Markel International, London, November 5, 2015--- Markel Corporation (NYSE – MKL) reported book value per common share outstanding of $551.63 at September 30, 2015, up 1% from $543.96 at December 31, 2014. Comprehensive loss to shareholders was $51.1 million for the third quarter of 2015 compared to comprehensive income to shareholders of $36.5 million for the third quarter of 2014. Comprehensive income to shareholders was $97.7 million for the nine months ended September 30, 2015 compared to $517.4 million for the same period of 2014. The combined ratio was 88% for the third quarter of 2015 compared to 97% for the third quarter of 2014. The combined ratio was 89% for the nine months ended September 30, 2015 compared to 97% for the same period of 2014. Diluted net income per share was $7.39 for the quarter ended September 30, 2015 compared to $5.30 for the third quarter of 2014. Diluted net income per share was $27.60 for the nine months ended September 30, 2015 compared to $14.21 for the same period of 2014.
Alan I. Kirshner, Chairman and Chief Executive Officer, commented, “We are thrilled with our underwriting results in 2015. Despite challenging conditions we are observing in the market, we produced a lower combined ratio in all three of our ongoing underwriting segments for both periods of 2015 compared to 2014. Our Markel Ventures operations continue to make substantial contributions to our operations this year, with over 30% growth in revenues year over year. Comprehensive income to shareholders for both the quarter and nine months ended September 30, 2015 was unfavourably impacted by declines in our equity portfolio, however, we continue to maintain a long-term focus with our investment strategy.”
Commenting upon the performance of Markel International, William Stovin, its president, added: ”Excluding the effects of currency and allowing for our exit from the UK motor treaty market, we achieved meaningful organic growth despite competitive market conditions, having increased premium volume across both our wholesale and national markets businesses. We remain pleased with our strong underwriting performance for the nine months.
“We had limited exposure to the various global catastrophes experienced in the period.
“Attracting and retaining the right people is important for us and, in the period, we have appointed a new claims director in Singapore, new heads of professional indemnity, management liability and marine trades in London, and new trade credit underwriters in Dubai and Singapore. In Shanghai, where we operate as the Markel underwriting division of Lloyd’s China, Hu Qianhai was appointed to head up the division and Helena Zhang as business development director.
“We are excited by the opportunity that the Lloyd’s China platform offers to give Chinese insurers access to A-rated reinsurance capacity in their local market.
“We have been delighted with the progress in delivering our claims vision, launched earlier this year and designed to make the claims service we offer an active reason for our brokers and their clients to insure with Markel. In a recent survey we undertook of our claims brokers, 95% of respondents said our claims service had improved since the beginning of the year, while 98% said the claims team had actively helped them or their client.
“We remain committed to building a business, focused on specialty products, which has strong underwriting profitability and which balances the volatility of the international wholesale market with the more persistent performance of our national market businesses.”
For more information:
Markel International 020 7953 6000
Jeremy Noble, Finance Director
Michael Henman, Director of Communications
About Markel International:
Markel International Limited is a subsidiary of Markel Corporation, a US-based holding company trading on the New York Stock Exchange (MKL). Markel International writes insurance and reinsurance business through eight divisions and through offices across the UK, Europe, Canada, Latin America and Asia Pacific. Markel International’s insuring entities include Syndicate 3000, Markel Resseguradora do Brasil S.A. and Markel International Insurance Company Limited. Markel International also manages the business of Abbey Protection Group which provides legal and professional fees insurance cover as well as legal, tax and human resources consultancy services. For more information please visit us at www.markelinternational.com