Markel Group Inc. - MKL STOCK NEWS

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.

Markel Corporation (NYSE: MKL) reported its financial results for Q2 2022, showing a 17% increase in earned premiums compared to the same quarter last year, reaching $1.83 billion. However, net investment losses totaled $(1.55 billion), reflecting declines in equity markets. The comprehensive loss to shareholders was $(1.28 billion). The combined ratio for the quarter rose to 91%, influenced by higher loss reserves and reinsurance costs due to the Russia-Ukraine conflict. Over a five-year period, book value per share grew 7%.

Markel Corporation (NYSE:MKL) will host a conference call on August 3, 2022, at 9:30 AM ET to discuss its quarterly results and business developments. Investors can listen to the call via the Company's website at www.markel.com. A replay will be available for one hour post-call until August 15, 2022. The company aims to deliver consistent underwriting profits and superior investment returns, emphasizing its commitment to quality products and customer service.

Markel Corporation (NYSE: MKL) has appointed Tim Pasik as the new Managing Director and Commercial Casualty Product Lines Leader for Markel Specialty's insurance operations. With nearly 40 years in the insurance sector, Pasik aims to enhance profitable growth across commercial primary and excess product lines. He previously served as Managing Director for Commercial Excess Casualty, Wholesale. Pasik will report to Alan Rodrigues, Executive Underwriting Officer, and work from Markel's New York office.

Markel Corporation (NYSE: MKL) has established a new Complex Construction team to cater to the specialized needs of the construction industry. This initiative combines dedicated underwriters and specialists in claims and loss control, leveraging Markel’s extensive knowledge of construction and infrastructure risks. Vince Colosimo, the Construction Practice Leader, emphasized that this team will enhance their service to clients amidst the complex risks in the sector. The move underscores Markel’s commitment to providing tailored risk management solutions for large construction accounts.

Markel International has appointed Jeannie Schreiner as a senior underwriter for marine and energy (M&E) liability. This strategic hire, alongside a recent restructuring of the liability team, aims to enhance client service and drive investments in their liability portfolio. Reporting to Louise Foley, Schreiner will leverage her decade-long experience at Talbot Underwriting Services to improve broker relationships and mentor junior underwriters. The team has seen significant growth in gross written premium and aims to maintain its leadership in the M&E liability market.

Markel International has appointed Bryan Dressler as the new head of warranty and indemnity (W&I) for its professional and financial risk (PFR) division. This strategic move aims to enhance Markel's offerings in niche sectors, particularly targeting SMEs in the UK and European Economic Area with equity values up to $300m. Dressler's experience includes previous roles at Arch Insurance and JLT Speciality Limited. The company aims to achieve a gross written premium (GWP) of $30m in this area by 2025.