Markel Corporation announced a loss in its third quarter results for its London business, despite increasing gross written premiums.
Markel blamed reserving increases of US$55m for asbestos and environmental exposures and £50m at the company's Investor Brokered Excess and Surplus Lines Unit.
It said the reserve increases were partially offset by strong underwriting results from its other underwriting units, including a strong performance from Markel International.
For the nine months ending 30 September, net income was $78.8m compared with $49m for the same period in 2002.
Richie Whitt, executive vice president and chief administrative officer of Markel International said the company's combined ratio had fallen to 101%, compared with 106% for the comparable period in 2002.
He said gross written premiums for the third quarter had increased from $140m last year to £183m for 2003. Gross written premiums for the nine months ending 30 September also increased to $549m, up from $467m in 2002.
