Markel Group Inc (MKL)

Markel appoints Grant Smith to Director of Marine TransportationJuly 7, 2026 4:30 AM
PR Newswire (US) LONDON, July 7, 2026 /PRNewswire/ -- Markel Insurance, the insurance operation within Markel Group Inc. (NYSE: MKL), today announced the appointment of Grant Smith as Director of Marine Transportation at Markel International. Smith will lead the development of the new Marine Transportation business, bringing together Markel International's Hull & Hull War, MECO, Marine & Energy Liabilities, and Transport & Logistics classes under a single leadership structure. The move reflects the increasingly interconnected nature of marine and transportation risks and is designed to provide brokers and clients with more coordinated access to expertise across the portfolio.In his new role, Smith will be responsible for shaping strategy across multiple classes and geographies while leading initiatives to strengthen underwriting capabilities, improve processes and support the delivery of tailored solutions for brokers and insureds. He will also serve as a senior point of contact for brokers, clients and industry bodies, working closely with Claims and Actuarial teams to strengthen underwriting discipline and risk selection as risk exposures continue to evolve.Based in London, Smith will report to Dan McCarthy, Managing Director – Marine, Energy & Construction.Smith joined Markel in 2024 as Director – Marine & Energy Liabilities, before assuming responsibility for Transport & Logistics in 2025. He has more than 17 years' experience across marine specialty lines and underwriting leadership roles.McCarthy commented: "The marine transportation industry is facing heightened risk exposures, from increasing supply chain disruptions to rising thefts at ports as geopolitical tensions escalate worldwide."As these risks become more interconnected, it's increasingly important that brokers and clients can access expertise across the full spectrum of marine and transportation exposures. Bringing these capabilities together under a single leadership structure will help us provide deeper insight, more coordinated solutions and a stronger experience for our trading partners."Grant has made a significant contribution since joining Markel in 2024. His experience across marine specialty lines makes him exceptionally well placed to lead this business and support our clients and brokers navigate a rapidly evolving operating environment."Smith added: "I'm delighted to be taking on the role of Director of Marine Transportation at Markel International. By bringing our marine and transportation capabilities closer together, we have an opportunity to offer clients and brokers more connected expertise across increasingly complex risks, while continuing to build on Markel's long-standing reputation for disciplined underwriting and strong service."About Markel Insurance
We are Markel Insurance, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people – and the deep, valued relationships they develop with colleagues, brokers and clients – that differentiates us worldwide.  View original content to download multimedia:https://www.prnewswire.com/news-releases/markel-appoints-grant-smith-to-director-of-marine-transportation-302818448.htmlSOURCE Markel Original: Markel appoints Grant Smith to Director of Marine Transportation

Markel International appoints Bhavik Desai as Managing Director, PFR & CyberJune 30, 2026 8:00 AM
PR Newswire (Canada) LONDON, June 30, 2026 /CNW/ -- Markel Insurance, the insurance operation within Markel Group Inc. (NYSE:MKL), today announced the appointment of Bhavik Desai as Managing Director – PFR & Cyber within its London Market business. In his new role, Desai will lead underwriting strategy, portfolio performance and broker and client engagement across PFR & Cyber, supporting Markel's continued focus on disciplined underwriting, technical excellence and sustainable growth across complex specialty classes.Desai succeeds David Sawyer, who remains with the business until his planned retirement at the end of 2026.Since joining Markel in 2013, Desai has held a series of senior underwriting roles, including Head of Professional Indemnity and Director of Professional Indemnity, Media & Entertainment. He has extensive experience across Professional Indemnity, Media & Entertainment and related specialist lines.Before joining Markel, Desai held underwriting leadership roles at AIG, including responsibility for London-placed Professional Indemnity business and the UK & Ireland Construction Professional Indemnity portfolio.At Markel, Desai has helped develop the Professional Indemnity and Media portfolios, with a focus on underwriting discipline, portfolio management, broker engagement and renewal consistency.As Managing Director, PFR & Cyber, Desai will focus on disciplined portfolio performance, developing underwriting talent and strengthening Markel's position across professional, financial and cyber-related risks. He'll also work closely with colleagues across underwriting, claims, actuarial, distribution and operations to support insight-led decision-making and modern underwriting practices.Rohan Davies, Managing Director – London Market, commented: "Bhavik is a highly respected underwriting leader with deep technical expertise, strong broker relationships and a clear understanding of the markets in which our PFR & Cyber teams operate. His appointment provides leadership continuity for the division and supports our focus on disciplined underwriting, portfolio performance and sustainable growth."PFR & Cyber operate in areas where risk profiles and client needs continue to evolve quickly. Bhavik's experience, judgement and collaborative leadership style make him well placed to lead the division as we continue to develop our proposition for brokers and clients."Desai added: "I'm proud to take on this role and to lead a division with such strong specialist expertise, and market relationships. PFR & Cyber brings together areas that are increasingly important to our brokers and clients, and our focus will remain on disciplined underwriting, responsive service and long-term portfolio performance."We have talented people across the division and strong relationships across the market. My priority is to build on those foundations, support our teams and continue developing a business that delivers consistent value for brokers, clients and Markel."About Markel Insurance  
We are Markel Insurance, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people – and the deep, valued relationships they develop with colleagues, brokers and clients – that differentiates us worldwide.  View original content to download multimedia:https://www.prnewswire.com/news-releases/markel-international-appoints-bhavik-desai-as-managing-director-pfr--cyber-302813279.htmlSOURCE Markel Original: Markel International appoints Bhavik Desai as Managing Director, PFR & Cyber

