During Markel’s Q2 2026 earnings call, Simon Wilson, Chief Executive Officer of Markel Insurance, said artificial intelligence (AI) is increasingly being deployed across the business, highlighting the launch of Cortex, a new business unit developed in partnership with Bain & Company to reimagine how hard-to-place U.S. casualty risks are underwritten and serviced.
“AI provides Markel Insurance with tools that allow us to reimagine how work gets done,” Wilson said during the call.
The executive explained that Markel Insurance has challenged each of its businesses to find ways to deliver products to customers more quickly by examining every stage of their business processes and identifying where AI can support and enhance them.
“One example is building a new strategic business unit from scratch. Back in March, we partnered with Bain & Company and kicked off a project to reimagine how we underwrite and service hard-to-place U.S. casualty risks using a new business model.
“The model is built with market-leading AI tools, but designed by Markel and Bain experts. It combines the team’s underwriting expertise, built over decades, with the data we have amassed over that time.”
Last week, the company launched a new business unit called Cortex within its wholesale and specialty division, just a few months after starting the process.
“We moved quickly, learned a great deal, and believe we have created something of genuine value in an area of the market where Markel has a right to win,” the CEO said.
Wilson continued, “We are increasingly confident in our deployment of AI and remain committed to using it to transform our business.
“However, AI is only valuable if it improves service to our customers while generating attractive returns on capital over time. That is why our business unit leaders determine how best to deploy the technology.
“Leadership’s role is to challenge those leaders to think differently and to share the best ideas emerging from across Markel.”
Underwriting profit in the core specialty insurance division more than doubled to $142.1 million in Q2 2026, up from $63.2 million in the same period of 2025.
The Markel Insurance segment also reported a 93% combined ratio in Q2 2026, despite absorbing a two-point impact from net catastrophe losses related to the ongoing Middle East conflict and a further two-point drag from the runoff of its exited Global Reinsurance division.
