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 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
MIICL has a strong historical underwriting record, demonstrated by a five-year (2010-2014) average combined ratio of 88%, despite the impact of exceptionally high catastrophe losses in 2011. In 2014, MIICL reported a profit before tax and equalisation reserve movement of
The ratings of Lloyd’s Syndicate 3000 reflect the financial strength of Lloyd’s, which underpins the security of all Lloyd’s syndicates. In addition,
Positive or negative movements in the ratings of Markel group would likely lead to corresponding actions for MIICL. In addition, a deterioration in stand-alone risk adjusted capitalisation or a reduction in the importance of MIICL in the overall group could lead to negative pressure on the company’s ratings.
A factor that may lead to positive or negative rating actions for Syndicate 3000 is a change in the rating of the Lloyd’s market, which currently has an FSR of A (Excellent) and an ICR of “a+”, both with a positive outlook.
The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
Key insurance criteria reports utilised:
- Risk Management and the Rating Process for Insurance Companies
- Understanding Universal BCAR
- Rating Members of Insurance Groups
- Rating Lloyd’s Syndicates
- Catastrophe analysis in A.M. Best Ratings
In accordance with Regulation (EC) No. 1060/2009, the following is a link to required disclosures: A.M. Best
This press release relates to rating(s) that have been published on
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A.M. Best Upgrades Ratings of FirstComp Insurance Company, Affirms Markel Corporation and Other Affiliate Ratings
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