Seeking Alpha
Editor's notes: With the insurance business as a steady earner and Tom Gayner's stellar investment track record, MKL offers an exciting opportunity in a quiet industry. 100% upside.

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...

Only subscribers can access this article, which is part of the PRO research library covering 3,741 different stocks.
Growing numbers of fund managers and other investment professionals subscribe to Seeking Alpha PRO for equity research that is unavailable elsewhere, so they can: