8-7-13 4:23 PM EDT | Email Article

RICHMOND, Va., Aug. 7, 2013 /PRNewswire/ -- Markel Corporation (NYSE: MKL) reported diluted net income per share of $2.24 for the quarter ended June 30, 2013 compared to $8.42 for the second quarter of 2012.  Diluted net income per share was $10.79 for the six months ended June 30, 2013 compared to $14.35 for the same period of 2012. The combined ratio was 103% for the second quarter of 2013 compared to 87% for the second quarter of 2012. The combined ratio was 98% for the six months ended June 30, 2013 compared to 93% for the same period of 2012. The results for the quarter and six months ended June 30, 2013 were impacted by $61.8 million of transaction costs and acquisition-related expenses and $25.4 million of catastrophe losses related to our new Alterra segment. Together these items added 11 points and six points to the consolidated combined ratio for the quarter and six months ended June 30, 2013, respectively. The combined ratio for the quarter and six months ended June 30, 2012 included $14 million, or three points, and $35 million, or three points, respectively, of underwriting, acquisition and insurance expenses related to the Company's prospective adoption of Financial Accounting Standards Board Accounting Standard Update No. 2010-26, Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts.  Book value per common share outstanding increased 12% to $451.72 at June 30, 2013 from $403.85 at December 31, 2012. 

Alan I. Kirshner, Chairman and Chief Executive Officer, commented, "We completed the acquisition of Alterra on May 1, 2013, which was accretive to book value and tangible book value per share. While our consolidated underwriting results for the quarter were significantly impacted by transaction costs and acquisition-related expenses, the underwriting results of our legacy Markel operations for the quarter were strong, reflecting a 17% increase in gross premium volume and a combined ratio of 89%. Despite catastrophe losses in the second quarter, legacy Alterra operations performed as expected. The process of integrating Alterra into Markel's operations is well underway, and we are just beginning to realize the opportunities of our enhanced scale. With invested assets of approximately $17 billion and over $6 billion in shareholders' equity, the new Markel is well-positioned to take advantage of a wide range of opportunities in our insurance, non-insurance and investment operations."

The Company also announced today it has filed its Form 10-Q for the quarter ended June 30, 2013 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 Thursday, August 8, 2013, 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 Monday, August 19, 2013, 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.

About Markel Corporation
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it 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 and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at www.markelcorp.com.

SOURCE Markel Corporation

Add a Comment

News   More...

Securities related to this article
Markel Corporation View mkl Stock Quote
 
Start Premium Trial Register For Free

P F Fund Financial Data (13,000+ funds)
P F Stock Financial Data (7,000+ stocks)
P F Stock and Fund Screeners (basic)
P F Investing Articles and Market Commentary
P F Articles Archive (>30 days)
P F Discuss (dozens of stock, fund, bond, and general bulletin boards)
P F Portfolio Manager (basic)
P F Morningstar Investment Classroom
P F Access Your Portfolio Anytime, Anywhere via Your Mobile Device
P   Morningstar Fund Analyst Reports (full research on 1,700 funds, ETFs, and CEFs)
P   Morningstar Stock Analyst Reports (full research on more than 1,100 stocks)
P   Portfolio Manager (advanced with 10 X-Ray analyses, including recommendations)
P   Portfolio Monitor (monthly and on-demand personalized portfolio statements)
P   Morningstar Proprietary Stock Information (stock star ratings, buy/sell prices, economic moat ratings, and more)
P   Morningstar 5-Star Stock and Fund Favorites & Red Flags eNewsletters
P   Premium Stock and Fund Screeners (advanced with nearly infinite ways to find the best securities for you)
P   Discounts on Morningstar newsletters, books, seminars, and more

Sign-up to Morningstar


Basic Access

Articles and Videos
Morningstar video reports, articles, data, and tools. Dig into our lineup of e-newsletters and investing classroom courses outlining sensible strategies for maximizing your investments.
Morningstar Discuss
Follow the buzz on individual stocks or fund families. Plus, read the latest posts from Morningstar members and analysts.
Portfolio Manager
Track your investments and watch lists with our Portfolio Manager. Customize your view with our comprehensive stock, fund, and ETF data.

Access these features and more when you sign up for Free Membership.
Join Morningstar today. It's Free.

Unlimited Access

Analyst Research
Gather in-depth, actionable insight on over 3,700 stock and mutual funds covered by Morningstar analysts. View our mutual fund Analyst Reports favored by professionals, savvy experienced investors, and new investors researching options for retirement savings, college plans, or other investment needs.
Portfolio X-Ray®
Ensure your portfolio is positioned exactly how you want with Morningstar's X-Ray Interpreter and Stock Intersection tools. A Barron's "Best of the Web" award winner for five years running, X-Ray Interpreter goes under the hood of your portfolio to provide a useful allocation, sector, and geographic analysis. And you can discover how much of a stock you really own, individually and through mutual funds, with Stock Intersection.
Investment Picks
Find new 5-star stocks (greatly undervalued companies) to consider daily. Our 5-star stock rating is a proven winner, consistently beating benchmarks like the S&P 500. Plus, browse our Fund Analyst Picks and Stewardship Grades to find shareholder-friendly mutual funds that are poised for outperformance.
Portfolio Monitor
Get a clear view of your investments with personalized reports about your portfolio. Receive monthly statements and generate reports on-demand to help you stay on track to meet your investment goals.

Access these features and more when you sign up for Premium Membership.
Start your free 14-day trial today online
Your subscription may be tax deductible. Please contact your tax advisor.

Content Partners
Morningstar - - Markel Reports Second Quarter And Six-Months Results
Name |  Ticker |  Star Rating |  Market Cap |  Stock Type |  Sector |  Industry Star Rating |  Investment Style |  Total Assets |  Category |  Top Holdings |  Top Sectors |  Symbol |  Title Star Rating |  Category |  Total Assets |  Top Holdings |  Top Sectors |  Symbol |  Name Topic |  Sector |  Key Indicators |  User Interest |  Market Cap |  Industry Name |  Ticker |  Star Rating |  Market Cap |  Stock Type |  Sector |  Industry Star Rating |  Investment Style |  Total Assets |  Category |  Top Holdings |  Top Sectors |  Symbol / Ticker |  Title Star Rating |  Category |  Total Assets |  Symbol / Ticker |  Name Title |  Date |  Author |  Collection |  Popularity |  Interest Title |  Date |  Company |  Symbol |  Interest |  Popularity Title |  Date |  Company |  Symbol |  Interest |  Popularity Title |  Date |  Author |  Collection |  Interest |  Popularity

Previous: Markel Reports 2013 Financial Results  |  Next: Markel Reports Third Quarter And Nine-Months Results