Markel learned ‘hard’ IP lessons as it records $25mn Vesttoo charge
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Markel learned ‘hard’ IP lessons as it records $25mn Vesttoo charge

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Markel learned “hard lessons” for its intellectual property product in Q3 after recording a $25mn credit loss on exposure to Vesttoo, executives said on Thursday.

The loss owing to a fraudulent letter of credit from Vesttoo added one point to the 99.1% combined ratio in Q3, insurance president Jeremy Noble told analysts during a conference call.


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