Markel Reports First Quarter 2013 Results

                  Markel Reports First Quarter 2013 Results

PR Newswire

RICHMOND, Va., April 30, 2013

RICHMOND, Va., April 30, 2013 /PRNewswire/ --Markel Corporation (NYSE – MKL)
reported diluted net income per share of $9.50 for the quarter ended March 31,
2013 compared to $5.92 for the first quarter of 2012. The results for the
first quarter of 2013 reflect more favorable underwriting results compared to
the same period of 2012. The combined ratio for the first quarter of 2013 was
91% compared to 100% for the first quarter of 2012. The combined ratio for
the first quarter of 2012 included $20 million, or four points, of
underwriting, acquisition and insurance expenses related to the Company's
prospective adoption of Financial Accounting Standards Board Accounting
Standard Update No. 2010-26, Accounting for Costs Associated with Acquiring or
Renewing Insurance Contracts. Book value per common share outstanding
increased 7% to $431.10 at March 31, 2013 from $403.85 at December 31, 2012.

Alan I. Kirshner, Chairman and Chief Executive Officer, commented, "We are off
to an excellent start in 2013. Strong underwriting results for the quarter
reflect our long-term focus on underwriting discipline. Premium volume has
benefited from both acquisitions and organic growth. Our 2012 acquisition of
Thomco and the addition of the Hagerty business in 2013 contributed to a 15%
increase in gross premium volume for the quarter. The enthusiasm about our
acquisition of Alterra Capital Holdings Limited (NASDAQ: ALTE; BSX: ALTE.BH)
continues to build in anticipation of bringing together two strong
organizations. This acquisition, which is scheduled to close tomorrow, will
create a powerful combination and truly expand our global footprint in the
insurance and reinsurance market, while the application of Markel's investment
expertise will drive higher returns on the combined investment portfolio."

The Company also announced today it has filed its Form 10-Q for the quarter
ended March 31, 2013 with the Securities and Exchange Commission. A copy of
the Form 10-Q is available on the Company's website at www.markelcorp.com or
on the SEC website at www.sec.gov. Readers are urged to review the Form 10-Q
for a more complete discussion of the Company's financial performance. The
Company's quarterly conference call, which will involve discussion of the
Company's financial results and business developments and may include
forward-looking information, will be held Wednesday, May 1, 2013, beginning at
9:30 a.m. (Eastern Daylight Savings Time). Any person interested in listening
to the call, or a replay of the call, which will be available from
approximately two hours after the conclusion of the call until Monday, May 13,
2013, should contact Markel's Investor Relations Department at 804-747-0136.
Investors, analysts and the general public also may listen to the call free
over the Internet through the Company's web site, www.markelcorp.com.

FORWARD-LOOKING STATEMENTS

This release includes statements about future economic performance, finances,
expectations, plans and prospects of Markel Corporation (Markel) and Alterra
Capital Holdings Limited (Alterra), both individually and on a combined basis,
that are forward-looking statements for purposes of the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. There are risks and
uncertainties that could cause actual results to differ materially from those
expressed in or suggested by such statements. For further information
regarding factors affecting future results of Markel and Alterra, please refer
to their respective Annual Reports on Form 10-K for the year ended
December31, 2012 filed by Markel and Alterra with the Securities Exchange
Commission (SEC) on February28, 2013 and Quarterly Reports on Form 10-Q and
other documents filed by Markel and Alterra since February 28, 2013. These
documents are also available free of charge, in the case of Markel, by
directing a request to Bruce Kay, Investor Relations, at 804-747-0136 and in
the case of Alterra, by directing a request to Alterra through Susan Spivak
Bernstein, Senior Vice President, Investor Relations, at 441-295-8800. Neither
Markel nor Alterra undertakes any obligation to update or revise publicly any
forward-looking statement whether as a result of new information, future
developments or otherwise.

