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Markel Group Inc. - MKL STOCK NEWS

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Markel Group Inc. (NYSE: MKL) is a Richmond, Virginia-based holding company founded in 1930, known for its diverse insurance and investment operations worldwide. Structured around five insurance segments, Markel provides unique solutions to complex risk challenges and aims to achieve consistent underwriting and operating profits along with superior investment returns to enhance shareholder value.

Markel's core business is in property and casualty insurance, focusing on specialty lines including executive liability and commercial equine insurance. The acquisition of Alterra in 2013 expanded Markel's reinsurance operations, which now represent about 15% of premiums. The company uses the capital generated by its insurance operations to acquire noninsurance businesses in various sectors such as bakery equipment manufacturing and residential homebuilding.

Recent developments highlight Markel's growth and strategic initiatives. In December 2023, Markel launched a Specialty practice within its International Wholesale division, spearheaded by Tom Hillier. This move was bolstered by the addition of a new International Casualty team, led by Graeme Ivory. This division now includes leading underwriting teams across Equine and Livestock, Marine and Energy Liability, Trade Credit, Political Risk, and Surety.

Markel has also formed strategic partnerships, such as the collaboration with Foxquilt announced in January 2024. This partnership aims to broaden the distribution of Foxquilt's proprietary insurance products in the US, leveraging Markel's expertise in small business insurance.

Financially, Markel reported strong performance in 2023, with excellent returns from Markel Ventures, investment operations, and segments of its insurance business. Despite some areas needing improvement, the company's three-engine system—Insurance, Investments, and Markel Ventures—continues to drive profitable growth.

Markel's commitment to innovation and strategic growth is further exemplified by its appointment of industry veterans and strategic moves to enhance its leadership in sectors like trade credit insurance. With a strong emphasis on customer-centric solutions and a diverse portfolio of businesses, Markel Group Inc. is poised for continued success and growth in the global market.

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Markel, part of Markel Group Inc. (NYSE: MKL), has appointed Jennifer Devereaux as Executive Underwriting Officer, Casualty, effective September 3. With 30 years of industry experience, Devereaux joined Markel in 2019 and was previously Senior Vice President of Underwriting at Markel Canada. In her new role, she will lead the casualty products within Markel's Specialty division, overseeing a suite including Primary Casualty, Excess and Umbrella, Environmental, Energy, Healthcare, Life Sciences, and Risk Managed Excess Casualty. These products are distributed through both wholesale and retail channels.

Guenter Kryszon, Chief Underwriting Officer at Markel Specialty, expressed confidence that Devereaux's extensive background in casualty underwriting and proven success will enhance the company's casualty underwriting portfolio and contribute to their underwriting excellence.

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Markel (NYSE: MKL) has announced the appointment of Rob Cole as its new Chief Actuarial Officer. Cole joins Markel after a 24-year tenure at AIG, where he most recently served as Chief Actuary, Global Pricing. His extensive experience includes leadership roles in both the US and UK, supporting pricing and reserving across various products.

Brian Costanzo, Markel's Chief Financial Officer, expressed confidence in Cole's ability to enhance the company's actuarial capabilities while building on its strong foundation. Cole will succeed Ron Herrig, who is set to retire at the end of 2024 after 28 years with Markel. Herrig will assist in ensuring a smooth leadership transition over the coming months.

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Markel Canada, a division of Markel International and subsidiary of Markel Group (NYSE: MKL), has launched Markel Play, a comprehensive insurance product tailored for the sports, fitness, and recreation sectors. This new offering includes general liability, abuse liability, property, business interruption, instructor’s errors and omissions, and participant accident insurance. Partnering with Sport Law and the Canadian Centre for Ethics in Sport, Markel Play provides additional support such as Safe Sport policy implementation, waiver reviews, risk management support, and training courses. Markel’s acquisition of Allsport Insurance Marketing in 2017 enhanced its expertise and services in the sports insurance market.

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Markel has appointed Jennifer Gebran as the Head of Casualty for the MENA region, effective immediately. Gebran, who has over 13 years of underwriting experience, will develop the region's casualty underwriting strategy, focusing on enhancing capabilities and delivering profitable growth. She joins from Berkshire Hathaway Specialty Insurance, where she was Assistant Vice President in Dubai. Gebran's role includes building relationships with brokers, partners, and clients to establish Markel as a market leader in casualty underwriting in the MENA region. Reporting to Max Robbie, Senior Executive Officer at Markel Dubai, her appointment follows the formation of a new International Casualty team led by Graeme Ivory.

