Exhibit 99.4
MARKEL REPORTS RECORD INCOME FROM CORE OPERATIONS
FOR IMMEDIATE RELEASE CONTACT: DARRELL D. MARTIN
DIRECT LINE: 804-965-1635
Richmond, VA, February 1, 2000 --- (NYSE - MKL) Markel Corporation
announced record earnings from core operations for the year ended December 31,
1999, while net income decreased to $7.20 per diluted share from $10.17 per
diluted share in 1998. The decrease in 1999 net income was primarily the result
of realized investment losses. Alan I. Kirshner, Chairman and Chief Executive
Officer, commented, "We wish to thank our associates for their hard work and
outstanding accomplishments in 1999. Our core underwriting units produced
exceptional underwriting results which exceeded their 1999 business plans,
however the year presented a difficult environment for our value-oriented
investment philosophy. We have completed the integration of Gryphon into our
organization, and we believe the pending Terra Nova acquisition will provide
additional opportunities to enhance shareholder value."
In evaluating its operating performance, the Company focuses on core
underwriting and investing results before consideration of realized investment
gains or losses and amortization expenses (these measures do not replace
operating income or net income computed in accordance with generally accepted
accounting principles as a measure of profitability). The Company acquired
Gryphon on January 15, 1999, and the Company's results reflect Gryphon's
operating results since that date. Following is a comparison of 1999 and 1998
results on a per diluted share basis.
Quarter Ended Year Ended
December 31, December 31,
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1999 1998 1999 1998
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Core operations $ 2.29 $ 2.12 $ 8.17 $ 8.10
Realized investment gains
(losses) (1.17) 1.05 (.10) 2.37
Amortization expenses (.19) (.08) (.87) (.30)
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Net income .93 3.09 7.20 10.17
Net change in unrealized
gains (1.03) .67 (14.30) 1.90
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Comprehensive income
(loss) $ (.10) $ 3.76 $ (7.10) $ 12.07
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