross premium volume is a non-GAAP measure that excludes underwriting gross premium volume from the Global Reinsurance division and our business with Hagerty for both periods. In August 2025, Markel Insurance sold the renewal rights for contracts written through its Global Reinsurance division, and the division entered into run-off, which resulted in a significant decline in underwriting gross premium volume. Beginning on January 1, 2026, Markel Insurance's business written on behalf of Hagerty transitioned from being an underwriting product to a fronting arrangement, which resulted in a change in the presentation of the related gross premium volume and therefore, a significant decline in underwriting gross premium volume. We believe adjusted underwriting gross premium volume is a meaningful measure when comparing underwriting gross premium volume from period-to-period as it adjusts for the impact of these significant contractual restructuring changes within the Markel Insurance segment.

The following table reconciles underwriting gross premium volume to adjusted underwriting gross premium volume.

Quarter Ended June 30,

Six Months Ended June 30,

(dollars in thousands)

2026

2025

% Change

2026

2025

% Change

Underwriting gross premium volume

$ 2,387,090

$   2,808,823

(15) %

$ 4,602,663

$   5,602,229

(18) %

Less: Global Reinsurance division
underwriting gross premium volume

(15,228)

321,676

7,352

898,603

Less: Hagerty underwriting gross premium
volume

—

304,106

—

524,033

Adjusted underwriting gross premium volume

$ 2,402,318

$   2,183,041

10 %

$ 4,595,311

$   4,179,593

10 %

About Markel Group
Markel Group Inc. is a diverse family of companies that includes everything from insurance to bakery equipment, building supplies, houseplants, and more. The leadership teams of these businesses operate with a high degree of independence, while at the same time living the values that we call the Markel Style. Our specialty insurance business sits at the core of our company. Through decades of sound underwriting, the Markel Insurance team has provided the capital base from which we built a system of businesses and investments that collectively increase Markel Group's durability and adaptability. It's a system that provides diverse income streams, access to a wide range of investment opportunities, and the ability to efficiently move capital to the best ideas across the company. Most importantly though, this system enables each of our businesses to advance our shared goal of helping our customers, associates, and shareholders win over the long term. Visit mklgroup.com to learn more.

Cautionary Statement
Certain of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. Statements that are not historical facts, including statements about our beliefs, plans or expectations, are forward-looking statements. These statements are based on our current plans, estimates, and expectations. There are risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by such statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Additional factors that could cause actual results to differ from those predicted are set forth in our Annual Report on Form 10-K for the year ended December 31, 2025, including under "Business Overview," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Safe Harbor and Cautionary Statement," and "Quantitative and Qualitative Disclosures About Market Risk," and in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, including under "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Safe Harbor and Cautionary Statement," "Quantitative and Qualitative Disclosures About Market Risk," and "Risk Factors." We assume no obligation to update this release (including any forward-looking statements) as a result of new information, developments, or otherwise. This release speaks only as of the date issued.

SOURCE Markel Group

, /PRNewswire-HISPANIC PR WIRE/ -- Markel Group Inc. (NYSE: MKL) ha anunciado hoy que celebrará una conferencia telefónica el jueves 30 de julio de 2026 a partir de las 9:30 h (hora del este) para analizar los resultados trimestrales y la evolución del negocio.

Los inversores, los analistas y el público en general pueden seguir la conferencia a través de la retransmisión en directo en ir.mklgroup.com. Para participar en la conferencia, marque (833) 461-5787 desde EE. UU. o +44 808 196 8935 desde el extranjero, e indique el ID de la reunión 322 635 047. La grabación de la conferencia estará disponible en nuestra página web aproximadamente una hora después de que finalice.

La retransmisión por Internet, la conferencia telefónica, así como su contenido y las repeticiones o retransmisiones autorizadas de estos, son propiedad exclusiva de Markel Group Inc., están protegidos por derechos de autor y no pueden copiarse, grabarse, retransmitirse ni publicarse, ni en su totalidad ni en parte, sin el consentimiento expreso por escrito de Markel Group Inc.

Acerca de Markel Group
Markel Group Inc. (NYSE: MKL) es un grupo de compañías muy variado que abarca desde seguros hasta equipamiento para panaderías, materiales de construcción, plantas de interior y mucho más. Los equipos directivos de estas empresas o compañías operan con un alto grado de independencia, al tiempo que ponen en práctica los valores que denominamos el Markel Style. Nuestro negocio de seguros especializados constituye el núcleo de nuestra compañía. Gracias a décadas de una sólida gestión de riesgos, el equipo de Markel Insurance ha proporcionado la base de capital a partir de la cual hemos construido un sistema de negocios e inversiones que, en su conjunto, refuerzan la solidez y la capacidad de adaptación de Markel Group. Se trata de un sistema que ofrece diversas fuentes de ingresos, acceso a una amplia gama de oportunidades de inversión y la capacidad de destinar capital de forma eficiente a las mejores ideas de toda la empresa. Pero lo más importante es que este sistema permite a cada una de nuestras empresas o compañías avanzar hacia nuestro objetivo común de ayudar a nuestros clientes, empleados y accionistas a alcanzar el éxito a largo plazo. Visite mklgroup.com para obtener más información.

FUENTE Markel Group

, /PRNewswire/ -- Markel Group Inc. (NYSE: MKL) announced today it will hold a conference call on Thursday, July 30, 2026 beginning at 9:30 a.m. (Eastern Time) to discuss quarterly results and business developments.

Investors, analysts and the general public may listen to the call via live webcast at ir.mklgroup.com. The call may be accessed telephonically by dialing (833) 461-5787 in the U.S., or +44 808 196 8935 internationally, and providing Meeting ID: 322 635 047. A replay of the call will be available on our website approximately one hour after the conclusion of the call.

The webcast, the conference call and the content and permitted replays or rebroadcasts thereof are the exclusive copyrighted property of Markel Group Inc. and may not be copied, taped, rebroadcast, or published in whole or in part without the express written consent of Markel Group Inc.

