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RICHMOND, Va., Aug. 8, 2011 /PRNewswire via COMTEX/ --
Markel Corporation (NYSE: MKL) reported diluted net income per share of $3.11 for the quarter ended June 30, 2011 compared to $2.12 for the second quarter of 2010. Diluted net income per share was $3.95 for the six months ended June 30, 2011 compared to $6.46 for the same period of 2010. The combined ratio was 103% for the second quarter of both 2011 and 2010. The combined ratio was 107% for the six months ended June 30, 2011 compared to 102% for the same period of 2010. The combined ratio for the six months ended June 30, 2011 included $99 million, or 10 points, of underwriting loss related to the U.S. storms, Australian floods, New Zealand earthquake and Japanese earthquake and subsequent tsunami. For the six months ended June 30, 2010, the combined ratio included $17 million, or 2 points, of underwriting loss related to the Chilean earthquake. Book value per common share outstanding increased 4% to $338.66 at June 30, 2011 from $326.36 at December 31, 2010.
Alan I. Kirshner, Chairman and Chief Executive Officer, commented, "We have experienced a higher than expected amount of weather-related catastrophe losses through the first six months of 2011. While operating at an underwriting loss is disappointing, we continue to take the necessary steps to maintain long-term underwriting profitability and are pleased with our growth in operating revenues."
The Company also announced today it has filed its Form 10-Q for the quarter ended June 30, 2011 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 Tuesday, August 9, 2011, 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 19, 2011, 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 is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it 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 and operating profits and superior investment returns to build shareholder value.
SOURCE Markel Corporation