AM Best has affirmed the financial strength rating of A- (excellent) and assigned an issuer credit rating of “a-” to Markel. The outlook for both ratings is stable.

AM Best said the rating reflects Markel's adequate risk-adjusted capitalisation and implicit support from its parent company, Markel Corporation.

The ratings agency added that Markel's underwriting performance, which has been adversely affected by legacy issues, was an offsetting factor.

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