Markel International sees GWP grow but COR deteriorate
Markel International has announced it achieved $709m (£436m) of gross written premiums (GWP) for the year to 31 December 2010 (2009: $641.20m).
However, the insurer's combined ratio deteriorated to 95% from 91% in 2009.
The insurer said the worsening in combined ratio was primarily due to $33m or 6 points of underwriting loss related to Chilean earthquake and Deepwater Horizon explosion both of which occurred in the first six months of 2010.
It also stated that the increase of 11% in GWP was due to additional writings across the majority of Markel International's UK operating divisions and overseas operations.
It explained that the
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