Liberty Posted May 25, 2011 Share Posted May 25, 2011 Markel Corporation (NYSE: MKL) (the "Company") announced today that it has priced a public offering of $250 million aggregate principal amount of 5.35% senior notes due 2021. The net proceeds will be used for general corporate purposes, including acquisitions. In addition, proceeds may be used to repurchase other of the Company's outstanding debt securities. Citigroup Global Markets Inc. and Wells Fargo Securities, LLC are the Joint Book-Running Managers for the offering, which is expected to close on or about June 1, 2011. Link to comment Share on other sites More sharing options...
Liberty Posted July 14, 2011 Share Posted July 14, 2011 http://www.prnewswire.com/news-releases/markel-announces-transaction-with-partnermd-125519693.html Markel Corporation (NYSE: MKL) announces today that PartnerMD, LLC, has become a subsidiary of Markel Ventures. PartnerMD, headquartered in Richmond, Virginia, runs concierge medical and executive health programs focused on disease prevention, health maintenance, and unique one-on-one doctor/patient relationships. Link to comment Share on other sites More sharing options...
Liberty Posted August 8, 2011 Share Posted August 8, 2011 http://phx.corporate-ir.net/phoenix.zhtml?c=104364&p=irol-newsArticle&ID=1594402&highlight= Markel Corporation (NYSE: MKL) reported diluted net income per share of $3.11 for the quarter ended June 30, 2011 compared to $2.12 for the second quarter of 2010. Diluted net income per share was $3.95 for the six months ended June 30, 2011 compared to $6.46 for the same period of 2010. The combined ratio was 103% for the second quarter of both 2011 and 2010. The combined ratio was 107% for the six months ended June 30, 2011 compared to 102% for the same period of 2010. The combined ratio for the six months ended June 30, 2011 included $99 million, or 10 points, of underwriting loss related to the U.S. storms, Australian floods, New Zealand earthquake and Japanese earthquake and subsequent tsunami. For the six months ended June 30, 2010, the combined ratio included $17 million, or 2 points, of underwriting loss related to the Chilean earthquake. Book value per common share outstanding increased 4% to $338.66 at June 30, 2011 from $326.36 at December 31, 2010. Link to comment Share on other sites More sharing options...
berkshiremystery Posted August 17, 2011 Share Posted August 17, 2011 Great video interview with Tony Markel & Paul Springman about the history of MKL. Cheers! http://www.insurancejournal.tv/videos/1460/ and The Markel Style The specialty powerhouse marks 75 years of know-how and teamwork http://www.roughnotes.com/rnmagazine/2005/december05/12p054.htm Link to comment Share on other sites More sharing options...
berkshiremystery Posted August 17, 2011 Share Posted August 17, 2011 Markel International - Case Study I 2011-04-13 http://img2.videos.com/thumb/yt/w/ytx_5gc6an6-w.jpg Markel International - Case Study II 2011-04-13 http://img2.videos.com/thumb/yt/u/yt6GtjZqPSKmU.jpg Link to comment Share on other sites More sharing options...
berkshiremystery Posted August 22, 2011 Share Posted August 22, 2011 Here's a good read about Tom Gayner @ MKL,... BRK & FFH. Cheers! Tom Gayner Entrusts a Quarter of Markel's Equity Portfolio to 3 Brilliant Capital Allocators August 18, 2011 http://seekingalpha.com/article/288226-tom-gayner-entrusts-a-quarter-of-markel-s-equity-portfolio-to-3-brilliant-capital-allocators?source=yahoo Link to comment Share on other sites More sharing options...
