Tax Gains and Equity Returns Offset Catastrophes for Markel in 2017
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...
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