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Best affirms Syndicate 3000

Ratings agency AM Best has affirmed its syndicate rating of “A” (Excellent) and the issuer credit rating of “a” of Markel managed Lloyd’s Syndicate 3000, with both ratings on a stable outlook.

Best said the ratings “reflect the syndicate’s profitable underwriting performance and good business profile as a specialist underwriter, as well as the financial strength of the Lloyd’s market – currently rated “A” (Excellent) – which underpins the security of all Lloyd’s syndicates”.

It forecast a “satisfactory return” on capacity in 2005 (approximately 5 percent), which itself was a reflection of the moderate softening for the main lines of business written by the syndicate.

It added: “For the 2004 open underwriting year, the unprecedented hurricane season is likely to reduce the return to approximately 7 percent following a return of approximately 17 percent in 2003 as a result of excellent trading conditions and the absence of significant claims activity.”
It said gross premium income was likely to remain stable for the 2005 underwriting year at around £145mn due to the Syndicate’s withdrawal from some business lines (aviation), although it added that this would be balanced by the expansion in new regions (Canada).

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