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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.
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.
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.
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.
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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