Firm announces 120% rise in underwriting profit
Markel International is on the hunt for an MGA or insurance company. “We are looking at acquisitions … anything that we think fits with our culture and underwriting philosophy,” said the company’s finance director, Andy Davies.
“We would look at UK and Europe, ideally in lines we understand in non-marine and liability areas.”
The announcement comes in the same week that the company’s underwriting profit rose 120% to $16.3m (£9.9m) in the six months to June 2009 from $7.4m in the same period in 2008. However, gross written premiums slipped to $173m for the second quarter of 2009 from $203m in the same period of 2008.