Markel Solvency II model approved by PRA
Markel International, London, December 5, 2015 --- Markel International, the specialist insurer, has received approval from the Prudential Regulation Authority to use its internal model to calculate the Solvency Capital Requirement for its London insurance company, Markel International Insurance Company Ltd from 1 January 2016. Markel is one of the few UK insurance companies to have achieved this.
Internal model approval has also been given to Lloyd’s and, as a result, both Markel’s London insurance company and its Lloyd’s syndicate will benefit from the use of internal models, rather than using the standard formula.
William Stovin, president of Markel International, said: “We are delighted our model has been approved by the PRA. It’s a real achievement and is a resounding endorsement of our management, our controls and our capitalisation.”
For more information:
Markel International + 44 (0)20 7953 6000
Michael Henman, Director of Communications
Notes to Editors:
Markel International Limited is a subsidiary of Markel Corporation, a US-based diverse financial holding company that trades on the New York Stock Exchange (NYSE: MKL). Markel International writes insurance and reinsurance business through offices across the UK, Europe, Canada, Latin America and Asia Pacific. Markel International’s insuring entities include Syndicate 3000, Markel International Insurance Company Limited and Markel Resseguradora do Brasil S.A. Markel International also manages the business of Abbey Protection plc which provides legal expenses and professional fees insurance as well as complementary legal, professional and reinsurance services. For more information please visit us at www.markelinternational.com.