Markel Group has reported total operating income of $282.5m in the first quarter of 2025 (Q1 2025), compared with $1.4bn in the same quarter of the previous year.  

Diluted net income per common share was $12.08 in the quarter, versus $75.43 in Q1 2024. 

Total operating revenues for Markel Group also plunged, reaching $3.4bn in Q1 2025, down 31.4% from $4.47bn in the prior year.  

The company’s underwriting results for the quarter were impacted by the January wildfires in southern California, resulting in $80.6m of underwriting losses.  

This contrasts with Q1 2024, which saw no catastrophe losses. 

Excluding the California wildfires’ impact, Markel Group’s consolidated combined ratio for the three months ended 31 March 2025 decreased to 95.8%, from 95.2% in the same period of 2024.  

This change was primarily due to more favourable development on prior accident years’ loss reserves in 2025. 

Total reinsurance operating income stood at $145m, a 6.7% increase from $135.9m compared with the previous year. 

The insurance segment contributed $53.2m to this figure, the reinsurance segment $25m and other insurance operations income $66.8m. 

Markel Group CEO Tom Gayner said: “The first quarter was a productive one at Markel Group. Our cornerstone insurance business moved along its path to better. We experienced a lower than initially anticipated impact from the California wildfires. Excluding that impact, our combined ratio returned to the low nineties.  

“We also elevated Simon Wilson as the new leader of our Markel Insurance business. Simon is a proven leader and winner – and he has a clear vision for how to profitably grow that business. Finally, while the strong tailwinds of the past few years have eased, results within our Ventures businesses continued to hold up well.”

Last month, Markel, the insurance operations arm of Markel Group, agreed to acquire MECO Group, a specialist marine managing general agent.  

The deal is pending regulatory approval.