Markel International’s achievements in London have been recognised by leading rating agency, Fitch Ratings.

Markel International Insurance Company, Ltd. (MIICL) has received an Insurer Financial Strength rating upgrade to A- (high credit quality) from BBB+. The Outlook is rated Stable.  MIICL is Markel International’s London Company Market Operation.

The upgrade follows an improved underlying operating performance in 2003, with MIICL achieving a combined ratio of 99 per cent for the first nine months of 2003 (excluding asbestos reserve strengthening).

Commenting on the Fitch rating, Gerry Albanese, President and Chief Operating Officer of Markel International, said: “The Fitch upgrade is a welcome recognition of MIICL’s continuing achievements. Markel is committed to underwriting profitably across the insurance cycle and MIICL’s performance in the first nine months of 2003 shows how successful we have been in moving towards achieving this objective.

Mr. Albanese added: “Like Fitch we are confident that the profitability of MIICL’s business will continue to improve. It’s an important part of our business.”