Markel Group Inc

MKL: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$1,682.00	Jdnr	Kmxdnvjk

Markel Earnings: Underwriting Results Disappoint

Brett Horn

Nov 2, 2023

Markel’s third-quarter results were a little disappointing, specifically in regard to underwriting. On the investment side, results were mixed with a weaker equity market partially offset by higher interest rates. Overall, though, we remain comfortable with our $1,310 fair value estimate for the no-moat company and see shares as mildly overvalued.

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