...NEW YORK (Standard & Poor's) Feb. 6, 2002--Standard & Poor's today commented on its ratings on Markel Corp. and subsidiaries (collectively referred to as Markel) following the group's recent earnings announcement. These ratings remain on CreditWatch with negative implications, where they were placed on Sept. 20, 2001, after the group's announcement of a $75 million pretax charge related to the World Trade Center (WTC) event. Markel's operating performance remains below Standard & Poor's expectations, with the group ending 2001 with a net loss of $125.7 million, compared with a net loss of $27.6 million in 2000. The group's 2001 combined ratio was 124%, which is a significant departure from Standard & Poor's expectation of a ratio of less than 110%. Among the main factors leading to Markel's adverse operating performance in 2001 were several reserving, reinsurance recoverable, and other special charges taken by the group at Markel International as well as slower-than-expected underwriting...
