Markel investment improvement drives turnaround
Markel, which has substantial re/insurance operations in Bermuda, jumped to a $546 million profit in the second quarter, marking a turnaround from a $1.2 billion loss in the same period in 2022.
Earnings per share were $50.20 compared to a loss of $69.15.
Earned premiums rose to $2.03 billion from $1.83 billion but the company saw its insurance segment profit fall to $134 million from $166 million while reinsurance improved from $3.8 million to $15.1 million.
Net investment income improved to $169 million from $96 million. Net investments gains and losses improved from a loss of $1.5 billion to a gain of $484 million.
The combined ratio rose to 93% from 91%.
“Insurance, Investments, and Markel Ventures all contributed to solid operating results in the second quarter," said Tom Gayner (pictured), chief executive officer.
"Markel Ventures recorded strong margins and cash flows, our insurance business increased gross written premiums while maintaining our long-term discipline of profitable underwriting and conservative reserving, and investment income grew significantly amid higher interest rates.”
Markel Ventures recorded a $150 million profit, up from $104 million in the same period in 2022.