The counterparty credit rating on Markel Corp. (Markel) reflects a number of strengths, including its very strong competitive position, strong operating performance, geographic diversification, strong underwriting and customer-service capabilities, improved catastrophe risk management, and improved financial leverage. Partially offsetting these strengths are good but relatively weak performance in Markel's international operations (compared with its North American operations) and the potential for adverse reserve development on legacy reserves. Markel's core strength is its very strong operations in the U.S. excess and surplus (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 operating performance in the U.S. E&S market has been very strong, with combined
