markel corp (MKL) Key Developments
Markel Corporation Announces Executive Changes
Apr 2 15
Markel Corporation announced that Matt Parker will be succeeding Greg Thompson as President of Markel Specialty effective April 1, 2015. Parker, who most recently served as Managing Executive, Markel FirstComp, joined Markel in 2010 when Markel acquired FirstComp. Thompson will assume a new role with Markel supporting the growth of the company's Program Administrator business, working out of Markel's Kennesaw, Georgia, office.
Michael J. Schewel Joins Markel Corp.'s Board of Directors
Feb 24 15
Markel Corporation announced the election of Michael J. Schewel to its board of directors. Mr. Schewel is a partner with McGuireWoods LLP. He began his legal career with McGuireWoods in 1979, and his practice focuses principally on corporate law and mergers and acquisitions, as well as the development and financing of energy projects. Mr. Schewel was responsible for 16 state agencies with approximately 3,000 employees and a budget of over $800 million. Later, from June 2011 to December 2013, Mr. Schewel served as Chief Executive Officer of Recast Energy LLC.
Markel Corp. Announces Management Changes
Feb 13 15
Markel Corp. disclosed several management changes made during the fourth quarter of 2014 and the first part of 2015. The company said during a Feb. 12 earnings call that Steve Letak was named COO for global insurance and chief administrative officer for Bermuda. Letak has been with Markel since 2010, and most recently was controller for the specialty division. Jim Arnold was appointed chief administrative officer for the wholesale division. Arnold also joined Markel in 2010 and previously served as chief administrative officer of FirstComp Insurance Co., where he was responsible for operations, customer service, legal and compliance teams. Greg Thompson, president of the specialty division, plans to step down from his position but remain with the company and focus on building programs. Effective April 1, Matt Parker will take over for Thompson as president of the specialty division. Parker most recently served as managing executive for Markel FirstComp. In addition, Chad Bertucci was promoted to managing executive for Markel FirstComp, effective April 1, replacing Parker. Bertucci joined FirstComp in 2006 and has served in several capacities including vice president of strategic planning and vice president of underwriting loss control and audit.
Markel Seeks Insurance Acquisitions
Feb 12 15
Markel Corp. (NYSE:MKL) is exploring acquisition opportunities in insurance sector. Richie Whitt, President and Co-Chief Operating Officer of Markel Corp. said, "So short answer is we're kind of open for business really in terms of looking at insurance acquisition. In terms of size, we try not to get too hung up on size; we try to think about strategic fit and the opportunity. And of course at the end of the day is we have a market clearing price we can get to. So put it this way, given where we're today there's quite a large number of opportunities that we could look at and potentially take advantage of".
Market Announces Consolidated Earnings Results for the Fourth Quarter and Full Year ended December 31, 2014
Feb 11 15
Market announced consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net income per diluted share of $8.05, up from $6.95 per share a year prior. For the quarter, the company reported total operating revenues of $1,335,755,000 against $1,279,785 a year ago. Operating income was $194,863,000 against $137,414,000 a year ago. Income before income taxes was $166,557,000 against $106,164,000 a year ago. Net income to shareholders was $117,595,000 against $98,764,000 a year ago.
For the year, the company reported total operating revenues of $5,133,667,000 against $4,323,083 a year ago. Operating income was $557,820,000 against $475,747,000 a year ago. Income before income taxes was $440,378,000 against $361,743,000 a year ago. Net income to shareholders was $321.2 million and $281.0 million in 2013. The increase in net unrealized gains on investments, net of taxes, was $661.7 million and $184.6 million in 2013. Earned premiums increased 19% compared to 2013. The increase was primarily driven by the increase in gross written premiums, as described above. Also contributing to the increase in earned premiums were higher earned premiums from Hagerty business, which began writing in the first quarter of 2013. The U.S. Insurance segment included $203.4 million of earned premiums from Hagerty in 2014 compared to $97.8 million in 2013. Net investment income was $363.2 million compared to $317.4 million in 2013. The increase in net investment income is primarily due to higher average invested assets in 2014 compared to 2013 as a result of the acquisition of Alterra. Net cash provided by operating activities was $716.8 million compared to $745.5 million in 2013. For the year, the company reported net income of $22.27 per diluted share, down slightly from $22.48 per share a year prior.