Fitch rates Markel notes BBB

Fitch Ratings said it affirmed Markel Corp.'s BBB+ issuer default rating and BBB $250 million of 6.8% senior notes due Feb. 15, 2013, $350 million of 7.125% senior notes due Sept. 30, 2019, $200 million of 7.35% senior notes due Aug. 15, 2034 and $150 million of 7.5% senior notes due Aug. 22, 2046.

Fitch assigned a BBB rating to the $250 million of senior notes due May 2021.

The outlook is stable.

The ratings consider pricing and underwriting discipline through market cycles, expertise in a number of specialty property/casualty insurance products and niche markets, conservative reserving practices that contribute to balance sheet strength as well as earnings quality and stability, and a high-quality, liquid fixed-income investment portfolio, the agency said.

The ratings also consider competitive market conditions affecting Markel's core specialty business, the agency added.

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