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The carrier was hit by increased losses and deteriorating reserves.
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Prior years’ development more than offset a slight reduction in catastrophe losses during the second quarter of 2019. -
The carrier's parent Intact Financial also said that premiums written by OneBeacon grew by 10 percent, or $425mn, compared with the prior-year period.
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The co-CEO warns a higher catastrophe frequency and severity also calls for more rate.
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CFO Michael Burwell attributed strong reinsurance growth to resulting favourable market conditions.
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The company said “pricing momentum continues to build across substantially all business lines”.
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Markel beats second quarter operating earnings expectations by 2.7 percent as favourable reserve development drops by $38.9mn.
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The result was driven by an improved P&C combined ratio, with favourable development offsetting significantly higher catastrophes
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The executive said certain excess and surplus (E&S) business – including property -- is flowing back to the US from Lloyd’s and other markets.
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The CEO says overall Q2 employee turnover at the JLT component of the business was little changed from last year, though slightly higher in the UK.
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Shares in the company edge down despite consensus-beating quarterly earnings figures.
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The investment portfolio produced a 1.1 percent return on average net assets, with a net investment income of $23.8mn.