Markel appoints Danny O'Donoghue to Head of Fine Art & Specie for its London operationsMay 21, 2026 3:00 AM
PR Newswire (Canada) LONDON, May 21, 2026 /CNW/ -- Markel Insurance, the insurance operation within Markel Group Inc. (NYSE:MKL), today announced the appointment of Danny O'Donoghue to Head of Fine Art & Specie, effective immediately. In his new role, O'Donoghue will be responsible for leading the strategic and sustainable expansion of Markel's Fine Art & Specie portfolio to further enhance the organisation's position in London as a leading Fine Art & Specie insurer. His principal duties will include identifying, assessing and underwriting complex risks across four key areas – Fine Art, Specie, Jewellers Block and Cash in Transit – while supporting underwriters in his team with their professional development.Alongside these duties, O'Donoghue will foster broker relationships and work closely with Markel's Claims and Actuarial functions, where he'll keep abreast of industry developments, ensuring coverage remains tailored for broker partners and insureds. Furthermore, he'll identify collaborative opportunities across the business' international Fine Art & Specie teams to enhance broker service levels and drive further profitable growth.O'Donoghue will be based in London, reporting to Dan McCarthy, Director of Marine at Markel International.McCarthy commented: "Rising asset values, a surge in high-profile thefts and more frequent natural catastrophes are creating new risks while intensifying existing exposures for galleries, jewellers and private collectors. Danny's achievements are underpinned by an entrepreneurial mindset, which will be critical as we continue to deliver best-in-class underwriting services, support and standards to our brokers and clients."We're delighted to have someone of Danny's caliber join Markel's Fine Art & Specie team here in London. With his significant expertise in managing and scaling large Fine Art Specie portfolios, we're confident he'll be able to take ours to new heights, elevating our leadership position in the London Market."O'Donoghue said: "I'm delighted to be joining Markel in my new role as Head of Fine Art & Specie. Opportunities like this don't come around often, but Markel really stood out to me. I saw strong cultural alignment, a clear and unified proposition and a well-defined strategic direction – all of which I believe are essential building blocks to continue growing the team and portfolio for years to come. "I'm excited to drive the continued expansion of Markel's lead specialist capabilities across the Fine Art & Specie market and support our brokers and clients across an evolving and complex risk landscape."O'Donoghue possesses more than 15 years' underwriting experience, spending 13 of them specialising in Fine Art & Specie insurance. Previously, he was employed at Talbot as Head of Fine Art & Specie, where he led global strategy and execution for Fine Art & Specie across Lloyd's Syndicate 1183 and AIG company platforms. Prior to this position, he worked at Aspen for more than 10 years as a Senior Fine Art & Specie Underwriter.About Markel Insurance
We are Markel Insurance, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people – and the deep, valued relationships they develop with colleagues, brokers and clients – that differentiates us worldwide.  View original content to download multimedia:https://www.prnewswire.com/news-releases/markel-appoints-danny-odonoghue-to-head-of-fine-art--specie-for-its-london-operations-302777782.htmlSOURCE Markel Original: Markel appoints Danny O'Donoghue to Head of Fine Art & Specie for its London operations

Markel International appoints Sebastian Rice as Head of Global Development, Trade CreditMay 18, 2026 3:30 AM
PR Newswire (US) LONDON, May 18, 2026 /PRNewswire/ -- Markel Insurance, the insurance operation within Markel Group Inc. (NYSE:MKL), today announced the appointment of Sebastian Rice to Head of Global Development – Trade Credit, effective immediately.  Reporting to Phil Amlot, Global Head of Trade Credit – International, Rice will work closely with him to drive innovative, solution-led underwriting and develop bespoke offerings that respond to evolving market conditions and client needs across Markel's global hubs. His role will include supporting clients navigating an increasingly complex trade environment shaped by geopolitical uncertainty, supply chain disruption and shifting credit risks. Rice will also co-ordinate a global cohort of Trade Credit underwriters across Markel's offices in New York, Singapore, Dubai and London to align with our key partner relationships. He'll focus on business development and driving further profitable growth across the UK and Europe, with an emphasis on delivering greater capacity, tailored solutions and enhanced service for brokers and clients.Since joining Markel two years ago, Rice has played a key role in developing new solutions, including Markel's Non-Cancellable Limits offering, which enables clients to operate with greater certainty in the event of non-payment. In his new role, he'll build on this momentum to further strengthen Markel's position as a trade credit insurer of choice for multinational businesses.Commenting on the appointment, Amlot said: "Markel International's success and sustained growth are driven by colleagues like Seb, who are committed to working alongside our clients to deliver tailored solutions. He takes the time to understand client needs and responds with precision, rather than offering a one-size-fits-all approach.With demand for trade credit insurance at record levels and underwriting conditions becoming increasingly complex, Seb's expertise and leadership will be invaluable as we help clients navigate increased risk and build enhanced resilience. He's already strengthened our position across the London and European markets, and I'm confident he'll bring the same discipline and commercial insight to this global role."Rice added: "I'm proud of the profitable growth we've achieved in the London market and continental Europe since joining Markel. In a period defined by shifting supply chains and evolving economic conditions, we've focused on being a consistent and reliable partner for our brokers and clients.This progress reflects the dedication and expertise of our underwriters. I look forward to leading the next phase of our global development and continuing to deliver solutions that support our clients' ambitions."Rice brings more than 20 years of underwriting experience, having held roles at Euler Hermes, Atradius and QBE Europe. He joined Markel in January 2024 as Head of Business Development Europe – Trade Credit, where he strengthened the International division's non-payment protection offering across the UK and continental Europe. About Markel Insurance We are Markel Insurance, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people – and the deep, valued relationships they develop with colleagues, brokers, and clients – that differentiates us worldwide. Photo - https://mma.prnewswire.com/media/2981121/Markel_Sebastian_Rice.jpg 
Logo - https://mma.prnewswire.com/media/2090808/5972848/Markel_primary_Logo.jpg  View original content:https://www.prnewswire.co.uk/news-releases/markel-international-appoints-sebastian-rice-as-head-of-global-development-trade-credit-302773539.html Original: Markel International appoints Sebastian Rice as Head of Global Development, Trade Credit

