Markel Corporation reported first quarter results yesterday in the USA showing how quickly Coronavirus affected insurance companies, given that the pandemic didn’t really affect the USA, Europe and many other nations until mid-March.
The insurance giant reported operating revenues for the first quarter of 2020 that included $1.3 billion of earned premiums in our underwriting operations, compared to $1.2 billion in 2019, plus $511.2 million of operating revenues in our Markel Ventures operations, compared to $455.0 million in 2019.
However, Markel also noted that; “The significant volatility in the equity markets arising from economic uncertainty associated with the COVID-19 pandemic contributed to a comprehensive loss to shareholders of $1.4 billion for the first quarter of 2020 compared to comprehensive income of $732.2 million for the first quarter of 2019.”
“We applaud the heroic professionalism of those on the frontlines of this pandemic globally, working fearlessly and tirelessly to fight the virus and serve their communities. Within Markel, we remain inspired by how well our employees around the world have quickly adapted to changing circumstances to ensure continuity for our customers, business partners and the communities within which we operate.
We recognize this is a stressful time for our employees, professionally and personally, and thank them and their loved ones for their support and commitment to keep our communities safe and Markel moving forward,” commented Thomas S. Gayner and Richard R. Whitt, Co-Chief Executive Officers.
The Company also announced it has filed its Form 10-Q for the quarter ended March 31, 2020 with the Securities and Exchange Commission. A copy of the Form 10-Q is available on the Company’s website at www.markel.com or on the SEC website at www.sec.gov.
Readers are urged to review the Form 10-Q for a more complete discussion of the Company’s financial performance.
Be the first to comment