Latest news with #MarkelGroupInc
Cision Canada
30-07-2025
- Business
- Cision Canada
Markel Group reports 2025 second quarter and six-months results
RICHMOND, Va., July 30, 2025 /CNW/ -- Markel Group Inc. (NYSE:MKL) today reported its financial results for the second quarter of 2025. The Company also announced today it filed its Form 10-Q for the quarter ended June 30, 2025 with the Securities and Exchange Commission. "We've made meaningful changes across our business in recent years, all with the goal of consistently compounding your capital," said Tom Gayner, Chief Executive Officer of Markel Group. "Our results included $1.4 billion in operating income through the first half of the year. Also, this quarter, we took another step to simplify the structure of our insurance business by placing reinsurance into run-off. That decision enables the team to focus more clearly on the core underwriting activities where we have distinct strengths." The following table presents the Company's summary financial data, by engine, for the quarters and six months ended June 30, 2025 and 2024. Quarter Ended June 30, Six Months Ended June 30, (dollars in thousands, except per share amounts) 2025 2024 2025 2024 Operating revenues: Insurance $ 2,232,067 $ 2,148,268 $ 4,419,880 $ 4,333,986 Investments: Net investment income 228,126 220,454 463,727 437,658 Net investment gains (losses) 580,223 (130,017) 431,152 772,264 Other 14,064 9,357 9,454 30,203 Total Investments 822,413 99,794 904,333 1,240,125 Markel Ventures 1,548,286 1,453,781 2,677,658 2,594,387 Total operating revenues $ 4,602,766 $ 3,701,843 $ 8,001,871 $ 8,168,498 Operating income: Insurance (1) $ 128,412 $ 176,925 $ 273,448 $ 312,750 Investments: Net investment income 228,126 220,454 463,727 437,658 Net investment gains (losses) 580,223 (130,017) 431,152 772,264 Other 14,064 9,357 9,454 30,203 Total Investments 822,413 99,794 904,333 1,240,125 Markel Ventures 207,728 177,498 310,238 281,413 Consolidated segment operating income (2) 1,158,553 454,217 1,488,019 1,834,288 Amortization of acquired intangible assets (51,213) (44,237) (98,155) (88,522) Total operating income $ 1,107,340 $ 409,980 $ 1,389,864 $ 1,745,766 Comprehensive income to shareholders $ 867,511 $ 244,356 $ 1,215,181 $ 1,152,741 Diluted net income per common share $ 49.67 $ 18.62 $ 61.60 $ 94.24 Markel Insurance combined ratio 96.9 % 93.8 % 96.5 % 94.5 % (1) See "Supplemental Financial Information" for the components of our Insurance engine operating income. (2) See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure. Highlights of results from the quarter and six months: The changes in operating revenues and operating income for both the quarter and six months ended June 30, 2025 were largely driven by market value movements within our equity portfolio. Generally accepted accounting principles (GAAP) require that we include unrealized gains and losses on equity securities in net income. This may lead to short-term volatility in revenues and operating income that temporarily obscures our underlying operating performance. Net investment income increased 3% and 6% for the quarter and six months ended June 30, 2025, respectively, reflecting a higher yield and higher average holdings of fixed maturity securities in 2025. Markel Ventures operating revenues and operating income for the quarter and six months ended June 30, 2025 increased, reflecting contributions from the acquisitions of Valor and EPI, as well as improved performance at our construction services businesses. The increase in Markel Insurance's combined ratio for the quarter ended June 30, 2025 was primarily driven by adverse development in 2025 on our run-off risk-managed directors and officers product lines and on the Global Reinsurance division, which we announced is being placed into run-off. This adverse development in the second quarter of 2025 resulted in less overall net favorable development on prior accident years loss reserves in the second quarter of 2025 compared to the second quarter of 2024. Underwriting results for the first half of 2025 included $60.9 million of net losses and loss adjustment expenses, or one-and-a-half points on the Markel Insurance combined ratio, attributed to the January 2025 wildfires in southern California (California Wildfires) compared to no catastrophe losses in the first half of 2024. Excluding losses attributed to the California Wildfires, the Markel Insurance combined ratio in the first half of 2025 was consistent with the same period of 2024. We believe our financial performance is most meaningfully measured over longer periods of time, which tends to mitigate the effects of short-term volatility and also aligns with the long-term perspective we apply to operating our businesses and making investment decisions. The following table presents a long-term view of our performance. Six Months Ended June 30, Years