AM Best Affirms Credit Ratings of Markel Corporation and its Subsidiaries.
ENPNewswire-September 16, 2021--AM Best Affirms Credit Ratings of Markel Corporation and its Subsidiaries
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Release date- 15092021 - AM Best has affirmed the Long-Term Issuer Credit Rating (Long-Term ICR) of 'bbb+' (Good) of Markel Corporation (Markel) (Glen Allen, VA) and affirmed all of its Long-Term Issue Credit Ratings (Long-Term IRs) (see below for a detailed list of Long-Term IRs and indicative Long-Term IRs).
AM Best also has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICRs of 'a+' (Excellent) of all the members of the Markel North America Insurance Group (Markel NA). (See below for a detailed list of companies.) Additionally, AM Best has affirmed the FSR of A (Excellent) the Long-Term ICRs of 'a+' (Excellent) for Markel Bermuda Limited (Hamilton, Bermuda) and its affiliate, Markel Global Reinsurance Company (Delaware) (collectively called Markel Bermuda).
Concurrently, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICRs of 'a+' (Excellent) of State National Insurance Company, Inc. and its subsidiaries, which are referred to as State National Group (State National) (see below for a detailed listing of companies). All State National companies are headquartered in Bedford, TX.
At the same time, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of 'a+' (Excellent) of Lloyd's Syndicate 3000 (Markel Syndicate Management Limited) (Syndicate 3000) (United Kingdom).
The outlook of these Credit Ratings (ratings) is stable.
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, favorable business profile and appropriate enterprise risk management (ERM). 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). The balance sheet strength assessment further considers Markel NA's consistently favorable loss reserve development patterns over time and the effectiveness of its reinsurance program in protecting against major losses associated with large catastrophes. Offsetting these factors somewhat are variability in the capital base resulting from the group's equity investments, as it maintains a level of common stock leverage that is...
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