Markel International, the specialty property and casualty insurer, today welcomed the affirmation of A.M.Best’s A- (Excellent), outlook stable, rating for its London based insurance company, Markel International Insurance Company Limited (MIICL).
Andy Davies, Finance Director, Markel International, commented: “The affirmation of the A.M. Best rating recognises the strength of the company despite the recent hurricanes. Our diverse book of business, together with our disciplined underwriting approach, puts the company in a strong position for 2006 and beyond.”
AM Best commented: “The rating reflects MIICL’s adequate risk-adjusted capitalisation and implicit support from the parent company, Markel Corporation. MIICL's risk-adjusted capitalisation has been restored following a capital injection of USD 35 million and commutations of existing liabilities in 2005.”
A.M. Best expects MIICL’s underwriting performance to be impacted by the 2005 hurricanes, moderately softening rates in its main line of business (professional indemnity and property) and the potential for continued adverse legacy loss reserve development. However, overall the company is likely to remain profitable as good anticipated investment return is offsetting underwriting losses.
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For further information:
Derah McCall
Markel International
020 7953 6732
Notes to Editor:
1. 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 2004 of $ 746 million. It has five operating divisions writing business either through Markel Syndicate 3000 or through Markel International Insurance Company Limited.
2. Markel Corporation markets and underwrites specialty insurance products and programs to a variety of niche markets. In each of these markets, the Company seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting profits and superior investment returns to build shareholder value. Markel Corporation celebrates its Diamond Anniversary in 2005; over 75 years we've firmly established the Markel Style and our commitment to success.