Prior accident year reserve development, which can either be favorable or unfavorable, represents changes in our estimates of losses and loss adjustment expenses related to loss events that occurred in prior years. Replay October 10, 2022 Addressing Multiple Crises in an Era of Volatility Replay October 11, 2022 We believe the taxable equivalent total investment return is a better reflection of the economics of our decision to invest in certain asset classes. 20549 S C H E D U L E 14A I N F O R M AT I O N P roxy S tate me n t P u r s u an t to S e c ti on 14(a) of th e Richmond, Virginia, United States. Markel Ventures EBITDA is a non-GAAP financial measure. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Was h i n gton , D .C . Markel Omaha Brunch The National Association of Women Lawyers ("NAWL") is pleased to announce the confirmed 2022 award recipients to be honored at the Annual Meeting & Awards Luncheon to be held on July 21, 2022 at the Hilton Chicago. Sign Up Today. 24 Mar 2014 Markel Corp. 2013 Annual Report. #Markel did some amazing things in 2022! Looking forward to our annual Markel brunch in #Omaha at the Omaha Marriott Downtown. ET. ET. WTW Reports Fourth Quarter and Full Year 2022 Earnings. Markel. After concluding the regular business session of the meeting, company leadership will provide a financial and strategic business update and host a question and answer session with attendees. Contact a member of the Investor Relations team. The increase in operating revenues in our program services and other fronting operations in 2022 was primarily due to higher gross earned premium, on which our fees are based, in 2022 compared to 2021, driven by the expansion of existing programs and growth from new programs, as well as the growth of our other fronting arrangements. "Markel Ventures produced another record-setting year for revenues, operating income, andEBITDA as our businesses adapt to an ever-changing economic landscape. We attempted to mitigate the impact of these cost increases through a variety of actions, such as increasing the prices of our products and services, pre-purchasing materials, locking in prices in advance or utilizing alternative sources of materials. Substantially all of our net investment losses in 2022 were unrealized. Congratulations to Our 2022 Awardees! ATLANTA (June 23, 2019) - ASHRAE recognized the outstanding achievements and contributions of members to the Society and the heating, ventilation, air conditioning and refrigeration industry at the 2019 ASHRAE Annual Conference, June 22-26, in Kansas City, Mo. When expanded it provides a list of search options that will switch the search inputs to match the current selection. at Richmond Raceway , 900 E. Highlights of our 2021 results include: Additionally, interest income on our fixed maturity securities increased in 2022, primarily attributable to higher average holdings of fixed maturity securities, partially offset by a lower yield during 2022 compared to 2021. Further information can be found on the website of Markel Corp. Add to calendar Details Date: 10. Development on prior years loss reserves within our general liability and professional liability product lines in 2022 was impacted by broader market conditions, including the effects of economic and social inflation, and was most pronounced on the 2016 to 2019 accident years, which was before we began achieving significant rate increases for these product lines. We look forward to seeing you at our annual meeting in May, May 17, and we now welcome your questions. The Reinsurance segment's 2022 combined ratio included $26.1million of favorable development on prior accident years loss reserves, which was primarily attributable to favorable development within our property product lines related to natural catastrophes and our credit and surety product lines. Show Cookie Information Personal data may be processed (e.g. Markel (NYSE:MKL) Historical Stock Chart From Feb 2023 to Mar 2023 Markel (NYSE:MKL) Historical Stock Chart From Mar 2022 to Mar 2023 Loading Messages.. See More Message Board Posts. Sign up to receive up-to date emails about ASCO Meetings and Symposia. If you are under 16 and wish to give consent to optional services, you must ask your legal guardians for permission. The Insurance segment's current accident year losses and loss adjustment expenses in 2022 included $46.2million and $23.0 million of net losses and loss adjustment expenses attributed to Hurricane Ian and the Russia-Ukraine conflict, respectively. Insurance-linked securities, program services and other insurance. Markel announces expanded events for 2022 shareholders meeting RICHMOND, Va., April 21, 2022 /PRNewswire/ -- Markel Corporation (NYSE: MKL) will hold its 2022 shareholders meeting at Virginia Credit Union LIVE! 21 Mar 2015 Markel Corp. 2015 Annual Report. The change in mix of business had an unfavorable impact as the non-renewed property business had a lower attritional loss ratio than the rest of the segment. The increase in earned premiums in 2022 was primarily due to higher gross premium volume. The decrease in holding company invested assets was primarily due to capital contributions made to our insurance subsidiaries, following declines in their investment portfolio valuations, and a decline in the fair value of the holding company investment portfolio, as well as the repayment of unsecured senior notes in July 2022. The following table reconciles Markel Ventures operating income to Markel Ventures EBITDA. The following table presents summary data for our consolidated underwriting operations, which are comprised predominantly of our Insurance and Reinsurance segments. 2 March 2023. Change in net unrealized gains (losses) on available-for-sale investments (1), Taxable equivalent total investment return (3). Log in to access non-admitted lines for contract binding property & casualty, excess, and commercial pollution liability. At December31, 2022, our holding company held $3.7 billion of invested assets compared to $5.3 billion of invested assets at December31, 2021. