A.M. Best Affirms Ratings of Markel International Insurance Company Limited and Lloyd’s Syndicate 3000
MIICL’s ultimate parent company is the Markel Corporation (Markel), which is also the ultimate parent company of syndicate 3000’s managing agent,
MIICL’s ratings reflect its excellent stand-alone risk-adjusted capitalisation, good operating performance and strong business profile. The ratings also take into consideration the continued support of Markel and the company’s strategic importance to the Markel group.
In spite of planned dividend payments to Markel, MIICL is expected to maintain an excellent stand-alone risk-adjusted capitalisation in 2011 and into 2012, with a good operating performance anticipated. In addition, MIICL benefits from the explicit support and financial flexibility of its parent, which has contributed capital of approximately
MIICL is expected to report a good pre-tax profit for 2011, in spite of losses from the Japanese earthquake in the first half of the year. The result is likely to be supported by releases from prior year reserves and solid investment earnings. In 2010, the company reported a pre-tax profit of
MIICL has a good position as a specialist underwriter of professional liability and property insurance in the
The ratings of Lloyd’s Syndicate 3000 reflect the financial strength of the Lloyd’s of
On an annually accounted basis, A.M. Best anticipates a solid operating profit in 2011, supported by a good investment performance to offset the impact of losses from the Australian floods,
Syndicate 3000 has a good business profile within the Lloyd’s market and leads approximately 45% of its business. The syndicate’s capacity has been increased to
The principal methodology used in determining these ratings is Best’s Credit Rating Methodology -- Global Life and Non-Life Insurance Edition, which provides a comprehensive explanation of A.M. Best’s rating process and highlights the different rating criteria employed. Additional key criteria utilised include: “Risk Management and the Rating Process for Insurance Companies”; “Understanding BCAR for Property/Casualty Insurers”; “Understanding Universal BCAR”; “Rating Members of Insurance Groups”; and “Rating Lloyd’s Syndicates”. Methodologies can be found at www.ambest.com/ratings/methodology.
In accordance with Regulation (EC) No. 1060/2009, the following is a link to required disclosures: A.M. Best
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Copyright © 2011 by A.M. Best Company, Inc.ALL RIGHTS RESERVED.
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