About Markel Group
Markel Group Inc. (NYSE: MKL) is a diverse family of companies that includes everything from insurance to bakery equipment, building supplies, houseplants, and more. The leadership teams of these businesses operate with a high degree of independence, while at the same time living the values that we call the Markel Style. Our specialty insurance business sits at the core of our company. Through decades of sound underwriting, the Markel Insurance team has provided the capital base from which we built a system of businesses and investments that collectively increase Markel Group's durability and adaptability. It's a system that provides diverse income streams, access to a wide range of investment opportunities, and the ability to efficiently move capital to the best ideas across the company. Most importantly though, this system enables each of our businesses to advance our shared goal of helping our customers, associates, and shareholders win over the long term. Visit mklgroup.com to learn more.

SOURCE Markel Group

Posted by Defense World Staff on Jul 20th, 2026

California Public Employees Retirement System cut its holdings in Markel Group Inc. (NYSE:MKL – Free Report) by 7.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,920 shares of the insurance provider’s stock after selling 2,589 shares during the quarter. California Public Employees Retirement System owned 0.25% of Markel Group worth $59,183,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Norges Bank acquired a new stake in Markel Group in the fourth quarter valued at $317,583,000. Select Equity Group L.P. boosted its position in shares of Markel Group by 75.9% during the 2nd quarter. Select Equity Group L.P. now owns 336,369 shares of the insurance provider’s stock worth $671,850,000 after purchasing an additional 145,146 shares in the last quarter. Davis Selected Advisers grew its stake in shares of Markel Group by 11.1% during the 4th quarter. Davis Selected Advisers now owns 415,160 shares of the insurance provider’s stock worth $892,496,000 after purchasing an additional 41,632 shares during the period. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Markel Group by 3,235.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 25,316 shares of the insurance provider’s stock valued at $54,421,000 after purchasing an additional 24,557 shares in the last quarter. Finally, Van Lanschot Kempen Investment Management N.V. increased its holdings in shares of Markel Group by 13.0% in the 4th quarter. Van Lanschot Kempen Investment Management N.V. now owns 204,861 shares of the insurance provider’s stock valued at $440,379,000 after purchasing an additional 23,631 shares in the last quarter. Institutional investors and hedge funds own 77.12% of the company’s stock.

Insider Buying and Selling In other news, Director Greta J. Harris sold 76 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $1,847.31, for a total transaction of $140,395.56. Following the completion of the transaction, the director directly owned 645 shares of the company’s stock, valued at $1,191,514.95. This trade represents a 10.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Diane Leopold acquired 100 shares of the business’s stock in a transaction that occurred on Wednesday, May 6th. The shares were bought at an average price of $1,792.61 per share, with a total value of $179,261.00. Following the completion of the transaction, the director directly owned 2,190 shares in the company, valued at approximately $3,925,815.90. The trade was a 4.78% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Company insiders own 1.08% of the company’s stock.

Analyst Ratings Changes A number of analysts recently commented on the stock. Truist Financial decreased their price objective on shares of Markel Group from $2,100.00 to $1,950.00 and set a “hold” rating on the stock in a report on Thursday, April 30th. Wolfe Research assumed coverage on shares of Markel Group in a research report on Wednesday, July 1st. They set an “underperform” rating for the company. Weiss Ratings downgraded shares of Markel Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, June 11th. Brean Capital began coverage on Markel Group in a research note on Tuesday, March 24th. They set a “neutral” rating and a $2,100.00 price target on the stock. Finally, Wall Street Zen cut Markel Group from a “buy” rating to a “sell” rating in a report on Saturday, May 2nd. Five equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Markel Group presently has an average rating of “Reduce” and an average price target of $2,025.00.

View Our Latest Analysis on Markel Group

Markel Group Price Performance Shares of NYSE MKL opened at $1,970.12 on Monday. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.24. The company’s 50-day moving average price is $1,878.19 and its 200 day moving average price is $1,955.23. Markel Group Inc. has a 52 week low of $1,719.41 and a 52 week high of $2,207.59. The stock has a market cap of $24.65 billion, a price-to-earnings ratio of 14.20 and a beta of 0.66.

Markel Group (NYSE:MKL – Get Free Report) last announced its earnings results on Tuesday, April 28th. The insurance provider reported ($18.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $26.38 by ($45.28). Markel Group had a return on equity of 7.90% and a net margin of 10.85%.The business had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.66 billion. As a group, research analysts forecast that Markel Group Inc. will post 114.11 earnings per share for the current fiscal year.

About Markel Group (Free Report)

Markel Group (NYSE: MKL) is a diversified insurance holding company best known for underwriting specialty insurance products. Founded in 1930 and headquartered in Richmond, Virginia, the company provides a wide range of commercial property and casualty coverages tailored to niche and hard-to-place risks. Its underwriting operations focus on specialty lines across multiple industries, delivering customized policy structures, program administration, and claims management services for complex exposures.

In addition to primary specialty insurance, Markel operates reinsurance and alternative risk-transfer activities and manages invested assets derived from underwriting float.

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TORONTO--(BUSINESS WIRE)--Markel Insurance, the insurance operations within Markel Group Inc. (NYSE:MKL), today announced the appointment of Marc Copland as Vice President, Product Line Leader – Property, effective immediately. Copland steps into the newly dedicated Property Product Line Leadership role focused on shaping and scaling Markel Canada's Property portfolio. Partnering closely with technical specialists and underwriting teams, his priority will be delivering quality Property products.

, /PRNewswire/ -- Markel Insurance, the insurance operation within Markel Group Inc. (NYSE: MKL), today announced the appointment of Grant Smith as Director of Marine Transportation at Markel International.

Grant Smith, Director of Marine Transportation at Markel International Smith will lead the development of the new Marine Transportation business, bringing together Markel International's Hull & Hull War, MECO, Marine & Energy Liabilities, and Transport & Logistics classes under a single leadership structure. The move reflects the increasingly interconnected nature of marine and transportation risks and is designed to provide brokers and clients with more coordinated access to expertise across the portfolio.

