The counterparty credit rating on Markel Corp. (NYSE: MKL) is based on the company's strong competitive position in the excess and surplus (E&S) and specialty admitted lines of business, and its strong operating performance led by Markel North America (MNA). Other strengths include significant deleveraging of the balance sheet and improved enterprise risk management, specifically in catastrophe risk management. Partially offsetting these strengths are Markel's international (MINT) operations' performance (which is good, but not as strong as its North American operations), the potential for adverse reserve development on legacy reserves, and an aggressive investment strategy. Markel has a strong competitive position as a specialty underwriter focusing on hard-to-place risks and benefiting from extensive knowledge and expertise in various specialty niche
