Markel Corp. and Related Entities Ratings Removed from CreditWatch Negative and Lowered

NEW YORK (Standard&Poor's CreditWire) Jan. 26, 2001--Standard&Poor's today removed from CreditWatch its ratings on U.S.-based insurer Markel Corp. and related entities (see list). These ratings had been placed on CreditWatch on Jan. 19, 2001, with negative implications. Standard&Poor's subsequently lowered these ratings. The outlook is negative. Standard&Poor's also assigned its preliminary triple-'B'-minus senior debt, double-'B'-plus subordinated debt, and double-'B' preferred stock ratings to Markel Corp.'s $475 million universal shelf offering registration. Standard&Poor's took these rating actions primarily because of concerns about Markel Corp.'s poor earnings, as evidenced by its combined ratio of 114% through the third quarter of 2000. The driver of these concerns is Markel International, which--through the third

...NEW YORK (Standard & Poor's CreditWire) Jan. 26, 2001--Standard & Poor's today removed from CreditWatch its ratings on U.S.-based insurer Markel Corp. and related entities (see list). These ratings had been placed on CreditWatch on Jan. 19, 2001, with negative implications. Standard & Poor's subsequently lowered these ratings. The outlook is negative. Standard & Poor's also assigned its preliminary triple-'B'-minus senior debt, double-'B'-plus subordinated debt, and double-'B' preferred stock ratings to Markel Corp.'s $475 million universal shelf offering registration. Standard & Poor's took these rating actions primarily because of concerns about Markel Corp.'s poor earnings, as evidenced by its combined ratio of 114% through the third quarter of 2000. The driver of these concerns is Markel International, which--through the third quarter of 2000--continued to operate below Standard & Poor's expectations because of prior poor underwriting controls on discontinued lines and portions of the...

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