Markel Corporation (NYSE:MKL) Q4 2023 Earnings Call Transcript

Andrew Andersen: Hey. Thanks for taking the follow-up. On the insurance underlying loss ratio a little bit of noise this year between Vesttoo, some of the collateral protection I think in the first quarter, you had moved some picks related to bank activity. So, if I put it all together, relative to the reported underlying of $64 million, perhaps two points of one-time noise, is that a fair way to think about it?

Jeremy Noble: Yes. I think you are thinking about it right. There was – there is definitely some noise like you said. The intellectual property CPI and the credit losses we experienced there, specific banking losses we recognized in the first quarter, those sort of one-offs did contribute between one or two points to that trend. And then clearly, as we talked about throughout the year, higher attritional loss ratios across the cash, the general liability and professional liability lines being another driver.

Andrew Andersen: And I suppose, business being written for the longer tail lines right now is already reflecting your increased view of loss trend for 2024.

Jeremy Noble: That’s right.

Andrew Andersen: Thank you.

Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Tom Gayner for any closing remarks.

Tom Gayner: Thank you very much. We appreciate your support. We look forward to checking in with you in 90 days. Be well.

Operator: The conference call has now concluded. Thank you for attending today’s presentation. You may now disconnect.