Markel Group Inc. (NYSE:MKL) Q4 2023 Earnings Conference Call February 1, 2024 9:30 AM ET

Company Participants

Tom Gayner - Chief Executive Officer

Brian Costanzo - Chief Financial Officer

Jeremy Noble - President, Insurance Operations

Conference Call Participants

Charlie Lederer - Citi

Mark Hughes - Truist Securities

Andrew Andersen - Jefferies

Scott Heleniak - RBC

Josh Hill - CapTrust Financial Advisors

Drew Estes - Banyan Capital

Operator

Good morning and welcome to the Markel Group Fourth Quarter 2023 Conference Call. [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 2023 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 Statements 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 2023 results. The press release for our 2023 results as well as our Form 10-K and Form 10-Q can be found on our website at www.mklgroup.com in the Investor Relations 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

Good morning and welcome to the Markel Group 2023 year end conference call. This is indeed Tom Gayner and I serve as your CEO. I am joined today by Jeremy Noble, the President of our Insurance Operations; and Brian Costanzo, our Chief Financial Officer. Our plan this morning is to make just a few comments and then open the floor for your questions.

Many years ago, I remember the great football coach, John McKay, saying the most exciting place you can be is in the locker room at halftime when you are down 10 points. I’ll make no mistake about it. We are down 10 points, almost literally and figuratively from where we’d like to be in our insurance operations. Just like a good football team though, winning remains the goal, but we need to do better. We share your disappointment in those results.