Markel International today welcomed Moody’s Analytics (Moody’s) upgrade of its continuity opinion of Markel Syndicate 3000 to A - (good). The Lloyd’s syndicate is wholly owned by Markel, and the outlook for the new rating is stable. Moody’s had previously rated the syndicate B+ (Above Average), positive outlook.  

Moody's said that the upgrade reflected the syndicate's good profitability in recent years, its core position within the Markel group and the expectation that future returns and continuity prospects have the potential to be consistent with an A- (Good) continuity opinion.

The syndicate is planning for capacity of £275m for 2010 and writes a composite book. It was formed in 2002 as a joint operation alongside Markel International Insurance Company, constituting Markel International.

Moody's stated that syndicate 3000 recorded an annually accounted profit of 5% of Net Premium Earned (NPE) for 2008, recording a profit of 36.7% of capacity for 2006 on a three-year account basis at 31.12.08.

Andy Davies, Finance Director at Markel International, said: “We are delighted by Moody’s decision to upgrade its opinion on our Lloyd’s syndicate and pleased that we are now one of the top-performing syndicates at Lloyd’s.  Profitable and sustainable underwriting performance is a core objective for Markel and we are pleased to have this independent endorsement of our success.”

ENDS
 

Markel International                   020  7953 6000                              
Andy Davies, Finance Director
Sean Martin, Marketing Director                                                                               

Cubitt Consulting                      020 7367 5100                                                 
Michael Henman                                                                        
Caroline Merrell

Notes to editors:
Markel International Limited is a specialty property and casualty insurer. Based in London and comprising the international operations of Markel Corporation, it wrote gross premiums in 2008 of $693 million. It has six operating divisions writing business either through Markel Syndicate 3000 or through Markel International Insurance Company Limited. Markel Corporation is a US listed business, capitalised at around $3 billion, which in 2008 wrote gross premiums of $2.2 billion.
www.markelintl.com