Markel downgraded to Hold from Buy at Jefferies

Jefferies analyst Andrew Andersen downgraded Markel to Hold from Buy with a price target of $1,500, down from $1,680. The company’s commercial liability reserve pressure is elevated and unlikely to dissipate, the analyst tells investors in a research note. The firm expects Markel’s loss cost trends to continue to be under pressure as social and financial inflation levels remain elevated. It is concerned that Markel has relied heavily on favorable reserves offsets that are abating from recent accident years, international results and short-tail lines offset adverse trends in the U.S. long-tail business.