(Re)insurer’s international segment sees premiums rise 7%
Markel’s combined ratio for the first quarter of 2013 was 91% compared to 100% for the first quarter of 2012.
The (re)insurer, which today will complete its $3bn acquisition of Bermuda-based (re)insurer Alterra, reported diluted net income per share of $9.50 for the quarter, compared to $5.92 for the first quarter of 2012. The results for the first quarter of 2013 reflect more favourable underwriting results compared to the same period of 2012.
The company reported gross written premiums of $296m for the first quarter, compared to $278m for the first quarter of 2012. The increase of 7% reflects growth at both the wholesale and retail operations of the company. The combined ratio was 92% for the quarter, compared to 97% for the same period of 2012. The improvement is due to lower attritional losses on the current accident year.
Markel International president and chief operating officer William Stovin commented: “We are off to an excellent start in 2013. Strong underwriting results for the quarter reflect our long-term focus on underwriting discipline. Premium volume has benefited from both acquisitions and organic growth. Our 2012 acquisition of Thomco and the addition of the Hagerty business in 2013 contributed to a 15% increase in gross premium volume for the quarter.”
“We have experienced an excellent start to 2013 with strong premium growth, solid underwriting profits and excellent investment returns,” said Markel International finance director Andy Davies. “Markel International produced underwriting profits and investment returns of $103mn for the first quarter of 2013 which contributed to Markel Corporation’s increase in book value of 7% during the same period.”