On Aug. 14, 2006, Standard & Poor's Ratings Services assigned its 'BBB-' senior debt rating to Markel Corp.'s (Markel) proposed $100 million to $150 million callable senior debentures due 2046. At the same time, Standard & Poor's affirmed its 'BBB-' counterparty credit rating on Markel. The outlook remains stable. The counterparty credit rating on Markel reflects its very strong competitive position and operating performance (excluding a large hurricane loss in third-quarter 2005) in some of its operating segments and its geographic diversification. Partially offsetting these strengths is the relatively weak performance in Markel's international operations, especially in the discontinued operations, the company's somewhat high financial leverage, and recent earnings volatility from hurricane losses. Standard & Poor's expects this issue to
