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FOR IMMEDIATE RELEASE
LONDON - OCTOBER 06, 2017 09:07 AM (EDT)
A.M. Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” of Lloyd’s Syndicate 3000 (United Kingdom). The outlook of these Credit Ratings (ratings) remains stable.
Markel Corporation (Markel) is the ultimate parent company of Lloyd’s Syndicate 3000’s managing agent, Markel Syndicate Management Ltd., and of its capital provider, Markel Capital Limited. Along with Markel International Insurance Company Limited (MIICL), the syndicate accounts for approximately one-quarter of the Markel group’s gross premium income and provides the group with access to the U.K. and London markets, as well as to international business.
The ratings of Lloyd’s Syndicate 3000 reflect the financial strength of Lloyd’s, which underpins the security of all Lloyd’s syndicates. In addition, the syndicate’s financial flexibility is enhanced by the continued support of Markel. The syndicate’s capacity for the 2017 year of account has been maintained at GBP 500 million. Syndicate 3000 remains Markel’s main underwriting centre for marine, large U.S. and international property risks and specialty and financial lines written in the London market.
The syndicate has a track record of good underwriting performance and in 2016 reported a profit before tax of GBP 37.6 million. Pre-tax profits are expected to fall in 2017 due to the impact of hurricane losses.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
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