Markel Corp. has maintained extremely strong capital and future earnings potential with a moderate risk position. We view Essentia Insurance Co. as core to the Markel group. We are raising our ratings on Essentia to 'A' from 'A-' and affirming all our other ratings on Markel Corp. and its related entities. At the same time, we are revising the outlook on Markel Corp. to positive from stable. The positive outlook reflects Markel's expected earnings and diversification benefits from fully integrating Alterra Capital Holdings Ltd.'s operations. On July 1, 2014, Standard&Poor's Ratings Services affirmed its 'BBB' counterparty and issuer credit ratings on Markel Corp., its 'A' ratings on Markel's core subsidiaries, and its respective 'BBB+' counterparty and issuer ratings
