Richmond, Va.-based specialty underwriter Markel Corp. said third-quarter net income dropped 11 percent compared with last year, primarily due to lower underwriting profits.

At the same time, earnings for the first nine months of 2007 increased 15 percent, mostly because of improved underwriting and investing results, partially offset by higher income tax expense as compared with the same period of 2006.

The higher loss ratios for both the three-month and nine-month periods were attributed to the softening insurance market, "which have resulted in price deterioration across many of our product lines," the company reported to the SEC. It also noted higher losses in its reinsurance units.

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