...- Markel Corp. has a strong presence in the U.S. specialty and excess and surplus (E&S) lines market and benefits from a diversified re/insurance platform and a growing portfolio of fee-based and non-insurance investments. - The company's very strong capital adequacy is partially offset by volatility owing to property catastrophe exposure, long-tail casualty reserves, and a relatively high allocation to high-risk assets. - Furthermore, Markel's acquisition and growth strategy comes with execution risk. - We are affirming our ratings on Markel and its subsidiaries (collectively, Markel), and its debt securities, including our '###' long-term issuer credit rating on Markel and our 'A' long-term insurer financial strength and issuer credit ratings on Markel's core subsidiaries. - The stable outlook is predicated on Markel's diverse operating platform driving robust earnings, which will support improvement in prospective capitalization that is redundant at a '##' confidence level despite the...