This release contains certain forward-looking statements within the meaning of
the U.S. federal securities laws. Statements that are not historical facts,
including statements about Markel's and Alterra's beliefs, plans or
expectations, are forward-looking statements. These statements are based on
Markel's or Alterra's current plans, estimates and expectations. Some
forward-looking statements may be identified by use of terms such as
"believe," "anticipate," "intend," "expect," "project," "plan," "may,"
"should," "could," "will," "estimate," "predict," "potential," "continue," and
similar words, terms or statements of a future or forward-looking nature. In
light of the inherent risks and uncertainties in all forward-looking
statements, the inclusion of such statements in this filing should not be
considered as a representation by Markel, Alterra or any other person that
Markel's or Alterra's objectives or plans, both individually and on a combined
basis, will be achieved. A non-exclusive list of important factors that could
cause actual results to differ materially from those in such forward-looking
statements includes the following: (a)the occurrence of natural or man-made
catastrophic events with a frequency or severity exceeding expectations;
(b)the adequacy of loss reserves and the need to adjust such reserves as
claims develop over time; (c)the failure of any of the loss limitation
methods the parties employ; (d)any adverse change in financial ratings of
either company or their subsidiaries; (e)the effect of competition on market
trends and pricing; (f)cyclical trends, including with respect to demand and
pricing in the insurance and reinsurance markets; (g)changes in general
economic conditions, including changes in interest rates and/or equity values
in the United States of America and elsewhere; and (h)other factors set forth
in Markel's and Alterra's recent reports on Form 10-K, Form 10-Q and other
documents filed with the SEC by Markel and Alterra.

Risks and uncertainties relating to the proposed merger between Markel and
Alterra include the risks that: (1)the anticipated benefits of the
transaction will not be realized or the parties may experience difficulties in
successfully integrating the two companies; (2)the parties may not be able to
retain key personnel; (3)the conditions to the closing of the proposed merger
may not be satisfied or waived; (4)the outcome of any legal proceedings to
the extent initiated against Markel or Alterra or its respective directors and
officers following the announcement of the proposed merger is uncertain;
(5)the acquisition may involve unexpected costs; and (6)the businesses may
suffer as a result of uncertainty surrounding the acquisition. These risks, as
well as other risks of the combined company and its subsidiaries may be
different from what the companies expect, or have previously experienced, and
each party's management may respond differently to any of the aforementioned
factors. These risks, as well as other risks associated with the merger, are
more fully discussed in the joint proxy statement/prospectus of Markel and
Alterra that has been filed with the SEC. Readers are cautioned not to place
undue reliance on any forward-looking statements, which speak only as of the
date on which they are made.

ADDITIONAL INFORMATION ABOUT THE PROPOSED MERGER AND WHERE TO FIND IT:

This release refers to the proposed merger between Markel and Alterra. On
December27, 2012, Markel filed with the SEC a registration statement on Form
S-4, and on January18, 2013, Markel and Alterra each filed the definitive
joint proxy statement/prospectus which was supplemented on February15, 2013.
This filing is not a substitute for the definitive joint proxy
statement/prospectus or any other document that Markel or Alterra filed or may
file with the SEC or send to its shareholders in connection with the proposed
merger. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE DEFINITIVE JOINT
PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT MAY
BE FILED WITH THE SEC OR SENT TO SHAREHOLDERS AS THEY BECOME AVAILABLE BECAUSE
THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER,
INCLUDING SUPPLEMENT NO. 1 TO DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS
FILED WITH THE SEC BY ALTERRA ON FEBRUARY 15, 2013. All documents, when filed,
will be available free of charge at the SEC's website (www.sec.gov) or, in the
case of Markel, by directing a request to Bruce Kay, Investor Relations, at
804-747-0136 and, in the case of Alterra, by directing a request to Susan
Spivak Bernstein, Senior Vice President, Investor Relations, at 441-295-8800.

About Markel Corporation
Markel Corporation is a diverse financial holding company serving a variety of
niche markets. The Company's principal business markets and underwrites
specialty insurance products. In each of the Company's businesses, it seeks to
provide quality products and excellent customer service so that it can be a
market leader. The financial goals of the Company are to earn consistent
underwriting and operating profits and superior investment returns to build
shareholder value. Visit Markel Corporation on the web at www.markelcorp.com.



SOURCE Markel Corporation

Website: http://www.markelcorp.com
Contact: Bruce Kay, Markel Corporation, 804-747-0136, bkay@markelcorp.com
 
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