Overseas operations had 'good, solid first quarter', says finance director

Markel International’s new product lines have helped lift gross written premium 13% to $208.2m (£139m) in the first quarter of this year.

The increase was partially down to foreign currency exchange fluctuations, but finance director Andy Davies added: “Premiums were up 7% on constant exchange rates. This growth was driven by our overseas operations, all of which had a good, solid first quarter, and growth at most of our UK divisions.

“The overseas growth is primarily driven by introducing product lines that we write in London to our overseas operations, such our PI business in Sweden and Singapore.”

Markel’s parent, Markel Corporation, reported a $134.5m net income in the first quarter, compared with a $2m loss for the same period last year.