Increased competition in its insurance markets and turbulence in the financial sector were blamed for Richmond, Va.-based specialty insurer Markel Corporation reporting a 66 percent decline in net income in the first quarter.
The company said first quarter net income came in at $34 million compared to $99 million in 2007.
In a conference call, Richard R. Whitt III, senior vice president and chief financial officer of Markel, said that net written premiums declined to $510 million, about a 7 percent decrease from the first quarter of 2007. However, he noted that retentions were higher at 89 percent in the quarter compared to 87 percent in 2007.
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