Markel maintains ratings
AM Best has affirmed Markel Corporation’s long-term issuer credit rating (ICR) of “bbb+” (Good). It also maintained its financial strength rating (FSR) of A (Excellent) and long-term ICRs of “a+” (Excellent) for all the members of the Markel North America Insurance Group.
The outlook of the credit ratings is stable, according to the agency.
“The ratings of Markel NA, which is considered the lead rating unit in the Markel enterprise, reflect its balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, favourable business profile and appropriate enterprise risk management (ERM),” according to AM Best.
“The balance sheet strength assessment for Markel NA is supported by its risk-adjusted capital level, which is in the strongest category, as measured by Best’s Capital Adequacy Ratio (BCAR).”
It added: “Markel NA’s adequate operating performance assessment is based on its underwriting results, which generally outperform peers by a significant margin based on better-than-average loss and loss adjustment expense ratios.”
This week Markel’s specialty business opened a new Paris office aimed at small and medium-sized enterprises in the French Market. Markel will partner with a regional network of independent brokers to offer three core product lines tailored for French SMEs: professional indemnity, cyber risk, and directors and officers liability.
