Markel Corporation said it was satisfied with its year-end results which have taken a hit from heavy hurricane losses.
The company reported a net income of $4.97 per diluted share for the quarter ending 31 December 2004 compared to a net income of $4.44 per diluted share for the same period of 2003.
Net income for the year ended December 31, 2004 was $16.41 per diluted share compared to $12.31 per diluted share in 2003.
For 2004, Markel International reduced gross written premium to $700m from $738m.
The company said the move reflected it's commitment to profitable underwriting in preference to volume growth.
The company's chairman Alan Kirshner said: “While this year's results include losses for the 2004 hurricanes and development of prior year losses on business we no longer write, strong underwriting profits on our core business and exceptional investment returns have resulted in another year of record earnings.”
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