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Markel GroupMKL

Legal name
Markel Group Inc.
Sector
Financial Services
Industry
Fire, Marine & Casualty Insurance
Exchange
NYSE

Stock Price $MKL

Latest filings

You are here#70 of 77 in Financials by market cap

Filing record · 2016–202610-K1110-Q338-K100

MKL filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 100 current reports (8-K) between 2016 and 2026.

  1. FY2015 annual report10-K · Feb ’16Feb ’16
  2. Material agreement8-K · Apr ’19Apr ’19
  3. Leadership change8-K · Aug ’21Aug ’21
  4. Leadership change8-K · May ’25May ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $15.51B
YoY changeLargest recent move+39.2%in FY19Latest +4.7%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All MKL Financial Metrics43 metrics

Income Statement10

Balance Sheet16

Cash Flow13

Per Share4

02—Overview

Markel Group Financial Overview 2021–2025

Updated Nov 4, 2026

Markel went from $2.39 billiona of net income to common shareholders in FY2021 to a $250.1 million loss in FY2022, and the cause was not the insurance business. Pre-tax investment losses of $1.6 billion drove the swing, while underwriting still earned $626.6 million. That gap is the thesis: Markel's reported earnings follow its stock portfolio, while the insurance and operating businesses compound underneath. The volatility has not gone away. Equity securities were 70% of shareholders' equity at year-end FY2025.

Shareholders' equity grew from $14.70 billion in FY2021 to $18.60 billionb in FY2025, even after that drawdown. Underwriting was uneven. The combined ratio slipped to 98.4% in FY2023 on reserve charges, then recovered to 95% at Markel Insurance in FY2025. Adjusted operating income, which strips out investment swings, rose to $2.30 billion in FY2025 from $2.09 billion in FY2024. Markel Ventures added ballast, with revenue up 31% to $4.76 billion in FY2022.

Capital discipline is visible. In FY2025, Markel repurchased $429.5 millionc of common stock and redeemed $600 million of preferred shares. Its debt-to-capital ratio was 19%. The market's verdict at the close of FY2025 (December 30, 2025) was a share price of $2,149.65, or 12.7x earnings of $169.22 per share. That multiple is modest for a book that compounded intrinsic value per share at 15% annually over five years.

Recent Developments (Q2 and Q3 2026)

Markel's Q2 2026 net income hit $1.17 billion, but Q3 2026 fell to $259.3 milliond from $751.3 million on a $280.9 million investment loss. Underneath, Q3 adjusted operating income rose to $707.4 million from $621.0 million, and the Markel Insurance combined ratio was 91.9%. A $205.3 million credit-loss provision at State National and $150.6 million of nine-month Middle East conflict losses weighed on results.

Management acted on structure. Markel exited Global Re, and on October 27, 2026 it agreed to an adverse development cover with Enstar's Cavello Bay on $4.8 billione of reserves. Thomas Gayner became Chairman on September 8, 2026, and Simon Wilson and Andrew Crowley became Co-Presidents. Bulls see cheap shares and cleaner underwriting. Bears see rising conflict losses, $(720.7) million of accumulated other comprehensive loss, and falling operating cash flow. At 10.9x earnings as of the October 27, 2026 filing date, the stock looks inexpensive, though that is not today's price.

What to watch: Cavello Bay closing in Q4 2026; further Middle East conflict losses

