Markel almost doubles net income in Q2 2017
Markel almost doubled its net income in the second quarter of 2017, and enjoyed steady growth along its US and international business segments, partially offset by a dip in its reinsurance.
Markel's gross premium volume for its US insurance business in Q2 was $753.3 million, up from $689.5 million year-on-year.
The gross premium volume for the international insurance business was $355.9 million, up from $318.6 million year-on-year.
Markel's reinsurance segment's gross premium volume amounted to $247.9 million, down from $269.6 million year-on-year.
The company's net income attributable to shareholders was $149.7 million, up from $78.8 million year-on-year.
Markel's consolidated combined ratio was 89 percent, down 4 percentage points from the second quarter of 2016.
Alan Kirshner, executive chairman, commented: "The second quarter of 2017 reflects outstanding results from our underwriting operations, with improved performance across all three of our underwriting segments. We completed our acquisition of SureTec during the quarter and are excited about the opportunities this business provides. Our investing results were also strong and we are pleased with the contributions from our Markel Ventures operations during the quarter."
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