Moody's Investor Service has put Markel International on review for a possible downgrade following an announcement of incurred charges, which Moody's believe indicates continued weakness at its subsidiaries.

The review, which expects to conclude with either a confirmation of the Baa3 rating or a downgrade, will focus on the future business prospects of Markel's operations, and potential for continued poor operating performance.

The rating agency stated that the rating is strongly influenced by Moody's rating opinion of the company's US-based parent Markel Corporation's other financial obligations, given the cross-default provisions within the debt covenants.

The review for downgrade does not affect the ratings of Markel Corporation.

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