Markel International has released its 2014 figures, reporting a 14 percent increase in its book value per common share, as well as more than doubling its comprehensive income for shareholders.
At the end of 2014, the book value per common share was $543.96, up 14 percent compared to $477.16 at the end of 2013.
Over the five-year period ending 31 December 2014, compound annual growth in book value per common share was also 14 percent.
Comprehensive income to shareholders more than doubled, increasing from $459.5 million for 2013 to $935.9 million for 2014.
Combined ration, however, decreased from 97 percent in 2013 to 95 percent in 2014, and diluted net income also dropped very slightly from $22.48 in 2013 to $22.27 in 2014.
Chairman and CEO Alan Kirshner said: "We had a remarkable finish to the 2014 year with outstanding results from both our underwriting and investing operations. We doubled our comprehensive income in 2014, which drove growth in book value per share of 14 percent for the year.”
“Operating revenues surpassed $5 billion for 2014. We achieved these results while maintaining a strong balance sheet and our disciplined underwriting approach. These results would not have been possible without the hard work of all of our associates and the continued support from our shareholders.”
President of Markel International, William Stovin, also attributed the growth partly to acquisition of business from Alterra in London, and growth in overseas operations in Latin America and Zurich, as well as organic growth in the UK.
It was also a successful year for underwriting, due to low levels of catastrophe activity and favourable developments of prior year loss reserves, while the firm also acquired Abel Legal Protection.
Stovin said: “In line with our belief in the opportunities that are available globally, the year also saw us starting to write trade credit business in New York and Dubai, and gaining approval to join the Lloyd’s platform in Shanghai, to offer Chinese insurers access to A-rated reinsurance capacity in their local market.”
“We are committed to remaining a leading player at Lloyd’s, while continuing to hold true to our underwriting discipline. This, together with effective expense control, technological development and the success of our retail and overseas businesses, will ensure that we continue to contribute effectively to the performance of Markel Corporation.”
