Specialty insurer Markel Corp. of Richmond, Va., said Hurricanes Katrina and Rita caused a third-quarter net loss of $111 million, or $11.31 a share, compared with earnings of $13.825 million, or $1.40 a share, for the period in 2004.
Underwriting losses from the two hurricanes totaled $254 million, the company said.
For the first nine months this year Markel said it had a $46.2 million, or $2.52 a share loss compared with earnings of $122.4 million, or $11.44 a share, for the first nine months of 2004, even though it suffered losses from Hurricanes Charley, Frances, Ivan and Jeanne.
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