The excellent performance of Markel International’s Lloyd’s syndicate, Markel Syndicate 3000, has been recognised by another leading rating agency. Moody’s Investor Services has upgraded the syndicate to B+ Above Average, with a stable outlook assessment.
Moody’s said that the upgrade reflects the expectation of improved cross-cycle returns and of Markel’s commitment to the business currently underwritten. Moody’s expects that the syndicate’s returns for the years 2002 to 2004 will be significantly above the market average.
Syndicate 3000 is forecasting a profit of 22.5% of capacity for 2002 putting it amongst the top performing syndicates in the market.
Andy Davies, Finance Director of Markel International, said: “The upgrade is further recognition of our success in improving the performance and outlook for our Lloyd’s syndicate. We are confident that we can continue to improve performance by the application of our proven management disciplines. ”