UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
[ X ] Quarterly report pursuant to section 13 or 15(d) of the Securities
Exchange Act of 1934 for the quarterly period ended June 30, 1996
or
[ ] Transition report pursuant to section 13 or 15(d) of the Securities Exchange
Act of 1934 for the transition period from _____ to _____
Commission File Number 0-15458
MARKEL CORPORATION
(Exact name of registrant as specified in its charter)
Virginia 54-0292420
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification number)
4551 Cox Road, Glen Allen, Virginia 23060-3382
(Address of principal executive offices)
(Zip code)
(804) 747-0136
(Registrant's telephone number, including area code)
NONE
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for
the past 90 days.
Yes [ X ] No [ ]
Number of shares of the registrant's common stock outstanding at July 27, 1996:
5,431,797
1
Markel Corporation
Form 10-Q
Index
Page
Number
PART I. FINANCIAL INFORMATION:
Item 1. Financial Statements
Consolidated Balance Sheets--
June 30, 1996 and December 31, 1995 3
Consolidated Statements of Income--
Quarters and Six Months Ended June 30, 1996 and 1995 4
Consolidated Statements of Cash Flows--
Six Months Ended June 30, 1996 and 1995 5
Notes to Consolidated Financial Statements--
June 30, 1996 6
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 8
PART II. OTHER INFORMATION:
Item 4. Submission of Matters to a Vote of Security Holders 12
Item 6. Exhibits and Reports on Form 8-K 13
2
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
MARKEL CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
June 30, December 31,
-------------------------
1996 1995
- -----------------------------------------------------------------------------------------------------------------
(dollars in thousands)
ASSETS
Investments, available-for-sale, at estimated fair value
Fixed maturities (cost of $697,880 in 1996 and $683,568 in 1995) $ 692,417 $ 706,055
Equity securities (cost of $130,164 in 1996 and $104,538 in 1995) 164,713 134,346
Short-term investments (estimated fair value approximates cost) 51,782 68,182
- -----------------------------------------------------------------------------------------------------------------
Total investments, available-for-sale 908,912 908,583
- -----------------------------------------------------------------------------------------------------------------
Cash and cash equivalents 20,377 18,315
Receivables 62,880 47,210
Reinsurance recoverable on unpaid losses 158,070 159,141
Reinsurance recoverable on paid losses 16,900 20,404
Deferred policy acquisition costs 33,403 32,024
Prepaid reinsurance premiums 41,315 39,728
Property and equipment 26,356 27,729
Intangible assets 40,617 41,657
Other assets 45,763 19,746
- -----------------------------------------------------------------------------------------------------------------
Total assets $1,354,593 $1,314,537
=================================================================================================================
LIABILITIES AND SHAREHOLDERS' EQUITY
Unpaid losses and loss adjustment expenses $ 751,266 $ 734,409
Unearned premiums 178,821 170,697
Payables to insurance companies 34,591 17,247
Long-term debt (estimated fair value of $93,564 in 1996 and $109,189 in 1995) 99,665 106,689
Other liabilities 57,920 72,053
- -----------------------------------------------------------------------------------------------------------------
Total liabilities 1,122,263 1,101,095
- -----------------------------------------------------------------------------------------------------------------
Shareholders' equity
Common stock 23,199 23,118
Retained earnings 190,225 156,333
Net unrealized gains on fixed maturities and equity securities, net of taxes 18,906 33,991
- -----------------------------------------------------------------------------------------------------------------
Total shareholders' equity 232,330 213,442
- -----------------------------------------------------------------------------------------------------------------
Total liabilities and shareholders' equity $1,354,593 $1,314,537
=================================================================================================================
See accompanying notes to consolidated financial statements.
