Markel reports strong start to 2012

by Richard Kilner

Story link: Markel reports strong start to 2012

Markel Corporation has reported its financial results for the first quarter of 2012, which includes diluted net income per share of $5.92.

This is many times better than the corresponding period last year when the firm made just $0.85 per share.

The combined ratio fell, year-on-year, from 112% to 100%, although Q1 2011 did include $69m (15 points) related to flooding in Australia and the earthquakes in Japan and New Zealand, as well as the Japanese tsunami.

Quarterly gross written premiums rose from $255m to $277.6m, and was largely due to organic growth and better pricing from the Marine and Energy division.

Chairman and Chief Executive Officer Alan I. Kirshner said that the firm was continuing its acquisitive activity, adding that he was excited about the recent acquisition of THOMCO insurance business and the Markel Ventures acquisition of Havco.