NYSE: MKL

The Company's architecture is intentionally designed to promote long-term decision making. Diverse cash flows across Markel Group provide financial strength. If one business faces headwinds, others can continue generating cash flow, enabling the Company to continuously pursue attractive opportunities. Low levels of debt reduce outside pressures that could otherwise force short-term actions. Decentralized leadership allows each business to adapt quickly to best serve its customers.

This long-term orientation is rooted in, and guided by, the Company's culture, known as The Markel Style. The Markel Style is built on simple ideas: treat people fairly, act with integrity, and commit to winning over the long term. These principles guide decisions across the Company, serving as a shared set of values that foster excellence and consistency across independent businesses, all while allowing each business to retain its entrepreneurial spirit.

Relentlessly Compounding Shareholder Capital

A key principle of The Markel Style is building the value of the Company for shareholders. The design of Markel Group supports this goal by (i) owning businesses that generate positive cash flows and (ii) redeploying those cash flows for additional growth.

Achieving this goal requires the ability to redeploy capital efficiently, with low friction and at attractive rates, across a large and diverse opportunity set. Markel Group has developed the skill and capability to do so in multiple ways:

•Reinvesting in existing businesses

•Acquiring majority-owned businesses

•Investing in publicly traded companies

•Repurchasing Markel Group shares

In making new investments, Markel Group applies the same four-part test that has guided it for decades, regardless of where capital is deployed. The Company looks for businesses with:

•Good returns on capital while using modest amounts of debt

•Management teams with equal parts talent and integrity

•Meaningful opportunities for reinvestment and/or disciplined capital management

•A fair price

This unique company design and set of shared values have enabled the Company to compound shareholder capital at attractive rates over many decades. We believe this compounding is best exhibited by the five-year compound annual growth rate (CAGR) in our closing stock price and intrinsic value per share, which were 16% and 15%, respectively.

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Key Financial Metrics

We believe our system is uniquely equipped to relentlessly compound shareholder capital at attractive rates across decades. To better align with this long-term perspective, we use five-year time periods to measure our performance. The following table presents a summary of key financial metrics over the last five years.

(dollars in millions, except per share data)
20252024202320222021

Operating Performance

Operating revenues$15,513 $14,814 $14,280 $13,271 $10,868

Operating cash flows2,761 2,594 2,787 2,709 2,274

Operating income (loss)3,195 3,713 2,929 (93)3,242

Less: Net investment gains (losses)1,076 1,807 1,524 (1,596)1,979

Add: Amortization and impairment185 181 181 259 161

Adjusted operating income (1)
2,304 2,087 1,585 1,761 1,424

Financial Position (at year end)

Equity securities$13,004 $11,785 $9,578 $7,672 $9,024

Invested assets (2)
37,439 34,247 30,854 27,420 28,292

Insurance float (3)
18,827 17,519 16,733 14,947 13,543

Total assets68,905 61,898 55,046 49,791 48,477

Shareholders' equity18,598 16,916 14,984 13,151 14,700

Senior long-term debt and other debt4,304 4,330 3,780 4,104 4,361

Debt to capital ratio (4)
19 %20 %20 %24 %23 %

Per Share Data

Common shares outstanding (at year end, in thousands)
12,590 12,790 13,132 13,423 13,632

5-Year CAGR in closing stock price
16 %9 %6 %3 %6 %

5-Year CAGR in intrinsic value per share (5)
15 %17 %19 %12 %9 %

Invested assets per share (at year end)
$2,974 $2,678 $2,350 $2,043 $2,075

Diluted net income (loss) per share
169 199 147 (24)176

Operating income (loss) per share
253 290 223 (7)238

Adjusted operating income per share (1)
182 163 121 131 104

(1) Consolidated adjusted operating income and adjusted operating income per share are non-GAAP financial measures. See "Non-GAAP Financial Measures" under Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations for additional information on these metrics.

(2) Invested assets include total investments, cash and cash equivalents, and restricted cash and cash equivalents.

(3) Insurance float, or net policyholder funds, is a subset of our invested assets and is comprised of unpaid losses and loss adjustment expenses, unearned premiums, payables to insurance and reinsurance companies, and life and annuity benefits, net of premium receivables, reinsurance recoverables, prepaid reinsurance premiums, and deferred policy acquisition costs.

(4) Debt to capital ratio represents senior long-term debt and other debt as a percentage of shareholders' equity and senior long-term debt and other debt.

(5) See "Capital Performance" under Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations for additional information on this metric.

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Markel Group reports its business operations in four segments: Markel Insurance, Industrial, Financial, and Consumer and Other. The following table presents a summary of key financial data for our segments over the last five years.

