The counterparty credit rating on Markel Corp. (Markel) reflects a number of strengths, including its very strong competitive position and operating performance in most of its operating segments, geographic diversification, and strong underwriting and customer-service capabilities. Partially offsetting these strengths are the weak performance in Markel's international operations, most recently from the 2005 hurricane losses but also from discontinued operations, and the company's somewhat high financial leverage. Catastrophe risk management is also a weakness, but management is making progress to strengthen it. Markel's core strength lies in its very strong operations in the U.S. E&S and specialty admitted markets. Markel is one of the leading E&S carriers in the U.S. and has a strong track record in this market. Its
