Markel Corporation (MKL) is a premier niche property & casualty (P/C) insurance company that has slowly made a name for itself in the industry over the last few decades. The construct of the company's operations looks a lot like Buffett's Berkshire Hathaway [(BRK.A) (BRK.B)] in that it is a holding company with three main segments: insurance, investments, and noninsurance subsidiaries. The purpose of this article is to examine the overlooked competitive advantages Markel has in each of these segments. On a sum of the parts basis, Markel's intrinsic value is as much as double its current market capitalization.
In an industry where it is perfectly acceptable to operate at sustained losses, Markel's...
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