Markel puts Q3 cat losses at $503mn before taxes

Specialty insurer Markel estimated it would have a pre-tax
underwriting loss of $503mn for the third quarter, net of
reinsurance recoveries, because of Hurricanes Harvey, Irma and
Maria as well as the two major earthquakes in Mexico.
The preliminary assessment is based on claims received, reviews
of policies and in-force contracts, industry loss estimates and
predictive modelling results, the Virginia carrier said late
today.
"These significant losses fell within our
expectations," co-CEO Richar