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RICHMOND, Va., Nov. 5, 2010 /PRNewswire via COMTEX/ --
Markel Corporation (NYSE: MKL) reported diluted net income per share of $6.48 for the quarter ended September 30, 2010 compared to $6.02 for the third quarter of 2009. Diluted net income per share was $12.93 for the nine months ended September 30, 2010 compared to $11.02 for the same period of 2009. The combined ratio for the third quarter of 2010 was 93% compared to 96% for the third quarter of 2009. The combined ratio was 99% for the nine months ended September 30, 2010 compared to 97% for the same period of 2009. Book value per common share outstanding increased 11% to $314.74 at September 30, 2010 from $282.55 at December 31, 2009.
Alan I. Kirshner, Chairman and Chief Executive Officer, commented, "The growth in book value has benefited from the increase in value of our investment portfolio and a return to underwriting profitability. Despite a competitive market, we believe these results demonstrate our ability and commitment to build long-term shareholder value during all market cycles."
The Company also announced today it has filed its Form 10-Q for the quarter ended September 30, 2010 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 Monday, November 8, 2010, 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 Tuesday, November 16, 2010, 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 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