In his new role, Smith will be responsible for shaping strategy across multiple classes and geographies while leading initiatives to strengthen underwriting capabilities, improve processes and support the delivery of tailored solutions for brokers and insureds. He will also serve as a senior point of contact for brokers, clients and industry bodies, working closely with Claims and Actuarial teams to strengthen underwriting discipline and risk selection as risk exposures continue to evolve.

Based in London, Smith will report to Dan McCarthy, Managing Director – Marine, Energy & Construction.

Smith joined Markel in 2024 as Director – Marine & Energy Liabilities, before assuming responsibility for Transport & Logistics in 2025. He has more than 17 years' experience across marine specialty lines and underwriting leadership roles.

McCarthy commented: "The marine transportation industry is facing heightened risk exposures, from increasing supply chain disruptions to rising thefts at ports as geopolitical tensions escalate worldwide.

"As these risks become more interconnected, it's increasingly important that brokers and clients can access expertise across the full spectrum of marine and transportation exposures. Bringing these capabilities together under a single leadership structure will help us provide deeper insight, more coordinated solutions and a stronger experience for our trading partners.

"Grant has made a significant contribution since joining Markel in 2024. His experience across marine specialty lines makes him exceptionally well placed to lead this business and support our clients and brokers navigate a rapidly evolving operating environment."

Smith added: "I'm delighted to be taking on the role of Director of Marine Transportation at Markel International. By bringing our marine and transportation capabilities closer together, we have an opportunity to offer clients and brokers more connected expertise across increasingly complex risks, while continuing to build on Markel's long-standing reputation for disciplined underwriting and strong service."

About Markel Insurance
We are Markel Insurance, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people – and the deep, valued relationships they develop with colleagues, brokers and clients – that differentiates us worldwide. 

SOURCE Markel

Key Takeaways MKL acquired The MECO Group to strengthen its marine insurance footprint and global distribution. Acquisitions across insurance and non-insurance businesses help diversify earnings and growth drivers. Management uses underwriting profits and generated capital to fund deals that build long-term value. Markel Group Inc. (MKL - Free Report) uses acquisitions as a key component of its long-term capital allocation strategy. The acquisition strategy is designed to expand specialty insurance capabilities and distribution, enter attractive niche markets with strong underwriting expertise, deploy excess capital into businesses that can compound value over long periods and acquire founder-led businesses that can continue operating independently under a decentralized structure.

Markel Insurance, the company's core specialty insurance business, completed its acquisition of the London-based independent specialist marine managing general agent (MGA), The MECO Group, in June 2025. This strategic integration expands Markel Group's marine insurance footprint, strengthens its presence in the Asia-Pacific and European marine markets, and enhances its distribution relationships and product breadth.

In 2024, Markel Group acquired a majority interest in Valor Environmental and related operating companies, thereby expanding Markel Ventures' industrial and infrastructure operations.

The addition of such companies shows that Markel continues to pursue both insurance and non-insurance acquisitions to strengthen these engines and reduce dependence on any single market cycle.

Markel Group generally funds acquisitions through Insurance underwriting profits, internally generated capital and occasional debt issuance for larger transactions. The company's diversified business model provides multiple sources of cash that can be deployed toward acquisitions.

Acquisitions are a critical pillar of Markel Group's long-term growth strategy. They help the company expand its insurance franchise, diversify earnings, deploy capital efficiently and increase intrinsic value per share.

Markel Group's acquisition strategy differs from many other insurers because it is not focused solely on growing insurance premiums. Management aims to create a diversified collection of high-quality businesses that can compound intrinsic value over decades.

What About Its Peers?Assurant, Inc. (AIZ - Free Report) remains focused on acquisitions to expand its footprint in the connected living, automotive and device repair sectors. Strategic buyouts (such as RL Circular Operations, OptoFidelity, HYLA Mobile and The Warranty Group) fuel its growth by providing proprietary diagnostic technology, scaling circular supply chains and expanding into high-growth international markets. Acquisitions have played a pivotal role in transforming Assurant into a global, technology-driven leader in risk management, beyond its traditional insurance roots.

Arthur J. Gallagher & Co. (AJG - Free Report) is growing through mergers and acquisitions. During 2025, AJG completed 31 new mergers, representing around $3.5 billion of estimated annualized revenues. Looking at the pipeline, AJG has around 40 term sheets signed or being prepared, representing around $350 million of annualized revenues. AJG’s current cash position and strong expected free cash flow position it well for its pipeline of M&A opportunities. Over the next couple of years, AJG expects to have $10 billion to fund M&A, before utilizing any stock.

MKL’s Price PerformanceShares of MKL have lost 5.8% in the past year against the industry’s growth of 1.7%.

Image Source: Zacks Investment Research

MKL’s UndervaluationThe stock is undervalued compared with its industry. Its forward price-to-book value of 1.28X is lower than the industry average of 2.61X. It carries a Value Score of B.

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Estimate Movement for MKLThe Zacks Consensus Estimate for MKL’s second-quarter and third-quarter 2026 EPS has both moved down 0.2% and 3.5%, respectively, in the past 60 days. The same for full-year 2026 and 2027 EPS has moved down 3.4% and 3.1%, respectively, in the past 60 days.

The consensus estimate for MKL’s 2026 and 2027 EPS and revenues indicates a year-over-year increase.

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MKL stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Markel International, the insurance operations within Markel Group Inc. (NYSE: MKL), today announced the appointment of Alisha Everett as Assistant Vice President, Contractors, Trades and Construction Services, and Nicholas Doy as Manager within the CTCS team, effective immediately.

In this role, Everett will lead Markel’s CTCS strategy across Canada, overseeing underwriting execution and driving profitable growth within the Contractors and Trades segment. She will work closely with national underwriting and distribution teams to strengthen market engagement, refine risk appetite, and enhance Markel’s value proposition for brokers and clients.

Everett brings deep expertise in construction and casualty underwriting, with a proven ability to build profitable, sustainable portfolios. She will be instrumental in aligning product strategy with broker and field execution as Markel continues to expand in this space.

Doy joins the CTCS team as Manager, supporting underwriting performance, portfolio development, and broker engagement across key regions in Canada. His appointment strengthens Markel’s ability to deliver responsive, specialist underwriting solutions tailored to the evolving needs of contractors and trades clients.

