Markel Corporation (MKL) Sees Q3 Catastrophe Losses of $503M

Markel Corporation (NYSE: MKL) today announced that it expects to report third quarter pre-tax underwriting losses of $503 million, net of reinstatement premiums, from Hurricanes Harvey, Irma and Maria as well as the Mexico City earthquakes. The Company's estimate for the hurricane and earthquake losses is based on claims received to date and detailed policy level reviews, industry loss estimates, output from both industry and proprietary models as well as a review of in-force contracts. The Company's estimate is preliminary and dependent on broad assumptions about coverage, liability and reinsurance. Accordingly, the Company's actual net losses from these events may differ materially from this estimate.

Further discussion of these matters and other third quarter results will be included in the Company's quarterly report on Form 10-Q, which is expected to be available on October 25, 2017.

Richard R. Whitt, III, Co-CEO commented: "These significant losses fell within our expectations. At Markel we are well-positioned with our strong balance sheet to respond to the claims of our insureds. With both underwriting capacity and risk appetite, we are prepared to further assist our customers and trading partners in meeting their ongoing insurance and reinsurance needs."

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