UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) January 8, 1997
MARKEL CORPORATION
(Exact name of registrant as specified in its charter)
Virginia 0-15458 54-0292420
(State or other jurisdiction of (Commission (I.R.S. employer
incorporation or organization) file number) identification number)
4551 Cox Road, Glen Allen, Virginia 23060-3382
(Address of principal executive offices)
(Zip code)
(804) 747-0136
(Registrant's telephone number, including area code)
NONE
(Former name, former address and former fiscal year,
if changed since last report)
Item 5. Other Events
Markel Corporation announced January 8, 1997 that it has arranged for the
sale of $150 million of 8.71% Capital Securities to be issued by Markel Capital
Trust I, a statutory business trust sponsored by Markel Corporation. Proceeds
from the sale of Capital Securities will be used to purchase Markel
Corporation's 8.71% Junior Subordinated Deferrable Interest Debentures due
January 2046. The Capital Securities and related Debentures may be redeemed on
or after Jaunuary 1, 2007.
Markel plans to use the net proceeds of the offering to reduce indebtedness
and for general corporate purposes.
The Capital Securities will not be registered under the Securities Act of
1933, as amended, and may not be offered or sold in the United States absent
registration or an applicable exemption from registration requirements.
The Company also reported that in mid-December 1996 it arranged for a $150
million syndicated revolving credit facility. This facility replaced the
Company's previous $40 million revolving credit agreements.
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.
Item 7. Financial Statements and Exhibits
c) Exhibits
The Exhibits listed on the Exhibit Index are filed as part of this report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
MARKEL CORPORATION
Date: January 8, 1997 By: Darrell D. Martin
----------------------
Executive Vice President and
Chief Financial Officer
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EXHIBIT INDEX
Exhibit No. Page No.
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10 Credit Agreement dated as of December 18, 1996 by and among Markel
Corporation, the Lenders named therein and First Union National Bank of
North Carolina, as Agent.
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