These hires reflect Markel Canada's continued investment in its Contractors and Trades capabilities, with a focus on disciplined underwriting, strategic growth, and strengthening broker relationships across the Canadian construction market.

“We’re thrilled to welcome Alisha and Nicholas to the team at a pivotal point in the expansion of our CTCS offering,” says Andrew Poulton, Vice President, Sectors at Markel Canada. “Their combined experience and market insights will be instrumental in strengthening our underwriting capabilities and accelerating profitable growth in the Contractors and Trades sector.”

Everett and Doy will be based in Markel’s Toronto office.

About Markel

We are Markel Insurance, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people – and the deep, valued relationships they develop with colleagues, brokers and clients – that differentiates us worldwide.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260615946257/en/

TORONTO--(BUSINESS WIRE)--Markel Insurance, the insurance operations within Markel Group Inc. (NYSE: MKL), today announced the launch of PlayMicro in Canada, a special events portal offering short-term coverage for sporting events, meetings, cultural and social gatherings, now available through its digital platform, Markel Connect. This launch strengthens the capabilities of Markel Connect and reflects Markel’s ongoing commitment to digital innovation and delivering efficient access to specialty solutions for brokers.

PlayMicro supports a broad range of organized sport and fitness activities, including competitions, seasonal teams, tournaments, practices, camps, and related programs. The portal also provides short‑term coverage for meetings, cultural gatherings, tradeshows, festivals, parades, theatre productions, fairs, fundraisers, private functions, and other events. Coverage is available for events where alcohol is served on premises.

With minimum premiums starting at CAD$150, the product offers comprehensive general liability including participant and participant-to-participant liability (excluding products and completed operations).

“Integrating PlayMicro within Markel Connect reflects our commitment to meeting the evolving needs of Canadian brokers and event organizers,” said Brenda McClung, Assistant Vice President, Markel Play. “Our goal was to create a user-friendly portal, giving clients fast, reliable access to coverage for the sporting activities and short‑term events they rely on us to protect.”

Available through Markel Connect in Canada (excluding Quebec at this time), brokers can quote, bind, and issue policies on a 24/7 basis, with instant decline notifications and rapid referral turnaround. The platform offers flexible limits, competitive pricing, no policy fees, and a 20% commission structure.

“PlayMicro represents meaningful progress in our digital strategy,” said Sachin Rustagi, Head of Digital. “Markel Connect is designed to simplify the quoting experience for brokers across various micro-SME errors & omissions, directors & officers and office package risks. Adding PlayMicro to our primary portal extends that one-stop experience and single-login access for event and sports organizers who need quick, dependable coverage 24/7.”

The addition of PlayMicro to Markel Connect reflects Markel Canada’s ongoing investment in digital solutions that support broker workflows. The company continues to expand the platform’s capabilities, introduce new tools, and bring additional products online to improve efficiency and deliver value to broker partners.

Brokers registered with Markel Connect can access PlayMicro immediately at https://connect.markel.ca.

About Markel
We are Markel Insurance, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people – and the deep, valued relationships they develop with colleagues, brokers and clients – that differentiates us worldwide.

, /PRNewswire/ -- Markel Group Inc. (NYSE:MKL) today reported its financial results for the first quarter of 2026. The Company also announced today it filed its Form 10-Q for the quarter ended March 31, 2026 with the Securities and Exchange Commission.

"In the first quarter of 2026, we generated strong results across the company. We are pleased with the continued progress of our ongoing operations," said Tom Gayner, Chief Executive Officer. "We continue to do more of what's working and less of what's not, while focusing on balance sheet strength, disciplined capital allocation, and ongoing share repurchases."

Highlights of our 2026 first quarter results:

Operating revenues were consistent quarter over quarter. Operating loss, which includes market movements in our equity portfolio, was $273 million for the quarter. Adjusted operating income, which excludes market movements in our equity portfolio, was $498 million for the quarter, which represents a 4% increase compared to the first quarter of 2025. For Markel Insurance, our cornerstone business: The combined ratio for the quarter, which included two points of net losses attributed to the Middle East conflict, was 93%, which represents a three point improvement compared to the first quarter of 2025. Adjusted operating income increased 31% for the quarter to $369 million with each of our three ongoing underwriting divisions meaningfully contributing to our overall profitability. Underwriting gross premium volume decreased 21% for the quarter, as expected, due to the impact of the sale of the renewal rights of our Global Reinsurance division in 2025 and the transition of our Hagerty business to a fronting arrangement in 2026. Excluding these items, underwriting gross premium volume increased 10% for the quarter. Our global specialty product diversification was on full display. Although our Wholesale and Specialty E&S platform faced difficult market conditions, we had robust growth within our International operations, our Bermuda platform, and within our personal lines and programs business units. Comprehensive loss to shareholders was $340 million for the quarter primarily due to unrealized losses on our investment portfolio. Share repurchases were $134 million for the quarter. The following table presents summary consolidated financial data.

Three Months Ended March 31,

(dollars in thousands)

2026

2025

Operating revenues

$  3,550,605

$    3,548,176

Operating income (loss)

$   (273,329)

$      282,524

Add: Amortization of acquired intangible assets

43,513

46,942

Less: Net investment losses

(727,562)

(149,071)

Adjusted operating income (1)

$    497,746

$      478,537

Comprehensive income (loss) to shareholders

$   (340,430)

$      347,670

(1) See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure.

Markel Insurance Segment

Three Months Ended March 31,

(dollars in thousands)

2026

2025

% Change

Gross premium volume:

Underwriting

$ 2,215,573

$   2,793,406

(21) %

Adjusted underwriting (1)

$ 2,192,993

$   1,996,551

10 %

Fronting

$   587,422

$     378,145

55 %

Operating revenues:

Earned premiums

$ 1,969,339

$   2,016,539

(2) %

Net investment income

229,619

207,517

11 %

Services and other revenues

2,727

2,620

4 %

Operating revenues

$ 2,201,685

$   2,226,676

(1) %

Adjusted operating income:

Underwriting profit

$   142,249

$       80,162

77 %

Net investment income

229,619

207,517

11 %

Services and other income

(2,378)

(5,564)

(57) %

Adjusted operating income

$   369,490

$     282,115

31 %

Combined ratio

93 %

96 %

(1) See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure.

