S&P downgrades Markel's corporate rating to BBB

Standard & Poor's (S&P) has lowered Markel's
corporate rating by one step from BBB+ to BBB following the
company's announcements yesterday that it would acquire State
National for $919mn in cash and an industrial farm based in Miami
for an estimated $255mn.
The ratings agency said the downgrade of Markel's long-term
counterparty credit and senior unsecured debt ratings reflected
both purchases as well as "the potential for additional large
transactions in the next few years, which will n