Markel International, the specialty property and casualty insurer, today welcomed confirmation of A.M.Best Co.’s A- (Excellent), outlook stable, rating for its London based insurance company, Markel International Insurance Company Limited (MIICL) and it’s Lloyd’s Syndicate, Markel Syndicate 3000.

Gerry Albanese, President and Chief Operating Officer, commented: “The re-confirmed A.M. Best rating recognises the disciplined approach we take to underwriting and the encouraging results we have seen to date.  We are confident that we can continue to improve performance by the application of our proven management disciplines.”

A.M. Best expects MIICL’s risk-adjusted capital at year-end 2004 to be supportive of its current rating.  This is based on the improved underwriting discipline, continued good rates in its core market segments and lower levels of reserve strengthening.
A.M. Best expects Markel syndicate 3000 to be placed in the upper quartile in the Lloyd’s market in terms of profitability. The syndicate is expected to continue to be profitable in 2004 as a result of disciplined underwriting and continued good rating levels despite some softening of rates.  In A.M. Best’s opinion the syndicate has a good business position in its core markets.
Markel Corporation, the ultimate holding company, will announce earnings figures for the second quarter and first half of 2004 on July 29, 2004.