RICHMOND, Va., April 26, 2017 /PRNewswire/ -- Markel Corporation
(NYSE: MKL) reported book value per common share outstanding of
$620.30 at March 31, 2017, up 2% from $606.30 at December 31,
2016. Comprehensive income to shareholders was $223.2 million for the first quarter of 2017
compared to $397.0 million for the
first quarter of 2016. The combined ratio was 100% for the first
quarter of 2017 compared to 88% for the first quarter of 2016. The
combined ratio for the quarter ended March
31, 2017 included $85.0
million, or nine points on the combined ratio, of adverse
development on prior years' loss reserves resulting from the
decrease in the Ogden rate, which is used to calculate lump sum
awards in U.K. bodily injury cases. Diluted net income per share
was $3.90 for the quarter ended
March 31, 2017 compared to
$11.15 for the first quarter of
2016.
Alan I. Kirshner, Executive
Chairman, commented, "Our results for the first quarter were
adversely impacted by the decrease in the Ogden rate. Otherwise,
our underwriting results were in line with our expectations.
Returns on our investment portfolio drove growth in book value for
the quarter and we continued to see positive contributions from our
Markel Ventures operations. We remain focused on building long-term
shareholder value by exercising underwriting discipline and will
only write business that supports our underwriting profit
targets."
The Company also announced today it has filed its Form 10-Q for
the quarter ended March 31, 2017 with
the Securities and Exchange Commission. A copy of the Form 10-Q is
available on the Company's website at www.markelcorp.com or on the
SEC website at www.sec.gov. Readers are urged to review the Form
10-Q for a more complete discussion of the Company's financial
performance. The Company's quarterly conference call, which
will involve discussion of the Company's financial results and
business developments and may include forward-looking information,
will be held Thursday, April 27,
2017, beginning at 9:30 a.m. (Eastern
Time). Any person interested in listening to the call
should contact Markel's Investor Relations Department at
804-747-0136. Investors, analysts and the general public also may
listen to the call free over the Internet through the Company's
website, www.markelcorp.com. A replay of the call also will be
available from approximately one hour after the conclusion of the
call until Monday, May 8, 2017.
About Markel Corporation
Markel Corporation is a
diverse financial holding company serving a variety of niche
markets. The Company's principal business markets and underwrites
specialty insurance products. In each of the Company's businesses,
it seeks to provide quality products and excellent customer service
so that it can be a market leader. The financial goals of the
Company are to earn consistent underwriting and operating profits
and superior investment returns to build shareholder value. Visit
Markel Corporation on the web at www.markelcorp.com.
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SOURCE Markel Corporation