Markel Corporation has reported net income for the six months ended 30th June, 2005 of $13.42 (£7.56) per diluted share compared to $10.04 (£5.65) per diluted share in 2004.
For the six months ended June 30, 2005, the combined ratio was 91% compared to 93% in the prior year.
Alan I. Kirshner, chairman and chief executive officer, said, “Despite increased competition resulting in lower premium volume, we produced strong results for the first half of the year. We remain focused on underwriting profitability and look forward to continued success in the second half of the year.”
Markel International, which represents Markel's London operations, reduced gross written premium in the first half of 2005 to $351m (£198m) from $378m (£213m) the previous year.
Gerry Albanese, president and chief operating officer, said: “We have walked away from business that didn't meet our required rating levels and therefore we are comfortable with the reduction in gross written premium."
Markel International said that it continued to see a steady improvement in profitability over the period, with the combined operating ratio for the first six months of the year falling to 103%, compared with 110% in the same period last year.
The company also reported that key strategic developments in the period included the opening of new international businesses in Canada and in Spain and the continued development of the company's UK regional network with new offices in Cambridge, Edinburgh and Bristol.