Moody's has assigned a B Average performance rating to Syndicate 3000, in light of the announcement that it will become the Markel syndicate combined operation for 2002.
Ratings agency Moody's has assigned a B Average performance rating to Markel Syndicate Management's Syndicate 3000, in light of the announcement that it will become the Markel syndicate combined operation for 2002.
Moody's said the rating assignment reflected the belief that the syndicate would perform in line with the Lloyd's market over the cycle.
Markel's Syndicates 702, 1009 and 1239 are to be merged for 2002 into a combined operation, Syndicate 3000.
The syndicate's capacity for 2002 is £200m compared to Markel Syndicate Management's total capacity for 2001 of £270m. The 2001 capacity included £30m of capacity for Motor Syndicate 1228, which is not trading forward into 2002.
The new syndicate will have separate operating divisions of aviation, marine and energy, the Markel (UK) Ltd service company, non-marine property, professional liability and reinsurance and accident.
The respective performance ratings of the current syndicates are Syndicate 702 B Average, Syndicate 1009 B Average and Syndicate 1239 Not Rated.
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