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S&P: Markel outlook to positive
Standard & Poor's said it affirmed the BBB counterparty and issuer credit ratings on Markel Corp., the A ratings on Markel's core subsidiaries and the respective BBB+ counterparty and issuer ratings on Markel's intermediate holding company Alterra Capital Holdings Ltd.
The financial strength ratings on Essentia Insurance Co. were raised to A from A-.
Markel’s outlook was revised to positive from stable. The outlook on Alterra remains stable.
"The rating actions reflect our view of the Markel group's very strong financial risk profile and strong business risk profile," S&P credit analyst Marc Cohen said in a news release.
"We view Markel's capital and future earnings generation capacity as extremely strong following its acquisition and continuing successful integration of Alterra. We believe Markel continues to maintain a moderate risk position profile given its exposure to its reinsurance segment. Our view of Markel and Alterra's susceptibility to capital and earnings volatility is mitigated by the firms' historical and our conservative projection of their future operating results," Cohen added in the release.
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