Markel Group Inc. (MKL) Q3 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:03.454 Welcome and thank you for joining us for today's call. 00:00:03.454 -- 00:00:08.699 I'm delighted to be joined by my colleagues, Brian Costanzo, our CFO, and Simon Wilson, 00:00:08.699 -- 00:00:13.924 our CEO of Markel Insurance. We're also joined by Mike Heaton, our COO, 00:00:13.924 -- 00:00:16.807 for the question and answer portion of the call. 00:00:16.807 -- 00:00:21.332 At Markel Group, we're committed to relentlessly compounding your capital and building 00:00:21.332 -- 00:00:26.136 shareholder value. I'm happy to report that so far in 2025, 00:00:26.136 -- 00:00:30.860 we continue to do exactly that. I'm particularly pleased that throughout the first nine 00:00:30.860 -- 00:00:32.603 months of 2025, 00:00:32.603 -- 00:00:37.650 every reportable segment made positive contributions to the value of the Markel 00:00:37.650 -- 00:00:43.118 Group. They also did so in a capital efficient way, generating significant 00:00:43.118 -- 00:00:49.307 cash flows that helped fund our ongoing share repurchases and build up of liquidity. 00:00:49.307 -- 00:00:54.775 The first nine months of 2025 stand as compelling evidence of how our differentiated 00:00:54.775 -- 00:01:00.423 model works. Brian will provide more on our detailed financial performance in a minute, 00:01:00.423 -- 00:01:04.928 and Simon will speak about our ongoing improvements in our insurance business. 00:01:04.928 -- 00:01:09.252 But before I turn the call over to them, I would like to say a bit more about our progress 00:01:09.252 -- 00:01:11.194 this year. 00:01:11.194 -- 00:01:16.240 First, as you know, our board and management have been intensely focused on improving 00:01:16.240 -- 00:01:22.167 our core insurance business. We've taken many decisive actions over the l...