Markel reports 'record-setting year' in 2019 results
Re/insurer Markel Corporation has enjoyed a record-breaking year in 2019 with significant improvements in income, gross written premiums (GWP) and combined ratio, continued expansion through acquisition and gains in its investment portfolio.
Net income for the full year was $1.7 billion compared to net loss to shareholders of $128 million in 2018. The combined ratio was 94 percent in 2019 compared to 98 percent in 2018. GWPs had increased to $8.8 billion, compared to $7.8 billion in 2018.
Thomas Gayner and Richard Whitt, co-chief executive officers, said: "Following continued growth in our insurance and Markel Ventures operations, 2019 was a record-setting year for Markel. Gross written premiums from our underwriting operations surpassed $6 billion, and we are excited about the synergies we are achieving between our underwriting and other insurance platforms.
“Within our Markel Ventures operations, revenues surpassed $2 billion and we continued to expand through our fourth quarter acquisition of VSC Fire & Security. Gains on our investment portfolio were just under $2 billion, driving record comprehensive income and book value per share. We are proud of what we accomplished in 2019 and want to thank our dedicated associates for their significant contributions, which support our aspiration to become one of the world's great companies."
