Markel Corporation Stock Price, News & Analysis

Markel Corporation (NYSE: MKL) has appointed Hollis Zyglocke as Regional President for the Mid-Atlantic region of its Markel Specialty division. Zyglocke, who joined Markel in 2017 as Senior Director, brings over 20 years of insurance industry experience, having previously led teams focused on high-risk sectors. She succeeds Steve Girard, who transitions to the Southeast Region. Sarah Gavlick, Chief Territory Officer, East, expressed confidence in Zyglocke's leadership to drive profitable growth in the Mid-Atlantic. Markel aims to enhance its market position in specialty insurance.

Markel Corporation (NYSE: MKL) has announced a definitive agreement to acquire a majority interest in Metromont LLC, a leading precast concrete manufacturer in the southeast and mid-Atlantic regions. The transaction, expected to close in Q4 2021, is subject to customary conditions. Founded in 1925, Metromont operates six manufacturing locations across four states and employs over 1,000 people. Markel aims to leverage this partnership to enhance its investment strategy through specialization and diversification.

Markel Corporation (NYSE: MKL) appointed Morgan Housel to its board of directors on November 16, 2021. Housel is a partner at The Collaborative Fund and an author known for his insights into risk and investor psychology. His previous experience includes roles at The Motley Fool and The Wall Street Journal. Chairman Steve Markel expressed confidence in Housel's alignment with Markel's values and his potential to enhance business leadership. Housel will serve on the board's Nominating/Corporate Governance Committee.

Markel Corporation (NYSE: MKL) announced it is winding down Lodgepine Capital Management Limited, its retrocessional ILS fund manager in Bermuda, due to unfavorable market conditions. Lodgepine, launched in 2019, achieved $230 million in initial limits in 2021 but will cease new business and enter an orderly run-off of its portfolio. The fund started with $98.9 million in initial capital, including Markel's $18.9 million investment. Markel is consulting with Lodgepine's 18 employees regarding redeployment options within the company.

Markel Corporation (NYSE: MKL) announces the appointment of Steve Girard as the new Regional President for the Southeast region of Markel Specialty, succeeding Nick Abraham, who has left the company for another opportunity. Girard, previously the Mid-Atlantic Regional President, has a history of delivering strong, profitable growth since joining Markel in 2008. He will continue to report to Sarah Gavlick, Chief Territory Officer, and will be based in Alpharetta, Georgia.

Markel Corporation (NYSE: MKL) announced its financial results for Q3 2021, showing a 17% increase in earned premiums compared to Q3 2020, driven by new business and favorable rates. The company reported a combined ratio of 93% for Q3, reflecting improved underwriting performance despite significant losses attributed to natural catastrophes like Hurricane Ida. Net investment losses were reported at $(25,833)K for the quarter, contrasting with gains in the prior year. Comprehensive income for Q3 was $80,236K, and book value per share reached $980.99.

Markel Corporation (NYSE:MKL) will hold a conference call on November 3, 2021, at 9:30 am ET to discuss quarterly results and business developments. Investors and the public can access the call via the company’s website, with a replay available until November 15, 2021. Markel specializes in niche insurance markets and aims to provide quality products and superior customer service, targeting consistent profits and investment returns to enhance shareholder value.

Markel Corporation announced that over 90% of investors in the Markel CATCo Reinsurance Fund and over 95% in the CATCo Reinsurance Opportunities Fund support the Buy-Out Transaction. The Buy-Out will be funded by Markel affiliates with approximately $270 million, facilitating the return of roughly $100 million of trapped collateral to investors. The deadline for investor support has been extended to November 9, 2021. This transaction allows investors to retain potential upside after claims are paid.

Markel Corporation (NYSE: MKL) announced a Buy-Out Transaction to return nearly all net asset value (NAV) from the Markel CATCo Reinsurance Fund Ltd. and CATCo Reinsurance Opportunities Fund Ltd. to investors. This transaction, funded by up to $150 million from Markel affiliates, aims to resolve disruptions caused by asserted claims from small investors. Investors can earn a 1% fee on their NAV entitlement by consenting by October 22, 2021. The transaction's approval will involve Bermuda law schemes, with joint provisional liquidators appointed to facilitate the process.