03—Filings

Recent SEC Filings

  1. 8-KMarkel Group 8-K Report, Material Agreement (Oct 28, 2026)Markel Group Inc. (NYSE: MKL) announced on October 27, 2026 that its subsidiaries Markel Global Reinsurance Company, Markel Insurance Company, Evanston Insurance Company, Markel American Insurance Company and Markel Bermuda Limited (the Ceding Companies) entered into an Adverse Development Cover Agreement with Cavello Bay Reinsurance Limited, a wholly owned subsidiary of Enstar Group Limited. The agreement covers a portfolio of run-off Global Reinsurance business and certain exited lines within Markel's insurance operations, with net reserves of $4.8 billion. Under the agreement, the Ceding Companies retain the first $2.6 billion of covered losses paid on or after April 1, 2026, the Reinsurer covers the next $2.3 billion of the reserves, and an additional $1.2 billion of coverage is provided for adverse development above the reserves. The Ceding Companies will pay a reinsurance premium of $2.4 billion, settled through a transfer of assets at closing, of which $500 million transfers to the Reinsurer outright and the balance is placed in a trust account securing the Reinsurer's obligations. The Ceding Companies retain claims control, and the agreement gives them the right to commute it upon certain recapture trigger events. Closing is subject to regulatory approval and other customary conditions and is expected by the end of the fourth quarter of 2026. In the accompanying press release, Markel states that the coverage reduces the level of prudency management requires in its best estimate of ultimate losses, and that it expects the net impact of the transaction to have an immaterial effect on fourth-quarter underwriting results. The company describes the deal as providing additional certainty as these liabilities run off and as allowing it to focus on its core specialty insurance business.
  2. 8-KMarkel Group 8-K Report, Executive Changes (Sep 8, 2026)Markel Group Inc. (NYSE: MKL) announced on September 8, 2026 a leadership transition. Steven A. Markel, Chairman of the Board, notified the Company on September 3, 2026 that he will retire as Chairman upon the appointment of his successor and will not stand for re-election to the Board at the 2027 Annual Meeting of Shareholders. Effective September 8, 2026, the Board appointed Thomas S. Gayner, the Company's current Director and Chief Executive Officer, as Chairman, succeeding Mr. Markel. Michael O'Reilly remains Lead Independent Director. The Board also promoted Simon Wilson and Andrew G. Crowley from Executive Vice Presidents to Co-Presidents of the Company. Wilson serves as Co-President and CEO of Markel Insurance, and Crowley serves as Co-President and CEO of Markel Ventures. The Compensation Committee increased base salaries effective the same date: Mr. Gayner from $1,100,000 to $1,210,000, Mr. Wilson from $897,967 to approximately $1,083,520 (paid in GBP and converted at 1 GBP to 1.3544 USD as of September 7, 2026), and Mr. Crowley from $530,000 to $700,000. The Board also established a Leadership Council, consisting of the Chairman and CEO, the Lead Independent Director, and the Co-Presidents. The council is designed to facilitate regular coordination between independent Board leadership and senior management and to enhance the Board's and management's review of strategy, performance, and capital allocation.
  3. 8-KMarkel Group 8-K Report, Exhibit Filing (May 22, 2026)Markel Group Inc. (MKL) filed this Form 8-K to report results from its 2026 Annual Meeting of Shareholders, held May 20, 2026. Shareholders approved an amendment to the Company's Amended and Restated Articles of Incorporation that, subject to preferred stock designations and non-alterable provisions of the Virginia Stock Corporation Act, reduces the default voting requirement under Virginia law to a majority of all votes entitled to be cast for amendments to the articles, dissolution, certain mergers or share exchanges, certain asset dispositions, re-domestication into a foreign jurisdiction, and approval of a plan of conversion. The amended and restated articles became effective May 22, 2026, and are filed as Exhibit 3.1. All eleven director nominees were elected to serve until the 2027 Annual Meeting. Shareholders also approved the articles amendment, with 9,017,385 votes for and 34,012 against, and approved the executive compensation on an advisory basis with 8,767,980 votes for and 269,226 against. KPMG LLP was ratified as the independent registered public accounting firm for the year ending December 31, 2026, with 9,978,022 votes for and 703,704 against. Shareholders rejected two shareholder proposals: one requesting a report on strategies and action plans to mitigate material environmental risks (2,141,784 for, 6,912,765 against) and one asking for the ability to call a special shareholder meeting (3,394,903 for, 5,707,234 against).
  4. 8-KMarkel Group 8-K Report, Regulation FD Disclosure (May 20, 2026)Markel Group Inc. filed this Form 8-K under Item 7.01 (Regulation FD Disclosure) to furnish a leadership team presentation made at its 2026 Annual Meeting of Shareholders on May 20, 2026. The presentation is attached as Exhibit 99.1 and is also posted on the company's investor relations website. The filing itself contains no new financial statements or guidance; its substance is in the exhibit. The presentation highlights a multi-year track record. Consolidated adjusted operating income grew from $397 million in 2020 to $845 million in 2025 across the Industrial, Financial, and Consumer & Other segments, a 5-year CAGR of 16%. The company cites about 8% average annual organic revenue growth over the last five years, $2.1 billion of distributions from operating companies to the holding company, and $1.3 billion invested in acquisitions. Average pre-tax return on tangible capital over 2021-2025 is shown as 26%. Management stresses underwriting profitability as its central focus, showing quarterly combined ratios from Q1 2023 through a trending quarter-to-date figure in Q1 2026. It also describes a reorganization of its U.S. operations into three divisions with 14 business units, an exit from Global Re, and a stated goal of becoming the preeminent specialty insurer.
  5. 8-KMarkel Group 8-K Report, Regulation FD Disclosure (Feb 26, 2026)Markel Group Inc. (MKL) furnished its 2025 Letter to Shareholders from CEO Thomas S. Gayner under Item 7.01 (Regulation FD) on February 26, 2026, posting it on the company's website and filing it as Exhibit 99.1. The letter reports that intrinsic value per share grew 12% in 2025, a five-year compound annual growth rate of 15%, and 16% since the company's IPO. Operating revenues rose to $15,513 million from $14,814 million, operating income fell to $3,195 million from $3,713 million, and adjusted operating income rose to $2,304 million from $2,087 million. Comprehensive income to shareholders was $2,615 million, and shareholders' equity reached $18,598 million. The closing stock price was $2,149.65 at year-end, versus $1,726.23 a year earlier. The letter highlights a restructuring of Markel Insurance under CEO Simon Wilson, which includes giving each insurance operation its own profit and loss owner. Markel Insurance reported reserve redundancies of $484 million, or 5.8 points on the combined ratio, and the company sold the renewal rights of its reinsurance operations, with remaining reserves to run off over several years. The letter also notes that tougher economic conditions and softer property insurance prices may pressure reported results in the shorter term. The Financials segment produced revenues of $737 million and adjusted operating income of $327 million, while the Industrials segment earned revenues of $3.9 billion and adjusted operating income of $343 million, with the segment's dividends to the holding company totaling $145 million. Capital allocation highlights include public equity investments that earned a 10.5% total return, share repurchases of 223,000 shares at an average cost of $1,894, and redemption of all $600 million of preferred stock. The letter also cites a total unrealized gain on equity securities of $8.9 billion. The filing itself is a Regulation FD disclosure furnishing the letter rather than a financial results release, and it refers readers to the 2025 Form 10-K, filed the same day, for risk factors and non-GAAP reconciliations.
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04—See also

Related Companies

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