We use cookies and other technologies on our website. Some of them are essential, while others help us to improve this website and your experience. Cookie by Matomo used for website analytics. By providing your email address below, you are providing consent to Markel Corp. to send you the requested Investor Email Alert updates. Stay Updated . The calculation of taxable equivalent total investment return also includes the current tax benefit associated with income on certain investments that is either taxed at a lower rate than the statutory income tax rate or is not fully included in U.S. taxable income. Saves the visitors preferences selected in the Cookie Box of Borlabs Cookie. Markel Omaha Brunch 2022. These increases were partially offset by the impact of lower operating margins at one of our consumer and building products businesses in 2022 compared to 2021. 11:45 a.m.-1:00 p. m. Presidential Select Symposium 1:15 p.m.-2:30 p.m. AACR Annual Business Meeting of Members 12:30 p.m.-2:00 p.m. Major Symposia and Advances Sessions 12:30 p.m.-2:00 p.m. Special Sessions 1:30 p.m.-5:00 p.m. Poster Session 2:30 p.m.-4:30 p.m. Special Sessions 2:30 p.m.-4:30 p.m. Minisymposia Tallahassee Democrat After nearly eight hours of deliberation, jurors found Katherine Magbanua guilty of the July 2014 murder of Florida State law professor Dan Markel. The Republican . at the Richmond Raceway, 900 E. Laburnum Avenue . After submitting your request, you will receive an activation email to the requested email address. Over 1,000 people came to Richmond, Virginia for Markels annual shareholder meeting, where business leaders Tom Gayner, Richie Whitt, and Jeremy Noble talked about the business and fielded questions from attendees. Organic Revenue growth of 5% for the quarter and 4% for the year. Congratulations to Our 2022 Awardees! Adjustment of investment yield from amortized cost to fair value, Net amortization of net premium on fixed maturity securities, Net investment gains (losses) and change in net unrealized investment gains (losses) on available-for-sale securities, Taxable equivalent effect for interest and dividends (2), Taxable equivalent total investment return. Inland Marine Underwriters Association 14 Wall Street, Floor 8 New York, NY 10005 Phone: (212) 233 - 0550 Preferred lodging rate for shareholders of $189/night or $269/night for a suite provided by Kimpton Cottonwood Hotel, 302 S. 36th St, Omaha, NE 68102. Notice is hereby given that the 2022 Annual Meeting of Shareholders of Markel Corporation (the Company) will be held at Virginia Credit Union LIVE! RICHMOND, Va., April 19, 2021 /PRNewswire/ -- Markel Corporation (NYSE: MKL) announced today that it still plans to hold its 2021 Annual Meeting of Shareholders (the Annual Meeting) in-person at Virginia Credit Union LIVE! The following table reconciles Markel Ventures operating income to Markel Ventures EBITDA. After submitting your request, you will receive an activation email to the requested email address. Adjustment to tax-exempt interest and dividend income to reflect a taxable equivalent basis. at the Richmond Raceway, 900 E. Laburnum. We look forward to seeing you at our annual meeting in May, May 17, and we now welcome your questions. If you're attending the Texas Hospital Association Annual Conference in Austin, please stop by our booth to learn about our health care services and how we can Jeff Norman sur LinkedIn : THA 2023 Annual Conference and Expo Some of them are essential, while others help us to improve this website and your experience. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. We also exclude losses and loss adjustment expenses attributed to certain significant, infrequent loss events, for example, the COVID-19 pandemic and the military conflict between Russia and Ukraine. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Este botn muestra el tipo de bsqueda seleccionado. The decrease in net retention for the year ended December 31, 2022 was primarily due to higher cession rates on our professional liability and personal lines product lines in 2022 compared to 2021, partially offset by the impact of higher retention rates on new programs business. The Reinsurance segment's 2022 combined ratio included $26.1million of favorable development on prior accident years loss reserves, which was primarily attributable to favorable development within our property product lines related to natural catastrophes and our credit and surety product lines. Looking forward to our annual Markel brunch in #Omaha at the Omaha Marriott Downtown. Markel announces expanded events for 2022 shareholders meeting RICHMOND, Va., April 21, 2022 /PRNewswire/ -- Markel Corporation (NYSE: MKL) will hold its 2022 shareholders meeting at Virginia Credit Union LIVE! Apr 2021 - Feb 20231 year 11 months. The National Association of Women Lawyers ("NAWL") is pleased to announce the confirmed 2022 award recipients to be honored at the Annual Meeting & Awards Luncheon to be held on July 21, 2022 at the Hilton Chicago. We have experienced growth in highly retained product lines during the year, while the non-renewed property business had a lower retention rate than the rest of the segment. At Markel Corp., we promise to treat your data with respect and will not share your information with any third party. Caroline Markel Hammond Expand search. Current