Markel International comments on AM Best rating
Specialist property and casualty insurer Markel International has welcomed the confirmation of its "A-" (Excellent) rating, with a stable outlook, by ratings agency AM Best.
In a statement released last week the insurer said the rating, which applies to its Lloyd's operation Markel Syndicate 3000, recognises its "disciplined approach" to underwriting and "encouraging results" to date.
In its ratings statement AM Best said it expected Markel International's risk-adjusted capital at year-end 2004 to be supportive of its current rating, basing its view on improved underwriting discipline, continued good rates in core market segments and lower levels of reserve strengthening.
It said that it expected Syndicate 3000 to be in the upper quartile in the Lloyd's market in terms of profitability in 2004.
Markel Corporation, Markel International's parent company, will announce its 2004 Q2 earning figures on 29 July.