14 August 2013News

Alterra ratings unmoved by Markel acquisition

A.M. Best has affirmed the ratings of Alterra Bermuda Limited and its affiliated operating companies even as the integration following the company’s acquisition by Markel Corporation continues.

According to the agency, the ratings take into consideration the recent change in ownership, the future benefits to be derived from Alterra's integration into Markel and some of the immediate benefits gained in terms of enhanced scale.

A.M. Best writes: “with integration plans underway, A.M. Best will continue to maintain a dialogue with management to review and discuss Alterra, its future plans and how the Alterra organization will ultimately align with Markel and its existing members.” Until that time, the ratings of Alterra are considered as if this were a “bolt-on” acquisition.