3
MARKEL CORPORATION AND SUBSIDIARIES
Consolidated Statements of Income
Quarter Ended Six Months Ended
June 30, June 30,
---------------------- ----------------------
1996 1995 1996 1995
- ----------------------------------------------------------------------------------------------------------------------
(dollars in thousands, except per share data)
Operating revenues
Earned premiums $ 71,393 $ 68,449 $ 148,190 $ 134,233
Net investment income 11,853 10,104 24,137 18,472
Net realized gains (losses) from investment sales (467) 3,050 2,507 4,613
Other 893 962 1,828 1,772
- ----------------------------------------------------------------------------------------------------------------------
Total operating revenues 83,672 82,565 176,662 159,090
- ----------------------------------------------------------------------------------------------------------------------
Operating expenses
Losses and loss adjustment expenses 46,327 46,011 100,879 88,034
Underwriting, acquisition and insurance expenses 24,089 22,074 48,819 44,679
Other 458 412 908 829
Amortization of intangible assets 660 590 1,335 1,293
- ----------------------------------------------------------------------------------------------------------------------
Total operating expenses 71,534 69,087 151,941 134,835
- ----------------------------------------------------------------------------------------------------------------------
Operating income 12,138 13,478 24,721 24,255
Interest expense 2,021 2,192 4,050 4,131
- ----------------------------------------------------------------------------------------------------------------------
Income before income taxes 10,117 11,286 20,671 20,124
Income taxes (benefit) (15,973) 2,934 (13,229) 5,232
- ----------------------------------------------------------------------------------------------------------------------
Net income $ 26,090 $ 8,352 $ 33,900 $ 14,892
======================================================================================================================
Earnings per share
Primary $ 4.61 $ 1.49 $ 5.99 $ 2.67
- ----------------------------------------------------------------------------------------------------------------------
Fully diluted $ 4.60 $ 1.49 $ 5.98 $ 2.66
======================================================================================================================
See accompanying notes to consolidated financial statements.
4
MARKEL CORPORATION AND SUBSIDIARIES
Consolidated Statements of Cash Flows
Six Months Ended
June 30,
-------------------------
1996 1995
- -----------------------------------------------------------------------------------------------------------------------------------
(dollars in thousands)
Operating Activities
Net income $ 33,900 $ 14,892
Adjustments to reconcile net income to net cash provided by operating activities 1,051 73,364
- -----------------------------------------------------------------------------------------------------------------------------------
Net cash provided by operating activities 34,951 88,256
- -----------------------------------------------------------------------------------------------------------------------------------
Investing Activities
Proceeds from sales of fixed maturities and equity securities 209,900 289,730
Proceeds from maturities of fixed maturities 38,670 9,344
Cost of fixed maturities and equity securities purchased (288,856) (368,723)
Net change in short-term investments 16,400 (9,126)
Purchase of Lincoln Insurance Company - net of cash acquired -- (21,747)
Other (2,026) (2,238)
- -----------------------------------------------------------------------------------------------------------------------------------
Net cash used by investing activities (25,912) (102,760)
- -----------------------------------------------------------------------------------------------------------------------------------
Financing Activities
Borrowings under credit facility -- 17,000
Repayment of long-term debt and credit facility (7,050) (50)
Other 73 34
- -----------------------------------------------------------------------------------------------------------------------------------
Net cash provided (used) by financing activities (6,977) 16,984
- -----------------------------------------------------------------------------------------------------------------------------------
Increase in cash and cash equivalents 2,062 2,480
Cash and cash equivalents at beginning of period 18,315 10,229
- -----------------------------------------------------------------------------------------------------------------------------------
Cash and cash equivalents at end of period $ 20,377 $ 12,709
===================================================================================================================================
See accompanying notes to consolidated financial statements.
5
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--June 30, 1996
1. Principles of Consolidation
The consolidated balance sheet as of June 30, 1996, the related consolidated
statements of income for the quarters and six months ended June 30, 1996 and
1995, and the consolidated statements of cash flows for the six months ended
June 30, 1996 and 1995, are unaudited. In the opinion of management, all
adjustments necessary for a fair presentation of such consolidated financial
statements have been included. Such adjustments consist only of normal recurring
items. Interim results are not necessarily indicative of results of operations
for the full year.
The consolidated financial statements and notes are presented as permitted by
Form 10-Q, and do not contain certain information included in the Company's
annual consolidated financial statements and notes.
