Tom Litke's questions to Markel Group Inc (MKL) leadership • Q3 2024
Question
Tom Litke of Citadel asked whether the share repurchase program would be halted under a severe adverse scenario of unprofitable underwriting and declining equity markets, or if it could be sustained.
Answer
CEO Tom Gayner affirmed that the share repurchase program is intentionally designed to be steady and continue through almost any imaginable scenario. He contrasted this with companies that halt buybacks in tough times, stating Markel's goal is to maintain its repurchasing activity, as evidenced by the recent increase in pace.