RICHMOND, Va., Oct. 11, 2017 /PRNewswire/ -- Markel Corporation
(NYSE: MKL) today announced that it expects to report third quarter
pre-tax underwriting losses of $503
million, net of reinstatement premiums, from Hurricanes
Harvey, Irma and Maria as well as the Mexico City earthquakes. The Company's
estimate for the hurricane and earthquake losses is based on claims
received to date and detailed policy level reviews, industry loss
estimates, output from both industry and proprietary models as well
as a review of in-force contracts. The Company's estimate is
preliminary and dependent on broad assumptions about coverage,
liability and reinsurance. Accordingly, the Company's actual net
losses from these events may differ materially from this
estimate.
Further discussion of these matters and other third quarter
results will be included in the Company's quarterly report on Form
10-Q, which is expected to be available on October 25, 2017.
Richard R. Whitt, III, Co-CEO
commented: "These significant losses fell within our expectations.
At Markel we are well-positioned with our strong balance sheet to
respond to the claims of our insureds. With both underwriting
capacity and risk appetite, we are prepared to further assist our
customers and trading partners in meeting their ongoing insurance
and reinsurance needs."
Some of the statements in this release may be considered
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. Statements that are not
historical facts, including statements about Markel's beliefs,
plans or expectations, are forward-looking statements. These
statements are based on Markel's current plans, estimates and
expectations. There are risks and uncertainties that could
cause actual results to differ materially from those expressed in
or suggested by such statements. Factors that may cause actual
results to differ are often presented with the forward-looking
statements themselves. Hurricane and earthquake loss estimates are
based on currently available information related to covered
exposures and assumptions about how coverage applies. As actual
losses are reported, claims are adjusted and coverage issues are
resolved, hurricane and earthquake losses may change significantly.
Additional factors that could cause actual results to differ from
those predicted are set forth under "Risk Factors" and "Safe Harbor
and Cautionary Statement" in Markel's most recent reports on Form
10-K and 10-Q. Markel undertakes no obligation to update any
forward-looking statements, whether as a result of new information,
future developments or otherwise.
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