Ended December 31, (dollars in thousands) 2025 2024 2023 2022 2021 Operating income (loss): Insurance (1) $ 273,448 $ 601,002 $ 348,145 $ 928,709 $ 718,800 Investments (2) 904,333 2,772,950 2,241,419 (1,167,548) 2,353,124 Markel Ventures 310,238 520,082 519,878 404,281 330,120 Consolidated segment operating income (3) 1,488,019 3,894,034 3,109,442 165,442 3,402,044 Amortization and impairment (98,155) (181,472) (180,614) (258,778) (160,539) Total operating income (loss) $ 1,389,864 $ 3,712,562 $ 2,928,828 $ (93,336) $ 3,241,505 Net investment gains (losses) (2) $ 431,152 $ 1,807,219 $ 1,524,054 $ (1,595,733) $ 1,978,534 Compound annual growth rate in closing stock price per share from December 31, 2020 to June 30, 2025 16 % (1) See "Supplemental Financial Information" for the components of our Insurance engine operating income. (2) Investments engine operating income includes net investment gains (losses), which are primarily comprised of unrealized gains and losses on equity securities. (3) See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure. ******** A copy of our Form 10-Q is available on our website at under Investor Relations-Financials, or on the SEC website at Readers are urged to review the Form 10-Q for a more complete discussion of our financial performance. Our quarterly conference call, which will involve discussion of our financial results and business developments and may include forward-looking information, will be held Thursday, July 31, 2025, beginning at 9:30 a.m. (Eastern Time). Investors, analysts and the general public may listen to the call via live webcast at The call may be accessed telephonically by dialing (888) 660-9916 in the U.S., or (646) 960-0452 internationally, and providing Conference ID: 4614568. A replay of the call will be available on our website approximately one hour after the conclusion of the call. Any person needing additional information can contact Markel Group's Investor Relations Department at [email protected]. Supplemental Financial Information The following table presents the components of our Insurance engine operating income. Non-GAAP Financial Measures Consolidated segment operating income is a non-GAAP financial measure as it represents the total of the segment operating income from each of our operating segments and excludes items included in operating income. Consolidated segment operating income excludes amortization of acquired intangible assets and goodwill impairments arising from purchase accounting as they do not represent costs of operating the underlying businesses. The following table reconciles operating income to consolidated segment operating income. About Markel Group Markel Group Inc. is a diverse family of companies that includes everything from insurance to bakery equipment, building supplies, houseplants, and more. The leadership teams of these businesses operate with a high degree of independence, while at the same time living the values that we call the Markel Style. Our specialty insurance business sits at the core of our company. Through decades of sound underwriting, the Markel Insurance team has provided the capital base from which we built a system of businesses and investments that collectively increase Markel Group's durability and adaptability. It's a system that provides diverse income streams, access to a wide range of investment opportunities, and the ability to efficiently move capital to the best ideas across the company. Most importantly though, this system enables each of our businesses to advance our shared goal of helping our customers, associates, and shareholders win over the long term. Visit to learn more. Cautionary Statement Certain of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. Statements that are not historical facts, including statements about our beliefs, plans or expectations, are forward-looking statements. These statements are based on our current plans, estimates and expectations. There are risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by such statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Additional factors that could cause actual results to differ from those predicted are set forth in our Annual Report on Form 10-K for the year ended December 31, 2024, including under "Business Overview," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Safe Harbor and Cautionary Statement," and "Quantitative and Qualitative Disclosures About Market Risk," and in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, including under "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Safe Harbor and Cautionary Statement," "Quantitative and Qualitative Disclosures About Market Risk," and "Risk Factors." We assume no obligation to update this release (including any forward-looking statements) as a result of new information, developments, or otherwise. This release speaks only as of the date issued.
