State National income drops as investment gains sag

Fronting specialist State National which is being acquired by
Markel reported a 3.9 percent drop in third quarter earnings even
as revenue rose 6 percent compared with the year-earlier
period.
Net income was dragged down by a 50 percent plunge in net
investment income to $1mn, the Bedford, Texas-based company said
late today. In July, it agreed to be acquired by Markel for $919mn
in cash, or $21 a share.
"Our third quarter revenue increase was driven by continued
growth...