27 July 2017Insurance

Markel almost doubles net income in Q2 2017

Markel almost doubled its net income in the second quarter of 2017, and enjoyed steady growth along its US and international business segments, partially offset by a dip in its reinsurance.

Markel's gross premium volume for its US insurance business in Q2 was $753.3 million, up from $689.5 million year-on-year.

The gross premium volume for the international insurance business was $355.9 million, up from $318.6 million year-on-year.

Markel's reinsurance segment's gross premium volume amounted to $247.9 million, down from $269.6 million year-on-year.

The company's net income attributable to shareholders was $149.7 million, up from $78.8 million year-on-year.

Markel's consolidated combined ratio was 89 percent, down 4 percentage points from the second quarter of 2016.

Alan 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."

Get the days re/insurance news -  Sign up to our free daily email newsletters

Today’s stories

Berkshire Hathaway taps AIG and Chubb execs for leadership roles

XL CEO ‘pleased’ by 588% rise in Q2 income

Markel acquires State National in $919m deal

Low nat cat losses drive SCOR profits in Q2

Ageas sells Italian non-life shares for €75m gain

Lords launches inquiry into EU market access after Brexit

Australian insurer Honan reshuffles key leadership in new strategy

Don't miss our monthly insurtech email newsletter - sign up today

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
7 August 2017   Specialist insurer Markel International has appointed Alex Holcroft as political risk underwriter in Singapore.
Insurance
27 July 2017   US-based Markel Corporation has entered into a definitive agreement to acquire State National Companies, a specialty provider of property/casualty insurance operating in two niche markets - programmes services and lender services, for approximately $919 million.
Insurance
24 July 2017   The capacity for the forthcoming Indian entity will be provided by Markel’s Syndicate 3000 at Lloyd’s and written through the Lloyd’s India platform, based in Mumbai.