RICHMOND, Va., April 30, 2013 /PRNewswire/ -- Markel
Corporation (NYSE – MKL) reported diluted net income per share of
$9.50 for the quarter ended
March 31, 2013 compared to
$5.92 for the first quarter of
2012. The results for the first quarter of 2013 reflect more
favorable underwriting results compared to the same period of
2012. The combined ratio for the first quarter of 2013 was
91% compared to 100% for the first quarter of 2012. The
combined ratio for the first quarter of 2012 included $20 million, or four points, 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. Book value per common share outstanding
increased 7% to $431.10 at
March 31, 2013 from $403.85 at December
31, 2012.
Alan I. Kirshner, Chairman and
Chief Executive Officer, commented, "We are off to an excellent
start in 2013. Strong underwriting results for the quarter reflect
our long-term focus on underwriting discipline. Premium
volume has benefited from both acquisitions and organic growth. Our
2012 acquisition of Thomco and the addition of the Hagerty business
in 2013 contributed to a 15% increase in gross premium volume for
the quarter. The enthusiasm about our acquisition of Alterra
Capital Holdings Limited (NASDAQ: ALTE; BSX: ALTE.BH) continues to
build in anticipation of bringing together two strong
organizations. This acquisition, which is scheduled to close
tomorrow, will create a powerful combination and truly expand our
global footprint in the insurance and reinsurance market, while the
application of Markel's investment expertise will drive higher
returns on the combined investment portfolio."
The Company also announced today it has filed its Form 10-Q for
the quarter ended March 31, 2013 with
the Securities and Exchange Commission. A copy of the Form
10-Q is available on the Company's website at www.markelcorp.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. The Company's quarterly
conference call, which will involve discussion of the Company's
financial results and business developments and may include
forward-looking information, will be held Wednesday, May 1, 2013, beginning at 9:30 a.m. (Eastern Daylight Savings Time).
Any person interested in listening to the call, or a replay of the
call, which will be available from approximately two hours after
the conclusion of the call until Monday, May
13, 2013, should contact Markel's Investor Relations
Department at 804-747-0136. Investors, analysts and the
general public also may listen to the call free over the Internet
through the Company's web site, www.markelcorp.com.
FORWARD-LOOKING STATEMENTS
This release includes statements about future economic
performance, finances, expectations, plans and prospects of Markel
Corporation (Markel) and Alterra Capital Holdings Limited
(Alterra), both individually and on a combined basis, that are
forward-looking statements for purposes of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
There are risks and uncertainties that could cause actual results
to differ materially from those expressed in or suggested by such
statements. For further information regarding factors affecting
future results of Markel and Alterra, please refer to their
respective Annual Reports on Form 10-K for the year ended
December 31, 2012 filed by Markel and Alterra with the
Securities Exchange Commission (SEC) on February 28, 2013 and
Quarterly Reports on Form 10-Q and other documents filed by Markel
and Alterra since February 28, 2013.
These documents are also available free of charge, in the case of
Markel, by directing a request to Bruce
Kay, Investor Relations, at 804-747-0136 and in the case of
Alterra, by directing a request to Alterra through Susan Spivak Bernstein, Senior Vice President,
Investor Relations, at 441-295-8800. Neither Markel nor Alterra
undertakes any obligation to update or revise publicly any
forward-looking statement whether as a result of new information,
future developments or otherwise.