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. The following table summarizes our consolidated investment performance, which consists predominantly of the results of our Investing segment. Markel Corporation has announced a change in location for its 2020 annual shareholder meeting. Because EBITDA excludes interest, income taxes, depreciation and amortization, it provides an indicator of economic performance that is useful to both management and investors in evaluating our Markel Ventures businesses as it is not affected by levels of debt, interest rates, effective tax rates or levels of depreciation or amortization resulting from purchase accounting. The impacts of social inflation were most significant on our large, risk-managed excess professional liability accounts, corresponding with a notable rise in the number of class action lawsuits on these years and the recent unfavorable legal environment. Read more All News Press Releases Press contacts Chelsea Rarrick Associate Director External Communications chelsea.rarrick@markel.com Jen Blackwell Each engine delivered strong operating performance this year, generating an impressive $2.7 billion of operating cash flows," said Thomas S. Gayner, Chief Executive Officer. We use cookies on our website. The following tables present summary financial data for 2021 and 2020. Reinstatement premiums were not significant for the year ended December 31, 2022. Declines in the fair value of our equity and bond portfolios during the year represent unrealized losses that weighed heavily on our comprehensive income and book value in 2022, however, our focus, as always, is on long-term investment performance. This transaction resulted in a gain of $118.5million. Notice is hereby given that the 2022 Annual Meeting of Shareholders of Markel Corporation (the Company) will be held at Virginia Credit Union LIVE! The fair value of our bond portfolio included cumulative pre-tax unrealized losses of $949.1 million as of December 31, 2022 compared to cumulative pre-tax unrealized gains of $389.5 million as of December 31, 2017. Net investment gains in 2021 were primarily attributable to increases in the fair value of our equity portfolio driven by favorable market value movements in 2021. Amortization expense - As we grow through acquisitions, our intangible assets grow. IP addresses), for example for personalized ads and content or ad and content measurement. Contents: . our expectations about future results of our underwriting, investing, Markel Ventures and other operations are based on current knowledge and assume no significant man-made or natural catastrophes, no significant changes in products or personnel and no adverse changes in market conditions; the effect of cyclical trends on our underwriting, investing, Markel Ventures and other operations, including demand and pricing in the insurance, reinsurance and other markets in which we operate; actions by competitors, including the use of technology and innovation to simplify the customer experience, increase efficiencies, redesign products, alter models and effect other potentially disruptive changes in the insurance industry, and the effect of competition on market trends and pricing; our efforts to develop new products, expand in targeted markets or improve business processes and workflows may not be successful and may increase or create new risks (e.g., insufficient demand, change to risk exposures, distribution channel conflicts, execution risk, increased expenditures); the frequency and severity of man-made and natural catastrophes (including earthquakes, wildfires and weather-related catastrophes) may exceed expectations, are unpredictable and, in the case of wildfires and weather-related catastrophes, may be exacerbated if, as many forecast, changing conditions in the climate, oceans and atmosphere result in increased hurricane, flood, drought or other adverse weather-related activity; we offer insurance and reinsurance coverage against terrorist acts in connection with some of our programs, and in other instances we are legally required to offer terrorism insurance; in both circumstances, we actively manage our exposure, but if there is a covered terrorist attack, we could sustain material losses; emerging claim and coverage issues, changing industry practices and evolving legal, judicial, social and other environmental trends or conditions, can increase the scope of coverage, the frequency and severity of claims and the period over which claims may be reported; these factors, as well as uncertainties in the loss estimation process, can adversely impact the adequacy of our loss reserves and our allowance for reinsurance recoverables; reinsurance reserves are subject to greater uncertainty than insurance reserves, primarily because of reliance upon the original underwriting decisions made by ceding companies and the longer lapse of time from the occurrence of loss events to their reporting to the reinsurer for ultimate resolution; inaccuracies (whether due to data error, human error or otherwise) in the various modeling techniques and data analytics (e.g., scenarios, predictive and stochastic modeling, and forecasting) we use to analyze and estimate exposures, loss trends and other risks associated with our insurance and insurance-linked securities businesses could cause us to misprice our products or fail to appropriately estimate the risks to which we are exposed; changes in the assumptions and estimates used in establishing reserves for our life and annuity reinsurance book (which is in runoff), for example, changes in assumptions and estimates of mortality, longevity, morbidity and interest rates, could result in material changes in our estimated loss reserves for such business; adverse developments in insurance coverage litigation or other legal or administrative proceedings could result in material increases in our estimates of loss reserves; initial estimates for catastrophe losses and other significant, infrequent events (such as the COVID-19 pandemic and the Russia-Ukraine conflict), are often based on limited information, are dependent on broad assumptions about the nature and extent of losses, coverage, liability and reinsurance, and