LONDON–(Business Wire)–
A.M. Best Co. has upgraded the issuer credit rating to “a+” from “a” and
affirmed the financial strength rating of A (Excellent) of Markel International
Insurance Company Limited (MIICL) (United Kingdom).The outlook for both ratings
is stable.
The rating upgrade reflects MIICL`s excellent stand-alone risk-adjusted
capitalisation, recent record of good underwriting performance and good
management of loss reserves. Since the acquisition by its publicly listed
ultimate parent company, Markel Corporation (Markel), MIICL has followed a
conservative approach to reserving each year, resulting in favourable
development of prior years` reserves. Additionally, the risk of further
deterioration in the reserves for business written before 2002 continues to
diminish. The ratings also take into consideration the implicit and explicit
financial support provided by Markel and the company`s strategic importance to
the Markel group.
MIICL is expected to maintain excellent stand-alone risk-adjusted capitalisation
in 2010 and into 2011, supported by solid operating performance and taking into
account planned dividend payments to its parent company. In addition, MIICL
benefits from the explicit support and financial flexibility of Markel, which
has contributed capital of approximately USD 200 million since acquiring the
company. MIICL and Lloyd`s Syndicate 3000 account for over one-third of the
Markel group`s gross premium income and provide the group with access to UK,
London market and international business.
MIICL is expected to report a good pre-tax profit for 2010, supported by solid
underwriting and investment earnings. In 2009 the company reported a pre-tax
profit of USD 90.5 million as a result of a strong underwriting performance,
assisted by significant favourable development of prior years` loss reserves,
and substantial unrealised investment gains. Underwriting performance in 2010 is
likely to be weaker, given the challenging conditions in the company`s core UK
market. However, a combined ratio below 100% is anticipated (2009: 90%),
reflecting the likely availability of good, albeit reduced, prior year reserve
releases and the company`s prudent approach to cycle management.
MIICL has a good position as a specialist underwriter of professional liability
and property insurance in the UK and London market. In addition, almost 7% of
gross written premium is derived from Europe through branch offices in Spain and
Sweden. MIICL underwrites a well-diversified portfolio and leads approximately
75% of its business. Retail business is expected to represent 26% of gross
written premium in 2010, professional and financial risks 24%, property 20%,
specialty 12% and marine 12%.
For Best`s Credit Ratings, an overview of the rating process and rating
methodologies, please visit www.ambest.com/ratings.
The principal methodologies used in determining these ratings, including any
additional methodologies and factors that may have been considered, can be found
at www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is a global full-service credit rating
organization dedicated to serving the financial and health care service
industries, including insurance companies, banks, hospitals and health care
system providers. For more information, visit www.ambest.com.
A.M. Best Company
Analysts
David Drummond, +(44) 20 7626 6264
david.drummond@ambest.com
or
Deniese Imoukhuede, +(44) 20 7626 6264
deniese.imoukhuede@ambest.com
or
Public Relations
Jim Peavy, +(1) 908-439-2200, ext. 5644
james.peavy@ambest.com
or
Rachelle Morrow, +(1) 908-439-2200, ext. 5378
rachelle.morrow@ambest.com
Copyright Business Wire 2010
‘Romantic’ road rage ‘causes 2.5m car accidents in UK”
London, Apr 21 (ANI): While Tiger Woods hit headlines and got into big trouble when he crashed his car into a tree after a row with wife Elin, a new research has revealed that such scenarios are quite common.
Driving after a heated row with a partner has been responsible for nearly 2.5million accidents, according to the survey carried out by insurance company More Than.
One in 12 of drivers in relationships admitted crashing following a tiff, with one in three saying they have seen red and taken off in their car following an argument.
As many as 36 per cent of drivers pay less attention to the road after a quarrel and 19 per cent said they drove erratically as a result of a row, says the survey of 1,183 motorists.
Psychologist Honey Langcaster-James said triggers for a crash ranged from a partner”s snide comments and silent treatment to blazing rows that could require up to an hour”s cool-off time before motorists should get behind the wheel.
“Being upset, angry or frustrated with a partner or lover is a sure-fire way to distract from safe and responsible driving,” the Daily Mail quoted her as saying.
“With personal issues racing through their mind, drivers are at risk of subconsciously releasing tension by driving fast, or on the other hand being distracted by their heartache.
“The acute emotional turmoil that a blazing row causes can lead a driver to speed, behave aggressively toward other drivers, drive too close to other vehicles and take unnecessary risks such as overtaking when it”s dangerous,” she added.
Mark Christer, from More Than said: “It”s vital that drivers understand how getting behind the wheel in an overly emotional state could be the cause of a serious, or even fatal, accident.” (ANI)