AM Best has assigned a Long-Term Issue Credit Rating of “bbb-” to the recently announced $600 million 6.0% non-cumulative preferred stock issued by Markel Corporation (Markel) (Glen Allen, VA) [NYSE: MKL]. The outlook assigned to this Credit Rating (rating) is stable.

Proceeds from the offering will be used for general corporate purposes. Markel maintains financial leverage and coverage measures that are within AM Best’s guidelines for this rating. All other existing ratings of Markel and its subsidiaries remain unchanged.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Ana Daley Financial Analyst +1 908 439 2200, ext. 5326 ana.daley@ambest.com

Christopher Sharkey Manager, Public Relations +1 908 439 2200, ext. 5159 christopher.sharkey@ambest.com

Jennifer Marshall Director +1 908 439 2200, ext. 5327 jennifer.marshall@ambest.com

Jim Peavy Director, Public Relations +1 908 439 2200, ext. 5644 james.peavy@ambest.com

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