March 8, 2017 / 10:17 PM / 6 months ago

BRIEF-Markel estimates Ogden rate change impact

March 8 (Reuters) - Markel Corp:

* Markel Corp says during q1 of 2017, it expects to increase prior years’ loss reserves for its run-off book of uk motor exposures

* Markel Corp says based upon information currently available, company has estimated that reserve increase will be $85 million on a pre-tax basis

* On February 27, 2017, UK ministry of justice announced that Ogden rate will decrease from plus 2.5% to minus 0.75%

* Markel -effect of rate change is most impactful to its exposure to uk auto casualty claims through reinsurance contracts written on 2014 and prior years of account

* New odgen rate is expected to take effect march 20, 2017 Source text for Eikon: Further company coverage:

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