Markel Announces Debt Offering

RICHMOND, Va., Feb 20, 2003 /PRNewswire-FirstCall via COMTEX/ -- Markel Corporation (NYSE: MKL) announced today it has completed a public offering of $200 million aggregate principal amount of 6.80% senior notes due 2013. The net proceeds of the offering will be used to repay $175 million of indebtedness outstanding under the Company's revolving credit facility and the remaining proceeds will be used for general corporate purposes. Merrill Lynch & Co. is the sole book runner and manager of the offering which is expected to close on February 25, 2003. A written prospectus relating to the offering may be obtained by contacting the Merrill Lynch prospectus department at 4 World Financial Center, New York, New York.

A shelf registration statement relating to these securities has been filed with the Securities and Exchange Commission and has become effective. This announcement is not an offer to sell or a solicitation of an offer to buy the senior notes, nor will there be any offering or sale of the senior notes in any state where such offering or sale would be unlawful.

Markel Corporation markets and underwrites specialty insurance products and programs to a variety of niche markets. In each of these markets, the Company seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting profits and superior investment returns to build shareholder value.

SOURCE Markel Corporation

CONTACT:          Bruce A. Kay of Markel Corporation, +1-804-747-0136

URL:              http://www.markelcorp.com
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