accident year losses in 2021 included $100.3 million of net losses and loss adjustment expenses attributed to the 2021 Catastrophes. Operating revenues and operating income from Markel Ventures increased 31% and 19%, respectively, in 2022, reflecting contributions from recent acquisitions and notable organic growth. Because EBITDA excludes interest, income taxes, depreciation and amortization, it provides an indicator of economic performance that is useful to both management and investors in evaluating our Markel Ventures businesses as it is not affected by levels of debt, interest rates, effective tax rates or levels of depreciation or amortization resulting from purchase accounting. May 1, 2022 10:00 AM ET A Markel tradition dating back to 1991, the "Markel Omaha Brunch" is a fun gathering of Markel stakeholders and investment professionals, and includes a question-and-answer session with business leaders Tom Gayner, Richie Whitt, and Michael Heaton. Comprehensive loss to shareholders in 2022 resulted from net investment losses and unrealized losses on our fixed maturity portfolio, which more than offset operating income from our insurance and Markel Ventures operations. The following table presents the components of operating revenues and operating expenses attributable to our insurance-linked securities, program services and other insurance operations, which are not included in a reportable segment. Markel Corporation has announced a change in location for its 2020 annual shareholder meeting. Markel's 2022 Letter to Shareholders "Our culture is based on the idea that our customers, associates, and shareholders all win because of what we do and how we do it," writes CEO, Tom Gayner. The event is open to shareholders, employees, and friends of Markel, and more information on the agenda and registration is available at www.markelshareholdersmeeting.com. 2022 ASCO Annual Meeting . Amazon.com Annual 25/05/22 Resolution(s): 13 We supported a shareholder proposal on freedom of association. To be eligible for graduation, students majoring in Premedical Sciences, B.S. Markel Excluding these losses from the respective periods, the increase in our consolidated combined ratio in 2022 compared to 2021 was driven by the impact of less favorable development on prior accident years loss reserves within our Insurance segment in 2022 compared to 2021, partially offset by a lower expense ratio within our Insurance segment. Hide Cookie Information. View original content to download multimedia:https://www.prnewswire.com/news-releases/markel-reports-2022-financial-results-301736676.html, Contact a member of the Investor Relations team. "Our 2022 results reflect the strength and balance of our three-engine architecture of insurance, investments, and Markel Ventures. 2022 Virtual Annual Meeting: August 11 & 12 ANNUAL MEETING PROGRAM AND REGISTRATION FEE INFORMATION Annual Meeting Program: In addition to research paper sessions, there will be panels, plenaries, and educational sessions. If you are under 16 and wish to give consent to optional services, you must ask your legal guardians for permission. Accept all Cookie Details Our businesses have had varying levels of success with these efforts, and we have seen conditions stabilize to varying degrees at many of our businesses. The change in net unrealized gains (losses) on available-for-sale investments in 2022 and 2021 was attributable to decreases in the fair value of our fixed maturity investment portfolio as a result of increases in interest rates during 2022 and 2021. The following table summarizes our consolidated investment performance, which consists predominantly of the results of our Investing segment. Here you can enjoy an invite of Tom Gayner to this event: By loading the video, you agree to YouTube's privacy policy. RICHMOND, Va., April 21, 2022 /PRNewswire/ -- Markel Corporation (NYSE: MKL) will hold its 2022 shareholders meeting at Virginia Credit Union LIVE! Shareholders Meeting 2022 May 11, 2022 09:00 AM ET Over 1,000 people came to Richmond, Virginia for Markel's annual shareholder meeting, where business leaders Tom Gayner, Richie Whitt, and Jeremy Noble talked about the business and fielded questions from attendees. Contact a member of the Investor Relations team. 2022 Annual Meeting of Stockholders FOR each of the Board's nominees 9 2. You can find more information about the use of your data in our privacy policy. Connecting Investors & Understanding Businesses. Some of them are essential, while others help us to improve this website and your experience. Markel Corporation (NYSE:NYSE:MKL) Q4 2022 Results Conference Call February 2, 2023 9:30 AM ETCompany ParticipantsTom Gayner - CEOBrian Costanzo - Chief Accounting OfficerJeremy Noble -. A replay of the call also will be available on our website from approximately one hour after the call until Monday, February 13, 2023. Personal data may be processed (e.g. We also analyze our current accident year loss ratio excluding losses and loss adjustment expenses attributable to catastrophes and, in 2022, the Russia-Ukraine conflict. Visit Markel on the web at markel.com. As of December31, 2022, the fair value of our equity portfolio included cumulative unrealized gains of $4.6 billion. The development of this claims trend was disrupted by state and federal court closures following the