Latest news with #Markel
Yahoo
6 days ago
- Automotive
- Yahoo
Hagerty Announces LOI for New Fronting Arrangement with Markel; Hagerty Re to Assume 100% of the Premium
TRAVERSE CITY, Mich., July 24, 2025 /PRNewswire/ -- Hagerty, Inc. (NYSE: HGTY), an automotive enthusiast brand and a leading specialty vehicle insurance provider, today announced that the company has entered into a non-binding letter of intent with Markel. Upon effectiveness and subject to regulatory approval, this proposed arrangement will result in Hagerty assuming 100% of the underwriting and investment economics while paying an initial fronting fee of 2% to Markel, with the fronting fee decreasing based on the volume of policies issued in each calendar year, commencing January 1, 2026. "Today's announcement marks the continued evolution of our highly successful partnership with Markel that began with their acquisition of Essentia in 2013. Under the newly proposed fronting arrangement, Hagerty will control 100% of the premium from our consistent, high-quality underwriting, positioning us to deliver better profitability and operational control with no disruption to policyholders," said McKeel Hagerty, Chief Executive Officer and Chairman of Hagerty. The company has posted a presentation about the proposed fronting arrangement to Hagerty's investor relations section of the company's corporate website. These slides are available at About Hagerty, is an automotive enthusiast brand committed to saving driving and to fueling car culture for future generations. The company is a leading provider of specialty vehicle insurance, expert car valuation data and insights, live and digital car auction services, immersive events and automotive entertainment custom made for the 67 million Americans who self-describe as car enthusiasts. Hagerty also operates in Canada and the U.K. and is home to Hagerty Drivers Club, a community of nearly 890,000 who can't get enough of cars. For more information, please visit or connect with us on Facebook, Instagram, Twitter and LinkedIn. Forward-Looking StatementsSome of the statements contained in this press release, including those regarding entering into the proposed fronting arrangement with Markel, its anticipated terms and the expected impacts to Hagerty's financial statements as a result of this proposed arrangement, constitute forward-looking statements within the meaning of the federal securities laws. The forward-looking statements contained in this press release reflect Hagerty's current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions, and changes in circumstances, many of which are beyond Hagerty's control, that may cause actual results and future events to differ significantly from those expressed in any forward-looking statement. These risks and uncertainties include, but are not limited to, Hagerty's ability to enter into and successfully implement the proposed fronting arrangement, the performance of Markel and Essentia under the new arrangement, and the impact of regulatory developments and other factors that may affect Hagerty's business, financial condition, and results of operations. For further discussion of these and other factors that could cause Hagerty's future results to differ materially from any forward-looking statements, see the section entitled "Risk Factors" in Hagerty's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on March 4, 2025, as updated by Hagerty's subsequent periodic reports filed with the Securities and Exchange Commission from time to time. While forward-looking statements reflect Hagerty's good faith beliefs, they are not guarantees of future performance or events. Any forward-looking statement speaks only as of the date hereof. Hagerty disclaims any obligation to update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, future events, or other matters, except as required by law. The newly proposed arrangement remains subject to the negotiation and execution of definitive documentation and the receipt of all required regulatory approvals, and there can be no assurance that the new arrangement will be completed on the terms described in this press release or at all. More information can be found at Category: Financial View original content to download multimedia: SOURCE Hagerty Sign in to access your portfolio
Yahoo
18-07-2025
- Business
- Yahoo
Could Buying Markel Stock Today Set You Up for Life?
