AM Best Assigns Issue Credit Rating to Markel Group Inc.’s Senior Unsecured Notes
The proceeds will be used for general corporate purposes, which may include the redemption of Markel’s
Markel’s financial leverage, as calculated by AM Best, was in the low-to-mid 20% range at year-end 2023 and will remain in the mid 20% range following the new debt offering. Earnings before interest and taxes (adjusted for capital gains/losses run through the income statement) coverage of interest expenses and preferred dividends has been strong, averaging 6.4 times over the past three years, albeit declining to 6.0 times in 2023.
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 use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments .
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Source: AM Best