Moody's changes Markel to stable

Moody's Investors Service said it changed its outlook for the debt and financial strength ratings of Markel Corp. to stable from negative.

The change in outlook reflects Moody's view that Markel has sufficient earnings capacity, liquidity and capitalization to support its current ratings (Baa3 senior debt, A3 insurance financial strength), despite the pattern of adverse reserve development that has emerged over the past several years.

Excluding hurricane losses in the third quarter, Markel has reported strong earnings for the first nine months of 2004, which Moody's believes should be sustained in the near term. Moody's noted that the current ratings reflect Markel's strong position in US specialty and excess and surplus property & casualty segments and its long-time focus on quality underwriting results.

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