Very strong business position in excess & surplus (E&S) and specialty admitted lines of business. Strong operating performance in E&S and specialty admitted lines. Geographic diversification with operations in the U.S. and Europe. Strong customer service and underwriting capabilities. Markel's international operations have underperformed, due in large part to adverse reserve development. Financial leverage is somewhat high, albeit consistent with the rating level. Potential integration risk from acquisitions, which are expected over time. The counterparty credit rating on Markel Corp. (Markel) reflects a number of strengths including its very strong business position and operating performance in some of its operating segments, and its geographic diversification. Partially offsetting these strengths are the weak performance in Markel's international operations, especially in the