Industrial Segment

Three Months Ended March 31,

(dollars in thousands)

2026

2025

% Change

Operating revenues

$    883,058

$      829,574

6 %

Adjusted operating income          

$      49,286

$        58,764

(16) %

Financial Segment

Three Months Ended March 31,

(dollars in thousands)

2026

2025

% Change

Operating revenues

$    161,530

$      178,481

(9) %

Adjusted operating income          

$      36,205

$        79,611

(55) %

Consumer and Other Segment

Three Months Ended March 31,

(dollars in thousands)

2026

2025

% Change

Operating revenues

$    280,497

$      287,786

(3) %

Adjusted operating income          

$      39,755

$        32,388

23 %

* * * * * * * *

A copy of our Form 10-Q is available on our website at mklgroup.com, under Investor Relations-Financials, or on the SEC website at www.sec.gov. Readers are urged to review the Form 10-Q for a more complete discussion of our financial performance. Our quarterly conference call, which will involve discussion of our financial results and business developments and may include forward-looking information, will be held Wednesday, April 29, 2026, beginning at 9:30 a.m. (Eastern Time). Investors, analysts, and the general public may listen to the call via live webcast at ir.mklgroup.com. The call may be accessed telephonically by dialing (888) 660-9916 in the U.S., or +1 (646) 960-0452 internationally, and providing Conference ID: 4614568. A replay of the call will be available on our website approximately one hour after the conclusion of the call. Any person needing additional information can contact Markel Group's Investor Relations Department at [email protected]. 

Additionally, we will be discussing financial results and related business and investments updates at our shareholders meeting on May 20, 2026 at the University of Richmond Robins Center at 2:00 p.m. (Eastern Time). The shareholders meeting will be part of the 2026 Reunion, which is open to shareholders, employees, and friends of Markel Group. More information on the 2026 Reunion, including the agenda and registration, is available at mklreunion.com.

Supplemental Financial Information

The following table summarizes our results by segment.

Three Months Ended March 31,

(dollars in thousands)

2026

2025

% Change

Operating revenues:

Markel Insurance

$ 2,201,685

$   2,226,676

(1) %

Industrial

883,058

829,574

6 %

Financial

161,530

178,481

(9) %

Consumer and Other

280,497

287,786

(3) %

Corporate and eliminations

23,835

25,659

(7) %

Total operating revenues

$ 3,550,605

$   3,548,176

0 %

Operating income (loss)

$  (273,329)

$     282,524

NM (1)

Add: Amortization of acquired intangible assets

43,513

46,942

(7) %

Less: Net investment losses

(727,562)

(149,071)

388 %

Adjusted operating income (2)

$   497,746

$     478,537

4 %

Markel Insurance

$   369,490

$     282,115

31 %

Industrial

49,286

58,764

(16) %

Financial

36,205

79,611

(55) %

Consumer and Other

39,755

32,388

23 %

Corporate and eliminations

3,010

25,659

(88) %

Adjusted operating income (2)

$   497,746

$     478,537

4 %

(1) NM - Not meaningful

(2) See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure.

We believe our financial performance is most meaningfully measured over longer periods of time, which tends to mitigate the effects of short-term volatility and better aligns with the long-term perspective we apply to operating our businesses and making investment decisions. The following table presents a long-term view of our performance.

Three Months Ended
March 31, 2026

Year Ended December 31,

(dollars in thousands)

2025

2024

2023

2022

Operating revenues

$        3,550,605

$ 15,513,233

$ 14,813,544

$ 14,279,576

$ 13,271,068

Operating income (loss)

$         (273,329)

$  3,194,852

$  3,712,562

$  2,928,828

$    (93,336)

Add: Amortization of acquired intangible assets

43,513

185,007

181,472

180,614

178,778

Add: Impairment of goodwill

—

—

—

—

80,000

Less: Net investment gains (losses)

(727,562)

1,076,081

1,807,219

1,524,054

(1,595,733)

Adjusted operating income (1)

$           497,746

$  2,303,778

$  2,086,815

$  1,585,388

$  1,761,175

(1) See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure.

Non-GAAP Financial Measures

Markel Group utilizes certain non-GAAP measures that we believe enhance the understanding of our performance. These measures should not be viewed as a substitute for measures determined in accordance with U.S. GAAP.

Consolidated Adjusted Operating Income

Consolidated adjusted operating income, which excludes net investment gains and losses, amortization of acquired intangible assets, and impairment of goodwill, is a non-GAAP financial measure. We believe adjusted operating income is generally an accurate representation of the operating performance of our businesses in our periodic results. Net investment gains and losses are predominantly derived from our investments in publicly traded equity securities and include significant unrealized gains and losses from market value movements. We believe that net investment gains and losses, whether realized from sales or unrealized from market value movements, are distortive in understanding the short-term operating performance of our businesses. We do not view amortization of intangible assets and impairment of goodwill, which arise from purchase accounting for acquisitions, as ongoing costs of operating our businesses, and therefore exclude those amounts from our adjusted operating income metric.

Adjusted Underwriting Gross Premium Volume

Adjusted underwriting gross premium volume is a non-GAAP measure that excludes underwriting gross premium volume from the Global Reinsurance division and our business with Hagerty for both periods. In August 2025, Markel Insurance sold the renewal rights for contracts written through its Global Reinsurance division, and the division entered into run-off, which resulted in a significant decline in underwriting gross premium volume. Beginning on January 1, 2026, Markel Insurance's business written on behalf of Hagerty transitioned from being an underwriting product to a fronting arrangement, which resulted in a change in the presentation of the related gross premium volume and therefore, a significant decline in underwriting gross premium volume. We believe adjusted underwriting gross premium volume is a meaningful measure when comparing underwriting gross premium volume from period-to-period as it adjusts for the impact of these significant contractual restructuring changes within the Markel Insurance segment. The following table reconciles underwriting gross premium volume to adjusted underwriting gross premium volume.

