Markel Corp reported third-quarter earnings of $193.4 million as underwriting performance improved.The Glen Allen, Virginia-based company with re/insurance operations in Bermuda said it had net income of $13.95 per share.The results exceeded analysts’ expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $7.55 per share.The insurer posted revenue of $2.03 billion in the period. Its adjusted revenue was $2 billion, which met Wall Street forecasts.For the nine months ended September 30, operating revenues totalled $6.9 billion, up from $5.8 billion in the corresponding period of last year. The combined ratio — the proportion of premium income spent on claims and expenses — improved to 94 per cent for the third quarter of 2019 compared to 99 per cent for the third quarter of 2018.Markel shares have increased slightly more than 9 per cent since the beginning of the year. The stock has increased 11 per cent in the last 12 months.Thomas Gayner and Richard Whitt, co-chief executive officers, said: “Our operating results for the quarter continue to reflect profitable top line growth across the company. We produced a meaningful underwriting profit, despite catastrophes losses during the period, and we’re seeing excellent results from our Markel Ventures operations. “Our investment portfolio continues to make meaningful contributions to both net income and comprehensive income, driven by favourable market conditions.”