/C O R R E C T I O N -- Markel/May 14, 2026 11:37 AM
PR Newswire (US) In the news release, Markel expands professional liability offerings with new media and entertainment coverage options, issued 14-May-2026 by Markel over PR Newswire, we are advised by the company that the source should be "Markel" instead of "Markel Group". Markel expands professional liability offerings with new media and entertainment coverage options RICHMOND, Va., May 14, 2026 /PRNewswire/ -- Markel, the insurance operations within Markel Group Inc. (NYSE: MKL), today announced an expansion of its professional liability offerings for insurance protection against fast-evolving creative, digital and professional risks. The enhancements bring together multiple coverage needs under a streamlined approach, helping customers reduce gaps and simplify coverage as the way they work continues to change. Markel's enhanced ProSolutions portfolio, a suite of professional liability products designed for specialized risks, now includes:A new combined policy that brings professional liability, cyber, media liability and general liability coverages into a single policy.New Media Shield and Entertainment Shield product options designed for qualified content creators, media professionals and entertainment-focused businesses."We continue to see risk evolution across the marketplace, especially in media liability," said Melissa Sowa, Managing Director, E&O Product Line Leadership. "It has never been easier to create and distribute content, and we are operating in an era where social media dominates. As media expands, so does its complexity."Media liability insurance is no longer limited to traditional media companies. Content creators, creative professionals, digital and social media managers, public figures and third-party endorsers all face increased exposure as online and social platforms continue to grow. Markel's expanded ProSolutions offering is designed to help customers address these evolving risks with broader, more flexible coverage options.Designed to simplify coverage placement, the new blended ProSolutions form allows customers to consolidate multiple coverage needs into a single policy, reducing complexity and better aligning insurance protection with interconnected risks. The expanded appetites and new coverage options further enable brokers to respond to customer needs in an increasingly competitive market.About Markel InsuranceWe are Markel Insurance, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people—and the deep, valued relationships they develop with colleagues, brokers and clients—that differentiates us worldwide. Coverage is provided by one or more of the insurance companies within Markel. Insurance and coverage are subject to terms, conditions, availability, and qualifications and may not be available in all states.Logo - https://mma.prnewswire.com/media/2090808/Markel_primary_Logo.jpg View original content:https://www.prnewswire.co.uk/news-releases/markel-expands-professional-liability-offerings-with-new-media-and-entertainment-coverage-options-302771911.html Original: /C O R R E C T I O N -- Markel/

/C O R R E C T I O N -- Markel/May 14, 2026 11:26 AM
PR Newswire (US) In the news release, Markel expands professional liability offerings with new media and entertainment coverage options, issued 14-May-2026 by Markel over PR Newswire, we are advised by the company that the source should be "Markel" instead of "Markel Group". Markel expands professional liability offerings with new media and entertainment coverage options RICHMOND, Va., May 14, 2026 /PRNewswire/ -- Markel, the insurance operations within Markel Group Inc. (NYSE: MKL), today announced an expansion of its professional liability offerings for insurance protection against fast-evolving creative, digital and professional risks. The enhancements bring together multiple coverage needs under a streamlined approach, helping customers reduce gaps and simplify coverage as the way they work continues to change. Markel's enhanced ProSolutions portfolio, a suite of professional liability products designed for specialized risks, now includes:A new combined policy that brings professional liability, cyber, media liability and general liability coverages into a single policy.New Media Shield and Entertainment Shield product options designed for qualified content creators, media professionals and entertainment-focused businesses."We continue to see risk evolution across the marketplace, especially in media liability," said Melissa Sowa, Managing Director, E&O Product Line Leadership. "It has never been easier to create and distribute content, and we are operating in an era where social media dominates. As media expands, so does its complexity."Media liability insurance is no longer limited to traditional media companies. Content creators, creative professionals, digital and social media managers, public figures and third-party endorsers all face increased exposure as online and social platforms continue to grow. Markel's expanded ProSolutions offering is designed to help customers address these evolving risks with broader, more flexible coverage options.Designed to simplify coverage placement, the new blended ProSolutions form allows customers to consolidate multiple coverage needs into a single policy, reducing complexity and better aligning insurance protection with interconnected risks. The expanded appetites and new coverage options further enable brokers to respond to customer needs in an increasingly competitive market.About Markel InsuranceWe are Markel Insurance, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people—and the deep, valued relationships they develop with colleagues, brokers and clients—that differentiates us worldwide. Coverage is provided by one or more of the insurance companies within Markel. Insurance and coverage are subject to terms, conditions, availability, and qualifications and may not be available in all states. View original content to download multimedia:https://www.prnewswire.com/news-releases/markel-expands-professional-liability-offerings-with-new-media-and-entertainment-coverage-options-302771881.htmlSOURCE Markel Original: /C O R R E C T I O N -- Markel/

Markel Group reports 2026 first quarter resultsApril 28, 2026 4:51 PM
PR Newswire (US)

RICHMOND, Va., April 28, 2026 /PRNewswire/ -- Markel Group Inc. (NYSE:MKL) today reported its financial results for the first quarter of 2026. The Company also announced today it filed its Form 10-Q for the quarter ended March 31, 2026 with the Securities and Exchange Commission.
"In the first quarter of 2026, we generated strong results across the company. We are pleased with the continued progress of our ongoing operations," said Tom Gayner, Chief Executive Officer. "We continue to do more of what's working and less of what's not, while focusing on balance sheet strength, disciplined capital allocation, and ongoing share repurchases."Highlights of our 2026 first quarter results:Operating revenues were consistent quarter over quarter.Operating loss, which includes market movements in our equity portfolio, was $273 million for the quarter.Adjusted operating income, which excludes market movements in our equity portfolio, was $498 million for the quarter, which represents a 4% increase compared to the first quarter of 2025.For Markel Insurance, our cornerstone business:The combined ratio for the quarter, which included two points of net losses attributed to the Middle East conflict, was 93%, which represents a three point improvement compared to the first quarter of 2025.Adjusted operating income increased 31% for the quarter to $369 million with each of our three ongoing underwriting divisions meaningfully contributing to our overall profitability.Underwriting gross premium volume decreased 21% for the quarter, as expected, due to the impact of the sale of the renewal rights of our Global Reinsurance division in 2025 and the transition of our Hagerty business to a fronting arrangement in 2026. Excluding these items, underwriting gross premium volume increased 10% for the quarter.Our global specialty product diversification was on full display. Although our Wholesale and Specialty E&S platform faced difficult market conditions, we had robust growth within our International operations, our Bermuda platform, and within our personal lines and programs business units.Comprehensive loss to shareholders was $340 million for the quarter primarily due to unrealized losses on our investment portfolio.Share repurchases were $134 million for the quarter.The following table presents summary consolidated financial data.
Three Months Ended March 31, (dollars in thousands)2026
2025Operating revenues$  3,550,605
$    3,548,176



Operating income (loss)$   (273,329)
$      282,524Add: Amortization of acquired intangible assets43,513
46,942Less: Net investment losses(727,562)
(149,071)Adjusted operating income (1)$    497,746
$      478,537



