IMPROVED UNDERWRITING LIFTS MARKEL'S Q1 RESULT

Virginia-based specialty p/c group Markel Corp saw Q1 net income climb 55% to $88.9m, reflecting improved underwriting and a year-earlier one-off $20m charge for the adoption of a new accounting standard for deferred acquisition costs. Underwriting income for the period surged to $48m from $2.4m, as earned premiums increased 6.6% to $564.6m and incurred losses dipped 0.2% to $287.9m. The combined ratio improved to 91% from 100%.