Markel Corp. is selling $600 million of its 5.000% senior notes due May 20, 2049.

The offering is expected to settle on or about May 20. Interest is payable May 20 and Nov. 20 of each year, starting Nov. 20.

The company expects $592.2 million in net proceeds before expenses, and it intends to use the money to retire its 7.125% unsecured senior notes due Sept. 30 and for general corporate purposes, including acquisitions.

Citigroup Global Markets Inc. and Wells Fargo Securities LLC are the joint book-running managers, while Barclays Capital Inc. and J.P. Morgan Securities LLC are the senior co-managers. BB&T Capital Markets, BNY Mellon Capital Markets LLC, BofA Securities Inc., Capital One Securities Inc., Loop Capital Markets LLC and SunTrust Robinson Humphrey Inc. are the co-managers.