Markel Corporation reported a $254 million underwriting loss for the quarter and nine months ended Sept. 30, 2005 related to Hurricanes Katrina and Rita, and a net loss of $11.31 per diluted share for the quarter ended Sept. 30, 2005. This compares to an $80 million underwriting loss for the same time period in 2004 related to Hurricanes Charley, Frances, Ivan and Jeanne, and net income of $1.40 per diluted share.
Net income for the nine months ended Sept. 30, 2005 was $2.52 per diluted share compared to $11.44 per diluted share in 2004. The combined ratio for the third quarter of 2005 was 149% compared to 106% for the same period of 2004. For the nine months ended Sept. 30, 2005, the combined ratio was 109% compared to 97% in the prior year.
Book value per share decreased to $162.82 per share at Sept. 30, 2005 from $168.22 per share at Dec. 31, 2004 due to comprehensive loss of $46.2 million for the nine months ended Sept. 30, 2005.
Alan I. Kirshner, chairman and CEO, commented, “Our 2005 hurricane losses were more than we expected. We are working on several fronts to review how we approach catastrophe exposed business. From both an underwriting and capital standpoint, we are well positioned to succeed in the changing insurance marketplace.”
Markel Corporation markets and underwrites specialty insurance products and programs to a variety of niche markets. Markel Corporation celebrated its 75th Anniversary in 2005.
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