Fitch Ratings has downgraded Markel International Ltd's debt ratings and the insurer financial strength ratings of its insurance operations. The rating outlook is stable.
The ratings had been placed on Rating Watch Negative following Markel's fourth quarter announcement of an additional $70m (£49m) in pretax charges and reserve strengthening at Markel International. They have now been removed from Rating Watch Negative.
Fitch has completed a further review and stated that Markel's operating performance and capitalization do not support the current ratings.
The ratings downgraded were for Markel International Ltd (BB), Terra Nova Insurance Company Ltd (BBB+) and Terra Nova (Bermuda) Insurance Company (BBB).
Markel Corporation's debt ratings and the Markel North America insurer financial strength ratings remain unchanged.