Liberty Posted October 19, 2011 Share Posted October 19, 2011 http://www.prnewswire.com/news-releases/markel-announces-acquisition-of-weldship-132138293.html RICHMOND, Va., Oct. 19, 2011 /PRNewswire/ -- Markel Corporation (NYSE: MKL) announces today that its subsidiary, Markel Ventures, has acquired a majority interest in WI Holdings Inc. ("Weldship"), a privately held company headquartered in Bethlehem, PA, with a division, Texas Trailer Corporation, in Gainesville, TX, from RAF Industries, Inc. Weldship manufactures, leases and sells high pressure tube trailers, certified ISO containers and other gas and liquid containers to industrial gas manufacturers, independent distributors, specialty chemical companies and the United States Government for use in the domestic and international compressed gas, electronic gas and specialty chemical industries. Robert Arcieri, CEO and President of Weldship, stated, "We are very excited about our new relationship with Markel. With the added strength Markel provides as our permanent business partner, we anticipate our business will continue its consistent growth pattern, providing security for our employees and support for our customers." Thomas S. Gayner, President of Markel Ventures, added, "We are pleased to welcome Weldship to the Markel Ventures family. Weldship is an established leader within their specialized industry segment and will be a great addition to our group of businesses." Link to comment Share on other sites More sharing options...
Liberty Posted November 7, 2011 Share Posted November 7, 2011 http://www.marketwatch.com/story/markel-reports-third-quarter-and-nine-month-results-2011-11-07 Link to comment Share on other sites More sharing options...
jeffmori7 Posted November 7, 2011 Share Posted November 7, 2011 Some comments about Markel Ventures purchases : http://www2.timesdispatch.com/business/2011/nov/07/tdmbiz12-markel-builds-the-next-berkshire-hathaway-ar-1439609/ Link to comment Share on other sites More sharing options...
Liberty Posted December 7, 2011 Share Posted December 7, 2011 http://www.prnewswire.com/news-releases/markel-announces-agreement-to-acquire-thomco-135161588.html Markel Corporation (NYSE: MKL) and Thompson Insurance Enterprises, LLC (dba THOMCO) announced today that they have entered into a definitive agreement for Markel to acquire THOMCO, a privately held Program Administrator underwriting multi-line, industry-focused insurance programs. Headquartered in Kennesaw, Georgia, THOMCO manages over 20 national programs including Medical Transportation, Senior Living, Childcare Centers, Fitness Clubs, Pest Control Operators, Tanning Salons and Inflatable Rental Operators, among others. THOMCO expects to underwrite in excess of $170,000,000 in gross written premium in 2011. The firm produces business through a network of 4,500 producers and has 108 employees, with the majority located at the home office in Kennesaw in addition to branch offices in Kansas City and Denver. THOMCO will continue to operate as a separate business unit with Greg Thompson and Bob Heaphey, THOMCO's current Chairman and President, respectively, leading the operation. The operating unit will be a part of Markel Specialty. The transaction has been approved by all THOMCO's members. Completion of the transaction is subject to customary closing conditions, including Hart-Scott-Rodino clearance, and is expected to occur in the first quarter of 2012. Terms of the transaction were not disclosed. "We are very compatible organizations," commented Greg Thompson, THOMCO's Chairman. "Both companies have built an excellent reputation for integrity, customer service and underwriting discipline. Markel prides itself on providing an atmosphere in which people can reach their personal potential, and we whole-heartedly embrace that value. Our product innovation, niche expertise, distribution network and technology complement Markel's outstanding Claims Department and financial strength. We will be able to better serve our customers while offering greater opportunity to our staff. This transaction should be a winner for both parties." Mike Crowley, Markel's President and Co-Chief Operating Officer, added: "With the acquisition of THOMCO, we are witnessing the combination of two companies that share a similar history. Both were founded by families that maintain leadership positions in their respective firms and who share similar cultures and values." Link to comment Share on other sites More sharing options...
biaggio Posted February 3, 2012 Share Posted February 3, 2012 year end reported yesterday: http://finance.yahoo.com/news/Markel-Reports-2011-Financial-prnews-3505575215.html?x=0 Conference call today: http://seekingalpha.com/article/337691-markel-s-ceo-discusses-q4-2011-results-earnings-call-transcript?source=yahoo Any comments from those holding MKL. Link to comment Share on other sites More sharing options...