2. Earnings per share
Earnings per share was determined by dividing net income, as adjusted below, by
the applicable shares outstanding (in thousands):
Quarter Ended Six Months Ended
June 30, June 30,
---------------------- ------------------------
1996 1995 1996 1995
- -----------------------------------------------------------------------------------------------------------------------------------
Net income, as reported $ 26,090 $ 8,352 $ 33,900 $ 14,892
Dividends on redeemable preferred stock (4) (4) (8) (8)
- -----------------------------------------------------------------------------------------------------------------------------------
Primary and fully diluted income $ 26,086 $ 8,348 $ 33,892 $ 14,884
===================================================================================================================================
Average common shares outstanding 5,428 5,406 5,426 5,397
Shares applicable to common stock equivalents 233 197 231 181
- -----------------------------------------------------------------------------------------------------------------------------------
Average primary shares outstanding 5,661 5,603 5,657 5,578
Additional dilution attributable to common
stock equivalents 8 8 10 24
- -----------------------------------------------------------------------------------------------------------------------------------
Average fully diluted shares outstanding 5,669 5,611 5,667 5,602
===================================================================================================================================
6
3. Reinsurance
The table below summarizes the effect of reinsurance on premiums written and
earned (dollars in thousands):
Quarter Ended June 30,
- ----------------------------------------------------------------------------------------------------------
1996 1995
- ----------------------------------------------------------------------------------------------------------
Written Earned Written Earned
Direct $ 106,037 $ 91,381 $ 94,704 $ 82,441
Assumed 1,583 2,402 7,929 10,007
Ceded (25,809) (22,390) (26,861) (23,999)
- ----------------------------------------------------------------------------------------------------------
Net premiums $ 81,811 $ 71,393 $ 75,772 $ 68,449
==========================================================================================================
Six Months Ended June 30,
- ----------------------------------------------------------------------------------------------------------
1996 1995
- ----------------------------------------------------------------------------------------------------------
Written Earned Written Earned
Direct $ 198,154 $ 187,162 $ 175,250 $ 160,617
Assumed 3,642 6,578 17,487 17,717
Ceded (47,071) (45,550) (47,186) (44,101)
- ----------------------------------------------------------------------------------------------------------
Net premiums $ 154,725 $ 148,190 $ 145,551 $ 134,233
==========================================================================================================
Incurred losses and loss adjustment expenses are net of reinsurance recoveries
of $11.1 million and $18.2 million for the quarters ended June 30, 1996 and
1995, respectively, and $23.7 million and $33.3 million for the six months ended
June 30, 1996 and 1995, respectively.
7
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
Results of Operations
Quarter and Six Months ended June 30, 1996 compared to Quarter and Six Months
ended June 30, 1995
The Company underwrites specialty insurance products and programs to niche
markets. Significant areas of underwriting include professional and products
liability, excess and surplus lines, specialty programs and specialty personal
and commercial lines. Professional liability coverage is offered to physicians
and health professionals, insurance companies, directors and officers, attorneys
and architects and engineers. Special risk programs provide products liability
insurance for manufacturers and distributors and tailored coverages for other
unique exposures. Property/casualty insurance for nonstandard and hard-to-place
risks is underwritten on an excess and surplus lines basis. Specialty program
insurance includes coverage for camps, youth and recreation, child care, health
and fitness and agribusiness organizations, as well as accident and health
insurance for colleges. The Company also underwrites personal and commercial
property and liability coverages for watercraft, motorcycles, automobiles,
mobile homes, dwellings and commercial freight companies, and maintains
wholesale and retail brokerage operations that produce business primarily for
its insurance subsidiaries.
Following is a comparison of gross premium volume by significant underwriting
area:
Gross Premium Volume
Quarter Ended June 30, Six Months Ended June 30,
- ----------------------------------------------------------------------------------------------------------------
1996 1995 (amounts in thousands) 1996 1995
- ----------------------------------------------------------------------------------------------------------------
$ 32,116 $ 34,923 Professional/Products Liability $ 63,311 $ 67,218
29,890 25,357 Excess & Surplus Lines 58,935 51,656
24,916 26,860 Specialty Program Insurance 45,662 50,531
20,528 10,237 Specialty Personal and Commercial Lines 34,090 18,409
3,488 6,076 Other 6,285 10,726
- ----------------------------------------------------------------------------------------------------------------
$110,938 $ 103,453 Total $ 208,283 $ 198,540
================================================================================================================
Gross premium volume increased 7% to $110.9 million for the second quarter and
5% to $208.3 million for the six month period in 1996 from $103.5 million and
$198.5 million, respectively, for the same periods in 1995. Premiums from new
programs provided the majority of the growth for the quarter and six month
period in 1996.
