Markel's Event Cancellation Insurance Book Suffered Total Losses During COVID-19
Tom Gaynor · Tom Gayner: Invest Like The Best · Jan 23, 2024 · at 1:13:30
Tom Gaynor, CEO of Markel, discusses the impact of worldwide pandemic shutdowns on Markel's insurance underwriting portfolio in Q1 2020.
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“One of the biggest hits that we took in our insurance business at that particular time Was event cancellation insurance. So the underwriter who would run our event cancellation book is doing things like Wimbledon in, in England the Tokyo Olympics, a wine festival in Napa, a music festival in Tennessee, a fiddler's convention in Kentucky. I mean, weddings all over. It was a well diversified book of business, but the losses on it were complete and total.”
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