5th February 2009
Markel Reports 2008 Financial Results
Markel Corporation (NYSE: MKL) reported diluted net loss per share of $5.95 for the year ended December 31, 2008 compared to diluted net income per share of $40.64 for 2007. The 2008 combined ratio was 99% compared to 88% in 2007. Book value per common share outstanding decreased 16% to $222.20 at December 31, 2008 from $265.26 at December 31, 2007. Over the five-year period ended December 31, 2008, compound annual growth in book value per common share outstanding was 10%.
Alan I. Kirshner, Chairman and Chief Executive Officer, commented, “At this time last year, it would have been almost impossible to predict the significant deterioration in general economic conditions and considerable dislocation of the global financial markets that we have experienced in 2008. Markel has not been immune to these difficult times, but we are pleased that we achieved an underwriting profit for the year despite $95 million of hurricane losses. We recognize that our obligation is to preserve and build Markel’s capital in any environment and we are taking the appropriate steps to do this in 2009.”
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