Standard & Poor’s has placed its ratings on Markel Corp. and related entities on CreditWatch with negative implications. These rating actions are based on Standard & Poor’s concerns about prospective earnings, capitalization and leverage at Markel Corp., the holding company.
The driver of these concerns is Markel international (formerly Terra Nove), which, through the third quarter of 2000, continued to operate below Standard & Poor’s expectations. Partially offsetting these concerns is the continuing strong performance of Markel North America, which continues to outperform its U.S. competitors. Standard & Poor’s will have discussions with Markel management in the near future to resolve the ratings’ CreditWatch status and to address its plans to improve earnings and capitalization in 2001.
Was this article valuable?
Here are more articles you may enjoy.
Vehicle Complexity Complicates Auto Valuation, Says JD Power 
Viewpoint: Why Brokers Have Little to Fear and Everything to Gain From AI 
State Farm Agrees to $15M Settlement for Underpaid Vehicle Claims 
Florida Needs More – Much More – Wind Mitigation, Say Experts at OIR Summit 