(dollars in millions)
20252024202320222021

Markel Insurance

Operating revenues$9,353 $8,983 $8,688 $7,804 $6,736

Adjusted operating income (1)
$1,379 $1,184 $747 $1,008 $964

Combined ratio95 %95 %99 %92 %90 %

Return on equity (2)
14 %18 %16 %(3)%20 %

5-Year average annual return on equity (2)
13 %12 %

Total investment return (3)
7 %10 %9 %(4)%8 %

Total equity$12,923 $11,516 $9,968 $8,490 $8,872

Industrial

Operating revenues$3,928 $3,780 $3,729 $3,400 $2,379

Revenue growth4 %1 %10 %43 %52 %

Organic revenue growth (4)
2 %0 %8 %18 %21 %

Adjusted operating income (1)
$343 $365 $378 $286 $169

Tangible capital (5)
$1,475 $1,437 $1,417 $1,315 $1,023

Total capital (5)
$2,772 $2,771 $2,657 $2,604 $2,297

Financial

Operating revenues$737 $593 $553 $718 $495

Revenue growth24 %7 %(23)%45 %4 %

Organic revenue growth (4)
17 %8 %21 %19 %4 %

Adjusted operating income (1)
$327 $262 $260 $355 $134

Tangible capital (5)
$1,119 $950 $936 $825 $838

Total capital (5)
$2,012 $1,901 $1,946 $1,899 $2,187

Consumer and Other

Operating revenues$1,383 $1,327 $1,247 $1,349 $1,250

Revenue growth4 %6 %(8)%8 %3 %

Organic revenue growth (4)
1 %2 %(8)%8 %9 %

Adjusted operating income (1)
$175 $145 $136 $113 $149

Tangible capital (5)
$657 $649 $691 $680 $602

Total capital (5)
$1,423 $1,162 $1,227 $1,245 $1,193

(1) Adjusted operating income represents the segment profitability metric for each of our reportable segments. This metric excludes net investment gains and losses, amortization of acquired intangible assets, and impairment of goodwill and intangible assets, which are not considered when evaluating segment profitability. See note 2 of the notes to consolidated financial statements under Item 8 for additional information.

(2) Markel Insurance return on equity includes adjusted operating income and net investment gains and losses attributed to investments held by Markel Insurance, which are not included in segment profit. See "Capital Performance" under Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations for additional information on this metric. Markel Insurance's 5-year average annual return on equity is presented beginning in 2024 due to the impracticality of calculating return on equity prior to 2020 for the newly defined Markel Insurance segment.

(3) Markel Insurance total investment return reflects net investment income and net investment gains and losses attributed to investments held by Markel Insurance as a percentage of monthly average invested assets.

(4) Organic revenue growth is a non-GAAP financial measure. See "Non-GAAP Financial Measures" for additional information on this metric.

(5) Total capital is comprised of total equity, redeemable noncontrolling interests, total debt, and obligations for finance leases. Tangible capital represents total capital less goodwill and intangible assets, net of deferred taxes. See "Capital Performance" under Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations for a reconciliation of segment capital to consolidated capital across Markel Group.

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Markel Insurance

Markel Insurance, headquartered in Richmond, Virginia, is a specialty insurance business comprised of empowered local leaders underwriting hard-to-place risks across the globe in service of their customers' needs. Markel Insurance generates income primarily through its core underwriting activities and by investing the capital held in its underwriting subsidiaries. Markel Insurance's operations also include other insurance-related activities, including fronting and strategic minority investments.

In evaluating the overall returns of our Markel Insurance business, we consider all returns generated by the business, which are driven by underwriting profits and investment earnings. We seek to earn consistent underwriting profits, which we believe demonstrates the value customers place on our knowledge and expertise, our commitment to superior customer service, and our ability to manage insurance risk. Markel Insurance produced a combined ratio of 95% in 2025, making it the eighteenth year in the last 20 years that we earned an underwriting profit.

Within the investment operations of Markel Insurance, we seek to both protect policyholder funds with investments in high-quality fixed maturity securities and to compound shareholder capital through long-term investments in public equity securities. Our investment strategy, which is led by the Markel Group Chief Executive Officer (CEO), prioritizes long-term value creation by allocating a substantial portion of the Markel Insurance investment portfolio to equity securities. While this strategy is designed to generate long-term returns in excess of those typically available from fixed maturity securities, volatility in mark-to-market gains and losses on equity securities can distort Markel Insurance's short-term results. As a result, we exclude these gains and losses when assessing Markel Insurance's periodic segment profit and only include them when assessing the overall capital efficiency and long-term returns of the business.

Over the past five years, Markel Insurance produced an average annual return on equity of 13%.

Markel Insurance is comprised of the following divisions through which our underwriting and other insurance-related activities are conducted.

•U.S. Wholesale and Specialty: Offers specialty insurance in the United States (U.S.) on a regional basis through wholesale and retail channels on both an excess and surplus (E&S) and admitted basis, as well as on a small account binding authority basis through providing limited delegated underwriting authority. In 2025, 71% of gross written premium was placed through wholesale brokers and 26% was distributed through retail agents and brokers with the remaining premium placed through alternative distribution channels.

•Program and Solutions: Offers a portfolio of highly specialized insurance products in the U.S. written on both an admitted and E&S basis, as well as specialty lines written from its Bermuda platform. Business units within this division include Personal Lines, Surety, Small Commercial, Programs, and Bermuda.

•International: Offers specialty insurance products outside of the U.S. and Bermuda, operating in 15 countries across the globe. Products are offered through the London wholesale market, through its Lloyd's of London Syndicate, and through local in-country operations in Canada, Asia Pacific, the United Kingdom (U.K.), and across the European Union (E.U.). Business written through the International division covers worldwide risks, including risks located in the U.S.

•Global Reinsurance: Previously offered casualty and specialty reinsurance products. In August 2025, Markel Insurance sold the renewal rights for contracts written through this division, and the division entered into run-off. The Global Reinsurance division's gross premium volume in 2025 and 2024 was $1.0 billion and $1.2 billion, respectively. As many of the contracts previously written within this division were multi-year agreements, we expect premiums to continue earning over the next two to three years and loss reserves to take several additional years to run off.

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Our Markel Insurance segment gross premium volume in 2025 was $12.5 billion, which included $10.6 billion of underwriting premiums and $1.9 billion of fronting premiums. The following chart presents the composition of our Markel Insurance segment by division based on 2025 underwriting gross premium volume.

Through its Bermuda platform, the Programs and Solutions division also fronts business for Nephila Reinsurers (see note 18 of the notes to consolidated financial statements under Item 8). In general, fronting refers to business written on behalf of a general agent or capacity provider that is then ceded to a capacity provider in exchange for ceding fees.

