Markel Corp.'s operating subsidiaries have strengthened their competitive position and reported strong operating performance while maintaining an extremely strong capital and earnings profile. We are affirming all of our ratings on Markel Corp. and its subsidiaries. The outlook on Markel Corp. remains stable. We are revising our outlook on Markel's operating subsidiaries to positive from stable. The positive outlook reflects our view that the subsidiaries' business risk profile is strengthening and could be more in line with higher-rated peers over the next 12-24 months if the group continues to enhance its business platform and report strong operating performance. On July 21, 2016, S&P Global Ratings affirmed its 'BBB+' counterparty credit and senior unsecured debt ratings on Markel Corp. with a
