JULY 25, 2018 09:27 AM (EDT)
A.M. Best Assigns Credit Ratings to Markel Insurance SE
|Aneela Mather-Khan |
+44 20 7397 0319
Senior Director, Analytics
+44 20 7397 0281
Manager, Public Relations
+1 908 439 2200, ext. 5159
Director, Public Relations
+1 908 439 2200, ext. 5644
FOR IMMEDIATE RELEASE
LONDON - JULY 25, 2018 09:27 AM (EDT)
A.M. Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a+” to Markel Insurance SE (Germany), the ultimate parent of which is Markel Corporation (Markel). Markel Insurance SE is a member of Markel’s lead rating unit, Markel North America Insurance Group. The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect Markel North America Insurance Group’s balance sheet strength, which A.M Best categorises as strongest, as well as its adequate operating performance, favourable business profile and appropriate enterprise risk management. The ratings also reflect Markel Insurance SE’s strategic importance to and integration within the Markel group, in addition to the substantial reinsurance support the company receives from an affiliate.
Markel Insurance SE, which is domiciled in Germany, enables the group to continue to service policyholders across the European Economic Area (EEA) regardless of the terms of the United Kingdom’s exit from the European Union. The company received regulatory approval from BaFin, the German Federal Financial Supervisory Authority, on 17 July 2018. Markel group’s existing EEA business, currently underwritten by Markel International Insurance Company Limited, will be written by Markel Insurance SE on renewal.
Markel Insurance SE benefits from significant internal reinsurance support in the form of a 90% quota share after third-party reinsurance from Markel Bermuda Limited, an affiliated company.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
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