Markel Insurance's underwriting and other insurance-related activities also includes the run-off of the discontinued intellectual property collateral protection insurance product line, life and annuity reinsurance business, and certain asbestos and environmental exposures, none of which is managed through its divisions.

Major Product Lines

The following chart presents the composition of our Markel Insurance segment's ongoing divisions by major product line based on 2025 underwriting gross premium volume. The Global Reinsurance division, which entered into run-off in August 2025, is presented separately from the major product lines for the ongoing divisions. Prior to entering into run-off, the Global Reinsurance division primarily wrote professional liability, general liability, marine and energy, workers compensation, and credit and surety product lines.

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The following table displays the major product lines written by each of our ongoing divisions.

Major Product Lines

U.S. Wholesale

and Specialty

Programs and Solutions

International

General liability
✓✓✓

Professional liability
✓✓✓

Personal lines
✓

Marine and energy
✓

Property
✓✓✓

Specialty Programs
✓

Workers' compensation
✓

Credit and surety
✓✓

General Liability

Our general liability product offerings include a variety of primary and excess liability coverages for small, middle market, and Fortune 1000 commercial accounts. We insure businesses across most industry classes, including the construction, life sciences, energy, medical, healthcare, pharmaceutical, professional services, social welfare, recreational, transportation, manufacturing, real estate, and hospitality industries. Specific products include primary general liability, excess and umbrella, products liability, and environmental liability.

Professional Liability

Our professional liability product lines provide insurance solutions for small, middle market, and risk-managed accounts with coverage that is tailored to their exposures and needs. Professional liability coverages include errors and omissions for specialized professions, directors and officers for publicly traded, private, and non-profit companies, cyber, employment practices liability, professional indemnity, transaction liability, and union liability. Our cyber insurance offerings help businesses mitigate the financial risks associated with cyberattacks, data breaches, and other digital security incidents.

Personal Lines

We offer personal lines products focused on providing property coverage for homeowners who do not qualify for standard homeowner's coverages, as well as personal umbrella coverage. Additionally, first and third-party coverages are offered in the U.S. for classic cars, motorcycles, and a variety of personal watercraft and recreational vehicles. Beginning on January 1, 2026, our U.S. classic car business, written on behalf of Hagerty, Inc., transitioned from being an underwriting product to a fronting arrangement.

Marine and Energy

We provide marine and energy products including a portfolio of coverages for cargo, energy, hull, liability, war, and terrorism risks worldwide. The cargo product line is an international transit-based book providing coverage for many types of cargo. Energy coverage includes all aspects of oil, gas, and renewable energy activities. Our renewable energy activities include coverages for onshore and offshore wind farms, as well as alternative energy generation and storage technology projects. Hull coverages consist of coverage for physical damage to ocean-going tonnage, yachts, and mortgagees' interests. Liability coverage provides coverage for a broad range of energy liabilities, as well as traditional marine exposures including charterers, terminal operators, and ship repairers. Marine war coverage includes protections for the hulls of ships, and other related interests, against war and associated perils. Terrorism coverage includes coverage for property damage and business interruption related to political and civil violence and war on land.

Property

Our property coverages consist principally of fire, allied lines (including windstorm, hail, and water damage) and other specialized property coverages, including catastrophe-exposed property risks such as earthquake and wind on both a primary and excess basis. Catastrophe-exposed property risks can present higher severity than more standard property risks due to the impacts from earthquakes and severe weather events such as hurricanes, convective storms, and wildfires. Our property coverages are exposed to windstorm losses that, based on the seasonal nature of those events, are more likely to occur in the third and fourth quarters of the year. Our property risks range from small, single-location accounts to large, multi-state, multi-location, multi-national accounts on a worldwide basis. Other types of property products include inland marine products, railroad-related products, and specie coverage for fine art on exhibition and in private collections.

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Specialty Programs

Our specialty programs business is offered in the U.S. on a standalone or package basis and generally targets specialized commercial markets and various customer groups, such as amateur sports and fitness clubs. Certain specialty programs use managing general agents with delegated underwriting authorities to offer single source admitted and non-admitted programs for a specific industry, class, or line of business. When we delegate underwriting authority, we implement governance procedures around risk appetite, insurance limits, product and geographic mix, and incorporate our own view on ultimate losses.

Workers' Compensation

We offer workers' compensation products in the U.S. and provide wage replacement and medical benefits to employees injured in the course of employment. We target small commercial, service, and artisan contractor businesses, retail stores, and restaurants.

Credit and Surety

Our credit and surety products consist primarily of trade credit and prepayment coverage and a range of bonds and guarantees that support contractual obligations, contractual performance, and judicial proceedings, as well as other coverages for specific credit risks, such as counterparty insolvency and defaults by government-owned entities.

Competition

The specialty insurance market in which we compete differs significantly from the standard market. In the standard market, regulations dictate relatively uniform products and coverages among competitors resulting in competition primarily on the basis of price. Competition in the specialty insurance market tends to focus less on price and more on other value-based considerations, such as service, distribution, expertise, capacity, product innovation, coverage limits, and financial strength ratings assigned by independent rating agencies. In all of our markets, we compete through our ability to develop specialty products that satisfy well-defined market needs and by maintaining relationships with agents, brokers, and insureds who rely on our expertise. This expertise is our principal means of competing.

Our insurance subsidiaries are assigned financial strength ratings from one or more rating agencies, including A.M. Best Company, Standard & Poor's, and Moody's. Financial stability and strength are important considerations of policyholders, cedents, and insurance agents and brokers. The ratings issued by these agencies are publicly available directly from the agencies. A summary of the ratings issued for our insurance subsidiaries is also available on our website at www.mklgroup.com/financial-strength-rating, however, that information on our website is not incorporated by reference into this report. See the "Financial Strength" risk factors under Item 1A Risk Factors for discussion of risks related to our financial strength ratings.

