Earnings: Markel Corp. back in black in 3rd quarter

Area company: Markel

A mild hurricane season boosted Markel Corp.'s financial results, helping the Henrico County-based insurer to swing into the black for the third quarter, after losing money the year before.

Unlike last year, when claims soared above premium collections, Markel returned to a more normal ratio, with claims at 96 percent of premiums. Last year, claims were 124 percent of premiums, with 22 percentage points from hurricanes.

Stronger financial markets also helped, as the company's realized loss on investments fell to $29.8 million from $168.7 million

Markel reported a third-quarter profit of $59.1 million, or $6.02 a share, compared with a loss of $142.3 million, or $14.46 a share, in the 2008 period.

Revenue rose 17 percent to $485.3 million.

Markel's shares fell $7.45 to $322 yesterday. The company reported earnings after the market closed. -- David Ress