The counterparty credit rating on Markel Corp. (Markel) reflects a number of strengths including its very strong business position and operating performance in some of its operating segments, and its geographic diversification. Partially offsetting these strengths are the weak performance in Markel's international operations, especially in the discontinued operations, and the company's somewhat high financial leverage. Markel's core strength lies in its very strong operations in the U.S. excess and surplus (E&S) and specialty admitted markets. Markel is third in market share in the U.S. E&S market and has a strong track record in this market. Operating performance in U.S. E&S has been very strong, with combined ratios of 87% and 90% in 2004 and 2003, respectively. The specialty admitted
