London (1) London New York Robert S. Smith Allerton G. Smith Director Senior Director Moody's Analytics UK - Insurance Capital Markets Research Group Moody's Analytics Moody's Analytics JOURNALISTS: 44 20 7772 5456 JOURNALISTS: 212-553-0376 SUBSCRIBERS: 44 20 7772 5454 SUBSCRIBERS: 212-553-1653 Moody’s Analytics affirms the A- (Good) Continuity Opinion of Lloyd’s Syndicate 3000; outlook changed to stable. LONDON, 21st July 2014 – Moody's Analytics (Moody’s) today affirmed the A- (Good) Continuity Opinion of Lloyd's syndicate 3000 (Markel Syndicate Management Limited) following affirmation by Moody’s Investors Service of the A2 Insurance Financial Strength Ratings of Markel Corporation’s main operating companies with a stable outlook, confirmation of syndicate 3000’s 2014 capital ratio and publication of its 2013 annual results. The outlook for the Continuity Opinion has been changed to stable. Syndicate 3000, ultimately 100% backed by Markel Corporation and with a 2014 capacity of £500m following the merger of Alterra syndicate 1400 into the syndicate for 2014, writes a Non-Marine orientated, composite account. Syndicate 3000 is run as a joint operation alongside Markel International Insurance Company as Markel International. The syndicate recorded a profit of 15% of Net Premium Earned (NPE) on an annually accounted basis for 2013 on a combined ratio of 90% (including forex). Moody’s stated that, in terms of reported results, on a cross-cycle basis syndicate 3000 recorded average profits of 18% of NPE for 2005 to 2013 under annual accounting. The syndicate had performed in line with higher- end B+ (Above Average) continuity opinion benchmark returns in terms of indicative average annual returns on capital on a cross-cycle basis, with its overall benchmark, scorecard assessment, including group support, A- (s) under Moody’s scorecard methodology based on indicative annual returns on capital. Moody’s commented that on a proforma, combined basis, the merged syndicates’ results of syndicate 3000 and syndicate 1400 for 2005 to 2013, in terms of indicative average annual returns on capital, were in line with lower-end B+ continuity opinion benchmark returns, with the overall benchmark, scorecard assessment, including group support, B+ (s). However, with syndicate 3000’s underwriters primarily responsible for all of the combined syndicate’s book for 2014, with the exception in particular of the Personal Accident Catastrophe and Casualty Treaty lines, Moody’s commented that emphasis was being placed on syndicate 3000’s track record, albeit with an allowance for some limited execution risk in terms of re-underwriting a significant proportion of syndicate 1400’s book and integration risk in terms of the Personal Accident Catastrophe and Casualty Treaty books being merged in. Moody’s continued that the combined syndicate was considered core to Markel at circa 20% of proforma 2013 Net Premium earned and that affirmation of the group’s main operating companies’ financial strength ratings at A2 with a stable outlook by Moody’s Investors Service in May 2014 underpinned the additional support factored into the A- (Good) Continuity Opinion assigned by Moody’s Analytics to syndicate 3000. With syndicate 3000’s scorecard assessment based on indicative annual returns on capital A- (s) and the affirmation of the group’s main operating companies’ financial strength ratings at A2, stable outlook by Moody’s Investors Service, Moody’s Analytics has therefore affirmed syndicate 3000’s A- (Good) Continuity Opinion and changed the outlook to stable, reflecting Moody’s Analytics view of relative performance and continuity prospects for the syndicate over the insurance cycle. The last action was in October 2013 when the outlook for the syndicate’s A- (Good), Continuity Opinion was changed to negative. Markel Syndicate 3000 is a Non-Marine orientated, composite syndicate, ultimately backed 100% by Markel Corporation, which operates within the Lloyds of London insurance market. * * * © 2014 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved. 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