Markel Corporation (MKL) Q4 2022 Earnings Call Transcript

For the period ending December 31, 2022

February 2, 2023 9:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning, and welcome to the Markel Corporation Fourth Quarter 2022 Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions]

During the call today, we may make forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. They are based on current assumptions and opinions concerning a variety of known and unknown risks. Actual results may differ materially from those contained in or suggested by such forward-looking statements.

Additional information about factors that could cause actual results to differ materially from those projected in the forward-looking statements is included in the press release for our 2022 results, as well as our most recent annual report on Form 10-K and quarterly report on Form 10-Q, including under the caption Safe Harbor and Cautionary Statement and Risk Factors.

We may also discuss certain non-GAAP financial measures during the call today. You may find the most directly comparable GAAP measures and a reconciliation to GAAP for these measures in the press release for our 2022 results. The press release for our 2022 results as well as our Form 10-K and Form 10-Q can be found on our website at www.markel.com in the For Investors section. Please note this event is being recorded.

I would now like to turn the conference over to Tom Gayner, Chief Executive Officer. Please go ahead, sir.

Tom Gayner

Thank you. Good morning, everyone. As Brian-Doyle Murray said in Groundhog Day, “rise and shine, campers, don’t forget your booties because it’s coooold outside.” Happy Groundhog Day from Richmond, Virginia, where we’re getting our first snow of the season, doesn’t happen very often around here. So, I just couldn’t let the occasion pass without saying something.

This is Tom Gayner, not Brian-Doyle Murray. I’m your CEO, and it’s my pleasure to welcome you to the Markel Corporation year-end conference call. I’m joined today by Brian Costanzo, our Chief Accounting Officer; and Jeremy Noble, the President of our Insurance operations.

On today’s call, Brian will give you a rundown on the financial results we just reported and Jeremy will follow with some comments on our insurance operations. I’ll come back after them with a few thoughts about our ventures and investment operations, and then we will open the floor for any questions you might have.