Comprehensive income (loss) to shareholders$   (340,430)
$      347,670
(1) See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure.Markel Insurance Segment
Three Months Ended March 31, (dollars in thousands)2026
2025
% ChangeGross premium volume:




Underwriting$ 2,215,573
$   2,793,406
(21) %Adjusted underwriting (1)$ 2,192,993
$   1,996,551
10 %Fronting$   587,422
$     378,145
55 %





Operating revenues:




Earned premiums$ 1,969,339
$   2,016,539
(2) %Net investment income229,619
207,517
11 %Services and other revenues2,727
2,620
4 %Operating revenues$ 2,201,685
$   2,226,676
(1) %





Adjusted operating income:




Underwriting profit$   142,249
$       80,162
77 %Net investment income229,619
207,517
11 %Services and other income(2,378)
(5,564)
(57) %Adjusted operating income$   369,490
$     282,115
31 %





Combined ratio93 %
96 %


(1) See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure.Industrial Segment
Three Months Ended March 31, (dollars in thousands)2026
2025
% ChangeOperating revenues$    883,058
$      829,574
6 %Adjusted operating income          $      49,286
$        58,764
(16) %Financial Segment
Three Months Ended March 31, (dollars in thousands)2026
2025
% ChangeOperating revenues$    161,530
$      178,481
(9) %Adjusted operating income          $      36,205
$        79,611
(55) %Consumer and Other Segment
Three Months Ended March 31, (dollars in thousands)2026
2025
% ChangeOperating revenues$    280,497
$      287,786
(3) %Adjusted operating income          $      39,755
$        32,388
23 %* * * * * * * *A copy of our Form 10-Q is available on our website at mklgroup.com, under Investor Relations-Financials, or on the SEC website at www.sec.gov. Readers are urged to review the Form 10-Q for a more complete discussion of our financial performance. Our quarterly conference call, which will involve discussion of our financial results and business developments and may include forward-looking information, will be held Wednesday, April 29, 2026, beginning at 9:30 a.m. (Eastern Time). Investors, analysts, and the general public may listen to the call via live webcast at ir.mklgroup.com. The call may be accessed telephonically by dialing (888) 660-9916 in the U.S., or +1 (646) 960-0452 internationally, and providing Conference ID: 4614568. A replay of the call will be available on our website approximately one hour after the conclusion of the call. Any person needing additional information can contact Markel Group's Investor Relations Department at IR@markel.com. Additionally, we will be discussing financial results and related business and investments updates at our shareholders meeting on May 20, 2026 at the University of Richmond Robins Center at 2:00 p.m. (Eastern Time). The shareholders meeting will be part of the 2026 Reunion, which is open to shareholders, employees, and friends of Markel Group. More information on the 2026 Reunion, including the agenda and registration, is available at mklreunion.com.Supplemental Financial InformationThe following table summarizes our results by segment.
Three Months Ended March 31, (dollars in thousands)2026
2025
% ChangeOperating revenues:




Markel Insurance$ 2,201,685
$   2,226,676
(1) %Industrial883,058
829,574
6 %Financial161,530
178,481
(9) %Consumer and Other280,497
287,786
(3) %Corporate and eliminations23,835
25,659
(7) %Total operating revenues$ 3,550,605
$   3,548,176
0 %





Operating income (loss)$  (273,329)
$     282,524
NM (1)Add: Amortization of acquired intangible assets43,513
46,942
(7) %Less: Net investment losses(727,562)
(149,071)
388 %Adjusted operating income (2)$   497,746
$     478,537
4 %





Markel Insurance$   369,490
$     282,115
31 %Industrial49,286
58,764
(16) %Financial36,205
79,611
(55) %Consumer and Other39,755
32,388
23 %Corporate and eliminations3,010
25,659
(88) %Adjusted operating income (2)$   497,746
$     478,537
4 %
(1) NM - Not meaningful(2) See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure.We believe our financial performance is most meaningfully measured over longer periods of time, which tends to mitigate the effects of short-term volatility and better aligns with the long-term perspective we apply to operating our businesses and making investment decisions. The following table presents a long-term view of our performance.
Three Months Ended
March 31, 2026
Year Ended December 31,(dollars in thousands)
2025
2024
2023
2022Operating revenues$        3,550,605
$ 15,513,233
$ 14,813,544
$ 14,279,576
$ 13,271,068









Operating income (loss)$         (273,329)
$  3,194,852
$  3,712,562
$  2,928,828
$    (93,336)Add: Amortization of acquired intangible assets43,513
185,007
181,472
180,614
178,778Add: Impairment of goodwill—
—
—
—
80,000Less: Net investment gains (losses)(727,562)
1,076,081
1,807,219
1,524,054
(1,595,733)Adjusted operating income (1)$           497,746
$  2,303,778
$  2,086,815
$  1,585,388
$  1,761,175
(1) See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure.Non-GAAP Financial MeasuresMarkel Group utilizes certain non-GAAP measures that we believe enhance the understanding of our performance. These measures should not be viewed as a substitute for measures determined in accordance with U.S. GAAP.Consolidated Adjusted Operating IncomeConsolidated adjusted operating income, which excludes net investment gains and losses, amortization of acquired intangible assets, and impairment of goodwill, is a non-GAAP financial measure. We believe adjusted operating income is generally an accurate representation of the operating performance of our businesses in our periodic results. Net investment gains and losses are predominantly derived from our investments in publicly traded equity securities and include significant unrealized gains and losses from market value movements. We believe that net investment gains and losses, whether realized from sales or unrealized from market value movements, are distortive in understanding the short-term operating performance of our businesses. We do not view amortization of intangible assets and impairment of goodwill, which arise from purchase accounting for acquisitions, as ongoing costs of operating our businesses, and therefore exclude those amounts from our adjusted operating income metric.Adjusted Underwriting Gross Premium VolumeAdjusted underwriting gross premium volume is a non-GAAP measure that excludes underwriting gross premium volume from the Global Reinsurance division and our business with Hagerty for both periods. In August 2025, Markel Insurance sold the renewal rights for contracts written through its Global Reinsurance division, and the division entered into run-off, which resulted in a significant decline in underwriting gross premium volume. Beginning on January 1, 2026, Markel Insurance's business written on behalf of Hagerty transitioned from being an underwriting product to a fronting arrangement, which resulted in a change in the presentation of the related gross premium volume and therefore, a significant decline in underwriting gross premium volume. We believe adjusted underwriting gross premium volume is a meaningful measure when comparing underwriting gross premium volume from period-to-period as it adjusts for the impact of these significant contractual restructuring changes within the Markel Insurance segment. The following table reconciles underwriting gross premium volume to adjusted underwriting gross premium volume.
Three Months Ended March 31, (dollars in thousands)2026
2025
% ChangeUnderwriting gross premium volume$         2,215,573
$ 2,793,406
(21) %Less: Global Reinsurance division underwriting gross premium volume22,580
576,928

