RICHMOND , Va., Nov. 8, 2012 /PRNewswire/ -- Markel Corporation (NYSE: MKL) reported diluted net income per share of $5.32 for the quarter ended September 30, 2012 compared to $5.48 for the third quarter of 2011. Diluted net income per share was $19.67 for the nine months ended September 30, 2012 compared to $9.42 for the same period of 2011. The combined ratio was 101% for the third quarter of 2012 compared to 100% for the third quarter of 2011. The combined ratio was 96% for the nine months ended September 30, 2012 compared to 105% for the same period of 2011. The combined ratio for the quarter and nine months ended September 30, 2012 included $31 million, or six points and two points, respectively, of unfavorable prior year loss reserve development on asbestos and environmental exposures. The combined ratio for the quarter and nine months ended September 30, 2012 also included $7 million, or one point, and $41 million, or three points, respectively, of underwriting, acquisition and insurance expenses related to the Company's prospective adoption of Financial Accounting Standards Board Accounting Standard Update No. 2010-26, Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts. The combined ratio for the quarter and nine months ended September 30, 2011 included $34 million, or seven points, and $133 million, or nine points, respectively, of underwriting loss related to natural catastrophes. Book value per common share outstanding increased 12% to $395.48 at September 30, 2012 from $352.10 at December 31, 2011.
Markel Reports Third Quarter And Nine-Month Results
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