A.M. Best Assigns Rating to Markel Corporation Senior Notes

A.M. Best has assigned an issue rating of “bbb+” to Markel Corporation’s (Markel) (Glen Allen, VA) [NYSE:MKL] recently announced $400 million 5.00% senior unsecured notes due 2046. The outlook assigned to the rating is stable.

Following the notes issue, financial leverage and coverage measures at Markel will be within A.M. Best’s guidelines for the assigned rating. Markel intends to use the proceeds, in part, to retire its 7.2% senior notes when they mature in 2017 and to tender for the redemption of its senior notes maturing in 2019 and 2034. The balance of the proceeds will be used for general corporate purposes.

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