Combined ratio slips five percent
Markel Corporation reported a combined ratio for the first quarter of 2008 of 92% compared to 87% for the first quarter of 2007.
Alan Kirshner, chairman and chief executive said: “Our first quarter financial results have been impacted by both increased competition in the specialty insurance market and volatility in the financial markets. While our performance for the quarter suffered as a result, our underwriting profitability was in line with expectations and our commitment to a long-term investment philosophy remains unchanged.”
Markel International reported a 5.1% reduction in gross written premiums to $202.6 million for the first three months of 2008 compared to $213.5 million in the first quarter of 2007.
The company said the reduction in gross written premiums reflected single digit rate reductions across the majority of its business lines.
Andy Davies, finance director of Markel International, said:"Our first quarter underwriting performance was in line with our underwriting profitability targets, despite the challenging market conditions. Our commitment to disciplined underwriting and financial strength allows us to meet our customer needs over the long term."
Tonty Markel has been appointed vice chairman. He was previously president and chief operating office, a role that will now be filled by Paul Springmann.
Tony Markel said: “I’ve reached a point where I think it’s best to step back from day-to-day operations and join Alan Kirshner and Steve Markel in providing strategic focus for the company.”