Our U.S. Wholesale and Specialty division primarily competes with large, global specialty insurance carriers operating in the U.S. E&S market. Within our Programs and Solutions division, competition differs for each business unit based on the particular product offered, as well as the market and distribution channel. The insurance products we offer within our Programs and Solutions division are highly specialized, and we rely on our expertise and product innovation to compete.

Within our International division, competition varies depending on the markets in which we operate. Our London market operations compete globally with London and U.S. based specialty insurance carriers and other Lloyds syndicates. We compete primarily on our underwriting expertise, service, and our ability to place unique risks. Outside of London, we compete locally in the countries in which we operate, facing differentiated local market competition. Our local presence and market expertise allow us to successfully operate in these jurisdictions.

Market conditions, risk tolerance, and capital capacity influence the degree of competition at any point in time. During periods of excess underwriting capacity, as defined by availability of capital, competition can result in lower pricing and less favorable policy terms and conditions for insurers. During periods of reduced underwriting capacity, pricing and policy terms and conditions are generally more favorable for insurers. Historically, the performance of the property and casualty insurance industry has tended to fluctuate in cyclical periods of price competition and excess underwriting capacity, followed by periods of high premium rates and shortages of underwriting capacity. At any given time, our portfolio of insurance products could be experiencing varying combinations of these characteristics.

Markel Insurance offers a diverse portfolio of over 100 individually managed products, each with its own distinct competitive environment, which requires us to be responsive to changes in market conditions for individual product lines. With each of our products, we seek to write business that produces consistent underwriting profits and adequate returns on capital by

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maintaining adequate rates for our premium writings in relation to expected loss cost trends. We routinely review the pricing for all of our product lines. When we believe the prevailing market price will not support our underwriting profit targets, the business is not written. As a result of our underwriting discipline, gross premium volume may vary when we alter our product offerings to maintain or improve underwriting profitability. For example, we stopped writing risk-managed directors and officers business from our European platform in late 2024 and our U.S. platform in early 2025 following heightened loss performance, consolidating all of our risk-managed professional liability offerings within our Bermuda platform.

Markets and Distribution

The following chart presents the composition of the 2025 underwriting gross premium volume for the Markel Insurance segment by regulatory market channel. The Global Reinsurance division, which entered into run-off in August 2025, is presented separately.

U.S. Admitted

Our U.S. business written in the admitted market focuses on unique and hard-to-place risks that must remain with an admitted insurance company for marketing and regulatory reasons. Hard-to-place risks written in the admitted market cover insureds engaged in highly specialized activities that require a total insurance program not otherwise available from standard insurers. The admitted market is subject to more state regulation than the E&S market, particularly with regard to rate and form filing requirements, premium tax payment requirements, and membership in various state associations. We write business in the U.S. using multiple insurance carriers that collectively are licensed, authorized, or accredited in all 50 states and the District of Columbia.

Business written in the admitted market is placed primarily by retail insurance agents and brokers, as well as managing general agents. Managing general agents have broader underwriting authority than retail agents and brokers. The managing general agents we utilize are carefully selected based on a track record of proficiency with their selected products, and the business written is controlled through regular audits and pre-approvals. In addition, we market certain products and programs written on an admitted basis directly to consumers.

U.S. Excess and Surplus

The E&S, or non-admitted, market focuses on hard-to-place risks and loss exposures that generally are not written in the standard market. E&S eligibility allows us to underwrite unique loss exposures with more flexible policy forms and premium rates. The E&S market is accessed primarily through wholesale insurance brokers, which have limited quoting and binding authority. Our E&S business is written on Evanston Insurance Company, an Illinois domiciled E&S carrier licensed to do business in all 50 states and the District of Columbia.

In 2024, the E&S market represented $129.8 billion, or 12%, of the $1.1 trillion U.S. property and casualty industry.1 In 2024, we were the fifth largest E&S writer in the U.S. as measured by direct premium writings.1 Overall, the U.S. E&S markets we serve are experiencing robust growth driven by long-term secular trends. We believe the increasing need for tailored solutions in a more complex risk environment will continue to provide significant tailwinds for the E&S market.

1 Market Segment Report - U.S. Surplus Lines, A.M. Best (September 9, 2025)

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London Wholesale

We also participate in the London wholesale market, which is a global market known for its ability to provide innovative, tailored coverage, and capacity for unique and hard-to-place risks worldwide, including in the U.S. Many of these risks have significantly higher limits than those placed through the standard market. Insurance brokers place most of the business in the London wholesale market. Risks written in this market are written on either a direct or a subscription basis, the latter of which means that loss exposures are typically insured by more than one insurance company or syndicate, often due to the high limits of insurance coverage required. We participate in the London wholesale market primarily through Markel Capital Limited (Markel Capital) and Markel International Insurance Company Limited (MIICL). Markel Capital is the corporate capital provider for Markel Syndicate 3000 (Syndicate 3000), which is our platform to write business globally through Lloyds of London.

International non-London

Outside of London, we have been growing in the E.U., the U.K., Canada, and Asia Pacific. Our strategy for geographic and product expansion within these markets reflects our overall strategy of empowering local leaders who have extensive knowledge of those markets and products. We utilize Syndicate 3000, MIICL, and Markel Insurance SE (MISE), a regulated insurance carrier located in Munich, Germany, to enable these writings. From its offices in Germany, MISE transacts business in E.U. member states and throughout the European Economic Area. MISE has established branches in Ireland, the Netherlands, Spain, Switzerland, France, and the U.K. Syndicate 3000 and MIICL supplement, or serve as an alternative to, MISE for access to the E.U. markets and within Canada and Asia Pacific.

