29 October 2020News

Markel reports increased profits for Q3

Markel saw its profits increase in the third quarter of 2020 but its combined ratio deteriorated, driven by underwriting losses attributed to COVID-19 and natural catastrophes in the US.

Markel generated a net profit of $520 million in Q3 2020, compared with $250 million in same period of 2019, although profits plunged to $259.6 million for the first nine months of the year, from $1.6 billion recorded for the same period in 2019.

The combined ratio for the quarter jumped three percentage points to 97 percent. This figure included $48.9 million of underwriting losses attributed to the COVID-19 pandemic and $101 million of underwriting losses from other natural disasters. In Q3 2019 Markel reported a combined ratio of 94 percent.

Thomas Gayner and Richard Whitt, co-chief executive officers of Markel, said the re/insurer had delivered “solid operating results for the quarter by maintaining our focus on managing and executing on factors within our control.”