AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “aa-” (Superior) of Lloyd’s Syndicate 3000 (Syndicate 3000) (United Kingdom). The outlook of these Credit Ratings (ratings) is stable.

The ratings of Syndicate 3000 reflect the balance sheet strength of the Lloyd’s market, which AM Best assesses as very strong, as well as the market’s strong operating performance, very favourable business profile and appropriate enterprise risk management. The Lloyd’s market rating is the floor for all policies written at Lloyd’s, reflecting the Lloyd’s chain of security and, in particular, the role of the Central Fund, which partially mutualises capital at the market level.

Markel Group Inc. (Markel) is the ultimate parent company of Lloyd’s Syndicate 3000’s managing agent, Markel Syndicate Management Limited, and of its corporate member, Markel Capital Limited. Syndicate 3000 is important to Markel as its main underwriting centre for marine, professional and financial lines written in the London market. For the 2025 year of account, Markel increased the syndicate’s capacity to GBP 860.9 million from GBP 736.0 million.

The technical performance of Syndicate 3000 has been weaker than that of the overall Lloyd’s market in recent years, with a five-year average combined ratio of 98.2% (2020-2024), compared with 92.0% for the Lloyd’s market. However, the syndicate’s underwriting profitability has improved in 2023 and 2024, translating into combined ratios of 88.4% and 80.5%, respectively. Lloyd's is expected to report strong operating performance across the underwriting cycle, taking into account potential volatility due to its catastrophe exposure.

The business profile of all syndicates is inextricably linked to that of Lloyd’s, which has an excellent position in the global general insurance and reinsurance markets. The collective size of the Lloyd’s market allows Syndicate 3000 to compete under the Lloyd’s brand with international groups. Syndicate 3000 writes a diversified portfolio by geography and line of business with gross written premium of GBP 785.5 million in 2024.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250806246612/en/