Markel reports profitable 97% COR for Q3

Markel International has reported a profitable combined operating ratio (COR) of 97% for Q3 2014, slightly up from last year’s 96% COR for the same period.

The year-to-date COR also stands at 97%, and the company confirmed that all of its insurance segments are currently achieving underwriting profitability despite intense competition.

Chairman and chief executive Alan I. Kirshner said: “During the third quarter and first nine months of 2014, all three insurance segments achieved underwriting profitability. We remain focussed on disciplined underwriting despite increasing competition in the marketplace, most notably in reinsurance. In addition, we completed the acquisition of Cottrell in the third quarter adding it to the Markel Ventures portfolio of companies and we continue to look for profitable growth opportunities.”

President and chief operating officer William Stovin said: “We continue to make progress in developing the Abbey Protection business we acquired at the beginning of the year, while our trade credit business is now on the ground in New York and plans to be part of the Lloyd’s platform in Dubai.”