Catastrophes push Markel's COR up to 152%
First quarter results for Markel International have revealed a combined operating ratio of 152% compared to 109% for the same period of 2010.
The specialty property and casualty insurer said the increase was primarily due to $67m (£40.9m), or 42 points, of underwriting losses related to the Australian floods, the New Zealand earthquake and the earthquake and subsequent tsunami in Japan.
Gross written premiums rose to $255m compared to $208.2m for the first quarter of 2010. According to Markel, the increase of 22% was primarily due to an increase in premiums at Markel International's Canadian operation, Elliott Special Risks, which
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