Markel reports significantly improved COR
Markel International has reported a combined operating ratio (COR) of 88% for 2012, a dramatic improvement on the 116% achieved in 2011.
Gross written premiums for the year ended 31 December 2012 came in at $888m [£562.6m] compared to $825m for the same period of the year before.
The provider stated that the 8% increase was primarily due to a rise in premiums at the marine and energy and specialty divisions. It also added that the 2012 COR excluded 2% of underwriting, acquisition and insurance expenses related to changes in accounting standards.
The insurer said that the improvement in the combined ratio was a consequence of a
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