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    John Fox

    Research Analyst at Fenimore Asset Management

    John Fox, CFA, serves as Chief Investment Officer at Fenimore Asset Management, specializing in comprehensive equity research and portfolio management. Since joining Fenimore in 1996 as an Equity Research Analyst, Fox has risen through the ranks to become CIO and Co-Manager of the FAM Value Fund, contributing to consistent long-term returns and robust performance for investors. He covers an array of public companies across various sectors, leveraging his expertise to guide FAM’s investment strategies, though specific company coverage and precise performance metrics are not publicly detailed. Fox holds an MBA in Finance from the University of Connecticut, is a Chartered Financial Analyst, a Certified Financial Consultant, and maintains FINRA registration through Fenimore Securities, Inc.

    John Fox's questions to MARKEL GROUP (MKL) leadership

    John Fox's questions to MARKEL GROUP (MKL) leadership • Q4 2024

    Question

    John Fox asked for clarification on the company's performance targets, questioned the intrinsic value calculation's use of gross investments against unstated liabilities, and inquired about the premium growth in the Reinsurance segment given its historical underwriting record.

    Answer

    Executive Thomas Gayner directed Fox to the proxy statement for details on performance targets, which are tied to double-digit returns on operating income and share price. Regarding intrinsic value, Gayner emphasized the methodology's goal is consistency for tracking the rate of change, not a precise valuation. Executive Jeremy Noble explained that reinsurance growth was driven by better-performing lines like marine and energy, while the company has been contracting in challenged areas like D&O and casualty, with the goal of improving the combined ratio.

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