Markel reported unchanged pretax profit for the second quarter...
Markel reported unchanged pre-tax profit for the second quarter of 2004, when compared with the company's performance in the previous year.
Pre-tax profits were $86.8m for the quarter ended 31 June 2004, compared with the $87.4m recorded for the second quarter of 2003.
Pre-tax profits for the six months ended 30 June 2004 were $148.9m, up slightly from the $142.2m reported for the half year before.
Gross written premiums for the second quarter were $632.7m, up from the $618.8m recorded for the previous year.
The combined ratio for the second quarter was 90%, down from 95% in the previous year, said Markel.
For the six-month period ending 30 June 2004, the combined ratio 93%, compared with 96% for the previous year.
The combined ratio for Markel's London market operations for the quarter improved to 100%, down from the 102% reported for the previous year.
Markel said this was primarily due to a lower loss ratio compared with 2003. The underwriting loss for the London market segment for the six months ended 30 June 2004 was $31.1m compared to $6.3m for the same period of 2003.
The underwriting loss for the six months included $30m of loss reserve increases reported during the first quarter of 2004, said the company.
Gross written premiums for the London market were $166.6m, up slightly on the $165.8m reported for the previous year.
