A.M. Best Co. has downgraded the financial strength rating of Terra Nova Insurance Company to B++ from A- and the senior debt rating of Markel International to BBB- from BBB. It has affirmed the financial strength rating of A for Markel North America Insurance Group.
Markel Corporation's senior debt and Trust Preferred Securities have been affirmed as BBB and BBB+ respectively.
A stable outlook has been placed on all financial strength and debt ratings, and all ratings have been removed from Under Review - Negative.
This action followed A.M. Best's review of the group's performance during the fourth quarter, the capitalization of enterprise and its individual components as of year-end, and the announced loss reserve increases taken at both Markel North America and Markel International.
