A.M. Best upgrades insurer to 'A' rating
Markel International Insurance Company has been upgraded to an ‘A’ rating, with a positive outlook assessment by A.M. Best.
A.M. Best said that the upgrade reflects Markel's improving risk-adjusted capitalisation, good prospective operating performance and support from its US parent company, Markel Corporation. A.M. Best anticipates a further improvement in Markel's risk-adjusted capitalisation in 2007 as a result of positive after-tax earnings, commutation of existing liabilities and a reduction in reinsurance recoveries. Capital and surplus is forecast to rise by approximately 10% from $372 million as at year-end 2006.
Andy Davies, Markel International’s finance director, said: “The upgrade reflects the improving underwriting performance, strong capitalisation and positive outlook for MIICL. In addition, MIICL has the same A.M. Best financial strength rating as Lloyd’s and Markel Syndicate 3000 enabling us to offer our clients and brokers a choice of A rated security.”