Markel International today welcomed A. M. Best’s confirmation of ‘A’ ratings, outlook stable, for both its insurance trading platforms: Markel International Insurance Company Limited (MIICL), its London-based insurance company, and Markel Syndicate 3000, its Lloyd’s syndicate. Both ratings are unchanged from 2008.
A.M. Best said that MIICL is expected to maintain excellent stand-alone risk-adjusted capitalisation in 2009 and into 2010. A.M. Best expects MIICL to report a pre-tax profit for 2009 and supported by solid underwriting and investment earnings. In A.M. Best’s opinion, MIICL has a good position as a specialist underwriter of professional liability and property insurance in the UK and London market, leading approximately 75% of business written. In addition, the company has branch offices in Spain and Sweden.
MIICL benefits from the explicit support and financial flexibility of its publicly listed ultimate parent, Markel Corporation (Markel), a leading US excess and surplus lines group. MIICL and Lloyd’s Syndicate 3000 account for approximately 30% of the Markel group’s gross premium income and provide the group with access to UK, London market and international business.
A.M. Best said: “The ratings reflect the financial strength of the Lloyd’s market, which underpins the security of all Lloyd’s syndicates. In addition, A.M. Best believes the Syndicate’s financial flexibility is enhanced by the continued support of Markel Corporation (Markel), the ultimate parent company of its managing agent, Markel Syndicate Management Ltd, and its capital provider, Markel Capital Limited”.
Andy Davies, Markel International’s Finance Director, said: “Once again, A.M. Best’s ratings reflect the strong underwriting performance and excellent capitalisation of both MIICL and Markel Syndicate 3000. Identical ratings for both our platforms enable us to offer our clients and brokers a choice of A-rated security.”