Malaysian Reserve
16-07-2025
- Business
- Malaysian Reserve
Markel appoints Chelsea Jiang as Managing Director
SINGAPORE, July 15, 2025 /CNW/ — Markel Insurance, the insurance operations within Markel Group Inc. (NYSE: MKL), today announced the appointment of Chelsea Jiang as Managing Director – Greater China. Based in Hong Kong, Jiang will oversee Markel's operations in both Hong Kong and Shanghai, driving continued growth and deepening the company's presence across Greater China. She will support local and regional teams in executing Markel's strategy, enhancing product offerings, and strengthening broker and client relationships in one of the region's most dynamic markets. Jiang joins from AXA, where she was Chief Technical & Innovation Officer for AXA's General Insurance business across Greater China. With a career that spans underwriting leadership and product development, she brings a deep understanding of the Greater China market and a strong track record of commercial and operational delivery. Jiang will report to newly appointed Managing Director – Asia Pacific, Sucheng Chang. Kevin Leung, Chief Underwriting Officer – Asia Pacific, commented: 'Chelsea's appointment marks an exciting new chapter for Markel in Greater China. Her leadership, regional expertise, and ability to connect strategy with execution make her a strong addition to our team. I look forward to working with her to further accelerate our growth and build on the strong foundations laid by our teams in Hong Kong and Shanghai.' Sucheng Chang, Managing Director – Asia Pacific, adds: 'With both our Hong Kong and Shanghai teams reporting into her, we're confident Chelsea will bring greater alignment, foster stronger collaboration, and help unlock the full potential of our teams across the region. Her leadership will ensure a unified and strategic approach as we continue to scale in one of Asia Pacific's most important markets.' About Markel Insurance We are Markel Insurance, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people – and the deep, valued relationships they develop with colleagues, brokers and clients – that differentiates us worldwide.
Cision Canada
16-07-2025
- Business
- Cision Canada
Markel appoints Chelsea Jiang as Managing Director
SINGAPORE, July 15, 2025 /CNW/ -- Markel Insurance, the insurance operations within Markel Group Inc. (NYSE: MKL), today announced the appointment of Chelsea Jiang as Managing Director – Greater China. Based in Hong Kong, Jiang will oversee Markel's operations in both Hong Kong and Shanghai, driving continued growth and deepening the company's presence across Greater China. She will support local and regional teams in executing Markel's strategy, enhancing product offerings, and strengthening broker and client relationships in one of the region's most dynamic markets. Jiang joins from AXA, where she was Chief Technical & Innovation Officer for AXA's General Insurance business across Greater China. With a career that spans underwriting leadership and product development, she brings a deep understanding of the Greater China market and a strong track record of commercial and operational delivery. Jiang will report to newly appointed Managing Director – Asia Pacific, Sucheng Chang. Kevin Leung, Chief Underwriting Officer – Asia Pacific, commented: "Chelsea's appointment marks an exciting new chapter for Markel in Greater China. Her leadership, regional expertise, and ability to connect strategy with execution make her a strong addition to our team. I look forward to working with her to further accelerate our growth and build on the strong foundations laid by our teams in Hong Kong and Shanghai." Sucheng Chang, Managing Director – Asia Pacific, adds: "With both our Hong Kong and Shanghai teams reporting into her, we're confident Chelsea will bring greater alignment, foster stronger collaboration, and help unlock the full potential of our teams across the region. Her leadership will ensure a unified and strategic approach as we continue to scale in one of Asia Pacific's most important markets." About Markel Insurance We are Markel Insurance, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people – and the deep, valued relationships they develop with colleagues, brokers and clients – that differentiates us worldwide.
