Markel Group said on 28 October that its specialty insurance segment, Markel Insurance, made an underwriting profit of $178.3m in the third quarter, against $155.5m a year earlier. Over nine months the underwriting profit was $462.6m, up 55%. The quarterly combined ratio improved to 92% from 93%. The company says its exited Global Reinsurance division added three points to that ratio.
Reported underwriting premium fell 9% to $2.49bn. Markel gives two reasons. It sold the renewal rights of its Global Reinsurance division in August 2025 and put the unit into run-off, and from 1 January 2026 its Hagerty business moved to a fronting arrangement. Without both effects, adjusted underwriting premium grew 9% to $2.48bn. Fronting premium rose 151% to $419m.
At group level, adjusted operating income, which excludes equity market movements, rose 14% to $707m. Operating income including those movements fell to $383m from $1.01bn, because the group recorded net investment losses of $281m, against gains of $433m a year earlier. Comprehensive income to shareholders was a loss of $156m. Markel Insurance's own adjusted operating income fell 2% to $421m, as a drop in services income offset higher underwriting and investment income.
Markel bought back $315m of shares in the quarter and $685m in nine months. Chief executive Tom Gayner said the results showed the group continues to serve customers and to underwrite "with discipline". The company scheduled its results call for 29 October.
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Markel Group ↗Company · 28 Oct 2026
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