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Previous: PRUDENTIAL BACHE AG SPANOS GENESIS INCOME PARTNERS L P I, 10-Q, 1998-08-13 |
Next: IEA INCOME FUND VII, 10-Q, 1998-08-13 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q/A
[ X ] Quarterly report pursuant to section 13 or 15(d) of the Securities
Exchange Act of 1934 for the quarterly period ended June 30, 1998
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 1-13051
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 28, 1998:
5,503,212
1
<PAGE>
Markel Corporation
Form 10-Q/A
Index
Page Number
PART II. OTHER INFORMATION:
Item 6. Exhibits and Reports on Form 8-K 3
2
<PAGE>
PART II. OTHER INFORMATION
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, 1998
3
<PAGE>
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 13th day of August, 1998.
Markel Corporation
By Darrell D. Martin
-------------------------------------
Darrell D. Martin
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer and
Principal Accounting Officer)
4
<PAGE>
Exhibit Index
Number Description
27.1 Restated Financial Data Schedules for periods in 1997 *
27.2 Restated Financial Data Schedules for periods in 1996 *
27.3 Restated Financial Data Schedules for periods in 1995 *
* Filed electronically with the Commission's operational EDGAR system. This
amendment is being made to restate prior period Financial Data Schedules to
reflect the adoption of Statement of Financial Accounting Standards No. 128.
5
<TABLE> <S> <C>
<ARTICLE> 7
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE CONSOLIDATED FINANCIAL STATEMENTS CONTAINED IN THE FORM 10-Q FOR EACH
QUARTERLY PERIOD ENDED AS SHOWN FOR MARKEL CORPORATION AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C> <C> <C>
<PERIOD-TYPE> 9-MOS 6-MOS 3-MOS
<FISCAL-YEAR-END> DEC-31-1997 DEC-31-1997 DEC-31-1997
<PERIOD-END> SEP-30-1997 JUN-30-1997 MAR-31-1997
<DEBT-HELD-FOR-SALE> 1,025,063 982,664 948,881
<DEBT-CARRYING-VALUE> 0 0 0
<DEBT-MARKET-VALUE> 0 0 0
<EQUITIES> 256,520 237,915 205,173
<MORTGAGE> 0 0 0
<REAL-ESTATE> 0 0 0
<TOTAL-INVEST> 1,389,101 1,331,525 1,273,937
<CASH> 886 1,183 278
<RECOVER-REINSURE> 15,652 13,225 10,917
<DEFERRED-ACQUISITION> 37,427 36,586 36,768
<TOTAL-ASSETS> 1,843,694 1,792,051 1,732,567
<POLICY-LOSSES> 963,985 956,045 937,366
<UNEARNED-PREMIUMS> 196,218 193,101 190,764
<POLICY-OTHER> 0 0 0
<POLICY-HOLDER-FUNDS> 0 0 0
<NOTES-PAYABLE> 93,153 93,140 99,704
<COMMON> 24,606 24,531 24,478
0 0 0
0 0 0
<OTHER-SE> 317,418 284,676 247,066
<TOTAL-LIABILITY-AND-EQUITY> 1,843,694 1,792,051 1,732,567
250,453 165,803 81,671
<INVESTMENT-INCOME> 50,944 33,503 16,706
<INVESTMENT-GAINS> 8,117 (160) (578)
<OTHER-INCOME> 1,271 1,027 674
<BENEFITS> 161,469 107,156 52,650
<UNDERWRITING-AMORTIZATION> 60,675 40,348 19,802
<UNDERWRITING-OTHER> 26,265 16,878 8,512
<INCOME-PRETAX> 45,393 24,354 11,878
<INCOME-TAX> 10,893 5,842 3,088
<INCOME-CONTINUING> 34,500 18,512 8,790
<DISCONTINUED> 0 0 0
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 0 0
<NET-INCOME> 34,500 18,512 8,790
<EPS-PRIMARY> 6.29 3.38 1.61<F1>
<EPS-DILUTED> 6.10 3.28 1.56<F1>
<RESERVE-OPEN> 0 0 0
<PROVISION-CURRENT> 0 0 0
<PROVISION-PRIOR> 0 0 0
<PAYMENTS-CURRENT> 0 0 0
<PAYMENTS-PRIOR> 0 0 0
<RESERVE-CLOSE> 0 0 0
<CUMULATIVE-DEFICIENCY> 0 0 0
<FN>
Markel adopted Statement of Financial Accounting Standards No. 128 "Earnings Per
Share" effective December 31, 1997. The Financial Data Schedule tags <EPS
PRIMARY> and <EPS DILUTED> refer to Basic EPS and Diluted EPS, respectively, as
these terms are set forth in Statement of Financial Accounting Standards No.
