S&P lowered its ratings on Markel Corp. and related entities. In addition, the CreditWatch with negative implications which S&P placed on the companies was removed. The counterparty credit and financial strength ratings on Terra Nova (Bermuda) Insurance Co. Ltd. were downgraded from “A” to “BBB.” CreditWatch implications were revised from developing to negative. The ratings action follows the close of Markel’s acquisition of Terra Nova group companies.
The counterparty credit and financial strength ratings on Investors Insurance Co. of America were withdrawn. Prior to Investors’ sale to Lumbermens Mutual Casualty Co., all existing liabilities were reinsured to an operating affiliate while Markel retained renewal rights.
In addition, S&P lowered the counterparty and financial strength ratings on Compagnie de Reassurance d’Ile de France to its stand-alone rating of “BBB-” from “A-.” CreditWatch implications were revised from negative to developing.
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