Q3 GWP falls 8% on 2006 but combined ratio improves by 7 points
Markel International today reported an 8% reduction in gross written premiums to $162 million for the third quarter of 2007 from $176 million in the same period of 2006.
Gross written premium for the nine months ended September 30, 2007 were $562 million compared with $581 million in the same period of 2006.
The combined ratio was 90% and 93% respectively for the quarter and nine months to September 30, 2007 compared with 97% and 105%, respectively, for the same periods in 2006.
Andy Davies, Finance Director at Markel International, said: “Despite challenging market conditions, we recently announced the opening of new offices in Sweden and Singapore proving our commitment to profitable growth by offering our well established products in new markets.”
Parent company Markel Corporation today reported diluted net income per share of $9.26 for the quarter ended September 30, 2007 compared to $10.47 for the third quarter of 2006.
Diluted net income per share was $31.28 for the nine months ended September 30, 2007 compared to $27.24 for the same period of 2006.
The combined ratio for the third quarter of 2007 was 87% compared to 84% for the third quarter of 2006.
The combined ratio was 88% for both the nine months ended September 30, 2007 and the nine months ended September 30, 2006.
Book value per common share outstanding increased 12% to $257.31 at September 30, 2007 from $229.78 at December 31, 2006 primarily due to comprehensive income of $258.4 million.
