Markel profit falls despite Q1 underwriting gains

Markel reported a 17.5 percent drop in first quarter operating
income even as the specialty insurer's underwriting operations
swung to a healthy gain and its combined ratio improved.
Underwriting produced a $111.5mn pre-tax profit in the period
compared with a $2.4mn loss in the prior-year period, Glen Allen,
Virginia-based Markel said late today. Operating earnings slid to
$105.0mn from $127.4mn a year ago.
The just-ended quarter's results included a $102.5mn gain
from insurance underwriting an