NU Online News Service, May 6, 3:17 p.m. EDT
Catastrophe losses drove a 77 percent drop in net income for Markel Corp. as the company dealt with exposures to natural disasters in Australia, New Zealand and Japan.
The Richmond, Va.-based specialty insurer says first-quarter net income dropped $33 million from the same period last year to $9.9 million. Net income per share dropped $3.48 from $4.33 for the 2010 first quarter to 85 cents a share this period. Revenues increased 16 percent, or $85 million, to $622 million.
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