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Reading through $MKL 10-K. Weekend project.
Combined Ratio for $MKL continues to be impressive resulting in low cost float 
$MKL reinsurance top receivables
$MKL investment returns show robust returns on equities! Gayner knows what he is doing
Looks like $MKL is starting to measure market value per share in addition to BVPS; I would reckon that BVPS is more a clearer indicator of value for $MKL. Different than $BRK.B; operating businesses are no where as big as $BRK.B
The intangibles being 44% of SH equity is the worry for $MKL. Any ventures or acquisition that does not meet the earnings power requirement will directly result in SH equity erosion due to write-downs as $MKL is paying upfront for these earnings.
Key operating Data! 5 year BVPS CAGR at 7%!!
So.. ~90% of Brahmin leathers was intangibles and goodwill. I don't know if I should be happy that $MKL is buying less capital intensive businesses or increase my expectations for write downs in the future...
Another $990M for Nephila holdings... Jeez..
$MKL Suntec is another $173M...
Another $385M in 2017.
Another $700M in 2017 through State national companies...
$MKL Either Markel truly believes that some of these insurances related businesses are worth above book value or we are in for some surprises in the future or both...
Looks like $MKL got $2.0B of float in exchange of the consideration for state national; if it is long term float, then that's not such a bad thing!
In the goodwill, the other segment which has ballooned from $100M to $800M from the ILS business needs to be watched...
CATCO! Enuf said... $MKL
$1.4B capital employed in Markel Ventures Equity + Debt - Cash; a quick proxy for invested capital $MKL
$105M of owners earnings; close to 7.5% pre-tax on invested capital; I usually take the operating income - interest expense + goodwill + intangibles impairment
Of-course return on equity will be higher given that it is on shareholder equity of $857M which is around 12% pre-tax; $MKL
$MKL Respectable numbers for ventures but no shooting in the barrel for Markel..
Finished glancing through the 10-K; will probably go back and re-read a couple of sections but largely no actions except to look at the ILS carefully... $MKL
