Markel cites Ogden hit as underwriting profit erodes

Markel's operating income fell by almost half to $127.4mn in
a first quarter that saw the firm preannounce an $85mn reserve
charge that tipped it into an underwriting loss.
The specialty carrier reported a break-even 100 percent combined
ratio that rose 12 points compared with the year-ago quarter.
The surge was driven by Markel's reinsurance unit which bore
the brunt of the reserve charge as a result of its UK auto casualty
book, which was put into run off in...