Markel Corporation (NYSE:MKL) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
On November 2, 2017, Markel Corporation (the “Company”) entered into a Second Amendment to Credit Agreement (the “Second Amendment”), which amends the Company’s Credit Agreement, dated as of August 1, 2014 (as amended, the “Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto. The Second Amendment increases the leverage ratio under Section 7.1 of the Credit Agreement from “0.375 to 1.00” to “0.39 to 1.00” for the period to and including March 31, 2018. The Company requested the change to provide additional flexibility through the 2018 first quarter for unanticipated future developments, including additional catastrophe events, or greater than anticipated effects from known events.
Under the Second Amendment, the leverage ratio returns to 0.375 to 1.00 beginning April 1, 2018.
The Second Amendment also includes customary provisions that acknowledge and address the powers of European Economic Area (“EEA”) member state bank regulators to write down (including to zero), convert to equity or otherwise modify unsecured liabilities of a failing EEA financial institution arising under the Credit Agreement or any related Credit Document (as defined in the Credit Agreement).
Except as described above, all other material terms of the Credit Agreement remain in effect. The foregoing description of the Second Amendment is qualified in its entirety by reference to the Second Amendment, which is attached hereto as Exhibit10.1 and is incorporated herein by reference.
Item 9.01.Financial Statements and Exhibits.
(d)Exhibits.
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Exhibit No. |
Description |
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Second Amendment to Credit Agreement
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MARKEL CORP ExhibitEX-10.1 2 a10104434_v5xmarkel2ndamen.htm EXHIBIT 10.1 Exhibit Exhibit 10.1Execution VersionSECOND AMENDMENT TO CREDIT AGREEMENTThis SECOND AMENDMENT TO CREDIT AGREEMENT (this “Amendment”),…To view the full exhibit click here
About Markel Corporation (NYSE:MKL)
Markel Corporation is a financial holding company serving a range of markets. The Company’s principal business markets and underwrites specialty insurance products. The Company monitors and reports its ongoing underwriting operations in three segments: U.S. Insurance, International Insurance and Reinsurance. The Company also owns interests in various industrial and service businesses that operate outside of the specialty insurance marketplace. The U.S. Insurance segment includes all direct business and facultative placements written by its insurance subsidiaries domiciled in the United States. The International Insurance segment includes all direct business and facultative placements written by its insurance subsidiaries domiciled outside of the United States, including its syndicate at Lloyd’s. The Reinsurance segment includes all treaty reinsurance written across the Company. Its non-insurance operations include the results of its legal and professional consulting services.