Re/insurer Markel Group’s consolidated underwriting results show net written premiums of approximately £6.6bn, for 2023, up 2% on the previous year. Its combined operating ratio deteriorated to 98.4% from the 91.7% announced for 2022.

Thomas S Gayner, chief executive officer of Markel Group, said: “While we remain focused on some areas of improvement for our insurance operations, our three-engine system continues to drive profitable growth.

“Strong operating cash flows from each of our insurance, investments, and Markel Ventures engines can now be reinvested to continue growing shareholder value.”