Moody's has upgraded the performance of Markel Syndicate Management's Lloyd's Syndicate 3000 to B+ (above average), with a stable rating.
It said the upgrade reflected the expectation of improved cross-cycle returns and of Markel's commitment to the business it currently underwrites.
The composite syndicate was formed in 2002 from the merger of Syndicates 702, 1009 and 1239. This followed the restructuring of Octavian Syndicate Management's operations after Markel acquired it in 2000.
The B+ rating reflects the expectation that the syndicate's returns for 2002 to 2004 will be significantly above the market average, said Moody's.
It is based on Markel's commitment to the lines of business currently written via the Lloyd's syndicate, as well as the rigorous application of the management controls in place to avoid the worst of any future insurance downturn.
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