Fitch Ratings has affirmed the A insurer financial strength ratings for members of the Markel North America insurance group, said a report.
Fitch also affirmed the BBB- long term insurer rating and existing senior debt rating for Markel, as well as the BB+ trust preferred stock rating of Markel Capital trust.
It said the rating outlook was stable.
Markel's continuing insurance operations have reported strong underwriting results in 2003, said the report.
Fitch said the current year's strong operating results were partially offset in the third quarter of 2003 by charges for legacy issues, specifically US$55m of additional asbestos and environmental (A&E) reserves and $50m in increases to other prior accident years' reserves.
Approximately half of the A&E charge and all of the prior accident years charge relates to Markel's North American insurance subsidiaries, concluded the report.
