Markel Corp. has a strong competitive position anchored by its solid presence in U.S. specialty, and in the excess and surplus (E&S) lines market. We expect diversified earnings to improve, helped by the expansion of insurance earnings and a higher contribution from non-insurance/fee-based businesses. Efforts to curtail property-catastrophe risks have resulted in an improved volatility profile. We are affirming our 'BBB' issuer credit rating on Markel and our 'A' long-term ratings on the company's operating subsidiaries. The stable outlook reflects our expectation that the company's diversified earnings will support a strong competitive position and risk-adjusted capitalization that is redundant at the 'A' confidence level, despite Markel's acquisitive strategy. On July 1, 2021, S&P Global Ratings affirmed its 'BBB' long-term issuer