Premiums from professional/products liability insurance were $32.1 million for
the second quarter and $63.3 million for the six month period compared to $34.9
million and $67.2 million, respectively, for the same periods last year. Growth
in the medical malpractice and directors' and officers' product lines was more
than offset by lower production from other lines, including specified medical
professions and the special risk programs due to changes in risk selection.
Excess and surplus lines second quarter gross premium volume grew 18% to $29.9
million from $25.4 million a year earlier. For the six month period, excess and
surplus lines gross premium volume rose 14% to $58.9 million from $51.7 million
in 1995. Production from the special property insurance program continued to
show significant growth. A new excess and umbrella program also contributed to
1996 growth.
8
Gross premiums from specialty program insurance premiums were $24.9 million for
the second quarter and $45.7 million for the six month period compared to $26.9
million and $50.5 million for the quarter and six month periods in 1995.
Increased competition in the youth and recreation and agribusiness programs
contributed to the decrease.
Specialty personal and commercial lines premiums rose sharply to $20.5 million
for the second quarter and $34.1 million for the six month period from $10.2
million and $18.4 million, respectively, during the same periods a year ago.
Several recently added programs, including property coverage for mobile homes
and low value dwellings, liability coverage for commercial autos and physical
damage coverage for personal autos, showed continued strong growth, contributing
$10.0 million and $21.0 million to quarterly and six month 1996 production.
Other gross premiums totaled $3.5 million for the second quarter and $6.3
million for the six month period compared to $6.1 million and $10.7 million,
respectively, for the same periods in 1995. Other gross premium volume included
production from the Company's wholesale brokerage operations and run-off
business related to Lincoln Insurance Company, a company acquired in May 1995.
The Company enters into reinsurance agreements in order to reduce its liability
on individual risks and enable it to underwrite policies with higher limits. The
Company's net retention of gross premium volume increased to 74% in the second
quarter and six month period from 73% for the same periods a year earlier. The
increase reflects higher retentions for the specialty program insurance lines.
Following is a comparison of earned premiums by significant underwriting area:
Earned Premiums
Quarter Ended June 30, Six Months Ended June 30,
- ------------------------------------------------------------------------------------------------------------------
1996 1995 (amounts in thousands) 1996 1995
- ------------------------------------------------------------------------------------------------------------------
$26,455 $ 28,383 Professional/Products Liability $ 58,014 $ 55,730
17,075 17,080 Excess & Surplus Lines 35,214 33,737
15,663 15,210 Specialty Program Insurance 32,099 31,447
11,581 5,548 Specialty Personal and Commercial Lines 20,300 10,632
619 2,228 Other 2,563 2,687
- ------------------------------------------------------------------------------------------------------------------
$ 71,393 $ 68,449 Total $148,190 $ 134,233
==================================================================================================================
Total operating revenues for the second quarter increased to $83.7 million from
$82.6 million in 1995. For the six month period, operating revenues rose 11% to
$176.7 million from $159.1 million a year ago. Earned premiums advanced to $71.4
million for the quarter and $148.2 million for the six month period from $68.4
million and $134.2 million, respectively, for the same periods in 1995. Higher
gross premium volume attributed to new products and increasing retentions in our
core products prompted the 4% quarterly and 10% year-to-date earned premium
increases. Although the property and casualty market remains competitive, the
Company will not sacrifice long term underwriting profits for premium growth.
9
Second quarter net investment income rose 17% to $11.9 million from $10.1
million a year ago. For the six month period, net investment income increased
31% to $24.1 million from $18.5 million in 1995. The increases were
primarily the result of the Company's larger investment portfolio over the past
year. The Company's invested assets were $908.9 million at June 30, 1996
compared to $797.5 million at June 30, 1995.