Less: Hagerty underwriting gross premium volume—
219,927

Adjusted underwriting gross premium volume$         2,192,993
$ 1,996,551
10 %About Markel Group
Markel Group Inc. is a diverse family of companies that includes everything from insurance to bakery equipment, building supplies, houseplants, and more. The leadership teams of these businesses operate with a high degree of independence, while at the same time living the values that we call the Markel Style. Our specialty insurance business sits at the core of our company. Through decades of sound underwriting, the Markel Insurance team has provided the capital base from which we built a system of businesses and investments that collectively increase Markel Group's durability and adaptability. It's a system that provides diverse income streams, access to a wide range of investment opportunities, and the ability to efficiently move capital to the best ideas across the company. Most importantly though, this system enables each of our businesses to advance our shared goal of helping our customers, associates, and shareholders win over the long term. Visit mklgroup.com to learn more.Cautionary Statement
Certain of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. Statements that are not historical facts, including statements about our beliefs, plans or expectations, are forward-looking statements. These statements are based on our current plans, estimates, and expectations. There are risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by such statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Additional factors that could cause actual results to differ from those predicted are set forth in our Annual Report on Form 10-K for the year ended December 31, 2025, including under "Business Overview," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Safe Harbor and Cautionary Statement," and "Quantitative and Qualitative Disclosures About Market Risk," and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, including under "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Safe Harbor and Cautionary Statement," "Quantitative and Qualitative Disclosures About Market Risk," and "Risk Factors." We assume no obligation to update this release (including any forward-looking statements) as a result of new information, developments, or otherwise. This release speaks only as of the date issued.



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Original: Markel Group reports 2026 first quarter results

Markel Group reports 2026 first quarter resultsApril 28, 2026 4:37 PM
PR Newswire (US)

RICHMOND, Va., April 28, 2026 /PRNewswire/ -- Markel Group Inc. (NYSE:MKL) today reported its financial results for the first quarter of 2026. The Company also announced today it filed its Form 10-Q for the quarter ended March 31, 2026 with the Securities and Exchange Commission.







"In the first quarter of 2026, we generated strong results across the company. We are pleased with the continued progress of our ongoing operations," said Tom Gayner, Chief Executive Officer. "We continue to do more of what's working and less of what's not, while focusing on balance sheet strength, disciplined capital allocation, and ongoing share repurchases."Highlights of our 2026 first quarter results:Operating revenues were consistent quarter over quarter.Operating loss, which includes market movements in our equity portfolio, was $273 million for the quarter.Adjusted operating income, which excludes market movements in our equity portfolio, was $498 million for the quarter, which represents a 4% increase compared to the first quarter of 2025.For Markel Insurance, our cornerstone business:The combined ratio for the quarter, which included two points of net losses attributed to the Middle East conflict, was 93%, which represents a three point improvement compared to the first quarter of 2025.Adjusted operating income increased 31% for the quarter to $369 million with each of our three ongoing underwriting divisions meaningfully contributing to our overall profitability.Underwriting gross premium volume decreased 21% for the quarter, as expected, due to the impact of the sale of the renewal rights of our Global Reinsurance division in 2025 and the transition of our Hagerty business to a fronting arrangement in 2026. Excluding these items, underwriting gross premium volume increased 10% for the quarter.Our global specialty product diversification was on full display. Although our Wholesale and Specialty E&S platform faced difficult market conditions, we had robust growth within our International operations, our Bermuda platform, and within our personal lines and programs business units.Comprehensive loss to shareholders was $340 million for the quarter primarily due to unrealized losses on our investment portfolio.Share repurchases were $134 million for the quarter.The following table presents summary consolidated financial data.
Three Months Ended March 31, (dollars in thousands)2026
2025Operating revenues$  3,550,605
$    3,548,176



Operating income (loss)$   (273,329)
$      282,524Add: Amortization of acquired intangible assets43,513
46,942Less: Net investment losses(727,562)
(149,071)Adjusted operating income (1)$    497,746
$      478,537



Comprehensive income (loss) to shareholders$   (340,430)
$      347,670
(1) See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure.Markel Insurance Segment
Three Months Ended March 31, (dollars in thousands)2026
2025
% ChangeGross premium volume:




Underwriting$ 2,215,573
$   2,793,406
(21) %Adjusted underwriting (1)$ 2,192,993
$   1,996,551
10 %Fronting$   587,422
$     378,145
55 %





Operating revenues:




Earned premiums$ 1,969,339
$   2,016,539
(2) %Net investment income229,619
207,517
11 %Services and other revenues2,727
2,620
4 %Operating revenues$ 2,201,685
$   2,226,676
(1) %





Adjusted operating income:




Underwriting profit$   142,249
$       80,162
77 %Net investment income229,619
207,517
11 %Services and other income(2,378)
(5,564)
(57) %Adjusted operating income$   369,490
$     282,115
31 %