Three Months Ended March 31,

(dollars in thousands)

2026

2025

% Change

Underwriting gross premium volume

$         2,215,573

$ 2,793,406

(21) %

Less: Global Reinsurance division underwriting gross premium volume

22,580

576,928

Less: Hagerty underwriting gross premium volume

—

219,927

Adjusted underwriting gross premium volume

$         2,192,993

$ 1,996,551

10 %

About Markel Group
Markel Group Inc. is a diverse family of companies that includes everything from insurance to bakery equipment, building supplies, houseplants, and more. The leadership teams of these businesses operate with a high degree of independence, while at the same time living the values that we call the Markel Style. Our specialty insurance business sits at the core of our company. Through decades of sound underwriting, the Markel Insurance team has provided the capital base from which we built a system of businesses and investments that collectively increase Markel Group's durability and adaptability. It's a system that provides diverse income streams, access to a wide range of investment opportunities, and the ability to efficiently move capital to the best ideas across the company. Most importantly though, this system enables each of our businesses to advance our shared goal of helping our customers, associates, and shareholders win over the long term. Visit mklgroup.com to learn more.

Cautionary Statement
Certain of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. Statements that are not historical facts, including statements about our beliefs, plans or expectations, are forward-looking statements. These statements are based on our current plans, estimates, and expectations. There are risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by such statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Additional factors that could cause actual results to differ from those predicted are set forth in our Annual Report on Form 10-K for the year ended December 31, 2025, including under "Business Overview," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Safe Harbor and Cautionary Statement," and "Quantitative and Qualitative Disclosures About Market Risk," and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, including under "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Safe Harbor and Cautionary Statement," "Quantitative and Qualitative Disclosures About Market Risk," and "Risk Factors." We assume no obligation to update this release (including any forward-looking statements) as a result of new information, developments, or otherwise. This release speaks only as of the date issued.

SOURCE Markel Group

Markel Group Inc. (MKL) Q1 2026 Earnings Call Transcript

, /PRNewswire/ -- Markel, the insurance operations within Markel Group Inc. (NYSE: MKL), announced today the appointment of Raphael Da Costa to lead its U.S. cyber and tech E&O portfolio.

In this role, Da Costa will oversee Markel's U.S. cyber and tech E&O underwriting strategy, portfolio management and product development. He'll work closely with underwriting, claims and actuarial to support disciplined growth and deliver solutions aligned with the shifting cyber risk environment.

Raphael Da Costa to lead Markel's U.S. cyber and tech E&O portfolio. "Raphael brings deep technical knowledge and strong market experience that directly benefits our brokers and customers as cyber risks continue to evolve," said Paul Melone, Executive Underwriting Officer, Professional Liability. "We're proud to develop and promote talent from within Markel, and Raphael's leadership strengthens our ability to support clients navigating an increasingly complex cyber and technology landscape."

Da Costa has over 15 years of experience driving innovation in the cybersecurity and insurance sectors. He joined Markel in 2023 and most recently lead the strategic development and execution of U.S. cyber and technology E&O insurance products for middle market risks.

"Cyber and technology risks are changing in real time, and our customers need underwriting partners who understand both the technical detail and the broader business impact," said Da Costa. "Markel has consistently demonstrated a commitment to thoughtful underwriting and long-term relationships, and I'm excited to build on that foundation to continue supporting our brokers and clients across the U.S. market."

Da Costa is based in Markel's New York office.

About Markel
We are Markel Insurance, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people—and the deep, valued relationships they develop with colleagues, brokers and clients—that differentiates us worldwide.

SOURCE Markel

, /PRNewswire/ -- Markel, the insurance operations within Markel Group Inc. (NYSE: MKL), today announced an expansion of its professional liability offerings for insurance protection against fast-evolving creative, digital and professional risks. The enhancements bring together multiple coverage needs under a streamlined approach, helping customers reduce gaps and simplify coverage as the way they work continues to change.

Markel's enhanced ProSolutions portfolio, a suite of professional liability products designed for specialized risks, now includes:

A new combined policy that brings professional liability, cyber, media liability and general liability coverages into a single policy. New Media Shield and Entertainment Shield product options designed for qualified content creators, media professionals and entertainment‑focused businesses. "We continue to see risk evolution across the marketplace, especially in media liability," said Melissa Sowa, Managing Director, E&O Product Line Leadership. "It has never been easier to create and distribute content, and we are operating in an era where social media dominates. As media expands, so does its complexity."

Media liability insurance is no longer limited to traditional media companies. Content creators, creative professionals, digital and social media managers, public figures and third‑party endorsers all face increased exposure as online and social platforms continue to grow. Markel's expanded ProSolutions offering is designed to help customers address these evolving risks with broader, more flexible coverage options.

Designed to simplify coverage placement, the new blended ProSolutions form allows customers to consolidate multiple coverage needs into a single policy, reducing complexity and better aligning insurance protection with interconnected risks. The expanded appetites and new coverage options further enable brokers to respond to customer needs in an increasingly competitive market.

About Markel Insurance

We are Markel Insurance, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people—and the deep, valued relationships they develop with colleagues, brokers and clients—that differentiates us worldwide. Coverage is provided by one or more of the insurance companies within Markel. Insurance and coverage are subject to terms, conditions, availability, and qualifications and may not be available in all states.

SOURCE Markel

, /PRNewswire/ -- Markel Insurance, the insurance operation within Markel Group Inc. (NYSE:MKL), today announced the appointment of Sebastian Rice to Head of Global Development – Trade Credit, effective immediately. 

Sebastian Rice, Head of Global Development - Trade Credit Reporting to Phil Amlot, Global Head of Trade Credit – International, Rice will work closely with him to drive innovative, solution-led underwriting and develop bespoke offerings that respond to evolving market conditions and client needs across Markel's global hubs. His role will include supporting clients navigating an increasingly complex trade environment shaped by geopolitical uncertainty, supply chain disruption and shifting credit risks. 