Bermuda

In Bermuda, we participate in the worldwide insurance market. The Bermuda property and casualty market is a significant source of capital for the U.S. market. Business written in the Bermuda market is typically placed by a Bermuda-based wholesale broker. We conduct our Bermuda underwriting operations through Markel Bermuda Limited, which is registered as a Class 4 insurer and Class C long-term insurer under the insurance laws of Bermuda.

Global Reinsurance

The Global Reinsurance division, which was placed into run-off in 2025, conducted its operations primarily through Markel Global Reinsurance Company.

Market and Distribution Concentrations

While we operate in various other markets, substantially all of our gross written premiums in 2025 were written from our platforms in the United States, the United Kingdom, Bermuda, and Germany. In 2025, 73% of gross premium writings from our global underwriting operations were attributed to risks or cedents located in the United States.

A significant volume of premium for the property and casualty insurance industry is produced through a small number of large insurance brokers. In 2025, the top five independent brokers accounted for 37% of our underwriting gross premiums written.

Investments

Invested assets held by Markel Insurance are derived from policyholder and shareholder capital. Policyholder capital, or float, represents net policyholder funds held for investment, which are a direct result of our underwriting activities and the time lag between our receipt of premiums and payment of losses and expenses. Shareholder capital is used to support the regulatory capital requirements of our insurance entities, both to support future premium writings and manage short-term stress scenarios.

Markel Insurance's investment portfolio is managed by Markel Group's CEO and a small team of investment professionals at Markel Group. Investments are primarily comprised of fixed maturity securities and publicly traded equity securities, as well as short-term investments and cash.

Shareholder capital is available for investment in equity securities. When making investments in equity securities, we follow our four key investment principles previously discussed. Markel Insurance's investment portfolio includes a greater proportion of equity securities than is typical within the insurance industry. Over longer time periods, equity securities have produced higher returns than fixed maturity securities. By holding shareholder capital in equity securities, rather than fixed maturity securities, we are required to hold more capital within our regulated insurance subsidiaries to meet capital requirements due to the short-term volatility inherent in the public equity markets. Over the long term, this approach has produced, and we believe will continue to produce, higher overall returns on equity.

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Policyholder capital is invested predominantly in high-quality government and municipal bonds and mortgage-backed securities that generally match the duration and currency of our loss reserves with the goal of protecting principal to ensure we are able to pay claims. We typically hold these investments until maturity. As a result, unrealized holding gains and losses on these securities attributable to changes in interest rates are generally expected to reverse as the securities mature. Policyholder capital is also held in short-term investments and cash and cash equivalents to provide short-term liquidity for projected claims payments, reinsurance costs, and operating expenses.

Industrial

Markel Group's Industrial segment is comprised of businesses that operate in the industrial sector. In 2025, revenues from our Industrial segment totaled $3.9 billion. See note 3 of the notes to consolidated financial statements included in Item 8 for details on recent acquisitions. Our Industrial segment includes the following businesses:

Lansing | Driving excellence from the inside out.

Lansing Building Products (Lansing), headquartered in Richmond, Virginia, is a distributor of exterior building products focused on the U.S. residential construction market. Key product lines include siding, windows, doors, roofing, and gutters. Lansing's customer base includes professional contractors and builders who rely on Lansing's inventory and strong local branch support to help them complete projects on time and on budget. Lansing operates 113 branches across 35 states. Lansing's demand is driven by residential repair and remodel activity, as well as new home construction.

Metromont | Pacesetter for precast concrete solutions.

Metromont, headquartered in Greenville, South Carolina, is a producer of structural and architectural precast concrete in the Southeast and Mid-Atlantic regions of the U.S. Metromont's customers include general contractors who value its quality product, engineering expertise, service, and scale. Metromont operates seven plants across Virginia, South Carolina, Georgia, Florida, and Texas. Demand for Metromont's products is driven by construction activity for parking decks, data centers, infrastructure projects, and commercial, multi-family, and industrial buildings.

VSC | Fire safety and security specialists.

VSC Fire & Security (VSC), headquartered in Richmond, Virginia, is a provider of fire protection, life safety, and low-voltage solutions in the U.S. Services include fire and smoke controls, explosion protection systems, fire suppression, fire sprinkler pipe corrosion inspection and resolution, fire extinguisher inspections, and security. VSC's customers include general contractors and commercial clients. VSC operates 38 locations across 15 states. VSC's business is derived from recurring inspection, testing, and maintenance work, as well as project-based contracting work for new construction. Demand for VSC's services is driven by regulatory and compliance requirements for fire and life safety systems, as well as general construction activity.

Cottrell | Hit the road with five decades of experience.

Cottrell, headquartered in Gainesville, Georgia, is a manufacturer of over-the-road car-hauling equipment. Cottrell offers a broad range of fully customized trailer solutions, designed to maximize payload, boost efficiency, and ensure safety. Cottrell primarily serves large commercial fleets, dealers, and independent car haulers throughout the U.S. Cottrell products are manufactured at a single facility in Georgia. Demand for Cottrell's equipment is driven by general economic activity, including North American light vehicle sales, and fleet purchasing patterns.

AMF | Empowering bakeries to rise.

AMF Bakery Systems (AMF), headquartered in Richmond, Virginia, is a manufacturer of industrial bakery equipment. AMF provides a full line of equipment, from mixing and dough handling to post-packaging. The customer base includes industrial bakers across the globe who depend on AMF equipment to reliably produce bakery products at scale. AMF operates manufacturing facilities in the United States, Canada, Europe, and China. Demand for AMF's products is driven by customers' need for operational efficiency and automation, evolving taste preferences, and food safety and quality control.

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Buckner | Leader in large crawler cranes.