Key Points Markel is likened to Berkshire Hathaway thanks to its insurance operations and its public and private investments. The company provides specialty insurance, covering unique risks with an emphasis on sound underwriting. Markel has historically delivered strong returns and is a solid choice for investors looking to compound steady returns over time. 10 stocks we like better than Markel Group › Looking to build your wealth and secure your financial future? Investing in the stock market is one great way to build lasting wealth. With the right investments, you can tap into the potential of a growing economy and benefit from companies with strong economic moats. Consider Markel (NYSE: MKL), an insurance company often compared to Berkshire Hathaway for its investment approach. You may know that a $100 investment in Berkshire Hathaway in 1965 -- when Chief Executive Officer Warren Buffett took the reins -- would be worth over $5.5 million today. Could an investment in Markel today set you up for life in a similar way? Let's dive into the company to find out. Markel's bread-and-butter is providing specialty insurance Markel provides specialty insurance and operates in a segment of the market known as excess and surplus insurance. This type of insurance covers unique situations that standard policies, such as automotive or property and casualty insurance, do not. Areas of coverage in specialty insurance include liability, malpractice, event cancellation, and other hard-to-insure risks, such as rare collectibles. Since these risks are more difficult to predict, insurers in this sector rely on their extensive experience and expertise, and often charge higher premiums for their coverage. Markel has built up experience over decades, having been founded in 1930. Its insurance business is an "amalgamation of many teams who specialize in their very particular areas of the marketplace," according to Simon Wilson, chief executive officer of Markel Insurance. Markel has a long history of measuring and pricing risks, which investors can observe through its combined ratio. This ratio is a widely recognized measure of underwriting performance in the insurance industry, representing the relationship between incurred losses and expenses and earned premiums. Insurers aim to have this ratio below 100%, with a lower ratio indicating better underwriting performance. During the past decade, Markel's combined ratio has averaged 95%. In other words, the company has made $5 in underwriting profit for every $100 in premiums collected, showing its ability to consistently deliver underwriting profit across its specialty offerings. Markel's investment philosophy mirrors Berkshire Hathaway's While its insurance operations are solid, Markel also focuses on acquiring and operating non-insurance businesses, which is how Markel earned the baby Berkshire nickname. Its investing activities are split into two main segments: An investment segment and a venture segment. The investment segment is dedicated to investing in publicly traded companies, while the venture segment focuses on acquiring and investing in companies. Its venture segment consists of controlling interests in a diverse portfolio of businesses across various industries, including construction services, consumer and building products, transportation-related products, equipment manufacturing, and consulting services. These businesses operate with a high degree of independence, similar to Berkshire Hathaway. Recent acquisitions include Valor Environmental in June 2024 for $156 million and a majority interest in Educational Partners International for $168 million. Its investment segment has also performed well. In the first quarter, its net investment income, which includes interest and dividend earnings from its portfolio, was $236 million, up from last year due to a higher yield on its new investments amid the higher interest rate backdrop. On top of that, its equity portfolio generated an unrealized gain of $7.8 billion in the quarter. Can buying Markel set you up for life? Markel is a solid insurer and one of the companies that most closely emulates Berkshire Hathaway. The stock offers stability and exposure to a steadily growing insurance industry that enjoys robust demand, which can also serve as a hedge against inflation. Can buying Markel today set you up for life? Of course, that depends on how much you invest and how long you plan to hold your investment in the company. For example, if you invest $10,000 in Markel today, and the stock achieves 12% annualized returns -- which is what it has done for the past three decades -- that position would be worth nearly $300,000 in 30 years. Those are excellent returns, but not enough to retire on. Markel isn't going to be an explosive growth stock delivering staggering returns. Instead, it's a steadily growing stock that can be good for conservative investors or as a stock to include in your diversified portfolio. While Markel alone probably won't set you up for life, it can be a part of a broader stock portfolio that does. Should you buy stock in Markel Group right now? Before you buy stock in Markel Group, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Markel Group wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $679,653!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,046,308!* Now, it's worth noting Stock Advisor's total average return is 1,060% — a market-crushing outperformance compared to 179% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 15, 2025 Courtney Carlsen has positions in Berkshire Hathaway. The Motley Fool has positions in and recommends Berkshire Hathaway and Markel Group. The Motley Fool has a disclosure policy. Could Buying Markel Stock Today Set You Up for Life? was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Malaysian Reserve
16-07-2025
- Business
- Malaysian Reserve
Markel appoints Chelsea Jiang as Managing Director
SINGAPORE, July 15, 2025 /CNW/ — Markel Insurance, the insurance operations within Markel Group Inc. (NYSE: MKL), today announced the appointment of Chelsea Jiang as Managing Director – Greater China. Based in Hong Kong, Jiang will oversee Markel's operations in both Hong Kong and Shanghai, driving continued growth and deepening the company's presence across Greater China. She will support local and regional teams in executing Markel's strategy, enhancing product offerings, and strengthening broker and client relationships in one of the region's most dynamic markets. Jiang joins from AXA, where she was Chief Technical & Innovation Officer for AXA's General Insurance business across Greater China. With a career that spans underwriting leadership and product development, she brings a deep understanding of the Greater China market and a strong track record of commercial and operational delivery. Jiang will report to newly appointed Managing Director – Asia Pacific, Sucheng Chang. Kevin Leung, Chief Underwriting Officer – Asia Pacific, commented: 'Chelsea's appointment marks an exciting new chapter for Markel in Greater China. Her leadership, regional expertise, and ability to connect strategy with execution make her a strong addition to our team. I look forward to working with her to further accelerate our growth and build on the strong foundations laid by our teams in Hong Kong and Shanghai.' Sucheng Chang, Managing Director – Asia Pacific, adds: 'With both our Hong Kong and Shanghai teams reporting into her, we're confident Chelsea will bring greater alignment, foster stronger collaboration, and help unlock the full potential of our teams across the region. Her leadership will ensure a unified and strategic approach as we continue to scale in one of Asia Pacific's most important markets.' About Markel Insurance We are Markel Insurance, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people – and the deep, valued relationships they develop with colleagues, brokers and clients – that differentiates us worldwide.