Rice will also co-ordinate a global cohort of Trade Credit underwriters across Markel's offices in New York, Singapore, Dubai and London to align with our key partner relationships. He'll focus on business development and driving further profitable growth across the UK and Europe, with an emphasis on delivering greater capacity, tailored solutions and enhanced service for brokers and clients.

Since joining Markel two years ago, Rice has played a key role in developing new solutions, including Markel's Non-Cancellable Limits offering, which enables clients to operate with greater certainty in the event of non-payment. In his new role, he'll build on this momentum to further strengthen Markel's position as a trade credit insurer of choice for multinational businesses.

Commenting on the appointment, Amlot said: "Markel International's success and sustained growth are driven by colleagues like Seb, who are committed to working alongside our clients to deliver tailored solutions. He takes the time to understand client needs and responds with precision, rather than offering a one-size-fits-all approach.

With demand for trade credit insurance at record levels and underwriting conditions becoming increasingly complex, Seb's expertise and leadership will be invaluable as we help clients navigate increased risk and build enhanced resilience. He's already strengthened our position across the London and European markets, and I'm confident he'll bring the same discipline and commercial insight to this global role."

Rice added: "I'm proud of the profitable growth we've achieved in the London market and continental Europe since joining Markel. In a period defined by shifting supply chains and evolving economic conditions, we've focused on being a consistent and reliable partner for our brokers and clients.

This progress reflects the dedication and expertise of our underwriters. I look forward to leading the next phase of our global development and continuing to deliver solutions that support our clients' ambitions."

Rice brings more than 20 years of underwriting experience, having held roles at Euler Hermes, Atradius and QBE Europe. He joined Markel in January 2024 as Head of Business Development Europe – Trade Credit, where he strengthened the International division's non-payment protection offering across the UK and continental Europe. 

About Markel Insurance 

We are Markel Insurance, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people – and the deep, valued relationships they develop with colleagues, brokers, and clients – that differentiates us worldwide. 

SOURCE Markel

, /PRNewswire/ -- Markel Insurance, the insurance operation within Markel Group Inc. NYSE:MKL , today announced the appointment of Sebastian Rice to Head of Global Development – Trade Credit, effective immediately.

Reporting to Phil Amlot, Global Head of Trade Credit – International, Rice will work closely with him to drive innovative, solution-led underwriting and develop bespoke offerings that respond to evolving market conditions and client needs across Markel's global hubs. His role will include supporting clients navigating an increasingly complex trade environment shaped by geopolitical uncertainty, supply chain disruption and shifting credit risks.

Rice will also co-ordinate a global cohort of Trade Credit underwriters across Markel's offices in New York, Singapore, Dubai and London to align with our key partner relationships. He'll focus on business development and driving further profitable growth across the UK and Europe, with an emphasis on delivering greater capacity, tailored solutions and enhanced service for brokers and clients.

Since joining Markel two years ago, Rice has played a key role in developing new solutions, including Markel's Non-Cancellable Limits offering, which enables clients to operate with greater certainty in the event of non-payment. In his new role, he'll build on this momentum to further strengthen Markel's position as a trade credit insurer of choice for multinational businesses.

Commenting on the appointment, Amlot said: "Markel International's success and sustained growth are driven by colleagues like Seb, who are committed to working alongside our clients to deliver tailored solutions. He takes the time to understand client needs and responds with precision, rather than offering a one-size-fits-all approach.

With demand for trade credit insurance at record levels and underwriting conditions becoming increasingly complex, Seb's expertise and leadership will be invaluable as we help clients navigate increased risk and build enhanced resilience. He's already strengthened our position across the London and European markets, and I'm confident he'll bring the same discipline and commercial insight to this global role."

Rice added: "I'm proud of the profitable growth we've achieved in the London market and continental Europe since joining Markel. In a period defined by shifting supply chains and evolving economic conditions, we've focused on being a consistent and reliable partner for our brokers and clients.

This progress reflects the dedication and expertise of our underwriters. I look forward to leading the next phase of our global development and continuing to deliver solutions that support our clients' ambitions."

Rice brings more than 20 years of underwriting experience, having held roles at Euler Hermes, Atradius and QBE Europe. He joined Markel in January 2024 as Head of Business Development Europe – Trade Credit, where he strengthened the International division's non-payment protection offering across the UK and continental Europe.

About Markel Insurance

We are Markel Insurance, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people – and the deep, valued relationships they develop with colleagues, brokers, and clients – that differentiates us worldwide.

View original content to download multimedia:https://www.prnewswire.com/news-releases/markel-international-appoints-sebastian-rice-as-head-of-global-development-trade-credit-302773525.html

SOURCE Markel

, /PRNewswire/ -- Markel Insurance, the insurance operation within Markel Group Inc. NYSE:MKL , today announced the appointment of Danny O'Donoghue to Head of Fine Art & Specie, effective immediately.

In his new role, O'Donoghue will be responsible for leading the strategic and sustainable expansion of Markel's Fine Art & Specie portfolio to further enhance the organisation's position in London as a leading Fine Art & Specie insurer. His principal duties will include identifying, assessing and underwriting complex risks across four key areas – Fine Art, Specie, Jewellers Block and Cash in Transit – while supporting underwriters in his team with their professional development.

Alongside these duties, O'Donoghue will foster broker relationships and work closely with Markel's Claims and Actuarial functions, where he'll keep abreast of industry developments, ensuring coverage remains tailored for broker partners and insureds. Furthermore, he'll identify collaborative opportunities across the business' international Fine Art & Specie teams to enhance broker service levels and drive further profitable growth.

O'Donoghue will be based in London, reporting to Dan McCarthy, Director of Marine at Markel International.

McCarthy commented: "Rising asset values, a surge in high-profile thefts and more frequent natural catastrophes are creating new risks while intensifying existing exposures for galleries, jewellers and private collectors. Danny's achievements are underpinned by an entrepreneurial mindset, which will be critical as we continue to deliver best-in-class underwriting services, support and standards to our brokers and clients.

"We're delighted to have someone of Danny's caliber join Markel's Fine Art & Specie team here in London. With his significant expertise in managing and scaling large Fine Art Specie portfolios, we're confident he'll be able to take ours to new heights, elevating our leadership position in the London Market."