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Markel has appointed Phil Schmidt as the new Chief Strategy Officer, effective June 26, 2024. Schmidt, who joined Markel as a Managing Director in October 2023, will now lead the company's Global Strategy team. Based in Bermuda, he will oversee strategic initiatives and corporate development across Markel's divisions, including State National and Nephila. Schmidt brings expertise from his previous roles at Burg, Babbel AG, and Pearson PLC. Markel President Jeremy Noble highlighted Schmidt's alignment with the company's people-driven culture and his strong strategic credentials as key assets for the role.

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Markel Group (NYSE: MKL) and Valor Environmental have announced a definitive agreement for Markel to acquire a majority interest in Valor and its related operating companies. The transaction, expected to close in Q2 2024, will see Markel expand its portfolio to include 20 businesses under Markel Ventures. Valor, an environmental services company specializing in erosion control, has grown significantly since its founding in 2003 and now employs over 700 people serving more than 2,000 customers across the U.S. Markel CEO Tom Gayner highlighted the strategic value of this acquisition, emphasizing Valor's role in reducing environmental impact and project delays for its customers.

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Markel has announced the appointment of Kyle McGrath as the new Head of Fine Art for North America, effective immediately. Based in New York, McGrath will lead Markel's Fine Art division and drive its strategic growth. Reporting to Dan McCarthy, Director of Marine at Markel in London, McGrath brings over 12 years of experience in the insurance industry. Her previous roles include VP – Head of Fine Art and Collections at Private Client Select and various senior positions at AXA XL. This move aims to capitalize on the expanding fine art insurance market in North America, driven by rising art valuations and a growing collector base.

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Markel, a division of Markel Group, has appointed Jamie Carsey as Chief Claims Officer for its Specialty division, overseeing US and Bermuda claims operations. Carsey, who joined Markel in 2017, previously held the role of Senior Managing Director, Claims – Legal and Head of Litigation. Her extensive experience in managing complex litigation and her leadership roles in diversity and talent advisory committees are expected to enhance Markel's claims operations, risk management, compliance, technology, and data efforts. Carsey's appointment aims to bolster Markel's reputation for superior claims service and improve service to partners and customers.

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AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bbb+” to Markel Group's (NYSE: MKL) $600 million senior unsecured notes due 2054, with a stable outlook. The new debt will rank equally with Markel's existing senior unsecured notes. The proceeds are intended for general corporate purposes, potentially including the redemption of Markel's $600 million Series A 6.00% preferred shares callable in June 2025.

Markel’s financial leverage was in the low-to-mid 20% range at the end of 2023 and is expected to remain in the mid-20% range post-issuance. Earnings before interest and taxes (EBIT) coverage of interest expenses and preferred dividends averaged 6.4 times over the past three years but decreased to 6.0 times in 2023.

This rating reflects the profile of Markel’s principal insurance subsidiaries, the parent company’s financial leverage, coverage, overall debt servicing profile, and the structural subordination of the holding company's senior unsecured debt.

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Markel Group Inc. reported its financial results for the first quarter of 2024, showing growth in operating revenues and income fueled by the Investments engine. The Insurance engine saw revenue growth due to new business and favorable rates, while Markel Ventures reported a strong quarter. The company aims for long-term profitability and steady growth across its financial engines.

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FAQ

What does Markel Group Inc. specialize in?

Markel Group Inc. specializes in providing property and casualty insurance, focusing on specialty lines such as executive liability and commercial equine insurance.

Where is Markel Group Inc. headquartered?

Markel Group Inc. is headquartered in Richmond, Virginia.

When was Markel Group Inc. founded?

Markel Group Inc. was founded in 1930.

What recent initiatives has Markel Group Inc. undertaken?

Recent initiatives include the launch of a Specialty practice within its International Wholesale division and a strategic partnership with Foxquilt to broaden the distribution of proprietary insurance products in the US.

How does Markel Group Inc. use its capital?

Markel uses the capital generated by its insurance operations to acquire noninsurance businesses in diverse sectors such as bakery equipment manufacturing and residential homebuilding.

What are Markel's financial goals?

Markel aims to achieve consistent underwriting and operating profits and superior investment returns to build shareholder value.

Who leads Markel's new Specialty practice?

Tom Hillier leads Markel's new Specialty practice, supported by Graeme Ivory as the head of the International Casualty team.

How did Markel perform financially in 2023?

Markel reported excellent returns from Markel Ventures, investment operations, and various insurance segments, contributing to overall profitable growth.

What is Markel's approach to risk management?

Markel focuses on providing intelligent solutions for complex risk management needs through its broad array of capabilities and expertise.

How does Markel differentiate itself in the market?

Markel differentiates itself through its people-first approach, building deep, valued relationships with colleagues, brokers, and clients worldwide.

Markel Group Inc.

NYSE:MKL

MKL Rankings

MKL Stock Data

20.34B
13.00M
1.98%
79.72%
1.09%
Direct Property and Casualty Insurance Carriers
Finance and Insurance
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United States of America
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