Cision Canada
16-07-2025
- Business
- Cision Canada
Markel appoints Chelsea Jiang as Managing Director
SINGAPORE, July 15, 2025 /CNW/ -- Markel Insurance, the insurance operations within Markel Group Inc. (NYSE: MKL), today announced the appointment of Chelsea Jiang as Managing Director – Greater China. Based in Hong Kong, Jiang will oversee Markel's operations in both Hong Kong and Shanghai, driving continued growth and deepening the company's presence across Greater China. She will support local and regional teams in executing Markel's strategy, enhancing product offerings, and strengthening broker and client relationships in one of the region's most dynamic markets. Jiang joins from AXA, where she was Chief Technical & Innovation Officer for AXA's General Insurance business across Greater China. With a career that spans underwriting leadership and product development, she brings a deep understanding of the Greater China market and a strong track record of commercial and operational delivery. Jiang will report to newly appointed Managing Director – Asia Pacific, Sucheng Chang. Kevin Leung, Chief Underwriting Officer – Asia Pacific, commented: "Chelsea's appointment marks an exciting new chapter for Markel in Greater China. Her leadership, regional expertise, and ability to connect strategy with execution make her a strong addition to our team. I look forward to working with her to further accelerate our growth and build on the strong foundations laid by our teams in Hong Kong and Shanghai." Sucheng Chang, Managing Director – Asia Pacific, adds: "With both our Hong Kong and Shanghai teams reporting into her, we're confident Chelsea will bring greater alignment, foster stronger collaboration, and help unlock the full potential of our teams across the region. Her leadership will ensure a unified and strategic approach as we continue to scale in one of Asia Pacific's most important markets." About Markel Insurance We are Markel Insurance, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people – and the deep, valued relationships they develop with colleagues, brokers and clients – that differentiates us worldwide.
Cision Canada
15-07-2025
- Business
- Cision Canada
Christian Stobbs named Markel's Chief Strategy and Corporate Development Officer
RICHMOND, Va., July 15, 2025 /CNW/ -- Markel Insurance, the insurance operations within Markel Group Inc. (NYSE: MKL), announced today that it has appointed Christian Stobbs as its Chief Strategy and Corporate Development Officer. In this new role, Stobbs will play a key role in identifying and advancing strategic growth opportunities across Markel's insurance operations. Stobbs, who will initially be based in the US, will report directly to Simon Wilson, Chief Executive Officer of Markel Insurance. "I'm confident that Christian's proven leadership successes and his more than 17 years of insurance and financial services industry experience will unlock even greater opportunities to help Markel Insurance to win," said Wilson. Stobbs joined Markel in 2015 as Strategy and Development Executive, where he established the strategy function for Markel International. In 2016, he was appointed Managing Director for Abbey Tax, now Markel Tax, and developed the strategy to help create the UK's leading dedicated tax fee protection insurer. In 2019, Stobbs was named as Managing Director, Asia Pacific, which under his leadership achieved significant expansion, following investment made as part of Markel's Accelerate Asia Pacific strategy. Since 2019, GWP has increased by approximately 600%, underwriting profitability has improved and the number of employees in the region has nearly tripled. Sucheng Chang was appointed as Managing Director, Asia Pacific, effective July 14. We are Markel, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people—and the deep, valued relationships they develop with colleagues, brokers and clients—that differentiates us worldwide.