Buckner HeavyLift Cranes (Buckner), headquartered in Graham, North Carolina, is a provider of heavylift crawler cranes. Buckner's primary customers include large commercial contractors who value its well-maintained, specialized fleet of heavylift cranes and service excellence. Buckner serves wind energy, data center, semiconductor, nuclear energy, infrastructure, and space markets. Demand for Buckner's services is driven by construction activity in the end markets it serves.

Havco | Proven floor. Proven company.

Havco, headquartered in Cape Girardeau, Missouri, is a manufacturer of laminated oak and composite flooring for dry van trailers. Havco primarily serves dry van trailer original equipment manufacturers. Havco operates two manufacturing facilities in Missouri and Tennessee. Demand for Havco's product is driven by general economic activity, including freight markets, rising levels of electronic commerce, driver availability, fleet purchasing patterns, and the replacement cycle for its products.

The Industrial segment also includes the following businesses:

•Reading Bakery Systems: Manufacturer of bakery equipment for the snack food industry;

•Valor Environmental: Provider of erosion control and stormwater management solutions;

•Ellicott Dredges: Manufacturer and designer of cutter suction and auger dredges;

•Weldship: Provider of gas containment and transportation equipment; and

•Panel Specialists: Manufacturer of wall panel systems and dorm room furniture.

Financial

Markel Group's Financial segment is comprised of insurance services and investment management businesses that operate in the financial sector. In 2025, revenues from our Financial segment totaled $737.0 million. Our Financial segment includes the following businesses:

State National | Simplifying insurance so you can get to business.

State National, headquartered in Bedford, Texas, provides fronting services (program services) and automobile collateral protection coverage (lender services). Through its seven U.S.-domiciled insurance subsidiaries, State National is licensed or authorized to write business in all 50 states and the District of Columbia.

State National's program services operations provide fronting services for other insurance carriers (capacity providers). State National's capacity providers include domestic and foreign insurers and institutional risk investors that want to access specific lines of U.S. property and casualty insurance business but may not have the required licenses, filings, or financial strength ratings to do so. State National competes primarily on the basis of price, customer service, financial strength ratings, licenses, reputation, business model, and experience. Through its programs services operations, State National writes a wide variety of insurance and reinsurance products, principally including general liability, commercial liability, commercial multi-peril, property, and workers' compensation.

State National's contracts with capacity providers do not legally discharge it from the primary liability for the full amount of the policies, therefore, State National is exposed to the credit risk of its capacity providers.

State National's lender services operations write collateral protection insurance on a risk-bearing basis for automobiles and other vehicles held as collateral for loans made by credit unions, banks, and specialty finance companies. Similar to Markel Insurance, State National's investments, which support these underwriting operations, are managed by Markel Group.

Nephila | Leading manager of insurance-linked securities and climate risk strategies.

Nephila provides insurance-linked securities (ILS) investment and insurance management services to investors while offering alternative capital to the insurance and reinsurance markets. Nephila provides its investors with investment strategies that typically are uncorrelated with traditional asset classes. Nephila generates fee revenues in the form of management fees for insurance and investment management services based on either the net asset value of the accounts managed or gross premium volume for the underlying risks to which the investors subscribed.

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The Financial segment also includes the following:

•Rosemont Investment Group, a specialist investor in asset and wealth management companies;

•A minority investment in Velocity Holdco LLC (Velocity), whose underlying operations were sold in 2025; and

•The run-off operations of LodgePine Capital Investment Management, Markel CATCo Investment Management Ltd., and Markel CATCo Re Ltd.

Consumer and Other

Markel Group's Consumer and Other segment is comprised of businesses that operate in the consumer sector, as well as a variety of other sectors. In 2025, revenues from our Consumer and Other segment totaled $1.4 billion. See note 3 of the notes to consolidated financial statements included in Item 8 for details on recent acquisitions. Our Consumer and Other segment includes the following businesses:

Costa Farms | Passionate about plants.

Costa Farms, headquartered in Miami, Florida, is a producer of ornamental plants. Costa Farms was ranked #1 on Greenhouse Grower's Top 100 Growers list for 2025. Costa Farm's customers include large, national retailers who value its scale, service, product depth, and quality. Costa Farms operates greenhouses and cultivation facilities in Florida, Virginia, North Carolina, South Carolina, and the Dominican Republic. Demand for Costa Farms' plants is influenced by consumer demand for houseplants and gardening trends. Demand for its plants is particularly high during the spring and summer seasons as compared to the rest of the year.

CapTech | Bridging the gap between business and technology.

CapTech, headquartered in Richmond, Virginia, is an information technology consulting firm. CapTech combines deep technological expertise with a partnership approach to help clients achieve their strategic objectives and navigate complex digital transformations. CapTech serves customers across a variety of industries, including financial services, sports and entertainment, healthcare, and energy. Demand for CapTech's services is influenced by demand for digital solutions, data and analytics services, and systems integration projects.

Eagle | Trusted homebuilders since 1984.

Eagle Construction of Virginia (Eagle), headquartered in Richmond, Virginia, is a homebuilder serving the Virginia marketplace. Eagle primarily builds detached, single-family homes, and, to a lesser extent, townhouses and condominiums. Demand for Eagle's homes is impacted by local housing market dynamics and interest rates.

Brahmin | The best-kept secret in luxury handbags (the secret is out).

Brahmin, headquartered in Fairhaven, Massachusetts, is a designer of leather handbags and accessories. Brahmin's products are sold through its own retail stores, department stores, and online channels. Brahmin's demand is influenced by consumer spending trends in the fashion goods market and retail industry dynamics.

