Markel Group down after TD Cowen downgrades to 'hold' on downbeat performance

Arch Capital

02/12/2024 15:39

** Shares of insurance provider Markel Group  MKL.N  fall as
much as 1.7% to $1752.88 
    ** Brokerage TD Cowen downgrades stock to "hold" from "buy",
citing lower insurance premiums and poor reinsurance performance
    ** Also notes reduced earnings in Ventures, and lower than
expected profit from Nephila segments, lowers PT to $1,836 from 
$1,986
    ** Brokerage says it prefers carriers such as AXIS Capital
 AXS.N  and Arch Capital Group  ACGL.O  on their better
operating outlooks even as MKL has significant re-deployable
capital and may increase share repurchases
    ** MKL had reported missed Q3 results on Saturday
    ** Three of ten brokerages rate the stock "buy" or higher,
and seven "hold"; with a median PT of $1,675
    ** Up to Friday's close, stock had risen 26% YTD

 (Reporting by Neil J Kanatt in Bengaluru)
 ((Neil.JKanatt@thomsonreuters.com;))