Fitch give Markel an upgrade

by Richard Kilner

Story link: Fitch give Markel an upgrade

Fitch Ratings today improved Markel International Insurance Company Limited’s IFS rating from A- to A (with a positive outlook), following the recent upgrade of Markel by A.M. Best

MIICL is now on a par with Markel North America, Fitch said, and marks substantial development the firm has made recently, including the construction of a reserve buffer and commuting reinsurance recoverables.

Fitch also predicted that in the future the underlying performance of MIICL would be boosted by reserve releases that would lead to commensurate returns with which the rest of the group performed in 2007-8.

Fitch added that the grounds for the positive outlook for MIICL were that it had performed well in underwriting despite a difficult market environment, going on to say that if the firm outperforms its rivals in 2008 then an upgrade would probably occur.

The firm’s finance director, Andy Davies, expressed MIICL’s delight at the upgrade.