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A.M. Best Assigns Debt Ratings to Markel Corporation’s Senior Notes



  A.M. Best Assigns Debt Ratings to Markel Corporation’s Senior Notes

Business Wire

OLDWICK, N.J. -- March 6, 2013

A.M. Best Co. has assigned debt ratings of “bbb+” to the $250 million 3.625%
senior unsecured notes due 2023 and the $250 million 5.0% senior unsecured
notes due 2043, issued under the existing shelf registration of Markel
Corporation (Markel) (Richmond, VA) [NYSE: MKL]. The outlook assigned to both
ratings is stable.

Markel will use the net proceeds from the sale of the notes for general
corporate, including acquisitions.

After the close of the Alterra Capital Holdings Limited [NASDAQ: ALTE]
transaction, which is expected in second quarter 2013, Markel’s total
debt-to-capital ratio is projected to be at a manageable 27%, increasing to
34% when debt is measured to tangible equity. At December 31, 2012, Markel's
stand-alone debt leverage was 28%. Markel’s financial leverage and coverage
ratios remain within A.M. Best’s guidelines for its debt ratings.

At the holding company level, Markel will have pro-forma cash and investments
in excess of $1.0 billion, affording it a significant level of liquidity.

The methodology used in determining these ratings is Best’s Credit Rating
Methodology, which provides a comprehensive explanation of A.M. Best’s rating
process and contains the different rating criteria employed in the rating
process. Best’s Credit Rating Methodology can be found at
www.ambest.com/ratings/methodology.

Founded in 1899, A.M. Best Company is the world’s oldest and most
authoritative insurance rating and information source. For more information,
visit www.ambest.com.

       Copyright © 2013 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

Contact:

A.M. Best Co.
Rick Barracato, 908-439-2200, ext. 5787
Senior Financial Analyst
richard.barracato@ambest.com
or
Joseph Roethel, 908-439-2200, ext. 5630
Assistant Vice President
joseph.roethel@ambest.com
or
Rachelle Morrow, 908-439-2200, ext. 5378
Senior Manager, Public Relations
rachelle.morrow@ambest.com
or
Jim Peavy, 908-439-2200, ext. 5644
Assistant Vice President, Public Relations
james.peavy@ambest.com
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