Markel Corporation Stock Price, News & Analysis

Markel Corporation (NYSE: MKL) announces the appointment of Kristin Towse as Executive Underwriting Officer for the Markel Specialty division, effective July 1, 2021. Towse brings over 20 years of experience in various insurance sectors and will lead the Products and Regulatory Services and Risk Solution Services teams. Her focus will include enhancing Markel Specialty’s multiline capabilities across industry verticals. Chief Underwriting Officer Jane Peterson highlights Towse's strong broker relationships and track record in developing talent as key to driving growth.

Markel Corporation (NYSE: MKL) has announced Simon Wilson as the new President of Markel International, succeeding William Stovin, effective by January 1, 2022, pending regulatory approval. Stovin has led the division since 2008, significantly increasing gross written premiums at a compound annual growth rate of about 7%. Wilson, with nearly 20 years of international specialty insurance experience, aims to build on Stovin's legacy and enhance Markel's global presence. He previously scaled operations in Europe and Canada, growing annual gross written premiums from $121 million to $402 million over the last decade.

Markel Corporation (NYSE: MKL) has appointed Helen Xu as the new Senior Director for its Markel Specialty Programs. With over 20 years of industry experience, Xu will manage onboarding and portfolio oversight for both existing and new programs. Previously, she held key roles at QBE North America and Chubb, where she specialized in program management and due diligence. Markel aims to leverage improved market conditions and Xu's expertise to enhance its program offerings, signaling a strategic move for continued growth.

Markel Corporation (NYSE: MKL) has appointed Kelly Castriotta as the new Managing Director, Global Cyber Underwriting Executive, effective May 17. In this role, she will lead the global underwriting strategy for cyber products and risks across various business lines. Castriotta joined Markel in 2020 and has over 15 years of experience in underwriting and product development. She succeeds Kara Owens, who left the company after three years. Executive Vice President Robin Russo praised Castriotta's collaborative leadership and expertise.

AM Best has assigned a Long-Term Issue Credit Rating of “bbb+” to Markel Corporation’s $600 million of 3.45% senior unsecured notes due 2052. The rating outlook is stable, with the debt ranking pari passu with existing senior unsecured notes. Proceeds will prefund the $350 million retirement of notes maturing in July 2022 and serve general corporate purposes. Markel's financial leverage is expected to remain in the mid-to-upper 20% range post-offering. Despite challenges in net operating earnings due to claim losses, AM Best anticipates the company’s coverage ratio to stay within guidance.

Markel Corporation (NYSE:MKL) reported strong financial results for Q1 2021, revealing a 13% increase in earned premiums at $1.5 billion, up from $1.3 billion in Q1 2020. Operating revenues from Markel Ventures rose to $706.6 million, attributed to acquisitions. The combined ratio improved to 94%, benefiting from lower loss expenses compared to last year's 118%. Comprehensive income reached $359 million, significantly up from a loss of $1.35 billion. Net investment gains reached $526.8 million versus losses of $1.68 billion last year. Book value per share increased to $913.33.

Markel Corporation (NYSE:MKL) will hold a conference call on April 29, 2021, at 9:30 AM (Eastern Time) to discuss its quarterly results and business developments. The call is available to investors, analysts, and the public via the company’s website, with a replay accessible until May 7, 2021. Markel Corporation operates in specialty insurance markets and focuses on delivering quality products and services while aiming for consistent profits and superior investment returns.

Markel Corporation (NYSE: MKL) will hold its 2021 Annual Meeting of Shareholders in-person on May 10, 2021, at Virginia Credit Union LIVE! in Richmond, Virginia, starting at 2:00 p.m. ET. Company leadership will present a financial update and answer questions from shareholders. Attendees must register in advance and adhere to COVID-19 protocols, including signing a health waiver. Shareholders as of March 2, 2021, can vote in person or submit proxies in advance. For more details, visit markel.com.

AM Best assigned Long-Term Issue Credit Ratings of 'bbb+' for senior unsecured issues, 'bbb' for subordinated issues, and 'bbb-' for preferred stock to Markel's new shelf registration. The outlook for these ratings is stable, while previous ratings have been withdrawn. Financial leverage stood at 23.7% at the end of 2020, with earnings coverage declining to an average of 2.9 times due to natural catastrophes and pandemic-related losses. However, Markel's coverage ratio is expected to remain within guidance.