onset of the COVID-19 pandemic in 2020, which has delayed court proceedings for claims on the impacted product lines. Friday, Jan. 7, 2022 10:00 AM - 12:00 PM (EST) Hosted By: American Economic Association & Committee on the Status of Minority Groups in the Economics Profession. Here you will find an overview of all cookies used. GAAP requires that we amortize a portion of these acquired intangible assets, which is a non-cash charge to net income. These events, as well as recent volatility in the capital markets, have impacted investor decisions around allocation of capital to ILS, which in turn has impacted our capital raises and redemptions within the funds we manage. Markel (NYSE:MKL) Historical Stock Chart From Feb 2023 to Mar 2023 Markel (NYSE:MKL) Historical Stock Chart From Mar 2022 to Mar 2023 Loading Messages.. See More Message Board Posts. Additionally, we will be discussing these financial results and related business and investments updates at our shareholders meeting on May 17, 2023 at the University of Richmond Robins Center at 2:00 p.m. (Eastern Time). The effective tax rate was 32% in 2022 compared to 22% in 2021. ET. Adjustment to reflect the impact of time-weighting the inputs to the calculation of taxable equivalent total investment return. We believe our financial performance is most meaningfully measured over longer periods of time, which tends to mitigate the effects of short-term volatility and also aligns with the longer-term perspective we apply to operating our businesses. Show Cookie Information In 2021, the combined ratio included $19.9 million of adverse development on prior accident years loss reserves, which was primarily attributable to net adverse development on natural catastrophes and COVID-19 within our property product lines, as well as additional exposures recognized on prior accident years related to net favorable premium adjustments on our professional liability product lines. Diluted Earnings per Share2 were $5.40 for the quarter, down 72% over prior . Revenue1 increased 1% to $2.7 billion for the quarter and decreased 1% to $8.9 billion for the year. 1. Richmond, Virginia, United States. These factors have created more uncertainty around the ultimate losses that will be incurred to settle claims on these longer-tail product lines, and as a result, we are approaching reductions to prior year loss reserves on more recent accident years cautiously. Current accident year losses in 2021 included $94.7 million of net losses and loss adjustment expenses attributed to the 2021 Catastrophes. The Insurance segment's 2022 combined ratio included $142.9 million of favorable development on prior accident years loss reserves compared to $506.3 million in 2021. a number of additional factors may adversely affect our Markel Ventures operations, and the markets they serve, and negatively impact their revenues and profitability, including, among others: adverse weather conditions, plant disease and other contaminants; changes in government support for education, healthcare and infrastructure projects; changes in capital spending levels; changes in the housing, commercial and industrial construction markets; liability for environmental matters; supply chain and shipping issues, including increases in freight costs; volatility in the market prices for their products; and volatility in commodity, wholesale and raw materials prices and interest and foreign currency exchange rates. If you experience any issues with this process, please contact us for further assistance. Our performance measures also include investment yield and taxable equivalent total investment return. Unrealized gains and losses on fixed maturity securities - Since we generally hold our bonds to maturity and invest in high credit quality, investment grade securities, unrealized gains and losses from our bond portfolio are generally expected to reverse as the securities mature. Ourpreviously announced conference call, which will involve discussion of our quarterly and year-end financial results and business developments and may include forward-looking information, will be held Thursday, February 2, 2023, beginning at 9:30 a.m. (Eastern Time). Our Markel Ventures segment includes a diverse portfolio of businesses from different industries that offer various types of products and services to businesses and consumers. Markel Jan 2022 - Present1 year 2 months Richmond, Virginia Research Analyst TSW (Thompson, Siegel & Walmsley LLC) Jan 2020 - Jan 20222 years 1 month Analyst Lawton Park Capital Management, LP. "I would like to thank team members across the whole company, our customers, and business partners for contributing to a remarkable year, and of course, our shareholders for giving us the opportunity to build your company into one of the world's great companies.". In addition, we give consideration to the following information in assessing our compound annual growth in book value per common share: Our Insurance engine includes our underwriting, insurance-linked securities, program services and other fronting operations. We believe measures that exclude the effects of catastrophe events, COVID-19 and the Russia-Ukraine conflict are meaningful to understand the underlying trends and variability in our underwriting results that may be obscured by these items. Current accident year loss ratio