those losses may ultimately differ materially from our expectations; changes in the availability, costs, quality and providers of reinsurance coverage, which may impact our ability to write or continue to write certain lines of business or to mitigate the volatility of losses on our results of operations and financial condition; the ability or willingness of reinsurers to pay balances due may be adversely affected by industry and economic conditions, deterioration in reinsurer credit quality and coverage disputes, and collateral we hold, if any, may not be sufficient to cover a reinsurer's obligation to us; after the commutation of ceded reinsurance contracts, any subsequent adverse development in the re-assumed loss reserves will result in a charge to earnings; regulatory actions can impede our ability to charge adequate rates and efficiently allocate capital; general economic and market conditions and industry specific conditions, including extended economic recessions or expansions; prolonged periods of slow economic growth; inflation or deflation; fluctuations in foreign currency exchange rates, commodity and energy prices and interest rates; volatility in the credit and capital markets; and other factors; economic conditions, actual or potential defaults in corporate bonds, municipal bonds, mortgage-backed securities or sovereign debt obligations, volatility in interest and foreign currency exchange rates and changes in market value of concentrated investments can have a significant impact on the fair value of our fixed maturity securities and equity securities, as well as the carrying value of our other assets and liabilities, and this impact may be heightened by market volatility and our ability to mitigate our sensitivity to these changing conditions; economic conditions may adversely affect our access to capital and credit markets; the effects of government intervention, including material changes in the monetary policies of central banks, to address financial downturns (such as in response to the COVID-19 pandemic), inflation and other economic and currency concerns; the impacts that political and civil unrest and regional conflicts, such as the conflict between Russia and Ukraine, may have on our businesses and the markets they serve or that any disruptions in regional or worldwide economic conditions generally arising from these situations may have on our businesses, industries or investments; the significant volatility, uncertainty and disruption caused by health epidemics and pandemics, including the COVID-19 pandemic and its variants, as well as governmental, legislative, judicial or regulatory actions or developments in response thereto; changes in U.S. tax laws, regulations or interpretations, or in the tax laws, regulations or interpretations of other jurisdictions in which we operate, and adjustments we may make in our operations or tax strategies in response to those changes; a failure or security breach of, or cyberattack on, enterprise information technology systems that we use or a failure to comply with data protection or privacy regulations; third-party providers may perform poorly, breach their obligations to us or expose us to enhanced risks; our acquisitions may increase our operational and internal control risks for a period of time; we may not realize the contemplated benefits, including cost savings and synergies, of our acquisitions; any determination requiring the write-off of a significant portion of our goodwill and intangible assets; the failure or inadequacy of any methods we employ to manage our loss exposures; the loss of services of any senior executive or other key personnel of our businesses could adversely impact one or more of our operations; the manner in which we manage our global operations through a network of business entities could result in inconsistent management, governance and oversight practices and make it difficult for us to implement strategic decisions and coordinate procedures; our substantial international operations and investments expose us to increased political, civil, operational and economic risks, including foreign currency exchange rate and credit risk; our ability to obtain additional capital for our operations on terms favorable to us; our compliance, or failure to comply, with covenants and other requirements under our credit facilities, senior debt and other indebtedness and our preferred shares; our ability to maintain or raise third-party capital for existing or new investment vehicles and risks related to our management of third-party capital; the effectiveness of our procedures for compliance with existing and future guidelines, policies and legal and regulatory standards, rules, laws and regulations; the impact of economic and trade sanctions and embargo programs on our businesses, including instances in which the requirements and limitations applicable to the global operations of U.S. companies and their affiliates are more restrictive than, or conflict with, those applicable to non-U.S. companies and their affiliates; regulatory changes, or challenges by regulators, regarding the use of certain issuing carrier or fronting arrangements; our dependence on a limited number of brokers for a large portion of our revenues and third-party capital; adverse changes in our assigned financial strength, debt or preferred share ratings or outlook could adversely impact us, including our ability to attract and retain business, the amount of capital our insurance subsidiaries must hold and the availability and cost of capital; changes in the amount of statutory capital our insurance subsidiaries are required to hold, which can vary significantly and is based on many factors, some of which are outside our control; losses from litigation and regulatory investigations and actions; investor litigation or disputes, as well as regulatory inquiries, investigations or proceedings related to our Markel CATCo operations; delays or disruptions in the run-off of those operations; or the failure to realize the benefits of the transaction that permitted the accelerated return of capital to our Markel CATCo investors; and.