Markel bosses call H1 performance ‘outstanding’, highlight ‘favourable’ rates

The joint chief executives of re/insurer  Markel hailed the company’s performance in the first half of the year as they also flagged the continuation of favourable rates in the industry.

The company’s second quarter profits dipped year-on-year but it succeeded in turning around a first half loss in 2020 to deliver a hefty H1 profit – something the co-chief executive officers hailed as an outstanding performance.

Markel reported a comprehensive profit of $849.7 million for Q2 2021, down from $1.09 billion in the same period the previous year. For the first six months of 2021, however, its profit was up to $1.21 billion, having made a $260.4 million loss in the same period of 2020.

Earned premiums were up in Q2 2021, to $1.57 billion, from $1.36 billion in Q2 2020. For H1 2020 Markel reported earned premiums of $3.06 billion, up from $2.69 billion the previous year.

Meanwhile, the re/insurer’s combined ratio inched down to 87 percent in Q2 2021, from 88 percent the previous year. For the first six months of the year it fell to 90 percent, from 103 percent in H1 2020.

Thomas Gayner and Richard Whitt (pictured), Markel’s co-chief executive officers, said the results reflect the company’s outstanding performance across its three engines. “We continued to achieve double-digit premium growth in our underwriting operations through both organic growth in new business and more favorable rates,” they said.

“ Markel Ventures revenues surpassed $1 billion for the quarter, which translated to an equally impressive contribution to our bottom line. Within our investment portfolio, significant gains on our equity portfolio demonstrate the quality of the portfolio as well as the value of our long-term focus, particularly in a volatile market.”

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