Markel

Q2 FY2026 EarningsQ2 FY26 results presented a significant beat on GAAP earnings while missing consensus for revenue and normalized income. Revenue of $4.02B missed the $4.50B consensus by 10.72%, primarily due to the run-off of the Global Reinsurance division and the transition of Hagerty business to a fronting model. GAAP EPS of $92.76 significantly beat the $81.43 consensus, fueled by $1.17B in net investment gains. However, the Financial segment was severely impacted by a $205.3M bad debt provision related to a bankrupt capacity provider, causing a miss in normalized earnings.