Markel Corp. (NYSE:MKL) Q2 2016 Earnings Conference Call - Final Transcript

Aug 03, 2016 • 09:30 am ET


Markel Corp. (NYSE:MKL) Q2 2016 Earnings Conference Call - Final Transcript


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Good morning and welcome to the Markel Corporation Second Quarter 2016 Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [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 under the Risk Factors and Safe Harbor and Cautionary Statement in our most recent annual report on Form 10-K and quarterly report on Form 10-Q.

We may also discuss certain non-GAAP financial measures in the call today. You may find a reconciliation to GAAP of these measures in the Form 10-Q, which can be found on our website at in the Investor Information section. Please note this event is being recorded.

I would now like to turn the conference over to Tom Gayner, Co-Chief Executive Officer. Please go ahead.

Tom Gayner

Thank you, Priyanka. Good morning, and welcome to the 2016 second quarter conference call for the Markel Corporation. We've got some good short-term news from the first half of 2016 to report to you this morning, and that's always fun. More importantly, though, this call was a check-in and an update on the long-term story of building the Markel Corporation. Building one of the world's great companies is what motivates us and we're excited to share with you the details of how that's going.

The most important thing to me is that this is not a story of one person or three people or 300 people. Today, there are roughly 10,000 Markel associates around the world who go to work every day trying to serve customers, and in so doing, build the value of the Markel Corporation. All around the world and in all of our diverse pursuits, we're guided by our common culture, which we attempt to describe in the words as Markel style.

Our 10,000 associates work in the disciplines of insurance, investments, industrial products, real estate, healthcare, information technology and consulting, among others. They follow time-tested methods to produce good results. At the same time, all of us continue to adapt to new goals and opportunities as demanded by a rapidly changing world. In so doing, the 10,000 people of Markel build and run three distinct cash producing engines of insurance, investments and Markel ventures. This diverse set of driver propels us forward. In the first half of 2016, all three engines provided forward thrust. The good news is that we can fly the plane on just one engine and we can even glide for a while, if we have to. That said, we can fly faster and further with three positive forces than zero and that describes our circumstances