Moody's Investors Service said it upgraded the insurance financial strength ratings of Markel Corp.'s lead insurance operating subsidiaries to "A2" from "A3."

The rating service said the upgrade reflects the group's improved capitalization, a commitment to maintain lower financial leverage, and fundamental operating improvements in the group's London insurance market segment.

Moody's said the action concludes a review for possible upgrade that was initiated on April 9. The outlook for the ratings is stable.

According to Moody's, the upgrade reflects the Glen Allen, Va.-based company's strong position in specialty and excess and surplus property-casualty segments, along with its diversified mix of specialty and niche businesses, strong risk adjusted capitalization, and sustained profitability in recent years, particularly in London.

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