Markel Group Inc. (MKL) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome and thank you for joining us for today's call. I'm delighted to be joined by my colleagues, Brian Costanzo, our CFO, and Simon Wilson, our CEO of Markel Insurance. We're also joined by Mike Heaton, our COO, for the question and answer portion of the call. At Markel Group, we're committed to relentlessly compounding your capital and building shareholder value. I'm happy to report that so far in 2025, we continue to do exactly that. I'm particularly pleased that throughout the first nine months of 2025, every reportable segment made positive contributions to the value of the Markel Group. They also did so in a capital efficient way, generating significant cash flows that helped fund our ongoing share repurchases and build up of liquidity. The first nine months of 2025 stand as compelling evidence of how our differentiated model works. Brian will provide more on our detailed financial performance in a minute, and Simon will speak about our ongoing improvements in our insurance business. But before I turn the call over to them, I would like to say a bit more about our progress this year. First, as you know, our board and management have been intensely focused on improving our core insurance business. We've taken many decisive actions over the last few years, including one, exiting underperforming businesses, most notably reinsurance, two, making key leadership changes, including appointing a new insurance company CEO with a proven track record of success, and three, implementing key organizational and structural changes to improve accountability, including shifting most of our overhead directly into the businesses. I'm pleased to report that these actions are beginning to translate into results as we achieved a combined ratio of 93% within Markel Insurance in the...