Fitch Ratings downgraded the debt ratings of Markel International Ltd. and the insurer financial strength ratings of Markel International’s insurance operations and removed them from rating watch negative. The outlook is stable.
Markel International was placed on rating watch negative following Markel’s fourth quarter announcement of an additional $70 million in pretax charges and reserve strengthening at Markel International. Fitch considered the charges to be material and had not anticipated them when the previous ratings were assigned.
No change was made to Markel Corporation’s (Markel) debt ratings or the Markel North America insurer financial strength ratings. The rating outlook is stable for those ratings.
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