Markel Corp. (NYSE:MKL) Q2 2020 Earnings Conference Call - Final Transcript

Jul 29, 2020 • 09:30 am ET


Markel Corp. (NYSE:MKL) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning, and welcome to Markel Corporation Second Quarter 2020 Conference Call. [Operator Instructions] During the call, 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 statement is included under the captions 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 can find the most directly comparable GAAP measures and reconciliation to GAAP for these measures in our most recent Form 10-Q, which can be found on our website at in our Investor Relations 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.

Thomas Gayner

Thanks so much. Good morning, and welcome to the Markel Corporation second quarter conference call. This is Tom Gayner, and I'm joined today as usual by my Co-CEO, Richie Whitt; as well as our CFO, Jeremy Noble.

That maybe the last time we get to use the world, usual, in this call. It doesn't seem to be much that would fall into the camp of usual these days. In fact I've commented for the last several months that there is an unprecedented use of the word unprecedented. So far in 2020, unprecedented strikes me as the right word to use. I look forward to the day it becomes an overused cliche, but I don't think were there yet.

Despite the unprecedented conditions that we and everyone else face, we've got good news to report to you this morning. Across Markel, in every business and for every customer, our people exhibited unusual and spectacular adaptability and dedication to serve our customers and each other.

Our second quarter results, meaningful growth and profitability in each of the three engines of insurance, investments and ventures, reflect their efforts. All of the associates of Markel worked unbelievably hard and with great dedication and creativity to find a way forward. Speaking for Richie and Jeremy I want to extend our thanks to our dedicated associates in the way in which the people of Markel have adapted and persisted to serve our customers in this unprecedented conditions triggered by the Coronavirus.

Now while much of today's call will focus on financial measurements and the effects of COVID-19 I want to take a moment to also address another virus we're facing as a society, namely the virus of racism. Let me be clear, we explicitly reject racism and discrimination. We are fully committed to the dignity and worth of each and every individual.

During the last few months, Richie and I had the