Markel Group Inc

MKL: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$7,871.00	Lpp	Frflrszr

Markel Earnings: Continued Underwriting Improvement and Mixed Investment Results

Brett Horn

Aug 1, 2024

In the second quarter, Markel continued to make strides in addressing its recent underwriting issues. Results on the investment side were mixed, with the positive impact of higher interest rates partially offset by some equity losses. We think the company is getting back on its feet, but recent results highlight some of the potential downsides of Markel’s relatively unique approach. We will maintain our $1,430 fair value estimate and see shares as modestly overvalued for the no-moat company.

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