by Calculated Risk on 5/02/2008 03:42:00 PM

Markel Corp. (insurance company) Q1 2008 Earnings Call Transcript: (hat tip CT)

Elizabeth Malone - KeyBanc: "Now, have you seen ... some companies have indicated that the increase in fire losses or the severity of fire losses is goes along with a slower economic environment? Have you seen that kind of pattern?"

Thomas S. Gayner - Executive Vice President and Chief Investment Officer: "I don't know that we've directly seen that yet, but I would agree with the idea that the friction caused by mortgages rubbing up against insurance policies causes flames."

Funny quote, but they haven't seen any evidence yet.