Fitch affirms Markel

Fitch Ratings said it affirmed Markel Corp.'s issuer default rating at BBB+ and its $250 million 6.8% senior notes due Feb. 15, 2013, $200 million 7.35% senior notes due Aug. 15, 2034 and $150 million 7.5% senior notes due Aug. 22, 2046 at BBB.

The outlook is negative.

The affirmation reflects improvement in Markel's capital position thus far in 2009, the agency said, adding that an 8% increase in shareholders' equity through the first six months of 2009 was driven by $49 million of net income and an increase in net unrealized gains of $97 million as credit and investment markets have partially recovered.

The negative outlook reflects the company's above-average exposure to equity markets and the potential for investment market declines in 2009, Fitch said.

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