Virginia-based Markel Corp. reported net income of $7.47 per diluted share for the quarter ended March 31, 2005 compared to net income of $4.20 per diluted share for the same period of 2004.
The combined ratio improved to 90% for the quarter ended March 31, 2005 compared to 96% in 2004. Book value per share decreased to
$165.47 per share at March 31, 2005 from $168.22 per share at Dec. 31, 2004 due to a comprehensive loss of $26.1 million for the first quarter of 2005.
Alan Kirshner, chairman and CEO, commented, “We are
extremely proud that our disciplined underwriting approach continues to produce record underwriting performance. While the decline in market value of our investment portfolio was significant during the first quarter of 2005, we are not short-term investors and we remain confident in the long-term value of our holdings. We believe our commitment to underwriting profitability and our ability to produce exceptional investment results over the long term are the cornerstones for continued growth in book value per share.”
The company also has filed its Form 10-Q for the quarter ended March 31, 2005 with the Securities and Exchange Commission.
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