128.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 7
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE CONSOLIDATED FINANCIAL STATEMENTS CONTAINED IN THE FORM 10-Q FOR EACH
QUARTERLY PERIOD ENDED AS SHOWN AND THE FORM 10-K FOR THE YEAR ENDED DECEMBER
31, 1996 FOR MARKEL CORPORATION AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C> <C> <C> <C>
<PERIOD-TYPE> YEAR 9-MOS 6-MOS 3-MOS
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1996 DEC-31-1996 DEC-31-1996
<PERIOD-END> DEC-31-1996 SEP-30-1996 JUN-30-1996 MAR-31-1996
<DEBT-HELD-FOR-SALE> 885,874 709,070 692,417 725,241
<DEBT-CARRYING-VALUE> 0 0 0 0
<DEBT-MARKET-VALUE> 0 0 0 0
<EQUITIES> 193,395 175,690 164,713 152,471
<MORTGAGE> 0 0 0 0
<REAL-ESTATE> 0 0 0 0
<TOTAL-INVEST> 1,130,776 956,417 908,912 914,197
<CASH> 11,054 16,252 20,377 18,699
<RECOVER-REINSURE> 11,631 11,657 16,900 12,074
<DEFERRED-ACQUISITION> 37,979 35,336 33,403 32,584
<TOTAL-ASSETS> 1,605,297 1,388,136 1,354,593 1,319,458
<POLICY-LOSSES> 935,582 766,139 751,266 750,685
<UNEARNED-PREMIUMS> 200,870 187,410 178,821 166,131
<POLICY-OTHER> 0 0 0 0
<POLICY-HOLDER-FUNDS> 0 0 0 0
<NOTES-PAYABLE> 114,691 99,678 99,665 106,702
<COMMON> 24,347 23,970 23,199 23,167
0 0 0 0
0 0 0 0
<OTHER-SE> 243,988 223,848 209,131 186,399
<TOTAL-LIABILITY-AND-EQUITY> 1,605,297 1,388,136 1,354,593 1,319,458
307,453 225,051 148,190 76,797
<INVESTMENT-INCOME> 51,168 36,500 24,137 12,284
<INVESTMENT-GAINS> 5,013 2,956 2,507 2,974
<OTHER-INCOME> 3,102 2,522 1,828 935
<BENEFITS> 202,378 151,471 100,879 54,552
<UNDERWRITING-AMORTIZATION> 70,372 54,862 36,204 18,135
<UNDERWRITING-OTHER> 34,660 19,730 12,615 6,595
<INCOME-PRETAX> 37,000 31,815 20,671 10,554
<INCOME-TAX> (9,672) (10,554) (13,229) 2,744
<INCOME-CONTINUING> 46,672 42,369 33,900 7,810
<DISCONTINUED> 0 0 0 0
<EXTRAORDINARY> 0 0 0 0
<CHANGES> 0 0 0 0
<NET-INCOME> 46,672 42,369 33,900 7,810
<EPS-PRIMARY> 8.58 7.80 6.25 1.44<F1>
<EPS-DILUTED> 8.30 7.51 5.99 1.38<F1>
<RESERVE-OPEN> 699,311 0 0 0
<PROVISION-CURRENT> 226,495 0 0 0
<PROVISION-PRIOR> (24,117) 0 0 0
<PAYMENTS-CURRENT> 52,158 0 0 0
<PAYMENTS-PRIOR> 124,467 0 0 0
<RESERVE-CLOSE> 725,064 0 0 0
<CUMULATIVE-DEFICIENCY> (24,117) 0 0 0
<FN>
Markel adopted Statement of Financial Accounting Standards No. 128 "Earnings Per
Share" effective December 31, 1997. The Financial Data Schedule tags <EPS
PRIMARY> and <EPS DILUTED> refer to Basic EPS and Diluted EPS, respectively,
as these terms are set forth in Statement of Financial Accounting Standards
