AM Best Assigns Indicative Issue Credit Ratings to Markel Corporation’s New Shelf Registration
March 31 2021 - 7:32AM
Business Wire
AM Best has assigned indicative Long-Term Issue Credit
Ratings of “bbb+” to senior unsecured issues, “bbb” to subordinated
issues and “bbb-” to preferred stock to the recently filed shelf
registration of Markel Corporation (Markel) (Glen Allen, VA) [NYSE:
MKL]. The outlook assigned to these Credit Ratings (ratings) is
stable. Concurrently, AM Best has withdrawn the ratings on the
previous shelf registration. The existing ratings of Markel and its
insurance subsidiaries are unchanged.
Financial leverage, as calculated by AM Best, was at 23.7% at
year-end 2020, within Markel’s targets. Earnings before interest,
preferred dividends and taxes interest coverage has been strong,
averaging 3.9 times over the past three years, albeit declining to
2.9 times in 2020. AM Best expects Markel’s coverage ratio to
remain within guidance. The company’s 2020 net operating earnings
results were affected meaningfully by net claim losses associated
with natural catastrophes and by pandemic-related event
cancellation and business interruption and other claim losses
sustained by its international and US insurance and reinsurance
operations.
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 Recent Rating
Activity web page. For additional information regarding the use and
limitations of Credit Rating opinions, please view Guide to Best’s
Credit Ratings. For information on the proper media use of Best’s
Credit Ratings and AM Best press releases, please view Guide for
Media - Proper Use of Best’s Credit Ratings and AM Best Rating
Action Press Releases.
AM Best is a global credit rating agency, news publisher and
data analytics provider specializing in the insurance industry.
Headquartered in the United States, the company does business in
over 100 countries with regional offices in London, Amsterdam,
Dubai, Hong Kong, Singapore and Mexico City. For more information,
visit www.ambest.com.
Copyright © 2021 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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version on businesswire.com: https://www.businesswire.com/news/home/20210331005589/en/
Alan Murray Senior Financial Analyst +1 908 439 2200,
ext. 5535 alan.murray@ambest.com
Jennifer Marshall Director +1 908 439 2200,
ext. 5327 jennifter.marshall@ambest.com
Christopher Sharkey Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Jim Peavy Director, Communications +1 908 439
2200, ext. 5644 james.peavy@ambest.com
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