Markel's combined ratio takes a tumble
Markel International has reported a combined ratio of 116% for 2011, in stark contrast to its rate of 95% for 2010.
The insurer attributed the decline to $123m (£77.5m) in natural catastrophe losses, compared with just $17m of such losses in 2010.
Andy Davies, finance director at Markel International, said: “The combined ratio reflects the significant losses that have impacted the insurance industry during 2011.
“These losses were within our risk appetite for market events of this size and represent less than 4% of Markel Corporation’s capital.”
The insurer reported improved gross written premiums (GWP) of
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