RICHMOND, Va., Aug. 4 /PRNewswire-FirstCall/ -- Markel Corporation
(NYSE: MKL) reported diluted net income per share of $8.29 for the quarter
ended June 30, 2008 compared to $12.15 for the second quarter of 2007.
Diluted net income per share was $11.69 for the six months ended June 30, 2008
compared to $22.02 for the same period of 2007. The combined ratio for the
second quarter of 2008 was 95% compared to 89% for the second quarter of 2007.
The combined ratio was 93% for the six months ended June 30, 2008 compared to
88% for the same period of 2007. Book value per common share outstanding
decreased 5% to $252.39 at June 30, 2008 from $265.26 at December 31, 2007.
The decline in book value was primarily due to comprehensive loss of $113.6
million for the six months ended June 30, 2008, which was driven by a decline
in the market value of the Company's investment portfolio.
Alan I. Kirshner, Chairman and Chief Executive Officer, commented,
"Despite soft insurance market conditions, we are pleased with our
underwriting results. Our investment results in the first half of 2008
reflect the ongoing turbulence in the equity and fixed income markets. While
we are disappointed in these short-term results, we remain confident that our
long-term focus on investments in high quality, profitable, durable and
transparent companies will continue to add value to Markel in the future as it
has for years."
The Company also announced today it has filed its Form 10-Q for the
quarter ended June 30, 2008 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 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 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 5, 2008, 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 15, 2008, 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
SOURCE Markel Corporation
Bruce Kay of Markel Corporation, 1-804-747-0136
Web site: http://www.markelcorp.com