Markel Corporation (MKL) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

April 27, 2023 9:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning. And welcome to the Markel Corporation First Quarter 2023 Conference Call. All participants will be in listen-only mode [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 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’ll 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 our most recent Form 10-Q. Our Form 10-K and Form 10-Q can be found on our Web site 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.

Tom Gayner

Good morning. Thank you, Chauntelle. And welcome to the first quarter Markel conference call. This is indeed Tom Gayner, your CEO and I'm joined today by my new colleague, Teri Gendron, who started as our CFO in mid March. I'll remind you that means she was here for all of two weeks of our first quarter. Given that tenure, we will probably ask her all of the really hard questions. Additionally, Jeremy Noble, President of our insurance operations is also on the call with us today. As always, we remind you that at Markel we focus on the long term. We have been in business since 1930, through three generations of the Markel family and have been public since 1986. Every action we take remains focused on the long term success of Markel. All of us are committed to building one of the world's great companies. We define a great company as one driven by win, win, win architecture. We do our best to make sure that our customers win by doing business with us, that our associates win by being part of this organization, and that our shareholders win through high and durable returns on their capital. We are more oriented towards time frames of 90 years than the 90 days that make up quarter, but we do enjoy the process of sharing our quarterly reports card with you. You are the owners of this business and we appreciate the chance to discuss how things are going, what we are working on and any highlights or low-lights happening at your company. We look forward to your thoughtful questions on our circumstances.