Markel Confirms Loss, Cites Reserve Boost
NU Online News Service, Oct. 30, 11:26 a.m. EST?Markel Corporation posted a third-quarter net loss of $27.7 million, compared with a profit of $7.4 million for the period a year ago, a result that management attributed to reserve actions and poorly performing investments.
The reserve action involved an increase of $55 million to cover asbestos and environmental exposures, and raising its Investors Brokered Excess and Surplus Lines unit's prior years' loss reserves by $50 million.
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