Fitch Ratings Downgrades Markel International.Business Editors CHICAGO--(BUSINESS WIRE)--Feb. 27, 2002 Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has downgraded the debt ratings of Markel International Ltd. and the insurer financial strength ratings of Markel International's insurance operations. At the same time, these ratings were removed from Rating Watch Negative. The Rating Outlook is Stable. The ratings affected are listed in the table below. The Markel International ratings had been placed on Rating Watch Negative following Markel's fourth quarter announcement of an additional $70 million in pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern charges and reserve strengthening at Markel International. Fitch fitch: see polecat. considered the charges to be material and had not anticipated them when the previous ratings were assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. . Therefore, Fitch placed the ratings on Rating Watch Negative pending a detailed review of Markel International's operating performance and capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. with Markel's management. Following this review, Fitch believes that Markel International's operating performance and capitalization do not support the current ratings. No change was made to Markel Corporation's (Markel) debt ratings or the Markel North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. insurer financial strength ratings. The Rating Outlook is Stable for those ratings. Markel Corporation markets and underwrites specialty insurance products and programs to a variety of niche markets A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. . In each of these markets, the company seeks to provide quality products and excellent customer service so that it can be a market leader. Entity/Issue/Type/Action/Rating Markel International Ltd. --Long-term issuer rating Downgrade 'BB'; --Senior debt Downgrade 'BB'; --Rating Watch Removed from Negative; --Rating Outlook Assigned Stable. Terra Nova Insurance Company Ltd. --Insurer financial strength rating Downgrade 'BBB+'; --Rating Watch Removed from Negative; --Rating Outlook Assigned Stable. Terra Nova (Bermuda) Insurance Company --Insurer financial strength rating Downgrade 'BBB'; --Rating Watch Removed from Negative; --Rating Outlook Assigned Stable. |
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