Ratings agency AM Best has upgraded the financial strength rating of Markel International Insurance Company to 'A minus' from 'B++'.
AM Best said the rating action reflects its view of Markel UK as strategically important to Markel North America Insurance Group.
The agency was also encouraged by Markel's rating excellent risk-adjusted capitalisation and improving underwriting performance.
Since acquiring the Terra Nova group in 2000, Markel has implemented strict underwriting controls as a strategic priority that has resulted in prospective improved underwriting performance. The agency added that it expects an improved combined ratio of approximately 100% in 2003.
