Markel Corporation yesterday reported profits of $582.8 million last year — up $261 million on the $321.2 million recorded for 2014.

Book value per share totalled $561.23 at year end, up 3 per cent on the $543.96 reported at the end of the previous year.

Alan Kirshner, chief executive of Markel, said 2015 had been “a tremendous year for our underwriting operations, which made substantial contributions to profitability despite challenging market conditions.”

He added: “We celebrated the ten-year anniversary of our market ventures operations this year, which surpassed $1 billion in revenues and welcomed the addition of CapTech in late 2015.”

Mr Kirshner said the company would continue to look for opportunities to grow both the market ventures and insurance operations.

The company completed the acquisition of Hamilton-based CatCo Investment Management in December last year.

Mr Kirshner said the move “expands our presence in the insurance-linked securities space and provides us with a platform to bring new insurance and investment products to the market.”

He added: “Overall, we are pleased with our 2015 results. We continue to drive shareholder value and we want to thank our associates for their significant contributions in 2015.”