catastrophe impact (2), Current accident year loss ratio Russia-Ukraine conflict impact (2), Prior accident years loss ratio COVID-19 impact (2), Current accident year loss ratio, excluding catastrophes and Russia-Ukraine conflict (3), Combined ratio, excluding current year catastrophes, Russia-Ukraine conflict and COVID-19 (3). Financial Reporting Manager. In 2022, underwriting results included $46.2million of net losses and loss adjustment expenses attributed to Hurricane Ian, which included a $23.8 million reduction from our initial estimate recorded for the quarter ended September 30, 2022 based on reported claims activity and updated output from our catastrophe models. If you . The impact of 33 thousand shares from restricted stock units and restricted stock was excluded from the computation of diluted net loss per common share for the year ended December31, 2022 because the effect would have been anti-dilutive. You can give your consent to whole categories or display further information and select certain cookies. The change in net unrealized gains (losses) on available-for-sale investments included a benefit related to an adjustment to our life and annuity benefit reserves of $56.6 million and $63.0 million for the years ended December 31, 2022 and 2021, respectively. Net investment losses in 2022 reflected a decrease in the fair value of our equity portfolio resulting from unfavorable market value movements. Almost 30% of Americans have some sort of pain in the lower back, and it's a top cause of disability worldwide. Essential cookies enable basic functions and are necessary for the proper function of the website. In each of the Company's businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. Markel Annual General Meeting 2022 11. Despite achieving higher premium rates on our professional liability and general liability product lines, we generally kept our estimates of ultimate loss ratios on these product lines for the 2022 accident year consistent with the 2021 accident year due to the unfavorable claims trend within these product lines on prior accident years during 2022 arising from current and anticipated levels of economic and social inflation. View the abstracts, videos, slides and posters presented at the Annual Meeting. Generates statistical data on how the visitor uses the website. We use cookies on our website. Change in net unrealized gains (losses) on available-for-sale investments, net of taxes: Net holding gains (losses) arising during the period, Reclassification adjustments for net gains (losses) included in net income (loss), Change in net unrealized gains (losses) on available-for-sale investments, net of taxes, Change in foreign currency translation adjustments, net of taxes, Change in net actuarial pension loss, net of taxes, Comprehensive income attributable to noncontrolling interests, Comprehensive Income (Loss) to Shareholders, Total investments, cash and cash equivalents and restricted cash and cash equivalents, Unpaid losses and loss adjustment expenses, Components of Consolidated Operating Income. Company Meeting Details Voting Rationale Abiomed Annual 10/08/22 Resolution(s): 1.002 We voted in favour of routine proposals at the aforementioned meeting(s). View original content to download multimedia:https://www.prnewswire.com/news-releases/markel-announces-expanded-events-for-2022-shareholders-meeting-301530366.html, Chelsea Rarrick, +1.804.965.1618, Chelsea.Rarrick@Markel.com, Teri Gendron named Chief Financial Officer of Markel Corporation, Markel announces conference call date and time, Markel insurance embraces building braver cultures at Dive In Festival 2022, Markel reaffirms commitment to the renewable energy market, Markel insurance encourages active allyship at Dive In Festival 2021, Markel Corporation. Here you can information on the Markel Annual General Meeting 2022 in Richmond, Virginia. Preferred lodging rate for shareholders of $129/night provided by Even Hotel, 2220 Farnam Street . RICHMOND, Va., April 21, 2022 /PRNewswire/ -- Markel Corporation (NYSE: MKL) will hold its 2022 shareholders meeting at Virginia Credit Union LIVE! Insurance-linked securities - disposition gains. The decrease was primarily attributable to a decline in the fair value of our investment portfolio, driven by unfavorable movements in the public equity markets and increases in interest rates in 2022, partially offset by $2.7 billion in cash provided by operating activities. Feel free to also check out our conversation with Tom Gayner: By loading the video, you agree to YouTubes privacy policy.Learn more. If you haven't registered yet, RSVP here: markelbrunch.markel.com #MarkelBrunch2020 The 2022 ASCO Annual Meeting is funded through Conquer Cancer, the ASCO Foundation by these sponsorship donors. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. In 2021, underwriting results included $195.0 million of net losses and loss adjustment expenses attributed to Winter Storm Uri, the floods in Europe and Hurricane Ida (2021 Catastrophes) as well as $15.7 million of net losses and loss adjustment expenses resulting from an increase in our net estimate of ultimate losses and loss adjustment expenses attributed to COVID-19. This resolution is significant because Baillie Gifford swung the vote. Markel Corporation ( NYSE: MKL) Q1 2022 Earnings Conference Call April 27, 2022 9:30 AM ET Company Participants Tom Gayner - Co-Chief Executive Officer Richie Whitt - Co-Chief Executive. Ratification of the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for fiscal year 2021 FOR 14 3. at the Richmond Raceway, 900 E. Laburnum Avenue, Richmond, Virginia on Wednesday, May 11, 2022, starting at 2:00 p.m. 20549 S C H E D U L E 14A I N F O R M AT I O N P roxy S tate me n t P u r s u an t to S e c ti on 14(a) of th e The decrease in operating revenues and operating expenses in our Nephila insurance-linked securities operations in 2022 was primarily due to the disposition of our Velocity and Volante managing general agent operations during the year. The following is a list of awards and recipients. Help Build Our Producer Affiliates . our expectations about future results of our underwriting, investing, Markel Ventures and other operations are based on current knowledge and assume no significant man-made or natural catastrophes, no significant changes in products or personnel and no adverse changes in market conditions; the effect of cyclical trends on our underwriting, investing, Markel Ventures and other operations, including demand and pricing in the insurance, reinsurance and other markets in which we operate; actions by competitors, including the use of technology and innovation to simplify the customer experience, increase efficiencies, redesign products, alter models and effect other potentially disruptive changes in the insurance industry, and the effect of competition on market trends and pricing; our efforts to develop new products, expand in targeted markets or improve business processes and workflows may not be successful and may increase or create new risks (e.g., insufficient demand, change to risk exposures, distribution channel conflicts, execution risk, increased expenditures); the frequency and severity of man-made and natural catastrophes (including earthquakes, wildfires and weather-related catastrophes) may exceed expectations, are unpredictable and, in the case of wildfires and weather-related catastrophes, may be exacerbated if, as many forecast, changing conditions in the climate, oceans and atmosphere result in increased hurricane, flood, drought or other adverse weather-related activity; we offer insurance and reinsurance coverage against terrorist acts in connection with some of our programs, and in other instances we are legally required to offer terrorism insurance; in both circumstances, we actively manage our exposure, but if there is a covered terrorist attack, we could sustain material losses; emerging claim and coverage issues, changing industry practices and evolving legal, judicial, social and other environmental trends or conditions, can increase the scope of coverage, the frequency and severity of claims and the period over which claims may be reported; these factors, as well as uncertainties in the loss estimation process, can adversely impact the adequacy of our loss reserves and our allowance for reinsurance recoverables; reinsurance reserves are subject to greater uncertainty than insurance reserves, primarily because of reliance upon the original underwriting decisions made by ceding companies and the longer lapse of time from the occurrence of loss events to their reporting to the reinsurer for ultimate resolution; inaccuracies (whether due to data error, human error or otherwise) in the various modeling techniques and data analytics (e.g., scenarios, predictive and stochastic modeling, and forecasting) we use to analyze and estimate exposures, loss trends and other risks associated with our insurance and insurance-linked securities businesses could cause us to misprice our products or fail to appropriately estimate the risks to which we are exposed; changes in the assumptions and estimates used in establishing reserves for our life and annuity reinsurance book (which is in runoff), for example, changes in assumptions and estimates of mortality, longevity, morbidity and interest rates, could result in material changes in our estimated loss reserves for such business; adverse developments in insurance coverage litigation or other legal or administrative proceedings could result in material increases in our estimates of loss reserves; initial estimates for catastrophe losses and other significant, infrequent events (such as the COVID-19 pandemic and the Russia-Ukraine conflict), are often based on limited information, are dependent on broad assumptions about the nature and extent of losses, coverage, liability and reinsurance, and those losses may ultimately differ materially from our expectations; changes in the availability, costs, quality and providers of reinsurance coverage, which may impact our ability to write or continue to write certain lines of business or to mitigate the volatility of losses on our results of operations and financial condition; the ability or willingness of reinsurers to pay balances due may be adversely affected by industry and economic conditions, deterioration in reinsurer credit quality and coverage disputes, and collateral we hold, if any, may not be sufficient to cover a reinsurer's obligation to us; after the commutation of ceded reinsurance contracts, any subsequent adverse development in the re-assumed loss reserves will result in a charge to earnings; regulatory actions can impede