Combined ratio93 %
96 %


(1) See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure.Industrial Segment
Three Months Ended March 31, (dollars in thousands)2026
2025
% ChangeOperating revenues$    883,058
$      829,574
6 %Adjusted operating income          $      49,286
$        58,764
(16) %Financial Segment
Three Months Ended March 31, (dollars in thousands)2026
2025
% ChangeOperating revenues$    161,530
$      178,481
(9) %Adjusted operating income          $      36,205
$        79,611
(55) %Consumer and Other Segment
Three Months Ended March 31, (dollars in thousands)2026
2025
% ChangeOperating revenues$    280,497
$      287,786
(3) %Adjusted operating income          $      39,755
$        32,388
23 %* * * * * * * *A copy of our Form 10-Q is available on our website at mklgroup.com, under Investor Relations-Financials, or on the SEC website at www.sec.gov. Readers are urged to review the Form 10-Q for a more complete discussion of our financial performance. Our quarterly conference call, which will involve discussion of our financial results and business developments and may include forward-looking information, will be held Wednesday, April 29, 2026, beginning at 9:30 a.m. (Eastern Time). Investors, analysts, and the general public may listen to the call via live webcast at ir.mklgroup.com. The call may be accessed telephonically by dialing (888) 660-9916 in the U.S., or +1 (646) 960-0452 internationally, and providing Conference ID: 4614568. A replay of the call will be available on our website approximately one hour after the conclusion of the call. Any person needing additional information can contact Markel Group's Investor Relations Department at IR@markel.com. Additionally, we will be discussing financial results and related business and investments updates at our shareholders meeting on May 20, 2026 at the University of Richmond Robins Center at 2:00 p.m. (Eastern Time). The shareholders meeting will be part of the 2026 Reunion, which is open to shareholders, employees, and friends of Markel Group. More information on the 2026 Reunion, including the agenda and registration, is available at mklreunion.com.Supplemental Financial InformationThe following table summarizes our results by segment.
Three Months Ended March 31, (dollars in thousands)2026
2025
% ChangeOperating revenues:




Markel Insurance$ 2,201,685
$   2,226,676
(1) %Industrial883,058
829,574
6 %Financial161,530
178,481
(9) %Consumer and Other280,497
287,786
(3) %Corporate and eliminations23,835
25,659
(7) %Total operating revenues$ 3,550,605
$   3,548,176
0 %





Operating income (loss)$  (273,329)
$     282,524
NM (1)Add: Amortization of acquired intangible assets43,513
46,942
(7) %Less: Net investment losses(727,562)
(149,071)
388 %Adjusted operating income (2)$   497,746
$     478,537
4 %





Markel Insurance$   369,490
$     282,115
31 %Industrial49,286
58,764
(16) %Financial36,205
79,611
(55) %Consumer and Other39,755
32,388
23 %Corporate and eliminations3,010
25,659
(88) %Adjusted operating income (2)$   497,746
$     478,537
4 %
(1) NM - Not meaningful(2) See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure.We believe our financial performance is most meaningfully measured over longer periods of time, which tends to mitigate the effects of short-term volatility and better aligns with the long-term perspective we apply to operating our businesses and making investment decisions. The following table presents a long-term view of our performance.
Three Months Ended
March 31, 2026
Year Ended December 31,(dollars in thousands)
2025
2024
2023
2022Operating revenues$        3,550,605
$ 15,513,233
$ 14,813,544
$ 14,279,576
$ 13,271,068









Operating income (loss)$         (273,329)
$  3,194,852
$  3,712,562
$  2,928,828
$    (93,336)Add: Amortization of acquired intangible assets43,513
185,007
181,472
180,614
178,778Add: Impairment of goodwill—
—
—
—
80,000Less: Net investment gains (losses)(727,562)
1,076,081
1,807,219
1,524,054
(1,595,733)Adjusted operating income (1)$           497,746
$  2,303,778
$  2,086,815
$  1,585,388
$  1,761,175
(1) See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure.Non-GAAP Financial MeasuresMarkel Group utilizes certain non-GAAP measures that we believe enhance the understanding of our performance. These measures should not be viewed as a substitute for measures determined in accordance with U.S. GAAP.Consolidated Adjusted Operating IncomeConsolidated adjusted operating income, which excludes net investment gains and losses, amortization of acquired intangible assets, and impairment of goodwill, is a non-GAAP financial measure. We believe adjusted operating income is generally an accurate representation of the operating performance of our businesses in our periodic results. Net investment gains and losses are predominantly derived from our investments in publicly traded equity securities and include significant unrealized gains and losses from market value movements. We believe that net investment gains and losses, whether realized from sales or unrealized from market value movements, are distortive in understanding the short-term operating performance of our businesses. We do not view amortization of intangible assets and impairment of goodwill, which arise from purchase accounting for acquisitions, as ongoing costs of operating our businesses, and therefore exclude those amounts from our adjusted operating income metric.Adjusted Underwriting Gross Premium VolumeAdjusted underwriting gross premium volume is a non-GAAP measure that excludes underwriting gross premium volume from the Global Reinsurance division and our business with Hagerty for both periods. In August 2025, Markel Insurance sold the renewal rights for contracts written through its Global Reinsurance division, and the division entered into run-off, which resulted in a significant decline in underwriting gross premium volume. Beginning on January 1, 2026, Markel Insurance's business written on behalf of Hagerty transitioned from being an underwriting product to a fronting arrangement, which resulted in a change in the presentation of the related gross premium volume and therefore, a significant decline in underwriting gross premium volume. We believe adjusted underwriting gross premium volume is a meaningful measure when comparing underwriting gross premium volume from period-to-period as it adjusts for the impact of these significant contractual restructuring changes within the Markel Insurance segment. The following table reconciles underwriting gross premium volume to adjusted underwriting gross premium volume.
Three Months Ended March 31, (dollars in thousands)2026
2025
% ChangeUnderwriting gross premium volume$         2,215,573
$ 2,793,406
(21) %Less: Global Reinsurance division underwriting gross premium volume22,580
576,928

Less: Hagerty underwriting gross premium volume—
219,927

Adjusted underwriting gross premium volume$         2,192,993
$ 1,996,551
10 %About Markel Group
Markel Group Inc. is a diverse family of companies that includes everything from insurance to bakery equipment, building supplies, houseplants, and more. The leadership teams of these businesses operate with a high degree of independence, while at the same time living the values that we call the Markel Style. Our specialty insurance business sits at the core of our company. Through decades of sound underwriting, the Markel Insurance team has provided the capital base from which we built a system of businesses and investments that collectively increase Markel Group's durability and adaptability. It's a system that provides diverse income streams, access to a wide range of investment opportunities, and the ability to efficiently move capital to the best ideas across the company. Most importantly though, this system enables each of our businesses to advance our shared goal of helping our customers, associates, and shareholders win over the long term. Visit mklgroup.com to learn more.Cautionary Statement
Certain of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. Statements that are not historical facts, including statements about our beliefs, plans or expectations, are forward-looking statements. These statements are based on our current plans, estimates, and expectations. There are risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by such statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Additional factors that could cause actual results to differ from those predicted are set forth in our Annual Report on Form 10-K for the year ended December 31, 2025, including under "Business Overview," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Safe Harbor and Cautionary Statement," and "Quantitative and Qualitative Disclosures About Market Risk," and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, including under "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Safe Harbor and Cautionary Statement," "Quantitative and Qualitative Disclosures About Market Risk," and "Risk Factors." We assume no obligation to update this release (including any forward-looking statements) as a result of new information, developments, or otherwise. This release speaks only as of the date issued.