jeffmori7 Posted February 3, 2012 Share Posted February 3, 2012 Thanks biaggio! A year impacted by the large number of natural catastrophes, so income are cut in half, but still they manage to grow book value by 8%. Not that bad for such a year. So far, Markel Ventures is growing quite fast in terms of revenue, but still only contributing to 7M in earning..quite disappointing , no? I'm happy to see that they don't have a lot of exposure to Europe and looking forward for a better year in 2012 with less catastrophe (and a hard market?) and more non-insurance income. Happy to see some share repurchases a little over book value. Finally, one thing I always like with them is that they don't hesitate to reduce volume if it can improve profitability. Link to comment Share on other sites More sharing options...
Liberty Posted February 28, 2012 Share Posted February 28, 2012 2011 Annual report is out. Edit: Well, I got a email saying it, but apparently the link on their website points to the wrong place. Should be fixed soon.. Link to comment Share on other sites More sharing options...
Guest hellsten Posted February 28, 2012 Share Posted February 28, 2012 Markel's 2011 annual report and 10-K: http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NDU2OTczfENoaWxkSUQ9NDgzOTEyfFR5cGU9MQ==&t=1 My notes: • Combined ratio of 102% included eight points of underwriting loss from natural catastrophes • Book value per share increased to $352.10, representing a compound annual growth rate for the one-year and five-year periods of 8% and 9%, respectively • Revenues from Markel Ventures exceeded $315 million, and we acquired four new businesses in 2011 • Portfolio per share: $907.2 • other revenues, which primarily represent the Markel Ventures companies, rose 89% • Our total investment return in 2011 was 6.5%. In our fixed income operations, we earned 7.6% and in our equity portfolio, we earned 3.8%. • At December 31, 2011, we held fixed maturities of $53.9 million, or less than 1% of invested assets, from sovereign and non-sovereign issuers domiciled in Portugal, Ireland, Italy, Greece or Spain • At December 31, 2011, the Company’s ten largest equity holdings represented $955.5 million, or 51%, of the equity portfolio. Investments in the property and casualty insurance industry represented $397.3 million, or 21%, of the equity portfolio at December 31, 2011. Investments in the property and casualty insurance industry included a $221.2 million investment in the common stock of Berkshire Hathaway Inc. • 5-Year CAGR in book value per share: 9% • $150.9 million of estimated net losses related to natural disasters. Almost $50 million from Japan. • The Company’s Board of Directors has approved the repurchase of up to $200 million of common stock under a share repurchase program…As of December 31, 2011, the Company had repurchased 118,056 shares of common stock at a cost of $44.6 million under the Program. • Net income to shareholders for 2011 decreased 47% compared to 2010 primarily due to a deterioration in underwriting results, which was driven by higher losses from natural catastrophes compared to 2010. • In the current market environment, we have chosen to take a more defensive posture, earning slightly lower investment yields in order to maintain a high level of liquidity and have flexibility in how we allocate capital. • our holding company (Markel Corporation) held $1,158.7 million of invested assets, which approximated 15 times annual interest expense of the holding company • The estimated fair value of our investment portfolio at December 31, 2011 was $8.7 billion, 79% of which was invested in fixed maturities, short-term investments and cash and cash equivalents and 21% of which was invested in equity securities. Link to comment Share on other sites More sharing options...
ShahKhezri Posted April 20, 2012 Share Posted April 20, 2012 Another acquisition: http://finance.yahoo.com/news/markel-announces-acquisition-havco-210000484.html Odd group of companies in Markel Ventures, but it's a group nonetheless...the more they do, the more credibility and better opportunities in the future. I own MKL. Link to comment Share on other sites More sharing options...
Liberty Posted April 20, 2012 Share Posted April 20, 2012 Nice to see that they keep adding to Markel Ventures. That company looks kind of like a play on the US economy picking up too. Link to comment Share on other sites More sharing options...
jeffmori7 Posted April 20, 2012 Share Posted April 20, 2012 I think these companies are found through their insurance business..probably for part of them, long term clients which they know pretty well. Keep up the good work Markel, your Ventures division will provide a steady stream of income in the future compared to insurance. Link to comment Share on other sites More sharing options...
