Markel Group Inc. - MKL STOCK NEWS

Markel Corporation (NYSE: MKL) announced that Thomas S. Gayner will transition to the role of sole Chief Executive Officer on January 1, 2023, following the retirement of Co-CEO Richard R. Whitt III. This leadership change comes after a period of preparation for the transition. Jeremy A. Noble will become President of Markel's global insurance engine, overseeing its operations. Gayner emphasized the importance of maintaining Markel's strong culture, known as the Markel Style, in driving the company's growth and long-term value creation.

On November 9, 2022, Markel (NYSE: MKL) announced the launch of an enhanced life sciences product liability offering, now available on admitted paper. This new policy includes tailored solutions covering clinical trials, product recalls, and spans various industries such as medical devices and pharmaceuticals throughout the product life cycle. Markel emphasizes its commitment to the life sciences sector by providing broader access to specialized insurance solutions, facilitating coverage from research to commercialization.

Markel Corporation (NYSE: MKL) announced its financial results for Q3 2022, reporting a 20% increase in earned premiums and $490 million in underwriting profits. The company attributes this growth to a robust underwriting strategy and increased policy retention. Despite net investment losses of $281 million due to equity market declines, the firm expects unrealized losses to recover over time. The combined ratio remained stable at 93%. Book value per share decreased to $868.68 from $1,036.20.

Markel Corporation (NYSE:MKL) will hold a conference call on November 2, 2022, at 9:30 AM ET to discuss its quarterly results and business developments. Interested parties can listen to the call via the company's website or by phone using the provided Conference ID: 4614568. A replay will be available on the website from approximately one hour after the call until November 14, 2022. Markel is known for serving niche markets through specialty insurance products while focusing on consistent profits and superior investment returns to enhance shareholder value.

Markel International, a subsidiary of Markel Corporation (NYSE: MKL), announced three senior promotions to enhance its wholesale claims operations. Jonathan Pestell becomes head of claims performance for specialty, focusing on broker engagement and service improvement. Thomas Upton is appointed head of claims performance for marine and energy, while Dan Lofty takes on the role of head of claims operations and special projects team. These changes aim to align claims and underwriting teams as Markel targets US$2 billion in gross written premium.

Markel Corporation (NYSE: MKL) has appointed Sarah Maxwell as Managing Director of Commercial Excess Wholesale in the Markel Specialty division. Maxwell, who has nearly 20 years of experience in the insurance sector and has been with Markel since 2009, will lead the commercial excess wholesale product line. Tim Pasik, Managing Director, stated that her industry expertise will enhance the growth of this product line, continuing to provide flexible coverage options for customers.

Markel Corporation (NYSE: MKL) announced the retirement of Jed Rhoads, President and Chief Underwriting Officer of its Global Reinsurance Division, effective end of 2022. Rhoads, with over 40 years in the industry, joined Markel in 2013 during the acquisition of Alterra Capital. Don Bahr will succeed him as President, and Tod Costikyan will become Chief Underwriting Officer. Both have extensive experience in reinsurance. The transition aims to maintain strong ties with business partners while positioning Markel for future growth.

Markel International has appointed Dan Martin as the new managing director of distribution strategies and business development (DS&BD), succeeding Pat Murphy-O'Connor, who transitions to a consultancy role. This strategic move aims to enhance Markel's focus on distribution, driving profitable growth. Martin, an industry veteran with over 25 years of experience, will work on expanding the DS&BD and improving the company's digital framework, particularly in the London and Asian markets. He will report to Andrew McMellin in London.

Markel Corporation (NYSE: MKL) announced the appointment of Chris Belvedere as Senior Director of Retail Business Development, effective Aug. 22, 2022. Belvedere brings over 15 years of experience in the insurance industry and will focus on business development within retail, collaborating with national partners. He will report to Managing Executive Glenn Harris and will work closely with regional underwriting teams to enhance service delivery. This strategic hiring aims to strengthen Markel’s competitive position in the specialty insurance market.