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Original: Markel Group reports 2026 first quarter results

Bridge Specialty Group Launches Personal Lines Digital Marketplace Powered by CogitateApril 28, 2026 8:12 AM
PR Newswire (US)

ATLANTA, April 28, 2026 /PRNewswire/ -- Cogitate, one of the leading providers of intelligent core insurance technology, is proud to announce the launch of Bridge Specialty Group's new personal lines digital marketplace. The digital platform is designed to streamline agent quoting, enhance underwriting efficiency, and support scalable expansion of carrier access across its personal lines portfolio.







As one of the largest personal lines wholesalers in the U.S., Bridge Specialty Group is uniquely positioned to scale carrier access and simplify distribution for agents nationwide. This new platform enables agents to complete one common application and receive eligibility and premium indications across participating carriers within a unified digital experience.Built on Cogitate's DigitalEdge platform, the marketplace supports API-enabled carrier integrations and structured workflows for markets without direct APIs. This allows agents to see multiple carrier options side-by-side, without compromising each carrier's underwriting approach. Agents gain faster visibility into available markets, and underwriters benefit from structured workflows and improved submission quality.Among its early carriers, Bridge Specialty Group worked with Markel to make its E&S homeowners product available in the marketplace."Markel is excited to support initiatives that leverage API technology to enhance underwriting efficiency and customer outcomes," said Virginia Mathurin, Managing Director, Underwriting & Business Development for Personal Lines at Markel.At launch, the marketplace supports more than 18,000 users across 5,000 agencies, providing immediate scale across Bridge Specialty Group's distribution network. The implementation transitioned Bridge Specialty Group from a complex permissions model to a streamlined, templatized framework, enhancing scalability while maintaining operational stability."The personal lines marketplace reflects our commitment to delivering a modern, transparent, and scalable digital experience for our agents and carrier partners," said Joe Failla, Chief Operating Officer of Bridge Specialty Group. "By consolidating systems and enabling comparative rating within a single marketplace, we are improving speed, clarity, and operational efficiency across our organization.""This launch represents what's possible when deep insurance experience meets modern, cloud-native technology. At Cogitate, we believe digital marketplaces should not only accelerate quote-to-bind, but also create meaningful connectivity between carriers, underwriters, and distribution partners. Bridge Specialty Group has embraced a bold vision for scalable growth, and we are proud to provide the DigitalEdge foundation that empowers their teams to innovate faster, operate smarter, and deliver a truly unified experience to their agents," said Arvind Kaushal, CEO & Co-founder of Cogitate. About Bridge Specialty Group Bridge Specialty Group is a leading global insurance wholesaler comprised of more than 28 niche-focused specialty brands with a presence in over 55 locations throughout the United States, the United Kingdom, and Europe. The organization connects the diverse needs of retail partners with the market access and expertise of its wholesale entities, drawing on deep specialization in areas including construction, casualty, environmental liability, professional liability, healthcare, public entity, workers' compensation, property, and personal lines. With access to more than 300 standard and excess & surplus lines carriers and a premium volume book in the multibillion-dollar range, Bridge Specialty Group's mission is to bring the power of collective size and specialty to the wholesale brokerage marketplace by delivering innovative solutions and tailored risk placement for its partners. Learn more at https://bridgespecialtygroup.com/ . About Markel We are Markel Insurance, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people – and the deep, valued relationships they develop with colleagues, brokers and clients – that differentiates us worldwide. Learn more at www.markel.com. About Cogitate The Cogitate DigitalEdge Insurance Platform digitalizes insurance across the value chain, offering insurance carriers, MGAs, and program administrators a smooth transition to cloud-native, data-driven core underwriting, policy, billing, and claim applications. The AI-powered, unified insurance platform unlocks the value of first-party data and advances the power of third-party data for profitable growth, superior risk selection, and a streamlined, modern user experience. Backed by more than 100 combined years of comprehensive experience and domain knowledge, our products are uniquely designed to meet the needs of insurance businesses of every size. Learn more at www.cogitate.com .Media Contact
Pamela Simpson
Director of Marketing & Communications
psimpson@cogitate.com



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Original: Bridge Specialty Group Launches Personal Lines Digital Marketplace Powered by Cogitate

Markel Group Inc. announces conference call date and timeApril 22, 2026 4:30 PM
PR Newswire (Canada)

RICHMOND, Va., April 22, 2026  /CNW/ -- Markel Group Inc. (NYSE: MKL) announced today it will hold a conference call on Wednesday, April 29, 2026 beginning at 9:30 a.m. (Eastern Time) to discuss quarterly results and business developments.







Investors, analysts and the general public may listen to the call via live webcast at ir.mklgroup.com. The call may be accessed telephonically by dialing (888) 660-9916 in the U.S., or +1 (646) 960-0452 internationally, and providing Conference ID: 4614568.  A replay of the call will be available on our website approximately one hour after the conclusion of the call.The webcast, the conference call and the content and permitted replays or rebroadcasts thereof are the exclusive copyrighted property of Markel Group Inc. and may not be copied, taped, rebroadcast, or published in whole or in part without the express written consent of Markel Group Inc.About Markel Group
Markel Group Inc. (NYSE: MKL) is a diverse family of companies that includes everything from insurance to bakery equipment, building supplies, houseplants, and more. The leadership teams of these businesses operate with a high degree of independence, while at the same time living the values that we call the Markel Style. Our specialty insurance business sits at the core of our company. Through decades of sound underwriting, the insurance team has provided the capital base from which we built a system of businesses and investments that collectively increase Markel Group's durability and adaptability. It's a system that provides diverse income streams, access to a wide range of investment opportunities, and the ability to efficiently move capital to the best ideas across the company. Most importantly though, this system enables each of our businesses to advance our shared goal of helping our customers, associates, and shareholders win over the long term. Visit mklgroup.com to learn more. 



