Markel takes $85mn reserve charge on Ogden rate

Markel became the latest carrier to fall victim to the Ogden
rate change, which has plagued UK motor insurers since it was set
last week, with the underwriter reporting an $85mn reserve
charge.
The rate change will be felt mostly through its exposure to UK
auto casualty claims stemming from reinsurance contracts written up
to and including 2014, when it ceased writing the business, the
Richmond, Virginia-based carrier said today.
The reserve charge will be recorded against 2017 first-quarter
res