On July 1, 2008, Standard&Poor's Ratings Services raised its counterparty credit rating on Markel Corp. (NYSE: MKL) to 'BBB' from 'BBB-'. The outlook is stable. The upgrade is based on Markel's strong competitive position in excess and surplus (E&S) and specialty admitted lines of business, strong operating performance led by Markel North America (MNA), significant deleveraging of the balance sheet, and improved enterprise risk management, specifically in catastrophe risk management. Partially offsetting these strengths are Markel's international (MINT) operations' performance (which is good, but not as strong as its North American operations), the potential for adverse reserve development on legacy reserves, and an aggressive investment strategy. Markel has a strong competitive position as a specialty underwriter focusing on