The Company reported realized investment losses of $0.5 million for the second
quarter and realized investment gains $2.5 million for six months compared to
realized investment gains of $3.1 million and $4.6 million, respectively, for
the same periods last year. Variability in the timing of realized investment
gains is to be expected and often results from interest rate volatility which
affects the market values of fixed maturity and equity investments.
Total operating expenses for the second quarter were $71.5 million compared to
$69.1 million in 1995. Total operating expenses for the six month period were
$151.9 million compared to $134.8 million a year ago. The 4% and 13% quarterly
and year-to-date increases, respectively, resulted primarily from higher
variable expenses associated with higher earned premiums.
Following is a comparison of selected data from the Company's operations (in
thousands):
Quarter Ended June 30, Six Months Ended June 30,
- ----------------------------------------------------------------------------------------------------------------
1996 1995 (amounts in thousands) 1996 1995
- ----------------------------------------------------------------------------------------------------------------
$110,938 $ 103,453 Gross premium volume $208,283 $ 198,540
$ 81,811 $ 75,772 Net premiums written $154,725 $ 145,551
74% 73% Net retention 74% 73%
$ 71,393 $ 68,449 Earned premiums $148,190 $ 134,233
$ 46,327 $ 46,011 Losses and loss adjustment expenses $100,879 $ 88,034
Underwriting, acquisition, and
$ 24,089 $ 22,074 insurance expenses $ 48,819 $ 44,679
GAAP ratios
65% 67% Loss ratio 68% 66%
34% 32% Expense ratio 33% 33%
- ----------------------------------------------------------------------------------------------------------------
99% 99% Combined ratio 101% 99%
=================================================================================================================
The second quarter combined loss and expense ratio was flat at 99% compared to
last year. For the six month period, the combined ratio increased to 101% from
99% in 1995. The quarterly loss ratio fell to 65% from 67% in 1995, while the
six month loss ratio increased to 68% from 66% a year ago. The second quarter
1996 decrease resulted from favorable development in various lines of business.
The increase in the loss ratio for the six month period was due to reserve
increases in the medical malpractice book of business and winter storm losses
from the first quarter of 1996. The expense ratio for the second quarter was 34%
compared to 32% in 1995. The increase is attributable to higher acquisition
costs and start-up costs in several new programs which were partially offset by
the recognition of contingent profit commissions. The expense ratio for the six
month period was flat at 33% when compared to 1995.
10
In evaluating its operating performance, the Company focuses on core
underwriting and investing results before consideration of realized gains or
losses from the sales of investments and expenses related to the amortization of
intangible assets. Management believes this is a better indicator of the
Company's operating performance because it reduces the variability in results
associated with realized investment gains or losses and eliminates the impact of
accounting conventions which do not reflect current operating costs. For the
second quarter of 1996, income from core underwriting and investing operations
increased 28% to $11.3 million from $8.8 million in 1995. Increased investment
income and underwriting profits fueled the growth. For the six month period,
income from core operations grew 16% to $19.5 million from $16.8 million last
year, primarily as a result of increased investment income.
The Company's effective tax rate for the second quarter and six month period was
(158%) and (64%) of income before income taxes, respectively, compared to 26% of
income before income taxes for the same periods last year. In the second quarter
of 1996, the Company recognized a nonrecurring benefit of $18.4 million related
to the realization of tax benefits attributable to certain differences between
financial reporting and tax bases of assets acquired in a prior period. This
benefit was recognized when management determined that estimated tax liabilities
were less than amounts previously accrued.
Second quarter 1996 net income rose to $26.1 million from $8.4 million in 1995.
For the six month period, net income advanced to $33.9 million from $14.9
million last year. The increase was primarily the result of the $18.4 million
nonrecurring benefit and higher net investment income, partially offset by lower
realized gains.
Financial Condition as of June 30, 1996
The Company's insurance operations collect premiums and pay current claims,
reinsurance commissions and operating expenses. Premiums collected and positive
cash flows from the insurance operations are invested primarily in short-term
investments and long-term bonds. The Company's short-term investments provide
liquidity for projected claims, reinsurance costs and operating expenses.
