Markel Group reported total operating revenue for the first quarter of 2025 (Q1 2025) was $225 million, compared with $1.4 billion in the same quarter last year.

Net income per share diluted for the quarter was $12.08, compared with $75.43 in Q1 2024.

Markel Group's total operating income also fell, reaching $3.4 billion in the first quarter of 2025, down 31.4% from $4.47 billion in the previous year.

Underwriting results for the quarter were affected by the January wildfires in Southern California, resulting in $800.6 million in underwriting losses.

This is in sharp contrast to Q1 2024, which has no disaster losses.

Excluding the impact of California wildfires, the combined merger ratio of Markle Group fell from 95.2% in the same period in 2024 to 95.8% in the three months ended March 31, 2025.

This change is mainly due to more favorable development in the loss reserves in the accident year in 2025.

Total reinsurance operating income was $145 million compared to the previous year, an increase of 6.7% from $135.9 million.

The insurance sector contributed $53.2 million to this figure, $25 million in reinsurance and other insurance businesses revenues of $66.8 million.

"The first quarter was a productive Markel Group. Our cornerstone insurance business is moving along its better path. We experienced lows than the initial expected impact on California wildfires. In addition to this impact, our combined ratio returned to a low 90s.

“We also promoted Simon Wilson to the new leader in our Markel Insurance business. Simon is a reliable leader and winner – he has a clear vision of how to make a profit and how to grow the business. Finally, despite the strong weight of the past few years that has eased our venture capital business, the results of our venture capital business continue to be good.”

Last month, Markel, the insurance business unit of Markel Group, agreed to acquire Meco Group, a professional marine management agent.

The transaction is awaiting regulatory approval.

"Markel Revenue Live for Q1 2025" was originally created and published by International International, a brand owned by GlobalData.

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