Markel Group reported solid Q3 results, underscored by notable improvements in its core insurance business.

The group’s insurance segment saw underwriting profitability strengthen significantly, with a combined ratio improvement and steady premium growth across both traditional underwriting and fronting operations.

For the quarter ended Sept. 30, 2025, Markel reported an 11% increase in gross written premiums and a 6% rise in operating revenues. Adjusted operating income surged 55% to $428 million, driven by stronger underwriting performance and higher investment income. The combined ratio improved to 93%, down four points from the same period last year, reflecting enhanced underwriting discipline and lower catastrophe losses.

On a year-to-date basis, Markel Insurance maintained a 95%

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