Strong competitive position reflects primarily the company's strong presence in U.S. specialty, and excess and surplus lines market, supported by a diversified re/insurance platform Very strong capital adequacy, supported by robust earnings that are in line with those of peers and by prudent reserving Exceptional liquidity supported by its significant liquid investment holdings Potential volatility in operating earnings and capital owing to property catastrophe exposure, long-tail casualty reserves, and relatively high allocation to high-risk assets Acquisitive nature can potentially pressure capitalization Execution risk from pursuit of growth strategy related to non-risk-bearing operations The ratings on Markel Corp. (NYSE:MKL; Markel) reflect its strong business risk profile and strong financial risk profile. The company's credit profile benefits from its large and diversified