O'Donoghue said: "I'm delighted to be joining Markel in my new role as Head of Fine Art & Specie. Opportunities like this don't come around often, but Markel really stood out to me. I saw strong cultural alignment, a clear and unified proposition and a well-defined strategic direction – all of which I believe are essential building blocks to continue growing the team and portfolio for years to come.

"I'm excited to drive the continued expansion of Markel's lead specialist capabilities across the Fine Art & Specie market and support our brokers and clients across an evolving and complex risk landscape."

O'Donoghue possesses more than 15 years' underwriting experience, spending 13 of them specialising in Fine Art & Specie insurance. Previously, he was employed at Talbot as Head of Fine Art & Specie, where he led global strategy and execution for Fine Art & Specie across Lloyd's Syndicate 1183 and AIG company platforms. Prior to this position, he worked at Aspen for more than 10 years as a Senior Fine Art & Specie Underwriter.

About Markel Insurance
We are Markel Insurance, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people – and the deep, valued relationships they develop with colleagues, brokers and clients – that differentiates us worldwide.

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SOURCE Markel

Markel trades at multiyear lows relative to book value despite resilient book value growth and improving investment income. MKL's underwriting issues, notably adverse reserve development, have largely been addressed, with combined ratios improving from 98% to 94%. Investment income and gross premium volume are rising, positioning MKL for 13%+ average annual intrinsic value growth.

Key Takeaways MKL aims to reach $10B in annual insurance premiums and $1B in underwriting profit in five years.Markel is investing in AI-powered underwriting and expanding capabilities through acquisitions.MKL held $36B in investments and cash, while engaging in share repurchases. Shares of Markel Group Inc. (MKL - Free Report) have declined 15.4% year-to-date compared with the industry’s fall of 5.4%.

Investment portfolio losses, lower premium volume and earnings estimate cuts are pushing the stock down. Markel’s first-quarter 2026 earnings missed expectations, which has weighed on the insurer. However, strong underwriting discipline, strategic acquisitions, international diversification and its niche insurance expertise position the company for sustainable growth ahead.

Some other insurers, like Assurant, Inc. (AIZ - Free Report) , CNO Financial Group, Inc. (CNO - Free Report) and MetLife, Inc. (MET - Free Report) , have risen 6.9%, 12.8% and 7.1%, respectively, in the said time frame.

YTD Price Performance – MKL, AIZ, CNO, MET, Industry & S&P 500
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Average Target Price for MKL Suggests UpsideBased on short-term price targets offered by four analysts, the Zacks average price target is $2,036.75 per share. The average suggests a potential 14.5% upside from the last closing price.

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MKL’s ValuationMKL shares are trading at a discount to the industry. Its price-to-book value of 1.26X is lower than the industry average of 2.51X.

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MKL’s Favorable ROICReturn on invested capital (ROIC) in the trailing-12 months was 5.8%, better than the industry average of 2.2%, reflecting MKL’s efficiency in utilizing funds to generate income.

What Aids MKL's Performance?Markel’s operational results are primarily driven by better performance at its Insurance, Industrial, Financial, Consumer and Other segments. The performance can be attributed to its niche focus, improved pricing and effective risk management. The company expects its specialty insurance operations to remain the primary source of capital generation, supporting expansion and future investments.

MKL looks to double the size of its insurance operations and targets $10 billion of annual insurance premiums in five years. This should lead to $1 billion of annual underwriting profit. The company expects to achieve this goal primarily through organic growth of its existing profitable operations. Investment income should continue to benefit from fixed maturity securities, higher yield and higher average holdings.

Markel strives to grow via acquisitions and organic initiatives to diversify its portfolio and expand its international footprint. Acquisitions have helped the company enhance its surety capabilities. Acquisitions like Valor Environmental and EPI continue to contribute significantly to its top line, highlighting the company's ability to drive growth through this strategy. Markel's acquisition of MECO expands its marine insurance capabilities and strengthens its presence in key international markets such as London, Dubai, Shanghai and Hamburg.

Markel has partnered with hyperexponential to modernize rating, underwriting workflows and integration architecture across its Canadian business. This partnership highlights management's focus on AI-powered underwriting, which could improve risk selection, operational efficiency and long-term profitability.

Markel boasts strong liquidity levels. We expect to see an improvement moving ahead, owing to a robust capital position. MKL exited the first quarter with investments, cash and cash equivalents of $36 billion as of March 31, 2026. The company engages in share buybacks, a prudent way to distribute wealth to its shareholders.

Estimates for MKLThe Zacks Consensus Estimate for Markel’s 2026 earnings per share (EPS) is pegged at $113.55, indicating a year-over-year increase of 17.4%. However, it has witnessed three downward movements and one upward revision over the past 60 days. During this time, the earnings estimate declined 3.4%.

The estimate for 2026 revenues is pegged at $16.88 billion, implying a year-over-year improvement of 10.3%.

The consensus estimate for 2027 EPS and revenues indicates an increase of 8.4% and 2.9%, respectively, from the corresponding 2026 estimates.

Earnings have grown 18.3% in the past five years, better than the industry average of 10.4%.

Risks for MKLMarkel is exposed to catastrophe losses, inducing volatility in underwriting results. Exposure to catastrophe losses always remains a concern, given its unprecedented nature.

Markel has been experiencing an increase in operating expenses due to higher losses and loss adjustment expenses, underwriting, acquisition and insurance expenses.

Markel’s debt levels have increased over the past few years. Senior long-term debt and other debt balance increased 1.8% to $4.4 billion, as of March 31, 2026.

ConclusionMarkel's niche focus, improved pricing, effective management of insurance risk, and focus on developing and maintaining underwriting as well as pricing guidelines should drive growth. However, exposure to catastrophic losses, a rise in debt levels and an increase in operating expenses are concerns.

Coupled with the favourable ROIC, strategic acquisitions and impressive wealth distribution, but recent earnings estimate cuts, it is wise to retain this Zacks Rank #3 (Hold) insurer. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.