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Markel Corp. indicates talk of a hard market may be premature, as insurers are not exhibiting the same underwriting discipline for new business as they are for renewals.

During a conference call to discuss first-quarter earnings, F. Michael Crowley, Markel’s president and co-chief operating officer, says while the insurer has noticed some of its competition announcing rate increases on renewals, Markel also continues to see aggressive competition on new business—perhaps too aggressive.

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