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RICHMOND, Va., Nov. 7, 2011 /PRNewswire via COMTEX/ --
Markel Corporation (NYSE - MKL) reported diluted net income per share of $5.48 for the quarter ended September 30, 2011 compared to $6.48 for the third quarter of 2010. Diluted net income per share was $9.42 for the nine months ended September 30, 2011 compared to $12.93 for the same period of 2010. The combined ratio was 100% for the third quarter of 2011 compared to 93% for the third quarter of 2010. The combined ratio was 105% for the nine months ended September 30, 2011 compared to 99% for the same period of 2010. The combined ratio for the quarter and nine months ended September 30, 2011 included $34 million, or 7 points, and $133 million, or 9 points, respectively, of underwriting loss related to natural catastrophes. The combined ratio for the quarter and nine months ended September 30, 2010 included $33 million, or 8 points, and $72 million, or 6 points, respectively, of underwriting loss on two programs now in run-off that were exposed to losses associated with the adverse conditions in the residential mortgage market. Book value per common share outstanding increased 2% to $333.11 at September 30, 2011 from $326.36 at December 31, 2010.
Alan I. Kirshner, Chairman and Chief Executive Officer, commented, "Our 2011 underwriting results have been impacted by both increased frequency of natural catastrophes and continued soft market conditions. We are pleased with the premium volume generated by our insurance acquisitions and the growth of our non-insurance operations."
The Company also announced today it has filed its Form 10-Q for the quarter ended September 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, November 8, 2011, beginning at 10:30 a.m. (Eastern Standard 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, November 18, 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