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Markel's pre-tax profits double in Q1 to $54.4m.
(From Insurance Day)
Byline: Stuart Collins
MARKEL Corp, the US speciality lines insurer, has reported a doubling of pre-tax profit for the first quarter to $54.4m, writes Stuart Collins. The improved profitability of Markel was largely down to improvements in US excess and surplus lines and a reduction in underwriting losses from London market business.
Markel expects that all segments of speciality lines where it competes will continue to be favourable. It anticipates overall gross premium growth of 15% this year. Growth in US premiums will be slightly higher while London market growth will be slightly lower.
Excess and surplus lines and specialty admitted gross premiums were up 30% and 24% respectively due to increased submissions and rate increases. According to Markel the eight percentage point improvement in the combined ratio for excess and surplus lines reflected the impact of better pricing, more restrictive coverage and better risk selection of ...
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