On Dec. 21, 2005, Standard & Poor's Ratings Services assigned its preliminary 'BBB-' senior debt, 'BB+' subordinated debt, and 'BB' preferred stock ratings to Markel Corp.'s (NYSE:MKL) recently filed universal shelf. The new shelf has an undesignated notional amount in accordance with the new SEC rules effective Dec. 1, 2005. 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 a number of strengths including its very strong business 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 are the weak performance in Markel's international operations, especially
