RICHMOND, Va., Oct. 27,
2020 /PRNewswire/ -- Markel Corporation (NYSE:MKL) today
reported its financial results for the third quarter and first nine
months of 2020. The Company also announced today it has filed its
Form 10-Q for the quarter ended September 30, 2020 with the
Securities and Exchange Commission.
The following tables present summary financial data for both the
quarters and nine months ended September 30, 2020 and
2019.
|
Quarter Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
(in thousands,
except per share amounts)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
Earned
premiums
|
$
|
1,394,428
|
|
|
$
|
1,300,032
|
|
|
$
|
4,085,311
|
|
|
$
|
3,703,470
|
|
|
Markel Ventures
operating revenues
|
$
|
824,132
|
|
|
$
|
496,243
|
|
|
$
|
2,013,492
|
|
|
$
|
1,568,443
|
|
|
Net investment gains
(losses)
|
$
|
539,302
|
|
|
$
|
32,144
|
|
|
$
|
(230,896)
|
|
|
$
|
1,069,988
|
|
|
Comprehensive income
to shareholders
|
$
|
520,089
|
|
|
$
|
250,069
|
|
|
$
|
259,673
|
|
|
$
|
1,605,644
|
|
|
Diluted net income
(loss) per common share
|
$
|
31.03
|
|
|
$
|
13.95
|
|
|
$
|
(3.76)
|
|
|
$
|
92.84
|
|
|
Combined
Ratio
|
97%
|
|
|
94%
|
|
|
101%
|
|
|
95%
|
|
|
|
|
|
|
|
|
|
|
(in thousands,
except per share amounts)
|
September 30,
2020
|
|
December 31,
2019
|
|
|
|
|
|
Book value per common
share outstanding
|
$
|
819.71
|
|
|
$
|
802.59
|
|
|
|
|
|
Highlights of results from the quarter and nine months:
- The combined ratio for the third quarter of 2020 included
$48.9 million, or three points, of
underwriting losses attributed to the COVID-19 pandemic and
$101.0 million, or seven points, of
underwriting losses from Hurricanes Laura, Sally and Isaias, as
well as the derecho in Iowa and
wildfires in the western United
States (2020 Catastrophes). The combined ratio for the third
quarter of 2019 included $42.6
million, or three points, of underwriting losses from
Hurricane Dorian and Typhoon Faxai (2019 Catastrophes).
- The combined ratio for the first nine months of 2020 included
$373.9 million, or nine points, of
underwriting losses attributed to the COVID-19 pandemic and
$101.0 million, or two points, of
underwriting losses from the 2020 Catastrophes. The combined ratio
for the first nine months of 2019 included $42.6 million, or one point, of underwriting
losses from the 2019 Catastrophes.
- Net investment gains (losses) in 2020 for the quarter and nine
months reflect the impacts of significant volatility in the equity
markets due in part to economic uncertainty associated with the
COVID-19 pandemic.
- The operating results of our Markel Ventures operations in 2020
reflect contributions from our recent acquisitions of Lansing
Building Products and VSC Fire & Security in the second quarter
of 2020 and fourth quarter of 2019, respectively.
- Comprehensive income to shareholders in 2020 for the quarter
and nine months reflects the contribution of net income and loss,
respectively, as well as increases in net unrealized gains on our
fixed maturity portfolio.
"We delivered solid operating results for the quarter by
maintaining our focus on managing and executing on factors within
our control. Our insurance operations produced an underwriting
profit, despite catastrophe losses and increases to reserves
related to the COVID-19 pandemic, reflecting the strong underlying
performance of our business. Our Markel Ventures operations
delivered significant profit, demonstrating the valuable products
and services we provide, and our investment portfolio also saw
gains amid volatile market conditions," commented Thomas S. Gayner and Richard R. Whitt, Co-Chief Executive Officers.
"We thank our employees, trading partners and customers, all of
whom have performed remarkably well given the challenges and
uncertainties of the pandemic."
A copy of the Company's Form 10-Q is available on its website at
www.markel.com or on the SEC website at www.sec.gov. Readers are
urged to review the Form 10-Q for a more complete discussion of the
Company's financial performance. The Company's quarterly conference
call, which will involve discussion of the Company's financial
results and business developments and may include forward-looking
information, will be held Wednesday, October
28, 2020, beginning at 9:30 a.m.
(Eastern Time). Investors, analysts and the general public
may listen to the call free over the Internet through the Company's
website, www.markel.com. Any person needing additional information
can contact Markel's Investor Relations Department at
investorrelations@markel.com. A replay of the call also will be
available from approximately one hour after the conclusion of the
call until Monday, November 9,
2020.
About Markel Corporation
Markel Corporation is
a diverse financial holding company serving a variety of niche
markets. The Company's principal business markets and underwrites
specialty insurance products. In each of the Company's businesses,
it seeks to provide quality products and excellent customer service
so that it can be a market leader. The financial goals of the
Company are to earn consistent underwriting and operating profits
and superior investment returns to build shareholder value. Visit
Markel Corporation on the web at www.markel.com.
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SOURCE Markel Corporation