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The counterparty credit and financial strength ratings on Investors Insurance Co. of America were withdrawn.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.
Was this article valuable?
Here are more articles you may enjoy.
Morgan & Morgan Plans to Spend $1B on AI Platform in Coming Years 
Florida OIR Approves Four More HO Rate Cuts as Citizens Keeps Shrinking 
‘Most Successful’ Hole-in-One Prize Insurance Operator Pleads Guilty to Fraud 
FEMA’s New Flood Maps Means More Homes Require Flood Insurance: Cotality From This Issue
