Markel reports 55% surge in underwriting profit for the first nine months

By The Financial Edition · 29 October 2026 · 10:27 GMT · Insurance Business UK · 1 min read

Underwriting performance

Markel Group's core insurance operation delivered a 92% combined ratio and a 55% increase in underwriting profit to $462.6 million in the nine months to September 30, 2026, compared to $298.8 million in the prior year period. Adjusted underwriting gross premium volume rose 10% year to date to $7.08 billion once the exit from global reinsurance and changes to the Hagerty collector car book were stripped out.

Group financials and capital

At group level, adjusted operating income reached $1.64 billion for the nine-month period, down 2% due to investment portfolio movements. Operating revenues rose 2% year to date to $11.73 billion, while the company repurchased $685 million of its own shares during the same timeframe.

Jargon, explained.

underwriting: The process of assessing risk and deciding whether to offer insurance, on what terms and at what price.
reinsurance: Insurance purchased by insurers to share part of their own exposure to large claims.
premium: The amount paid for an insurance policy.
combined ratio: An insurance measure comparing claims and operating costs with premiums earned; below 100% generally indicates an underwriting profit.

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