Markel GWP falls

Markel International reported a reduction in gross written premiums to $152m for the third quarter of 2009 from $166m in the same period of 2008.

Gross written premiums for the nine months ended September 30, 2009 also fell to $510m compared with $572m in the same period of 2008.

The Lloyd's insurer posted an underwriting profit of $29.2m in the nine months to September 2009 from a loss of $50.4m reported in the same period in 2008.

Markel International also reported combined ratios of 93% for the nine months ended September 30 2009 and 91% for the third quarter of 2009. These compare to combined ratios of 111% and 136% for the same periods in 2008.

Andy Davies, finance director at Markel International, said: “The excellent underwriting results for the nine months and third quarter reflect minimal catastrophe losses in 2009 compared to 2008 and increased reserve redundancies on the 2003 to 2006 accident years.

"The investment portfolio of both Markel Corporation and Markel International generated annualised returns in excess of 10% for the first nine months of 2009. The strong performance was primarily due to increases in the market value of the corporate bond and equity investment portfolios. The acquisition of Elliott Special Risks reinforces our commitment to profitable international growth and the development of a global brand."