What’s New: In Brief (September 24, 2009)

A.M. Best Co. has assigned a debt rating of “bbb+” to the new issuance of $350 million worth of 7.125%, 10-year senior unsecured notes of Markel Corporation, due 2019. The assigned outlook is stable, A.M. Best reports.Proceeds from the current offering will be used for general corporate purposes, including acquisitions, the ratings agency notes. “It is expected that some of the capital raised will be used to fund the acquisition of Elliot Special Risks, a managing general agency in Canada, for approximately Cdn$75 million, in a deal that is expected to close Oct. 1, 2009,” BestWire reports.

York Fire & Casualty is maintaining its investment as full partner of the Broker Identity Program (BIP) for 2009.The cornerstone of the program is the BIP symbol, known as “the BIPPER,” designed to capture the value that insurance brokers bring to their clients (i.e. coverage and security).