Moody's Investors Service said it upgraded the insurancefinancial strength ratings of Markel Corp.'s lead insuranceoperating subsidiaries to "A2" from "A3."
|The rating service said the upgrade reflects the group'simproved capitalization, a commitment to maintain lower financialleverage, and fundamental operating improvements in the group'sLondon insurance market segment.
|Moody's said the action concludes a review for possible upgradethat was initiated on April 9. The outlook for the ratings isstable.
|According to Moody's, the upgrade reflects the Glen Allen,Va.-based company's strong position in specialty and excess andsurplus property-casualty segments, along with its diversified mixof specialty and niche businesses, strong risk adjustedcapitalization, and sustained profitability in recent years,particularly in London.
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