Markel is to increase its loss reserves for asbestos and environmental exposure, revealed a report. Markel said the increase would contribute to an expected net loss of between US$1.52 and $2.03 per share in the third quarter.
Markel said the increased reserve followed its annual review of its exposure in these areas.
Adverse rulings in recent court cases involving asbestos and environmental hazards coupled with a higher than predicted incidence of new claims, contributed to the decision to increase reserves, said the report.
