Markel Reports Third Quarter and Nine Month Results

RICHMOND, Va., Oct. 31 /PRNewswire-FirstCall/ -- Markel Corporation (NYSE: MKL) reported diluted net income per share of $9.26 for the quarter ended September 30, 2007 compared to $10.47 for the third quarter of 2006. Diluted net income per share was $31.28 for the nine months ended September 30, 2007 compared to $27.24 for the same period of 2006. The combined ratio for the third quarter of 2007 was 87% compared to 84% for the third quarter of 2006. The combined ratio was 88% for both the nine months ended September 30, 2007 and the nine months ended September 30, 2006. Book value per common share outstanding increased 12% to $257.31 at September 30, 2007 from $229.78 at December 31, 2006 primarily due to comprehensive income of $258.4 million.

The Company also announced today it has filed its Form 10-Q for the quarter ended September 30, 2007 with the Securities and Exchange Commission (SEC). A copy of the Form 10-Q is available on the Company's website at http://www.markelcorp.com or on the SEC website at http://www.sec.gov. Readers are urged to review the Form 10-Q for a more complete discussion of the Company's financial performance. The quarterly conference call, which will also involve discussion of the Company's financial results and may include forward-looking information, will be held Thursday, November 1, 2007, beginning at 10:30 a.m. (Eastern Daylight Savings Time). Any person interested in listening to the call 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, http://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-                             10/31/2007
    /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 CCA

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0687 10/31/2007 16:47 EDT http://www.prnewswire.com