Markel's not as cheap as a few months back

Markel's (MKL) June 30 book value per share of $451.72 is up 11.9% from 2012's end, putting the stock price at a 17.5% premium to book. It's quite a change from late December when the dive following the Alterra acquisition announcement allowed investors to pick up shares at book value - the stock's up 24% since.

Speaking of Alterra, the acquisition closed on May 1 and Markel CIO Tom Gayner is no doubt busy reallocating Alterra's cash and fixed income portfolio into stocks.

The earnings call is live on Seeking Alpha at 10:30 ET. Q2 results. (PR)

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