"Baby Berkshire" sees gains from other ventures, too Markel is different from other insurers in that it has a major investment arm, like Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B). Further, the combined ratio, which measures premiums taken in versus claims paid out, dropped to 89% in the first quarter, compared to 94% a year ago. Also, because of its disciplined underwriting and reputation as a market leader, Markel has been able to increase rates to stay ahead of inflation, as co-Chief Executive Officer Richie Whitt said on the first-quarter earnings call.