For the six month period ended June 30, 1996, the Company reported net cash
provided by operating activities of $35.0 million, compared to net cash provided
by operating activities of $88.3 million for the same period in 1995. Operating
cash flows reflected reinsurer commutations and other settlements of $1.0
million in 1996 compared to $45.0 million in 1995. The Company does not expect
commutations to be a significant source of operating cash flow in 1996 or future
years.
For the six month period ended June 30, 1996, the Company reported net cash used
by investing activities of $25.9 million compared to $102.8 million in 1995. The
difference is primarily attributable to lower reinsurer commutation activity and
other settlements in 1996. The Company's invested assets were $908.9 million at
June 30, 1996 compared to $908.6 million at December 31, 1995. The unrealized
appreciation of the Company's investment portfolio decreased $23.2 million since
December 31, 1995. As of June 30, 1996, the cost of the Company's fixed maturity
investments exceeded the estimated fair value by $5.5 million, while the
estimated fair value of its equity investments exceeded cost by $34.6 million.
11
At June 30, 1996, the Company's fixed maturity and equity investments comprised
approximately 76% and 18% of total investments, respectively. The Company
expects variability in its realized and unrealized investment gains due to
interest rate volatility as well as other economic conditions.
As of June 30, 1996 the unused balances available under the Company's revolving
credit facility totaled $40.0 million compared to $33.0 million at December 31,
1995. The Company repaid $7.0 million of the revolving credit facility in the
second quarter of 1996.
Shareholders' equity at June 30, 1996 was $232.3 million compared to $213.4
million at December 31, 1995. Book value per share rose to $42.78 at June 30,
1996 from $39.37 at December 31, 1995. During the six month period, net
unrealized investment gains, net of income taxes, decreased by $15.1 million.
Other Items
On May 16, 1996, the Company and Investors Insurance Group (IIG) jointly
announced that they had executed a definitive agreement for the acquisition of
Investors Insurance Holding Corporation and its subsidiaries for approximately
$38 million. IIG, a specialty property and casualty insurer, had total assets of
approximately $222 million and an investment portfolio of $139 million at
December 31, 1995. The Company is currently seeking regulatory approval of the
transaction and expects to complete the acquisition by the end of the third
quarter of 1996. The Company expects to finance the transaction with cash on
hand and bank financing.
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders.
The Corporation's Annual Meeting was held on May 7, 1996, in Richmond, Virginia.
At the Annual Meeting, shareholders elected directors for the ensuing year and
ratified the selection by the Board of Directors of KPMG Peat Marwick LLP as the
Company's independent auditors for the year ending December 31, 1996. The
results of the meeting were as follows:
Election of Directors For Withheld
- --------------------- --- --------
Alan I. Kirshner 4,385,855 43,455
Anthony F. Markel 4,385,855 43,455
Steven A. Markel 4,385,855 43,455
Darrell D. Martin 4,385,855 43,455
Leslie A. Grandis 4,385,855 43,455
Stewart M. Kasen 4,385,255 44,055
Gary L. Markel 4,385,855 43,455
V. Prem Watsa 4,385,855 43,455
12
Ratification of Selection of Auditors:
Abstentions and Brokers
For Against Non-Votes
--- ------- ---------
4,422,494 2,167 4,648
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits.
The Exhibits to this Report are listed in the Exhibit Index.
(b) No reports on Form 8-K were filed during the quarter ended June 30, 1996.
13
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Report to be signed on its behalf by the
undersigned, thereunto duly authorized, this 30th day of July, 1996.
Markel Corporation
By Alan I. Kirshner
------------------------------------
Alan I. Kirshner
Chief Executive Officer
(Principal Executive Officer)
By Anthony F. Markel
------------------------------------
Anthony F. Markel
President
(Principal Operating Officer)
By Steven A. Markel
------------------------------------
Steven A. Markel
Vice Chairman
By Darrell D. Martin
------------------------------------
Darrell D. Martin
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer and
Principal Accounting Officer)
14
Exhibit Index
Number Description
10 Agreement and Plan of Merger among Markel Corporation, IIG
Acquisition Corp., Investors Insurance Holding Corp. and certain
shareholders of Investors Insurance Holding Corp. *
27 Financial Data Schedule *
* Filed electronically with the Commission's operational EDGAR system.
15