Markel posts $259m net loss in Q3
Specialty insurer Markel has reported on Oct. 25 that it made a net loss of $259.1 million in the third quarter of 2017 attributable to shareholders.
This compares to a net income of $83.8 million in the same period a year ago.
Earned premiums rose to $1.10 billion in the third quarter from $974.2 million in the same period a year ago.
The combined ratio deteriorated to 134 percent for the third quarter compared to 98 percent for the same period in 2016.
The results include $503.0 million, of underwriting losses, net of reinstatement premiums, from Hurricanes Harvey, Irma and Maria as well as the earthquakes in Mexico, the company said.
“Our underwriting results were impacted by high levels of catastrophes, but with our strong balance sheet, we are well - positioned to respond to the claims of our insureds,” executive chairman Alan Kirshner said.
“We continue to see positive growth across several product lines within our insurance operations while maintaining our focus on underwriting discipline.”
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