Markel Corporation Enhances Insurance Policy For Law Firms

Markel Corporation ( (NYSE:MKL) ) has recently upgraded its policy for hard-to-insure law firms, in an effort to provide better insurance to professionals. This includes firms that can no longer secure any coverage in approved markets.

Markel, which has been providing insurance coverage to law firms for the past 47 years, has introduced this policy on excess and surplus lines thereby using a claims-made policy form. Professional liability is one of the crucial lines of business for Markel, which remains focused on enhancing existing policies to fulfill the ever-increasing demands of its customers.

Features

This policy provides coverage of up to $0.05 million for disciplinary proceedings and up to a maximum limit of $5 million per claim or aggregate claim. It would also address risks arising out of the violation of network and information security system. Some of the voluntary enhancements include mutual choice of counsel, subpoena coverage and agreements to settle provisions.

Risk-management services comprise a related hotline, and claims are generally settled by an in-house, committed team of professionals. Further, the policy aims to address the risks of law firms with three to 50 attorneys. Markel has always been committed to addressing risks that are difficult to insure.

Markel has always been proactive in introducing various types of policies to meet the demands of its customers. In August, the company’s wholesale division announced that significant enhancements have been made to its tenant discrimination insurance policy. This new enhancement builds on the company’s record of providing essential and multi-dimensional coverage for law firms that are difficult to insure.

The company has always remained focused on serving its customers by enhancing its existing line of products and innovating new ones. This recent initiative by the company will lend momentum to its underwriting capabilities and operating profit, thereby enabling it cater to the needs of law firms in the admitted markets.

Zacks Rank and Share Price Movement

Markel Corporation carries a Zacks Rank #1 (Strong Buy). Shares of the company have underperformed the industry in a year’s time. While Markel Corporation’s shares have gained 12.7%, the industry has registered an increase of 24.1%. We expect its operational performance and sound financial structure to drive its shares higher in the near term.

Other Stocks to Consider

Some other top-ranked stocks from the insurance industry are Atlas Financial Holdings, Inc. (AFH), Mercury General Corporation (MCY) and American Financial Group, Inc (AFG).

Atlas Financial Holdings, which sports a Zacks Rank #1, engages in underwriting commercial automobile insurance policies in the United States. The company delivered positive surprises in two of the last four quarters, with an average beat of 57.9%. You can see the complete list of today’s Zacks #1 Rank stocks here.

Mercury General Corporation carries a Zacks Rank #1 and engages in writing personal automobile insurance in the United States. The company delivered positive surprises in three of the last four quarters, with an average beat of 1.1%.

American Financial Group carries a Zacks Rank #2 (Buy) and provides property and casualty insurance products in the United States. The company delivered positive surprises in three of the last four quarters, with an average beat of 17%.

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