Strong competitive position in excess and surplus and specialty admitted lines of business. Strong capital adequacy. Strong liquidity. A decline in underwriting performance because of incurred losses in mortgage insurance (in run-off), high catastrophe losses, and high expense ratio amid a soft pricing environment. Potential for adverse reserve development on workers' compensation and legacy reserves related to A&E. Significant investment risk attributed to high equity exposure and sector concentration. The unsolicited counterparty credit rating on Markel Corp. (NYSE: MKL) is based on the company's strong competitive position in the excess and surplus (E&S) and specialty lines of business, as well as its strong capital adequacy and liquidity. In Standard&Poor's Ratings Services' view, these strengths are partially offset by
