On April 17, 2002, Standard & Poor's Ratings Services affirmed its ratings on Markel Corp. (Markel), Markel's U.S. insurance subsidiaries, and Markel International Insurance Co. Ltd. (see list) and revised the outlook to positive from negative. The rating action reflects the historically strong underwriting results of Markel's U.S. insurance operations, its position as a leading writer in the U.S. surplus lines market, and adequate operating company capitalization. Partially offsetting these strengths are the parent's relatively low fixed charge coverage ratio, and the lingering impact on performance of Markel International, the London operations acquired in 2000 with the purchase of Terra Nova (Bermuda) Holdings Ltd. (Terra Nova). The actions also reflect the strong improvement in Markel's earnings during 2002 from the
