Markel International, London, February 11, 2015 ---- Markel Corporation (NYSE: MKL) reported book value per common share outstanding of $561.23 at December 31, 2015, up 3% from $543.96 at December 31, 2014. Over the five-year period ended December 31, 2015, compound annual growth in book value per common share outstanding was 11%. Comprehensive income to shareholders was $232.7 million for the year ended December 31, 2015 compared to $935.9 million in 2014. The combined ratio was 89% in 2015 compared to 95% in 2014. Diluted net income per share was $41.74 for the year ended December 31,
2015 compared to $22.27 in 2014.
Alan I. Kirshner, Executive Chairman, commented, "2015 was a tremendous year for our underwriting operations, which made substantial contributions to profitability despite challenging market conditions. We celebrated the 10 year anniversary of our Markel Ventures operations this year, which surpassed $1.0 billion in revenues, and welcomed the addition of CapTech in late 2015. We continue to pursue growth opportunities in both our Markel Ventures and insurance operations. We are excited about the recent Markel CATCo transaction, which expands our presence in the insurance-linked securities space and provides us with a platform to bring new insurance and investment products to the market. Overall, we are pleased with our 2015 results. We continue to drive shareholder value and want to thank our associates for their significant contributions in 2015."
Commenting upon the performance of Markel International, William Stovin, its president, added: “Our underlying business saw continued organic premium volume growth in both our wholesale and national markets operations, despite difficult market conditions.
“Our underwriting performance remained strong, with an improved combined ratio, supported by releases from redundant prior years’ loss reserves.
“Strategically, 2015 has been an important year for focusing on plans for our future success. Working up from the underlying businesses, we have developed a five year vision of where we want to be.
“Our wholesale business has developed a seven point plan to strengthen its position as a top quartile specialist insurance player for commercial brokers.
“Our renamed national markets business has developed plans to be a significantly larger, more scalable and more profitable business, positioned as a sector specialist and a leader in liability insurance.
“For both businesses, technology continues to have an increasingly important part to play, both in improving the efficiency and reducing the cost of the way we work, and in developing our digital distribution capacity. It will remain an important focus of investment over the next five years and beyond.
“The year also has seen some important appointments in our professional and financial risks, marine, and trade credit divisions, as well as within our operations in China and Dubai and in our claims team. Recruiting and retaining the right people remains important to us.
“A key achievement has been the Prudential Regulation Authority’s approval of our Solvency II model, a five year task which is a resounding endorsement of our management, controls and capitalisation. We are one of the few UK companies to have gained such approval.
“We also have been pleased with the success of delivering our claims vision, where our research shows that 95% of claims brokers think our claims performance has improved this year.
”2015 has been an important year, which has shown our ability to perform in testing markets and one in which we have made important strategic decisions about the future of the business.”
For more information:
Markel International 020 7953 6000
Jeremy Noble, Finance Director
Michael Henman, Director of Communications
About Markel International:
Markel International Limited is a subsidiary of Markel Corporation, a US-based holding company trading on the New York Stock Exchange (MKL). Markel International writes insurance and reinsurance business through eight divisions and through offices across the UK, Europe, Canada, Latin America, Middle East and Asia Pacific. Markel International’s insuring entities include Syndicate 3000, Markel Resseguradora do Brasil S.A. and Markel International Insurance Company Limited. Markel International also manages the business of Abbey Protection Group which provides legal and professional fees insurance cover as well as legal, tax and human resources consultancy services. For more information please visit us at www.markelinternational.com