It has been about a month since the last earnings report for Markel (MKL). Shares have added about 3% in that time frame, underperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Markel due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. Markel Q1 Earnings Beat Estimates, Revenues Improve Y/YMarkel Corporation reported first-quarter 2020 adjusted earnings of $15.44 per share, beat the Zacks Consensus Estimate by 65.3%. Moreover, the bottom line improved 67.1% year over year.Markel also reported first-quarter 2020 loss of $100.60 per share against prior-year quarter’s earnings of $42.76 per share.The company witnessed soft performance of Insurance and Reinsurance Segments as well as higher operating expenses.Operational UpdateTotal operating revenues of $2 billion missed the Zacks Consensus Estimate by 0.2%. However, the top line rose 8.4% year over year on higher premiums, product and services plus other revenues.Total operating expenses of Markel increased 27.6% year over year to $2.1 billion primarily due to higher losses and loss adjustment expenses, underwriting, acquisition and insurance expenses as well as services and other expenses.Markel’s combined ratio deteriorated 2300 basis points (bps) year over year to 118% in the reported quarter.Segment UpdateInsurance: Net written premiums were up 19.8% year over year to $1.2 billion in the quarter under review.Underwriting loss came in at $206 million compared to underwriting profit of $52 million in the year-ago quarter.Combined ratio deteriorated 2400 bps year over year to 119% in the quarter under discussion.Reinsurance: Net written premiums declined 5.5% year over year to $452.7 million.Underwriting loss was $33.9 million compared to underwriting profit of $3.4 million.Combined ratio deteriorated 1600 bps year over year to 115% in the first quarter.Markel Ventures: Profit of $41.8 million increased 39.6% year over year.Financial UpdateMarkel exited the first quarter with investments, cash and cash equivalents of $3.8 billion, up 24.8% from the level at year-end 2019.Debt balance increased 1.7% to $3.6 billion as of Mar 31, 2020 from 2019 end.Book value per share decreased 12% from year-end 2019 to $705.68 as of Mar 31, 2020.Net cash from operating activities was $65.7 million, up 250% year over year.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates review. The consensus estimate has shifted -16.61% due to these changes.VGM ScoresCurrently, Markel has an average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. Charting a somewhat similar path, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Markel has a Zacks Rank #5 (Strong Sell). We expect a below average return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Markel Corporation (MKL): Free Stock Analysis Report To read this article on Zacks.com click here.