Markel Reports 2020 Financial Results
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RICHMOND, Va., Feb. 2, 2021 /PRNewswire/ Markel Corporation (NYSE: MKL) today reported its financial results for the year ended December 31, 2020.
The following tables present summary financial data for 2020 and 2019.
Years Ended December 31,
2020
$
December 31, 2020
$
13,794 Our insurance operations delivered an underwriting profit for 2020 in the face of significant losses attributable to the global pandemic and the unusually high number of natural catastrophes as we benefited from capturing meaningful rate increases and new business in targeted growth areas globally, while exercising strong expense discipline, commented Thomas S. Gayner and Richard R. Whitt, Co-Chief Executive Officers. Encouragingly, for the fourth quarter, we reported an 89% combined ratio, which included four points of pandemic and catastrophe-related losses. Markel Ventures also saw strong top and bot
In this Issue. The Office of the Comptroller of the Currency (OCC) issued guidance on its authority to charter limited purpose trust companies, raising the possibility that a limited.
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During 2020, the Securities and Exchange Commission (“SEC”) continued with its disclosure simplification project by issuing two adopting releases to streamline and modernize certain Regulation S-K disclosure requirements.
The first adopting release, which became effective November 9, 2020, covers Regulation S-K, Item 101 (Description of Business), Item 103 (Legal Proceedings) and Item 105 (Risk Factors) (the “Item 100 Amendments”). The second adopting release covers Regulation S-K, Item 301 (Selected Financial Data), Item 302 (Supplementary Financial Information) and Item 303 (Management’s Discussion and Analysis of Financial Condition and Results of Operations) (the “Item 300 Amendments”). The Item 300 Amendments become effective 30 days after publication in the Federal Registrar and companies will be required to comply with the Item 300 Amendments for their first fiscal year ending on or after the date tha
REGULATORY DEVELOPMENTS
On December 15, the FDIC approved a final rule to revise and modernize its regulations relating to brokered deposits. The final rule establishes a new framework for analyzing whether deposits made through deposit arrangements qualify as brokered deposits, including those between insured depository institutions (IDIs) and third parties, such as financial technology companies. Specifically, the final rule:
Clarifies when a person meets the deposit broker definition in a way that provides clear rules by which banks and third parties can evaluate whether particular activities cause deposits to be considered brokered;
Identifies a number of bright-line categories (called “designated exceptions” which include deposits where the agent has less than 25% of the total “assets under administration” for its customers; health savings accounts; deposits related to certain real estate and mortgage servicing transactions; certain retirement funds; and customer fund