Insurance company Markel Corporation has reported a comprehensive loss to shareholders of $1.4bn (£1.1bn) compared with $732,2m (£587.5m) last year in its first quarter results.
In its first quarter ended 31 March, the insurance company reported operating revenues of $511.2m ($412.4m), compared with $455m (£367.1m) in the same period last year.
Markle reported net investment losses of $1.7bn (£1.3bn) attributable to the change in fair value of our equity portfolio, compared to net investment gains of $612.2m (£493.9m) for the first quarter of 2019.
Marke attributed its loss to “economic uncertainty” associated with the Covid-19 pandemic, which contributed to a “comprehensive loss” to shareholders.
Thomas Gayner and Richard Whitt, co-chief executive officers said: “”We applaud the heroic professionalism of those on the frontlines of this pandemic globally, working fearlessly and tirelessly to fight the virus and serve their communities.
“Within Markel, we remain inspired by how well our employees around the world have quickly adapted to changing circumstances to ensure continuity for our customers, business partners and the communities within which we operate.”
They added: “For 90 years Markel’s strength and deep expertise have enabled us to support our key stakeholders through many situations and events, and today this is no different.
“While the economic disruption of the pandemic has impacted our financial performance this quarter, we believe we are well positioned to weather the current challenges and continue our focus on the long-term.”