The Consumer and Other segment also includes the following businesses:

•Parkland Ventures: Owner and operator of manufactured housing communities;

•Educational Partners International: Sponsor of international teachers for placement in schools in the U.S.;

•RDSolutions: Provider of data collection and pricing intelligence solutions for retailers and brands; and

•PartnerMD: Concierge healthcare membership provider offering primary care, executive health, and wellness services.

Corporate

Our corporate operations encompass holding company activities, which are performed by a small team of associates that support our businesses and leaders in certain key areas: significant capital decisions, cultural stewardship, leadership support and decisions, and performing the responsibilities consistent with sound governance and required of a public company.

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Capital held at the holding company, which is primarily comprised of equity securities, short-term investments, and cash and cash equivalents, comes from returns provided by our businesses and investments over time. We also supplement these cash flow streams with external financing. Capital held at the holding company is used to service our senior debt, fulfill other corporate obligations, and serve as additional capital to support our businesses or allocate to future investment opportunities.

Historically, corporate expenses were fully allocated to our segment results. Beginning in the third quarter of 2025, we discontinued allocating corporate expenses that are not integral to operating the underlying businesses. This change provides investors with greater transparency into both the operating performance of our businesses and the expenses incurred by the holding company to manage and support the entire Markel Group system.

Regulatory Environment

We are subject to extensive U.S. state and federal, as well as international, regulation and supervision in the jurisdictions in which we do business. Regulations vary from jurisdiction to jurisdiction. Additionally, as a company with publicly traded securities, we are also subject to certain legal and regulatory requirements applicable generally to public companies, including the rules and regulations of the U.S. Securities and Exchange Commission (SEC) and the listing standards of the New York Stock Exchange relating to reporting and disclosure, accounting and financial reporting, corporate governance and other matters.

The following is a summary of the regulatory environment for our operating businesses, but it is not intended to be a comprehensive review of every regulation to which we are subject. For information regarding certain risks associated with regulations applicable to our businesses, see Item 1A Risk Factors.

The insurance regulation sections below primarily relate to Markel Insurance and State National.

Group Insurance Regulation and Supervision

Group Supervision - Global Supervisory College; Global Common Framework. Regulators within and outside the U.S. are increasingly coordinating the regulation of multinational insurers by conducting supervisory colleges. A supervisory college is a forum of the regulators having jurisdictional authority over an insurance holding company's worldwide insurance subsidiaries. The supervisory college meets with executive management to evaluate the insurance group on both a group-wide and legal-entity basis, particularly with respect to its financial data, business strategies, enterprise risk management and corporate governance. The Illinois Department of Insurance is our global lead insurance regulator for purposes of conducting our supervisory college.

The International Association of Insurance Supervisors has adopted the Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame). ComFrame establishes a comprehensive framework for supervisors to address group-wide activities and risks of internationally active insurance groups (IAIGs) and lays the groundwork for better supervisory cooperation and coordination. In 2023, it was determined that we met the criteria to be identified as an IAIG. ComFrame requires the designation of a group-wide supervisor (regulator) for each IAIG and imposes a group capital requirement that will be applied to an IAIG in addition to legal entity capital requirements imposed by state and international insurance regulators. The Illinois Department of Insurance has been designated as our group-wide supervisor.

Holding Company Statutes. We also are subject to state statutes governing insurance holding company systems, which typically require that we periodically file information with the appropriate state insurance commissioner, including information concerning our capital structure, ownership, financial condition, dividend payments and other material transactions with affiliates, and general business operations. These statutes also require approval of changes in control of an insurer or an insurance holding company. Generally, "control" for these purposes is defined as ownership or voting power of 10% or more of a company's voting shares. We must submit annually to our lead insurance regulator an:

•Own Risk and Solvency Assessment Summary Report (ORSA), which is a confidential internal assessment of the material and relevant risks associated with an insurer's current business plan and the sufficiency of capital resources to support those risks; and

•Annual enterprise risk report, which must identify the material risks within the insurance holding company system that could pose enterprise risk to our U.S. insurance subsidiaries.

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U.S. Insurance Regulation

State Regulation

Our U.S. insurance company subsidiaries are subject to varying degrees of regulation and supervision by the states and other jurisdictions in which they do business. In the U.S., authority for the regulation, supervision and administration of the business of insurance in each state is generally delegated to a state insurance commissioner who oversees a regulatory body responsible for the supervision of the business of insurance. State regulatory authorities have broad regulatory, supervisory, and administrative powers over our U.S.-domiciled insurance companies, including related to capital requirements, investment composition, claims handling and adjudication, and market conduct and pricing practices, among other things.

State regulatory authorities generally enforce these provisions through periodic financial and market conduct examinations. Our next scheduled financial exam, covering the period from January 1, 2020 through December 31, 2025, has commenced.

The National Association of Insurance Commissioners (NAIC), comprised of the insurance commissioners of each U.S. jurisdiction, develops or amends model laws and regulations. States are required to adopt certain NAIC model laws and regulations, but have discretion whether, or how, to adopt others, which leads to inconsistent adoption across states.

Federal Regulation

The U.S. federal government generally does not directly regulate the business of insurance. However, two federal government bodies, the Federal Insurance Office (FIO) and the Financial Stability Oversight Council (FSOC) may impact the regulation of insurance. Although the FIO is prohibited from directly regulating the business of insurance, it has authority to represent the U.S. in international insurance matters and has limited powers to preempt certain types of state insurance laws. The FIO also can recommend to the FSOC that it designate an insurer as an entity posing risks to U.S. financial stability in the event of the insurer's material financial distress or failure. We have not been so designated.

The U.S. federal laws that most affect our day-to-day operations are: the Gramm-Leach-Bliley Act; the Fair Credit Reporting Act; the Health Insurance Portability and Accountability Act of 1996; the Terrorism Risk Insurance Act of 2002; the Nonadmitted and Reinsurance Reform Act of 2010; the Foreign Corrupt Practices Act, and the rules and regulations of the Office of Foreign Assets Control.

