UK insurer's credit rating boosted to a+

Markel International has welcomed rating agency AM Best’s decision to upgrade the issuer credit rating of its London-based insurer, Markel International Insurance Company Limited (MIICL) to a+ from a.

The rating agency also affirmed the A financial strength rating of MICL and Syndicate 3000, Markel’s Lloyd’s syndicate.

A.M. Best said the rating upgrade reflected MIICL’s excellent stand-alone risk-adjusted capitalisation, which is expected to be maintained in 2010 and 2011, as well as the company’s recent record of good underwriting performance, good management of loss reserves, and its strategic importance for the Markel brand.

“A.M. Best’s rating upgrade reflects the strong underwriting performance and excellent capital strength of MIICL,” said Andy Davies, Markel International’s finance director, in a statement.

“In addition, the identical financial strength rating of MIICL and Markel Syndicate 3000 enables us to offer our clients and brokers a choice of A rated security.”