Markel Pulls Back on an Underwriting Hiccup

Shares ofMarkel Corporation(NYSE: MKL) fell as much as 7% Wednesday, then partially recovered to close down 2.4% after releasing its third-quarter 2016 results. But before we jump to conclusions for this typically solid specialty insurer and financial holding company, let's take a closer look at what propelled Markel's business as it kicked off the second half of the year.

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Image source: The Motley Fool.

Markel's headline numbers

Quarterly operating revenue grew 6.6% year over year, to roughly $1.431 billion, and translated to a 24.3% decline in net income per diluted share, to $5.60. To be fair, Markel doesn't generally offer specific quarterly financial guidance. But for perspective, analysts' consensus estimates predicted Markel would turn in revenue of $1.44 billion, and earnings of $7.65 per diluted share.

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