This release contains certain forward-looking statements within
the meaning of the U.S. federal securities laws. Statements that
are not historical facts, including statements about Markel's and
Alterra's beliefs, plans or expectations, are forward-looking
statements. These statements are based on Markel's or Alterra's
current plans, estimates and expectations. Some forward-looking
statements may be identified by use of terms such as "believe,"
"anticipate," "intend," "expect," "project," "plan," "may,"
"should," "could," "will," "estimate," "predict," "potential,"
"continue," and similar words, terms or statements of a future or
forward-looking nature. In light of the inherent risks and
uncertainties in all forward-looking statements, the inclusion of
such statements in this filing should not be considered as a
representation by Markel, Alterra or any other person that Markel's
or Alterra's objectives or plans, both individually and on a
combined basis, will be achieved. A non-exclusive list of important
factors that could cause actual results to differ materially from
those in such forward-looking statements includes the following:
(a) the occurrence of natural or man-made catastrophic events
with a frequency or severity exceeding expectations; (b) the
adequacy of loss reserves and the need to adjust such reserves as
claims develop over time; (c) the failure of any of the loss
limitation methods the parties employ; (d) any adverse change
in financial ratings of either company or their subsidiaries;
(e) the effect of competition on market trends and pricing;
(f) cyclical trends, including with respect to demand and
pricing in the insurance and reinsurance markets; (g) changes
in general economic conditions, including changes in interest rates
and/or equity values in the United States of America and elsewhere;
and (h) other factors set forth in Markel's and Alterra's
recent reports on Form 10-K, Form 10-Q and other documents filed
with the SEC by Markel and Alterra.
Risks and uncertainties relating to the proposed merger between
Markel and Alterra include the risks that: (1) the anticipated
benefits of the transaction will not be realized or the parties may
experience difficulties in successfully integrating the two
companies; (2) the parties may not be able to retain key
personnel; (3) the conditions to the closing of the proposed
merger may not be satisfied or waived; (4) the outcome of any
legal proceedings to the extent initiated against Markel or Alterra
or its respective directors and officers following the announcement
of the proposed merger is uncertain; (5) the acquisition may
involve unexpected costs; and (6) the businesses may suffer as
a result of uncertainty surrounding the acquisition. These risks,
as well as other risks of the combined company and its subsidiaries
may be different from what the companies expect, or have previously
experienced, and each party's management may respond differently to
any of the aforementioned factors. These risks, as well as other
risks associated with the merger, are more fully discussed in the
joint proxy statement/prospectus of Markel and Alterra that has
been filed with the SEC. Readers are cautioned not to place undue
reliance on any forward-looking statements, which speak only as of
the date on which they are made.
ADDITIONAL INFORMATION ABOUT THE PROPOSED MERGER AND WHERE TO
FIND IT:
This release refers to the proposed merger between Markel and
Alterra. On December 27, 2012, Markel filed with the SEC a
registration statement on Form S-4, and on January 18, 2013,
Markel and Alterra each filed the definitive joint proxy
statement/prospectus which was supplemented on February 15,
2013. This filing is not a substitute for the definitive joint
proxy statement/prospectus or any other document that Markel or
Alterra filed or may file with the SEC or send to its shareholders
in connection with the proposed merger. INVESTORS AND SECURITY
HOLDERS ARE URGED TO READ THE DEFINITIVE JOINT PROXY
STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT
MAY BE FILED WITH THE SEC OR SENT TO SHAREHOLDERS AS THEY BECOME
AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE PROPOSED MERGER, INCLUDING SUPPLEMENT NO. 1
TO DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS FILED WITH THE SEC
BY ALTERRA ON FEBRUARY 15, 2013. All
documents, when filed, will be available free of charge at the
SEC's website (www.sec.gov) or, in the case of Markel, by directing
a request to Bruce Kay, Investor
Relations, at 804-747-0136 and, in the case of Alterra, by
directing a request to Susan Spivak
Bernstein, Senior Vice President, Investor Relations, at
441-295-8800.
About Markel Corporation
Markel Corporation is a
diverse financial holding company serving a variety of niche
markets. The Company's principal business markets and underwrites
specialty insurance products. In each of the Company's businesses,
it seeks to provide quality products and excellent customer service
so that it can be a market leader. The financial goals of the
Company are to earn consistent underwriting and operating profits
and superior investment returns to build shareholder value. Visit
Markel Corporation on the web at www.markelcorp.com.
SOURCE Markel Corporation