Bucking the trend of other property and casualty insurance companies hit hard by Superstorm Sandy, Markel Corp. reports its net income increased by 11 percent during Q4 2012.
The Richmond, Va.—based specialty insurer says it suffered $107.4 million in underwriting loss from Sandy for the year; generally, major insurers have been reporting losses of about $300 million or more from Sandy and reporting net losses for the quarter.
Despite that loss, Markel reports its net income for the quarter rose $5.8 million, to $58.1 million. Revenues increased 18 percent, or $123 million, to $808 million.
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