Markel faces $0.5bn nat cat losses in Q3

Markel Corporation said on Oct. 11 that it expects to report third quarter pre-tax underwriting losses of $503 million, net of reinstatement premiums, from Hurricanes Harvey, Irma and Maria as well as the Mexico City earthquakes.

"These significant losses fell within our expectations. At Markel we are well-positioned with our strong balance sheet to respond to the claims of our insureds,” said Markel co-CEO Richard Whitt, III.

“With both underwriting capacity and risk appetite, we are prepared to further assist our customers and trading partners in meeting their ongoing insurance and reinsurance needs."

Market observers predict that insured catastrophe losses in the third quarter of 2017 could exceed $100 billion and become the costliest in history.

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