Liberty Posted May 10, 2012 Share Posted May 10, 2012 Markel Corporation (NYSE: MKL) reported diluted net income per share of $5.92 for the quarter ended March 31, 2012 compared to $0.85 for the first quarter of 2011. The combined ratio for the first quarter of 2012 was 100% compared to 112% for the first quarter of 2011. The combined ratio for the first quarter of 2012 included $20 million, or 4 points, of underwriting, acquisition and insurance expenses related to the Company's prospective adoption of Financial Accounting Standards Board Accounting Standard Update No. 2010-26, Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts. The combined ratio for the first quarter of 2011 included $69 million, or 15 points, of underwriting loss related to the Australian floods, the New Zealand earthquake and the Japanese earthquake and tsunami. Book value per common share outstanding increased 6% to $373.20 at March 31, 2012 from $352.10 at December 31, 2011. Alan I. Kirshner, Chairman and Chief Executive Officer, commented, "Business conditions are improving as we are seeing more opportunities and achieving better prices. In our insurance operations, we saw a 10% increase in premium volume and improved underwriting performance. Our acquisition activity continued in 2012 and we are excited about our two most recent acquisitions – the THOMCO insurance business and the Markel Ventures acquisition of Havco. Our book value per share achieved an all time high driven by favorable investment returns." Link to comment Share on other sites More sharing options...
jeffmori7 Posted May 12, 2012 Share Posted May 12, 2012 http://seekingalpha.com/article/578501-markel-s-management-discusses-q1-2012-results-earnings-call-transcript They are doing well..seems like they are still quite prudent toward the pricing for the moment. Link to comment Share on other sites More sharing options...
jeffmori7 Posted May 12, 2012 Share Posted May 12, 2012 On the Markel breakfast : http://www.dailyfinance.com/2012/05/08/meet-hipster-berkshire-the-markel-annual-breakfast/ Steve Markel thinks the business is worth 1.5-2 times book value. Link to comment Share on other sites More sharing options...
jeffmori7 Posted May 14, 2012 Share Posted May 14, 2012 With all the respect I have for Markel and what they have done so far, and I'm still long Markel, there is one thing I don't understand. Why is that that Tom Gayner take so tiny position in so many different titles? I understand he is not Buffett, and that it is not so typical except for Berkshire to have such a large equity portfolio as an insurance company...but still. They are invested in 101 stock right now! YUM Brands position is only 200K $...And just this last quarter, there was activity (buy or sell) in at least 50 different positions..that is a lot! I wish Tom Gayner would reduce their number of position and reduce insignifiant volume trading..it doesn't seem to make much sense..is it really better than buying an index? Any thoughts? http://www.dataroma.com/m/holdings.php?m=MKL Link to comment Share on other sites More sharing options...
beerbaron Posted May 14, 2012 Share Posted May 14, 2012 Graham had lots of stocks in it's portfolio and he did not do so bad... BeerBaron Link to comment Share on other sites More sharing options...
Shane Posted May 14, 2012 Share Posted May 14, 2012 He still has 6-8% positions, far from closet indexing. You may want to focus on concentration in the top 10 positions instead of # of stocks in the portfolio. Link to comment Share on other sites More sharing options...
jeffmori7 Posted May 14, 2012 Share Posted May 14, 2012 Shane, you're right about concentration in the top positions! Still, it seems to me that the smaller positions are meaningless considering the size of the portfolio. Anyway, he has a good track record and he is being conservative to preserve Markel financial strength, so who am I to criticize Tom Gayner? :) Link to comment Share on other sites More sharing options...
rranjan Posted May 14, 2012 Share Posted May 14, 2012 Taking a tiny position help them to track the business better. Remember from one of the interviews but I might be wrong. Link to comment Share on other sites More sharing options...
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