Selected Reads

Smartkarma

Equity Bottom-Up

In today’s episode, we sit down with legendary investor, Tom Gayner, Co-CEO of Markel Corporation. Markel has been referred to as a “Baby Berkshire”, because it is structured similarly to Berkshire Hathaway, and has produced stellar results.Tom has been producing investment returns in the high teens for Markel Corp for over 30 years and was kind enough to give us incredible insight into his investment strategies and philosophies. IN THIS EPISODE, YOU'LL LEARN:Why investing is sometimes more…

Morningstar

Morningstar, Inc.

Markel posted solid underwriting results, but strong investment performance was the biggest driver of its quarter. While it worked in the company’s favor this quarter, we retain our concerns about Markel’s dependence on investment results to drive profitability and book value growth, especially given the premium valuation the market awards to the stock. We will maintain our $845 fair value estimate and no-moat rating
Markel continues to see solid growth, with net written premiums up 11% year…

Markel has built a reputation as a "mini-Berkshire," and while we think it has developed a solid franchise, we believe the premium the market awards the company based on this narrative is not fully justified. At first glance, Markel would appear to have the making of a moaty business, as it focuses on specialty lines. The company has substantial excess and surplus lines operations, but it also focuses on niche underwriting areas such as insuring summer camps, childcare centers, and livestock. We…

United States

Markel Corporation markets and underwrites specialty insurance products and programs to a variety of niche markets.  The Company also underwrites a diverse property, casualty, marine, and aviation insurance and reinsurance business on a worldwide basis.

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