year -- has had some of its Standard & Poors credit ratings lowered.

S&P also predicts that Markel's subsidiary Markel International is unlikely to turn an underwriting profit until 2002.

"Standard & Poor's also assigned its preliminary triple-'B'-minus senior debt, double-'B'-plus subordinated debt, and double-'B' preferred stock ratings to Markel Corp.'s $475 million universal shelf offering registration,'' the agency said. "Standard & Poor's took these rating actions primarily because of concerns about Markel Corp.'s poor earnings, as evidenced by its combined ratio of 114% through the third quarter of 2000. The driver of these concerns is Markel International, which -- through the third quarter of 2000 -- continued to operate below Standard & Poor's expectations because of prior poor underwriting controls on discontinued lines and portions of the continuing programmes.

"...Although capitalisation remains extremely strong at Markel North America, Markel Corp.'s capitalisation...is at the lower end of the strong range because of Markel International's impact.''