No. 128.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 7
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE CONSOLIDATED FINANCIAL STATEMENTS CONTAINED IN THE FORM 10-Q FOR EACH
QUARTERLY PERIOD ENDED AS SHOWN AND THE FORM 10-K FOR THE YEAR ENDED DECEMBER
31, 1995 FOR MARKEL CORPORATION AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C> <C> <C> <C>
<PERIOD-TYPE> YEAR 9-MOS 6-MOS 3-MOS
<FISCAL-YEAR-END> DEC-31-1995 DEC-31-1995 DEC-31-1995 DEC-31-1995
<PERIOD-END> DEC-31-1995 SEP-30-1995 JUN-30-1995 MAR-31-1995
<DEBT-HELD-FOR-SALE> 706,055 660,436 582,741 489,236
<DEBT-CARRYING-VALUE> 0 0 0 0
<DEBT-MARKET-VALUE> 0 0 0 0
<EQUITIES> 134,346 131,579 124,422 116,511
<MORTGAGE> 0 0 0 0
<REAL-ESTATE> 0 0 0 0
<TOTAL-INVEST> 908,583 889,314 797,547 689,488
<CASH> 18,315 12,192 12,709 2,493
<RECOVER-REINSURE> 20,404 16,000 32,660 39,289
<DEFERRED-ACQUISITION> 32,024 33,612 31,556 26,917
<TOTAL-ASSETS> 1,314,537 1,311,872 1,242,040 1,196,434
<POLICY-LOSSES> 734,409 729,816 702,443 655,471
<UNEARNED-PREMIUMS> 170,697 178,285 168,334 154,000
<POLICY-OTHER> 0 0 0 0
<POLICY-HOLDER-FUNDS> 0 0 0 0
<NOTES-PAYABLE> 106,689 118,176 117,663 100,699
<COMMON> 23,118 23,039 22,963 22,948
0 0 0 0
0 0 0 0
<OTHER-SE> 190,324 170,938 156,912 135,327
<TOTAL-LIABILITY-AND-EQUITY> 1,314,537 1,311,872 1,242,040 1,196,434
285,146 209,892 134,233 65,784
<INVESTMENT-INCOME> 42,981 30,530 18,472 8,368
<INVESTMENT-GAINS> 11,952 7,650 4,613 1,563
<OTHER-INCOME> 3,496 2,561 1,772 810
<BENEFITS> 186,655 137,685 88,034 42,023
<UNDERWRITING-AMORTIZATION> 66,788 48,370 29,862 15,733
<UNDERWRITING-OTHER> 29,325 21,884 14,817 6,872
<INCOME-PRETAX> 47,927 32,959 20,124 8,838
<INCOME-TAX> 13,435 9,083 5,232 2,298
<INCOME-CONTINUING> 34,492 23,876 14,892 6,540
<DISCONTINUED> 0 0 0 0
<EXTRAORDINARY> 0 0 0 0
<CHANGES> 0 0 0 0
<NET-INCOME> 34,492 23,876 14,892 6,540
<EPS-PRIMARY> 6.38 4.42 2.76 1.21<F1>
<EPS-DILUTED> 6.15 4.26 2.67 1.17<F1>
<RESERVE-OPEN> 561,866 0 0 0
<PROVISION-CURRENT> 195,448 0 0 0
<PROVISION-PRIOR> (8,793) 0 0 0
<PAYMENTS-CURRENT> 42,002 0 0 0
<PAYMENTS-PRIOR> 131,251 0 0 0
<RESERVE-CLOSE> 575,268 0 0 0
<CUMULATIVE-DEFICIENCY> (8,793) 0 0 0
<FN>
Markel adopted Statement of Financial Accounting Standards No. 128 "Earnings Per
Share" effective December 31, 1997. The Financial Data Schedule tags <EPS
PRIMARY> and <EPS DILUTED> refer to Basic EPS and Diluted EPS, respectively, as
these terms are set forth in Statement of Financial Accounting Standards No.
128.
</FN>
</TABLE>
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