There are significant nonregulated cash and invested assets at Markel Corp.'s holding company level and diversity among regulated subsidiaries in different domiciles. We are raising our ratings on Markel to 'BBB+' from 'BBB' and affirming our ratings on its core operating insurance subsidiaries. The stable outlook reflects our expectation that the group will continue to report strong earnings in line with other specialty peers during the next two years. On July 29, 2015, Standard&Poor's Ratings Services raised its long-term counterparty credit and senior unsecured debt ratings on Virginia-based insurance and reinsurance holding company Markel Corp. by one notch to 'BBB+' from 'BBB'. At the same time, we affirmed our 'BBB+' long-term counterparty credit ratings on intermediate holding companies
