Markel boosts underwriting profits despite hurricane and flood hits

Markel improved underwriting profits, despite taking big hits from natural catastrophes. 

Markel improved its combined ratio to 93% in the third quarter, compared to 97% in the same period last year. 

Losses in the quarter included $182.3m from Hurricane Ida, winter storm Uri and floods in Europe.

However, Markel’s improved underwriting discipline and rate rises helped offset the losses.

Earned premiums grew 17% in the quarter. 

Markel co-chief executives Thomas Gayner and Richard Whitt said said: 

“This quarter our insurance operations saw the benefit of recent changes in our property catastrophe underwriting strategy as we delivered a combined ratio in the low 90s, despite significant natural catastrophe events.

“Our premium growth accelerated in the third quarter as we continued to attract new business and achieved double-digit rate growth, particularly on our preferred product lines.”