A.M. Best affirms ratings of Markel

A.M. Best has affirmed the financial strength ratings of A (Excellent) and the issuer credit ratings of “a+” of Markel International Insurance Company Limited (MIICL) and Lloyd’s Syndicate 3000. The outlook for MIICL’s ratings remains stable and the outlook for Syndicate 3000’s ratings remains positive.

MIICL’s ratings reflect the continued support of Markel and the company’s strategic importance to the Markel group. In addition, MIICL benefits from excellent stand-alone risk-adjusted capitalisation, strong operating performance and good business profile as a specialist underwriter of marine, professional liability and specialty insurance in the U.K. and London markets.

MIICL has a strong historical underwriting record, demonstrated by a five-year (2010-2014) average combined ratio of 88 percent, despite the impact of exceptionally high catastrophe losses in 2011. In 2014, MIICL reported a profit before tax and equalisation reserve movement of USD 95.7 million. MIICL underwrites a well-diversified portfolio and leads over 60 percent of its business.

The ratings of Lloyd’s Syndicate 3000 reflect the financial strength of Lloyd’s, which underpins the security of all Lloyd’s syndicates.