our ability to charge adequate rates and efficiently allocate capital; general economic and market conditions and industry specific conditions, including extended economic recessions or expansions; prolonged periods of slow economic growth; inflation or deflation; fluctuations in foreign currency exchange rates, commodity and energy prices and interest rates; volatility in the credit and capital markets; and other factors; economic conditions, actual or potential defaults in corporate bonds, municipal bonds, mortgage-backed securities or sovereign debt obligations, volatility in interest and foreign currency exchange rates and changes in market value of concentrated investments can have a significant impact on the fair value of our fixed maturity securities and equity securities, as well as the carrying value of our other assets and liabilities, and this impact may be heightened by market volatility and our ability to mitigate our sensitivity to these changing conditions; economic conditions may adversely affect our access to capital and credit markets; the effects of government intervention, including material changes in the monetary policies of central banks, to address financial downturns (such as in response to the COVID-19 pandemic), inflation and other economic and currency concerns; the impacts that political and civil unrest and regional conflicts, such as the conflict between Russia and Ukraine, may have on our businesses and the markets they serve or that any disruptions in regional or worldwide economic conditions generally arising from these situations may have on our businesses, industries or investments; the significant volatility, uncertainty and disruption caused by health epidemics and pandemics, including the COVID-19 pandemic and its variants, as well as governmental, legislative, judicial or regulatory actions or developments in response thereto; changes in U.S. tax laws, regulations or interpretations, or in the tax laws, regulations or interpretations of other jurisdictions in which we operate, and adjustments we may make in our operations or tax strategies in response to those changes; a failure or security breach of, or cyberattack on, enterprise information technology systems that we use or a failure to comply with data protection or privacy regulations; third-party providers may perform poorly, breach their obligations to us or expose us to enhanced risks; our acquisitions may increase our operational and internal control risks for a period of time; we may not realize the contemplated benefits, including cost savings and synergies, of our acquisitions; any determination requiring the write-off of a significant portion of our goodwill and intangible assets; the failure or inadequacy of any methods we employ to manage our loss exposures; the loss of services of any senior executive or other key personnel of our businesses could adversely impact one or more of our operations; the manner in which we manage our global operations through a network of business entities could result in inconsistent management, governance and oversight practices and make it difficult for us to implement strategic decisions and coordinate procedures; our substantial international operations and investments expose us to increased political, civil, operational and economic risks, including foreign currency exchange rate and credit risk; our ability to obtain additional capital for our operations on terms favorable to us; our compliance, or failure to comply, with covenants and other requirements under our credit facilities, senior debt and other indebtedness and our preferred shares; our ability to maintain or raise third-party capital for existing or new investment vehicles and risks related to our management of third-party capital; the effectiveness of our procedures for compliance with existing and future guidelines, policies and legal and regulatory standards, rules, laws and regulations; the impact of economic and trade sanctions and embargo programs on our businesses, including instances in which the requirements and limitations applicable to the global operations of U.S. companies and their affiliates are more restrictive than, or conflict with, those applicable to non-U.S. companies and their affiliates; regulatory changes, or challenges by regulators, regarding the use of certain issuing carrier or fronting arrangements; our dependence on a limited number of brokers for a large portion of our revenues and third-party capital; adverse changes in our assigned financial strength, debt or preferred share ratings or outlook could adversely impact us, including our ability to attract and retain business, the amount of capital our insurance subsidiaries must hold and the availability and cost of capital; changes in the amount of statutory capital our insurance subsidiaries are required to hold, which can vary significantly and is based on many factors, some of which are outside our control; losses from litigation and regulatory investigations and actions; investor litigation or disputes, as well as regulatory inquiries, investigations or proceedings related to our Markel CATCo operations; delays or disruptions in the run-off of those operations; or the failure to realize the benefits of the transaction that permitted the accelerated return of capital to our Markel CATCo investors; and.