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 companys 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 Bests 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 Bests Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Bests Credit Ratings. For information on the proper media use of Bests Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Bests Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.
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