Cision Canada
15-07-2025
- Business
- Cision Canada
Christian Stobbs named Markel's Chief Strategy and Corporate Development Officer
RICHMOND, Va., July 15, 2025 /CNW/ -- Markel Insurance, the insurance operations within Markel Group Inc. (NYSE: MKL), announced today that it has appointed Christian Stobbs as its Chief Strategy and Corporate Development Officer. In this new role, Stobbs will play a key role in identifying and advancing strategic growth opportunities across Markel's insurance operations. Stobbs, who will initially be based in the US, will report directly to Simon Wilson, Chief Executive Officer of Markel Insurance. "I'm confident that Christian's proven leadership successes and his more than 17 years of insurance and financial services industry experience will unlock even greater opportunities to help Markel Insurance to win," said Wilson. Stobbs joined Markel in 2015 as Strategy and Development Executive, where he established the strategy function for Markel International. In 2016, he was appointed Managing Director for Abbey Tax, now Markel Tax, and developed the strategy to help create the UK's leading dedicated tax fee protection insurer. In 2019, Stobbs was named as Managing Director, Asia Pacific, which under his leadership achieved significant expansion, following investment made as part of Markel's Accelerate Asia Pacific strategy. Since 2019, GWP has increased by approximately 600%, underwriting profitability has improved and the number of employees in the region has nearly tripled. Sucheng Chang was appointed as Managing Director, Asia Pacific, effective July 14. We are Markel, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people—and the deep, valued relationships they develop with colleagues, brokers and clients—that differentiates us worldwide.
Malaysian Reserve
15-07-2025
- Business
- Malaysian Reserve
Markel to ramp up Malaysian presence, appoints new country head
MARKEL Insurance, the insurance operations within New York-listed Markel Group Inc, has appointed Jasminder Kaur as its country head as it plans to ramp up its presence in Malaysia. In her new role, Jasminder will be responsible for scaling Markel's operations in Malaysia, which the company has described as an established specialty insurance market. She will collaborate closely with the underwriting team in Singapore, while also working to establish and grow Markel's underwriting capability in Kuala Lumpur. The appointment will build on Markel's existing presence in Malaysia, where Markel is licensed as a Tier 2 reinsurer in Labuan, it said in a statement. Jasminder brings close to three decades of experience in the insurance industry, with a background in risk management and broking. She most recently served as CEO of MP Honan Insurance Brokers Sdn Bhd, where she played a key role in evolving the local broking firm into an international boutique firm, driving sales growth and operational excellence. Prior to that, she spent more than eight years at Aon Insurance Brokers Sdn Bhd, where she held various leadership roles, including chief broking officer. Jasminder will report to Kevin Leung, Markel's chief underwriting officer for Asia Pacific. 'Jasminder's appointment is a key strategic move for our business in Malaysia, leveraging her proven ability to deliver results and her deep understanding of the local market,' said Christian Stobbs, Markel's MD for Asia Pacific, in the same statement. Markel Insurance is a global specialty insurer, which leverages its broad array of capabilities and expertise to create solutions for the most complex specialty insurance needs. The specialty insurance market sector in Malaysia is composed of a mix of local and international insurers that offer niche or non-traditional insurance products tailored to specific risks. These can include areas such as marine, aviation, energy, construction, political risk, cyber insurance and other specialised risks. One of the key players in this sector is MSIG Insurance (M) Bhd, owned by Japan-based Mitsui Sumitomo Insurance Group, whose specialty lines include marine, energy, construction, engineering, aviation and liability insurance. Two other players are Swiss-owned Zurich General Insurance Malaysia Bhd, with specialty lines in marine, energy, construction, cyber and liability insurance, as well as AIG Malaysia Insurance Bhd who's parent compay is the US-based American International Group. — TMR This article first appeared in The Malaysian Reserve weekly print edition
