DUFF & PHELPS: MARKEL CORPORATION $100 MILLION SHELF REGISTRATION PRELIMINARILY RATED 'BBB-'
CHICAGO, Oct. 12 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a preliminary `BBB-' (Triple-B-Minus) rating to Markel Corporation's (Markel) shelf registration for $100 million in debt securities. Markel is a publicly held insurance holding company with $1.1 billion in assets and $121 million in stockholders' equity at June 30, 1993. The company has several property-casualty insurance operations which have established niches in professional and product liability insurance and other specialty property and casualty markets. Markel's primary operating subsidiaries, Evanston Insurance Group and Essex Insurance Group both have claims paying ability ratings of `A+' (Single-A-Plus) with Duff & Phelps Credit Rating Co. The company plans to initially utilize $75 million of the shelf to refinance existing debt and the remaining $25 million will be utilized at a later date. Proceeds from the offering plus approximately $20 million of cash on hand will be used to repay $95 million in outstanding bank debt. After the transaction, Markel's pro forma capitalization mix is allocated: 39.6 percent long-term debt, 0.2 percent preferred stock, and 60.2 percent stockholders' equity. -0- 10/12/93 /CONTACT: James B. Auden, CFA, 312-368-3146, or Timothy A. Bienek, CFA, 312-368-3191, both of Duff & Phelps Credit Rating Co./ (MAKL)
CO: Markel Corporation ST: IN: INS SU: RTG
CK -- NY056 -- 1092 10/12/93 12:21 EDT
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|Date:||Oct 12, 1993|
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