MKL — what changed in the latest 10-Q
A section-by-section comparison of MKL's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-07-29 vs the prior 10-Q · 2026-04-28
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +31 | −26 | ~32 | 89 |
| Market risk (Item 3) | Text added/removed | +2 | 0 | ~2 | 0 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 2 |
| Risk factors | Text added/removed | +4 | −1 | 0 | 3 |
| Other information | Text added/removed | +1 | −1 | 0 | 1 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Legal proceedings
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-07-29
Effective January 1, 2026, Markel Insurance's business with Hagerty, Inc. (Hagerty) transitioned to a fronting arrangement, whereby Markel Insurance receives a fronting fee for writing business on behalf of Hagerty and ceding it to Hagerty Reinsurance Limited (Hagerty Re). Prior to transitioning to …
The change in fronting gross premium volume for the quarter and six months ended June 30, 2026 was attributable to the change in our Hagerty relationship to a fronting arrangement and the fronted premiums within our Global Reinsurance division, as previously discussed, and lower premiums on our prop…
Rates in the aggregate across our diversified global product portfolio remained relatively flat in the first half of 2026 with various offsetting rate increases and decreases across different product lines. Product lines achieving the most notable rate increases include our U.S. personal lines, comm…
We examine each of our product classes regularly by evaluating pricing and exposure, underwriting terms and conditions, deal structure, including limits and attachment points, and our expectations around loss cost trends, among other things. We target premium growth only in product lines where we ar…
Net retention of underwriting gross premium volume for the quarters ended June 30, 2026 and 2025 was 86% and 77%, respectively. Net retention of underwriting gross premium volume for the six months ended June 30, 2026 and 2025 was 83% and 79%, respectively.
Text removed vs the prior filing · source: 10-Q · 2026-04-28
Add: Amortization of acquired intangible assets43,513 46,942
Net income attributable to noncontrolling interests(7,933)(7,633)
Other comprehensive income (loss) to shareholders(128,141)225,956
Comprehensive income (loss) to shareholders$(340,430)$347,670
Effective January 1, 2026, Markel Insurance's business with Hagerty, Inc. (Hagerty) transitioned to a fronting arrangement, whereby Markel Insurance receives a fronting fee for writing business on behalf of Hagerty and ceding it to Hagerty Reinsurance Limited (Hagerty Re). Prior to transitioning to …
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-07-29
In the second quarter of 2026, we recorded a $205.3 million provision for expected credit losses on reinsurance recoverables within State National's program services fronting operations, all of which related to one capacity provider that is currently in bankruptcy. See note 7 of the notes to consoli…
For the six months ended June 30, 2026, there were no other material changes in our credit risk exposures from those described in our 2025 Annual Report on Form 10‑K.
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-07-29
Our adoption and use of artificial intelligence (AI), which is an evolving and rapidly developing technology, and the use of AI by third parties, may expose us to additional risks. We use, and expect to increasingly use, artificial intelligence, machine-learning, predictive analytics, and automated …
Artificial intelligence also presents competitive and strategic risks. Competitors, technology companies, or other market participants may adopt artificial intelligence more quickly or effectively than we do, may be able to reverse-engineer or replicate our AI capabilities, or may have access to dat…
Any of these risks or other unanticipated AI-related risks could materially adversely affect the Company's business, financial condition, or results of operations. See also, "Third-party providers may perform poorly, breach their obligations to us, or expose us to enhanced risks," "Our efforts to de…
Our businesses, results of operations, and financial condition could be adversely affected by ongoing regional or military conflicts and related disruptions in the global economy. The global economy has been, and may in the future be, negatively impacted by regional or military conflicts, for exampl…
Text removed vs the prior filing · source: 10-Q · 2026-04-28
Our businesses, results of operations, and financial condition could be adversely affected by ongoing regional or military conflicts and related disruptions in the global economy. The global economy has been, and may in the future be, negatively impacted by regional or military conflicts, for exampl…
Other information
Text added vs the prior filing · source: 10-Q · 2026-07-29
On May 26, 2026, Steven A. Markel, Chair of the Board of Directors and a Director of the Company, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) for the sale of up to 3,000 of the Company's common shares until August 31, 202…
Text removed vs the prior filing · source: 10-Q · 2026-04-28
During the Company's quarterly period ended March 31, 2026, no director or officer (as defined in Exchange Act Rule 16a-1(f)) of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" as defined in Regulation S-K Item 408.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice