US-based Markel Corporation has announced a net loss of $17.9m for the quarter to 30 June, down from ...US-based Markel Corporation has announced a net loss of $17.9m for the quarter to 30 June, down from a profit of $11.9m a year earlier, as a result of underwriting losses at reinsurer Terra Nova, which it acquired earlier this year.
Losses on business underwritten by Terra Nova - now renamed Markel International - and reserve strengthening pushed Markel's combined ratio up to 113% for the quarter. Its combined ratio for the second quarter of 1999 was 101%.
Markel Corporation's gross written premiums more than doubled to $335m in the second quarter of 2000 against a year earlier as a result of the Terra Nova acquisition.
However, the company says its premium volumes will decline for the rest of 2000 as it reprices business and runs off discontinued lines.
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