Speciality insurer Markel Corporation has improved its profitability, posting a combined ratio of 96% for the first three months of the year.
Its combined ratio was 96% for the first quarter of 2003 compared to a combined ratio of 102% for the same period in 2002.
Markel claimed that strong underwriting profits drove the upturn in its 2003 earnings.
Its London underwriting operations generated gross written premiums of $199,690 (£125,559) in 2003, up from $170,959 (£107,494) in 2002.
Chairman and chief executive officer Alan Kirshner said: "Our North American results were excellent and we continued our steady march to underwriting profitability in London.
"Pricing remains strong in all our markets. We are off to a marvellous start to 2003 and are encouraged by our building momentum."