International Insurance Regulation

Overview. Our international insurance companies are domiciled in the U.K., Germany, and Bermuda and are subject to regulation in those jurisdictions. Those regulations, which vary depending on the jurisdiction, include, among others:

•solvency and market conduct regulations;

•anti-corruption, anti-money laundering, and anti-terrorism financing guidelines, laws, and regulations;

•privacy, insurance, tax, tariff, economic, and trade sanctions laws and regulations; and

•corporate, competition, employment, intellectual property, and investment laws and regulations.

In addition, we conduct business in Canada and Asia Pacific, where our businesses also are supervised by local regulatory authorities.

U.K. and European Regulation. We are subject to regulation by the Prudential Regulatory Authority and Financial Conduct Authority in respect of our U.K. insurance companies. We are also subject to regulation by the Federal Financial Supervisory Authority, better known by its abbreviation BaFin, in respect of our German insurance company.

The E.U.'s General Data Protection Regulation (GDPR) requires businesses operating in the European Economic Area (E.E.A.), and businesses transacting with E.E.A. citizens, to comply with conditions for processing personal data. Following the U.K.'s exit from the E.U., GDPR was transposed into U.K. law. The E.U. has granted adequacy status to the U.K.'s data protection laws, valid until December 2031 with the possibility of renewal, meaning that they are deemed essentially equivalent to E.U. data protection laws, such that data can continue to flow as it did when the U.K. was part of the E.U.

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Solvency II Directive (Solvency II) requires our German insurance company to maintain certain capital standards and publish risk-related information in the form of a Solvency and Financial Condition Report. Following the U.K.'s exit from the E.U., Solvency II was transposed into U.K. law as retained law applying to our U.K. insurance businesses. The U.K. government, under the Financial Services and Markets Act 2023, has opted to repeal certain portions of retained E.U. law. This repeal will occur in stages and, where necessary, after replacement regulations designed for the U.K. are in place. The Prudential Regulation Authority has published reforms to the Solvency II retained law, known as Solvency UK, which took effect December 31, 2024.

Bermuda Regulation. The insurance industry in Bermuda, including our Bermuda-domiciled insurance company, is regulated by the Bermuda Monetary Authority (BMA). Under the Bermuda Insurance Act 1978, and related regulations and standards of the BMA, each Bermuda insurance company is subject to, among other things:

•licensing, solvency, and liquidity requirements;

•periodic examinations of the company and its financial condition; and

•requirements to maintain a principal office and principal representative in Bermuda.

ILS Regulation

Our Nephila insurance-linked securities operations are subject to regulation and supervision by various regulatory authorities, both in the U.S. and internationally. Certain of our Nephila subsidiaries are organized and regulated as follows:

•registered with the SEC as an investment adviser under the Investment Advisers Act of 1940;

•registered with the U.S. Commodity Futures Trading Commission as a commodity pool operator or a commodity trading advisor under the Commodity Exchange Act; and

•registered with the BMA as an insurance manager under the Bermuda Insurance Act 1978.

Certain Nephila subsidiaries serve as the investment manager to one or more private funds that are registered with the BMA under the Investment Funds Act 2006, or the Segregated Accounts Companies Act 2000. In addition, these operations include business relationships with certain U.S., U.K., and Bermuda insurance companies that are subject to U.S. and international insurance regulation as previously described in this "Regulatory Environment" section.

As a result, subsidiaries involved in our Nephila insurance-linked securities operations are subject to regulations that may impose substantive and material restrictions and requirements on their operations, including, among other things, a fiduciary duty to act in the best interests of their clients; disclosure of information about our businesses and conflicts of interest to clients; and other restrictions and requirements applicable to custody of client assets.

Regulation of Other Operating Businesses

Our other operating businesses are subject to a wide variety of U.S. federal, state, and local laws and regulations, as well as international laws and regulations applicable to their international operations. The most significant of these laws and regulations cover the following areas: safety, health, employment, the environment, transportation, U.S. and international trade, anti-corruption, data privacy and security and government contracts.

Regulations Regarding Disclosure or Management of Climate-Related Risks and Disclosure of Greenhouse Gas Emissions

A variety of U.S. federal and state and international governments and regulators have adopted or are in the process of adopting requirements for the disclosure of climate-related risks and greenhouse gas emissions to which Markel Group and certain of our subsidiaries are or may be subject in the future. For example, certain of our insurance companies are required to report their climate-related risks and greenhouse gas emissions. In addition, in some cases regulated insurers are expected to integrate financial risks related to climate change into their governance frameworks, risk management processes, business strategies and scenario analysis, and develop their approach to climate-related financial disclosure.

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Human Capital

At Markel Group, we seek to cultivate an atmosphere in which our associates can reach their full potential while contributing to the success of Markel Group. The Markel Style, our creedal statement written in 1986 in preparation for our initial public offering, memorialized how we seek to operate our businesses and treat one another.

Markel Group consists of independently operated businesses across a range of industries. The leader of each of our businesses is empowered to direct the strategy and day-to-day operations of their respective companies, including human capital matters. Our business leaders are expected to conduct business and foster a culture that reflects the principles of The Markel Style.

When adding businesses to Markel Group, we seek, among other things, leaders who demonstrate equal parts talent and integrity. These qualities are core to our strategy to empower our leaders to serve their customers and run their businesses with a high degree of autonomy while being held accountable to the broader company and its key stakeholders. We believe this management approach is unique and attracts culturally-aligned, high-performing leaders and businesses, while differentiating us against other acquisitive business groups.

At December 31, 2025, Markel Group and its family of businesses employed approximately 22,900 associates.