RICHMOND, Va., Aug. 5 /PRNewswire-FirstCall/ -- Markel Corporation (NYSE:
MKL) reported diluted net income per share of $3.34 for the quarter ended June
30, 2009 compared to $8.29 for the second quarter of 2008. Diluted net income
per share was $5.00 for the six months ended June 30, 2009 compared to $11.69
for the same period of 2008. The combined ratio for the second quarter of
2009 was 99% compared to 95% for the second quarter of 2008. The combined
ratio was 97% for the six months ended June 30, 2009 compared to 93% for the
same period of 2008. Book value per common share outstanding increased 8% to
$239.68 at June 30, 2009 from $222.20 at December 31, 2008, which was driven
by improvement in the market value of the Company's investment portfolio.
Alan I. Kirshner, Chairman and Chief Executive Officer, commented, "Our
increase in book value per share resulted from improved investment results and
strong underwriting performance from our international operations during the
first six months of 2009. While competition continues to be intense in the
property and casualty insurance marketplace, we remain focused on disciplined
underwriting and our long-term performance goals. With strong liquidity and a
solid balance sheet, we are well positioned for future growth opportunities."
The Company also announced today it has filed its Form 10-Q for the
quarter ended June 30, 2009 with the Securities and Exchange Commission. A
copy of the Form 10-Q is available on the Company's website at
www.markelcorp.com or on the SEC website at www.sec.gov. Readers are urged to
review the Form 10-Q for a more complete discussion of the Company's financial
performance. The Company's quarterly conference call, which will involve
discussion of the Company's financial results and business developments and
may include forward-looking information, will be held Thursday, August 6,
2009, beginning at 10:30 a.m. (Eastern Daylight Savings Time). Any person
interested in listening to the call, or a replay of the call, which will be
available from approximately two hours after the conclusion of the call until
Friday, August 14, 2009, should contact Markel's Investor Relations Department
at 804-747-0136. Investors, analysts and the general public also may listen
to the call free over the Internet through the Company's web site,
www.markelcorp.com.
Markel Corporation markets and underwrites specialty insurance products
and programs to a variety of niche markets. In each of these markets, the
Company seeks to provide quality products and excellent customer service so
that it can be a market leader. The financial goals of the Company are to
earn consistent underwriting profits and superior investment returns to build
shareholder value.
SOURCE Markel Corporation
-0- 08/05/2009
/CONTACT: Bruce Kay of Markel Corporation, +1-804-747-0136/
/Web Site: http://www.markelcorp.com /
(MKL)
CO: Markel Corporation
ST: Virginia
IN: INS FIN
SU: ERN
PR
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1079 08/05/2009 16:52 EDT http://www.prnewswire.com
