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Markel Reports Third Quarter and Nine-Month Results
Date:11/4/2008

er and nine months ended September 30, 2007. Net realized investment losses include both losses from the sale of securities and losses classified as other-than-temporarily impaired. Net realized investment losses for the third quarter and nine months ended September 30, 2008 included $94.6 million and $187.1 million, respectively, of write downs for other-than-temporary declines in the estimated fair value of investments.

During the quarter and nine months ended September 30, 2008, the Company's pre-tax net unrealized investment gains decreased $19.8 million and $374.6 million, respectively. For the quarter and nine months ended September 30, 2008, the aggregate of net realized investment losses and the decrease in pre-tax net unrealized investment gains totaled $188.5 million and $574.8 million, respectively. The aggregate unfavorable movement in the value of the Company's investment portfolio during the third quarter of 2008 represented approximately 3% of the Company's average invested assets for the quarter, while the aggregate year-to-date unfavorable movement represented approximately 8% of the Company's average invested assets for the year.

Book value per common share outstanding decreased 11% to $235.72 at September 30, 2008 from $265.26 at December 31, 2007. The decline in book value was primarily due to a decline in the market value of the Company's investment portfolio and underwriting losses for the nine months ended September 30, 2008.

Losses from Hurricanes Gustav and Ike and the aggregate of net realized investment losses and pre-tax decrease in net unrealized investment gains were in line with the Company's estimates included in its press release on October 9, 2008. However, net realized investment losses for the third quarter of 2008 increased from the Company's preliminary estimate of $116 million. The increase in net realized investment losses was related to equity securities, principally General Electric Company and Internati
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SOURCE Markel Corporation
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