Markel's Sandy loss compares to $152.4 million in underwriting losses from natural catastrophes in 2011 that included floods in Thailand, Hurricane Irene, U.S. tornadoes, Japanese earthquake and tsunami, Australian floods and New Zealand earthquakes.

Much of the discussion during yesterday's conference call focused on the direction of pricing in the insurance market.

Markel President and Chief Investment Officer Tom Gayner said pricing on Property coverage “is standing taller” in both the Excess & Surplus and Specialty admitted markets while Casualty lines are seeing “modest” increases that are averaging in the middle single-digits. That rate of increase is expected to continue into early this year, he added.

Gayner said the company remains “somewhat quiet on the acquisition front” as it focuses on its deal to acquire Alterra Capital Holdings Ltd., which it expects to complete in April (In December, Markel announced it would buy the Hamilton, Bermuda—based reinsurer for $3 billion in cash to diversify into reinsurance.)

Alterra also released its fourth-quarter 2012 results yesterday, reporting a net loss of $52 million compared with 2011's Q4 net income of $31 million. Revenues rose slightly by 2 percent, or $6 million, to $408 million.

For the year, Alterra's net income more than doubled, increasing by $78.5 million to $144 million. Revenues were up 2 percent, or $35 million, to $1.66 billion.

The company says it suffered Sandy losses of $115 million, net of reinstatement premiums, compared to net losses of $55.5 million, net of reinstatement premiums, for Q4 2011.