AM Best Comments on Credit Ratings of Markel Corporation and Its Subsidiaries

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has commented that the Credit Ratings (ratings) of Markel
Corporation [NYSE: MKL] (headquartered in Richmond, VA) and its
insurance operating subsidiaries are unchanged by the company’s
statement that it is fully cooperating with inquiries received from U.S.
and Bermuda authorities regarding loss reserves recorded at Markel CATCo
Investment Management Ltd. and its subsidiaries in late 2017 and 2018.
The inquiry does not involve any other Markel Corporation companies,
including any subsidiary rated by AM Best. Markel has retained outside
counsel to conduct an internal review.

No rating actions are being taken at this time as the information
available does not warrant any such action. AM Best will continue to
monitor the situation and take rating action if it becomes appropriate.

This press release relates to Credit Ratings that have been published
on AM Best’s website. For all rating information relating to the release
and pertinent disclosures, including details of the office responsible
for issuing each of the individual ratings referenced in this release,
please see AM Best’s
Rating Activity
web page. For additional information
regarding the use and limitations of Credit Rating opinions, please view
Best’s Credit Ratings
. For information on the proper media
use of Best’s Credit Ratings and AM Best press releases, please view
for Media – Proper Use of Best’s Credit Ratings and AM Best Rating
Action Press Releases

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Jennifer Marshall, CPCU, ARM
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Christopher Sharkey
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Michael Lagomarsino, CFA, FRM
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908 439 2200, ext. 5810

Jim Peavy
Director, Public Relations
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439 2200, ext. 5644