Markel Corp. has a strong competitive position in excess and surplus and specialty admitted lines of business, and it enjoys strong capital adequacy and liquidity. We have affirmed our 'BBB' unsolicited counterparty credit rating on Markel. The outlook remains negative, reflecting our view that Markel's operating performance has weakened because of soft market conditions and its One Markel initiative expenditures that continue to affect its earnings. On Aug. 25, 2010, Standard&Poor's Ratings Services affirmed its 'BBB' unsolicited counterparty credit rating on Markel Corp (NYSE:MKL). The outlook on Markel remains negative. The affirmation reflects Markel's strong competitive position in the excess and surplus (E&S) market as a specialty underwriter focusing on hard-to-place risks. Markel is one of the leading
