On Nov. 15, 2023, we published our revised criteria for analyzing insurers' risk-based capital (see "Insurer Risk-Based Capital Adequacy--Methodology And Assumptions"). The implementation of the revised criteria has not affected our view of the financial strength of Markel Group Inc. and its operating subsidiaries (collectively, Markel). Therefore, we affirmed all our ratings on Markel. The stable outlook reflects our expectation that Markel will continue to enhance its insurance and noninsurance operations, and that it will sustain its strong competitive position supported by diversified earnings. At the same time, we assigned our 'BBB' issue-level rating to Markel's newly issued 30-year 6.0% $600 million senior notes. On May 14, 2024, S&P Global Ratings affirmed its 'BBB' issuer credit rating on Markel Group
