Richmond, Va.-based specialty insurer Markel Corp. reported second-quarter net income dropped 32 percent driven down by falling prices and investment losses from turbulent equity markets.
The insurer reported net income for the second quarter of this year fell $39 million to $82 million. Earnings per share fell $3.86 compared to the same period last year to $8.29 a share. Revenues declined 8 percent, or $55 million, to $605 million.
For the six months, net income has fallen 47 percent compared to last year, or $104 million, to $116 million. Earnings per share have dropped $10.33 to $11.69 a share. Revenues are off 12 percent for the period, or $154 million, to $1.13 billion.
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