Markel Corp. and Related Entities Ratings Placed on CreditWatch with Negative Implications

NEW YORK (Standard&Poor's CreditWire) Jan. 19, 2001--Standard&Poor's today placed its ratings on Markel Corp. (Markel) and related entities (see list) on CreditWatch with negative implications. These rating actions are based on Standard&Poor's concerns about prospective earnings, capitalization, and leverage at Markel Corp., the holding company. The driver of these concerns is Markel International (formerly Terra Nova), which--through the third quarter of 2000--continued to operate below Standard&Poor's expectations. Partially offsetting these concerns is the continuing strong performance of Markel North America, which continues to outperform its U.S. competitors. Standard&Poor's will have discussions with Markel management in the near future to resolve the ratings' CreditWatch status and to address its plans to

...NEW YORK (Standard & Poor's CreditWire) Jan. 19, 2001--Standard & Poor's today placed its ratings on Markel Corp. (Markel) and related entities (see list) on CreditWatch with negative implications. These rating actions are based on Standard & Poor's concerns about prospective earnings, capitalization, and leverage at Markel Corp., the holding company. The driver of these concerns is Markel International (formerly Terra Nova), which--through the third quarter of 2000--continued to operate below Standard & Poor's expectations. Partially offsetting these concerns is the continuing strong performance of Markel North America, which continues to outperform its U.S. competitors. Standard & Poor's will have discussions with Markel management in the near future to resolve the ratings' CreditWatch status and to address its plans to improve earnings and capitalization in 2001. -- CreditWire OUSTANDING RATINGS PLACED ON CREDITWATCH WITH NEGATIVE IMPLICATIONS Markel Corp. Counterparty credit rating...

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