Specialty insurance underwriter Markel Corp. reported a $59.1 million profit for the third quarter, boosted by improvements in its investment portfolio and a mild hurricane season.
During the same quarter last year, the Richmond-based company reported a loss of $142.2 million.
The company’s earnings also received a $25 million boost from a change in a United Kingdom tax law that became effective in September 2009.
“While we continue to experience intense competition in all segments of our business, we are actively pursuing growth opportunities and are pleased to have completed our acquisition of Elliott Special Risks, a Canadian managing general agent, effective October 1, 2009,“ Markel Chairman and CEO Alan Kirshner said in a statement.
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