RICHMOND, Va., Aug. 2 /PRNewswire-FirstCall/ -- Markel Corporation
(NYSE: MKL) reported net income of $5.95 per diluted share for the quarter
ended June 30, 2005 compared to net income of $5.84 per diluted share for the
same period of 2004. Net income for the six months ended June 30, 2005 was
$13.42 per diluted share compared to $10.04 per diluted share in 2004. The
combined ratio for the second quarter of 2005 was 92% compared to 90% in 2004.
For the six months ended June 30, 2005, the combined ratio was 91% compared to
93% in the prior year. Book value per share increased to $177.98 per share at
June 30, 2005 from $168.22 per share at December 31, 2004 due to comprehensive
income of $96.6 million for the six months ended June 30, 2005.
Alan I. Kirshner, Chairman and Chief Executive Officer, commented,
"Despite increased competition resulting in lower premium volume, we produced
strong results for the first half of the year. We remain focused on
underwriting profitability and look forward to continued success in the second
half of the year."
The Company also announced today it has filed its Form 10-Q for the
quarter ended June 30, 2005 with the Securities and Exchange Commission. A
copy of the Form 10-Q is available on the Company's website at
http://www.markelcorp.com or at 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 Wednesday, August 3, 2005 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 may also listen to
the call free over the Internet through Markel Corporation's corporate web
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
Markel Corporation celebrates its Diamond Anniversary in 2005; over 75
years we've firmly established the Markel Style and our commitment to success.
SOURCE: Markel Corporation
CONTACT: Bruce Kay of Markel Corporation, +1-804-747-0136