Markel has put the memories of its more than $1 billion loss from the first quarter of 2020 firmly behind it, reporting a comfortable profit in Q1 2021 and bringing its combined ratio down significantly to sustainable levels.
Markel reported comprehensive profit of $359 million for the first quarter of 2021. In the same period of 2020 it had made a $1.35 billion loss.
Its combined ratio for the quarter was 94 percent, down from 118 percent in Q1 2020. Net losses and loss adjustment expenses from Winter Storm Uri contributed four points to its Q1 2021 total, while the impact of COVID-19 contributed another point.
Earned premiums increased to $1.5 billion in Q1 2021 from $1.33 billion the previous year.
Thomas Gayner and Richard Whitt, co-chief executive officers, said the results reflected strong and profitable growth across its underwriting operations globally, as well as positive momentum in its investment operations.
“We are very pleased with our positive start to 2021 and we are optimistic about steadily building on our performance across all three operating engines as the year progresses,” they said.
Markel, Results, Thomas Gayner, Richard Whitt