Very strong, competitive position in excess and 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 because of adverse legacy reserve development and hurricane losses. Financial leverage is somewhat high but it is consistent with what is expected for the rating level. Possible integration risk from potential acquisitions. Catastrophe risk management is weak but improving. The counterparty credit rating on Markel Corp. (Markel) reflects a number of strengths, including its very strong competitive position and operating performance in most of its operating segments, geographic diversification, and strong underwriting and customer-service capabilities. Partially
