Markel Corp. has recently reported second-quarter losses of $17.9 million, a dramatic decrease compared to a net income of $11.9 million in the same quarter 1999. Underwriting losses at recently acquired Terra Nova Holdings are to blame for the losses.
Markel’s domestic business has continued to perform well, but the international unit has pulled it down. Markel North America’s combined ratio during the second quarter was 99 percent – a bit higher than in recent years, but still profitable. However, Markel International’s combined ratio was 118 percent. And for several lines of international business Markel plans to discontinue, the combined ratio was 132 percent.
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