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 · 2026-10-28 vs the prior 10-Q · 2026-07-29
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +32 | −24 | ~31 | 97 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~2 | 2 |
| Controls & procedures | Text added/removed | +1 | −1 | 0 | 2 |
| Risk factors | Text added/removed | 0 | 0 | ~4 | 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 · 2026-10-28
(dollars in thousands)Quarter Ended September 30, 2026Nine Months Ended September 30, 2026
Both the gross and net loss estimates related to the Middle East conflict represent our best estimate as of September 30, 2026 based upon information currently available. Our estimates for these losses are based on known losses and reported claims, as well as an analysis of our ceded reinsurance con…
While we believe our reserves for losses and loss adjustment expenses related to the Middle East conflict as of September 30, 2026 are adequate based on information currently available, we continue to closely monitor reported claims, ceded reinsurance contract attachment, government actions, and are…
Covering these types of risks is core to our expertise as a global specialty insurer, and we continue to underwrite risks in this region on a case by case basis. Furthermore, our marine war coverages allow for the re-rating of in-force premium on contracts at risk during the escalated risk environme…
In August 2025, Markel Insurance sold the renewal rights for business written in its Global Reinsurance division, and the division entered into run-off. Gross premium volume attributed to the Global Reinsurance division for the quarter and nine months ended September 30, 2025 was $166.8 million and …
Text removed vs the prior filing · source: 10-Q · 2026-07-29
Loss estimates related to the Middle East conflict represent our best estimate as of June 30, 2026 based upon information currently available. Our estimates for these losses are based on known losses and reported claims, as well as an analysis of our ceded reinsurance contracts. Due to the inherent …
Additionally, as the Middle East conflict is ongoing, additional losses may be incurred in subsequent periods, and such losses may be material to our results of operations, financial condition, and cash flows. Covering these types of risks is core to our expertise as a global specialty insurer, and …
In August 2025, Markel Insurance sold the renewal rights for business written in its Global Reinsurance division, and the division entered into run-off. Gross premium volume in 2025 attributed to the Global Reinsurance division was $1.0 billion, including $321.7 million and $898.6 million for the qu…
Gross premium volume in 2026 includes premiums attributed to contracts signed prior to the division being placed into run-off and changes in our estimate of ultimate premium volumes from in-force contracts. Additionally, gross premium volume in 2026 includes premiums on certain international reinsur…
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…
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-10-28
During the third quarter of 2026, one of our largest operating businesses implemented a new enterprise resource planning system. The new system allows for improved functionality and provides scalability for future growth. Throughout the transition and upon implementation, we evaluated the impact of …
Text removed vs the prior filing · source: 10-Q · 2026-07-29
There were no changes in our internal control over financial reporting during the second quarter of 2026 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Other information
Text added vs the prior filing · source: 10-Q · 2026-10-28
During the Company's quarterly period ended September 30, 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.
Text removed 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…
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