On Sept. 17, 2009, Standard&Poor's Ratings Services assigned its 'BBB' unsolicited senior debt rating to Markel Corp.'s (NYSE:MKL; BBB/Negative/--) $350 million, 10-year senior unsecured notes, which the company drew down from the universal shelf it filed on Dec. 18, 2008. We believe the holding company will retain the proceeds of the debt issuance to support general corporate activities; fund the C$75 million acquisition of Elliot Special Risks, a managing general agent in Canada, which is expected to close in October 2009; and pre-fund the $250 million, 6.8% unsecured senior notes due Feb 15, 2013. After paying down the $150 million outstanding on its revolver and issuing the $350 million in senior notes, Markel's June 30, 2009, pro forma
