KBW Maintains Underperform on Markel (MKL)

KBW is out with its report today on Markel MKL, maintaining Underperform. In a note to clients, KBW writes, "Markel provided partial earnings results for 1Q11 along with its conference call announcement on Friday evening. Based on the data provided it looks like the company could report an operating loss for the quarter. Losses from the recent earthquakes were more than double our estimate, thus we are lowering our estimates. Full earnings results will be reported on May 5th, after the close. We maintain our Underperform rating." Shares of MKL closed Friday at $417.28, down 0.62% from Thursday's close.