RICHMOND, Va., July 26, 2017 /PRNewswire/ -- Markel
Corporation (NYSE:MKL) reported book value per common share
outstanding of $643.37 at
June 30, 2017, up 6% from
$606.30 at December 31, 2016. Comprehensive income to
shareholders was $342.4 million for
the second quarter of 2017 compared to $209.9 million for the same period of 2016.
Comprehensive income to shareholders was $565.6 million for the six months ended
June 30, 2017 compared to
$606.9 million for the same period of
2016. The combined ratio was 89% for the second quarter of 2017
compared to 93% for the second quarter of 2016. The combined ratio
was 95% for the six months ended June 30,
2017 compared to 90% for the same period of 2016. The
combined ratio for the six months ended June
30, 2017 included $85.0
million, or four points on the combined ratio, of previously
reported 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 $10.31 for the
quarter ended June 30, 2017 compared
to $5.41 for the second quarter of
2016. Diluted net income per share was $14.20 for the six months ended June 30, 2017 compared to $16.55 for the same period of 2016.
Alan I. 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."
The Company also announced today it has filed its Form 10-Q for
the quarter ended June 30, 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, July 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, August 7,
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