We're skeptical of Markel's reputation as a mini-Berkshire.
On a reported basis, Markel had a good year, despite heavy catastrophe losses. Book value per share growth, management’s preferred metric, was strong at 13% year over year. However, we think a closer look shows that the company’s momentum is waning. We will maintain our $767 fair value estimate and no-moat rating.The large load of natural catastrophes this year pushed Markel to an underwriting loss, with the combined ratio for 2017 coming in at 105%, compared with 92% last year. Underwriting pr...
Markel is a financial holding company. The company's business operations are: Underwriting, which comprised of risk-bearing insurance and reinsurance operations; Investing, which is primarily related to underwriting operations; Markel Ventures, Inc., includes controlling interests in a portfolio of businesses that operate outside of the specialty insurance marketplace; Insurance-linked securities, which include investment fund managers that provide investment products, including insurance-linked securities, catastrophe bonds, insurance swaps and weather derivatives; and Program services, which serves as a fronting platform that provides access to property and casualty insurance market.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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