Markel posts comprehensive loss; combined ratio improves
Markel posted a comprehensive loss to shareholders of $51.1 million for the third quarter of 2015 driven mainly by declines in its equity portfolio. It compared with a comprehensive income of $36.5 million in the same period a year earlier.
However, the company will “continue to maintain a long-term focus with our investment strategy”, explained Alan Kirshner, chairman and chief executive officer of Markel.
Markel’s combined ratio improved to 88 percent for the third quarter of 2015, compared with 97 percent for the third quarter of 2014 while its profits hit $102.5 million in the quarter, compared with $75.8 million in the third quarter of 2014.
Its gross written premiums also increased to $1.2 billion in the third quarter of 2015, compared with $1.1 billion in the same period of the prior year.
Kirshner said: “We are thrilled with our underwriting results in 2015. Despite challenging conditions we are observing in the market, we produced a lower combined ratio in all three of our ongoing underwriting segments for both periods of 2015 compared to 2014.”
William Stovin, president of Markel International, added: “Excluding the effects of currency and allowing for our exit from the UK motor treaty market, we achieved meaningful organic growth despite competitive market conditions, having increased premium volume across both our wholesale and national markets businesses. We remain pleased with our strong underwriting performance for the nine months.”
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