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Original: Markel Group Inc. announces conference call date and time

Markel Insurance appoints James Shankland as Head of Ocean Cargo, U.S.April 2, 2026 8:00 AM
PR Newswire (Canada)

RICHMOND, Va., April 2, 2026 /CNW/ -- Markel, the insurance operations within Markel Group Inc. (NYSE: MKL), announced today the appointment of James Shankland as Head of Ocean Cargo, U.S. In this role, Shankland will lead the growth of Markel's U.S. cargo portfolio. He will be responsible for underwriting strategy, portfolio management and broker engagement. He'll work closely with actuarial, claims, operations and distribution to support disciplined execution across the business.







This appointment reflects Markel's continued investment in its global cargo portfolio and dedication to delivering specialized solutions to U.S. customers by leveraging global experience to address complex risks. The U.S. ocean cargo product builds on the strength and success of Markel's U.S. ocean marine platform and established global cargo business, supporting diverse placements where scale and underwriting discipline matter."James has a deep understanding of the increasingly complex risk, operational, and coverage challenges our brokers and customers face in today's cargo market," said Michael Keely, Managing Director, Ocean Marine. "By building on the success of our global cargo business and investing in building out a dedicated U.S. ocean cargo team, we are bringing that same level of expertise and reliability to the U.S. market."Shankland brings deep marine cargo underwriting leadership experience across leading global insurers, with a strong track record of portfolio management, underwriting discipline and broker engagement. Most recently, he served as an underwriting team lead at AIG where he managed a significant cargo portfolio, led underwriting teams and partnered closely with key broker relationships to drive profitable growth."I'm excited to build on Markel's global capabilities and bring a disciplined, long-term approach to the U.S. market," said Shankland. "There is strong demand for consistent underwriting, technical expertise and meaningful capacity, and I look forward to working closely with our brokers and clients to deliver solutions that support their evolving ocean cargo risks."Shankland will be based in Markel's New York office.About Markel
We are Markel Insurance, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people—and the deep, valued relationships they develop with colleagues, brokers and clients—that differentiates us worldwide.










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Original: Markel Insurance appoints James Shankland as Head of Ocean Cargo, U.S.

Markel International launches AI Centre of Enablement with appointment of Head of AIMarch 12, 2026 4:45 AM
PR Newswire (Canada)

LONDON, March 12, 2026 /CNW/ -- Markel International, a division of Markel Insurance, the insurance operations within Markel Group Inc. (NYSE:MKL), today announced the appointment of Maureen Tomlinson to Head of AI, alongside the launch of their AI Centre of Enablement. This strategic hire marks a significant milestone in Markel's continued investment in operational excellence and signals the beginning of its first formalised AI function.







The AI Centre of Enablement (CoE) has been established with the aim of accelerating responsible AI adoption across Markel International's five businesses, acting as both a strategic partner and a technical delivery powerhouse. This function will sit within the International Portfolio Analytics team, headed up by Managing Director, Simon Cooper-Williams. Through AI business partnering, it will provide education, advisory support, coordination and strong governance, alongside AI engineering, delivering high-quality AI builds that address real business needs.Maureen Tomlinson steps into the Head of AI role alongside her position as Senior Vice President of Operations for Markel in Canada. She will shape the division's approach to AI, support senior leaders in identifying strategic opportunities and drive the successful delivery and adoption of AI solutions.Based in Toronto, Tomlinson will work closely with others in the International Portfolio Analytics team, as well as IT and Change Delivery, to advance Markel International's operational capabilities and digital evolution and deliver tools that improve the broker and client experience.Carys Lawton-Bryce, Chief Operations Officer, Markel International, commented: "At Markel, we see AI as a step-change technology with the potential to support our ambitious profitable growth targets. We also recognise that this potential is only realised when AI is governed well, understood across the business and deployed responsibly. Our newly-launched Centre of Enablement will be central to how we leverage AI in a way that makes adoption safe, scalable and business-led, while ensuring responsible governance that stays ahead of regulatory expectations."Simon Cooper-Williams, Managing Director of Markel's International Portfolio Analytics team, commented: "As an organisation, we've made significant progress with the adoption of AI. The new AI Centre of Enablement is a huge step in strengthening our operational foundations and continuing on our path of success. I'm delighted to have Maureen at the helm of this team as Head of AI, with her leadership and extensive knowledge of the business, having served as Senior Vice President, Operations in Canada since 2023. Operating from Toronto, Maureen's appointment will also strengthen collaboration between all five international businesses as we look to bring greater consistency and clarity to how AI is developed and deployed, empowering teams with the tools and knowledge to deliver stronger outcomes."Tomlinson steps into the Head of AI role with extensive operations, technology and change experience, having served as Senior Vice President, Operations, for Markel Canada since 2023, in which she is responsible for the business technology strategy, as well as the execution of all technology tools, data, pricing, support processes and facilities required to deliver policy and claims services. Tomlinson joined Markel after 11 years at Verisk, formerly Opta Information Intelligence, where she held the position of Senior Vice President, Sales & Professional Services from 2017, in which she was responsible for leading the sales & professional services delivery team, providing highly technical analytics solutions for actuarial and underwriting departments across Canada. Prior senior roles include Vice President, Analytics and R&D; and Vice President, Production Solutions and Operations at Verisk; as well as Director, Personal Lines Systems; and Director of Business Services and Architecture for Economical Insurance Group.About Markel Insurance
We are Markel Insurance, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people – and the deep, valued relationships they develop with colleagues, brokers and clients – that differentiates us worldwide. 










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Original: Markel International launches AI Centre of Enablement with appointment of Head of AI

Markel appoints Phil Jones as Chief Information Officer, InternationalMarch 11, 2026 4:45 AM
PR Newswire (US)

LONDON, March 11, 2026 /PRNewswire/ -- Markel Insurance, the insurance operation within Markel Group Inc. (NYSE:MKL), today announced the appointment of Phil Jones as Chief Information Officer (CIO), International, effective immediately.







In his new role, Jones will define and deliver the technology vision for Markel International, ensuring the organisation's systems, data and digital capabilities continue to evolve in line with its strategic focus on operational excellence. Working in close partnership with international leadership, Global Security Services and IT teams across Markel Group, he will focus on strengthening resilience, enhancing service quality and accelerating innovation across Markel's international operations.Jones will also champion closer collaboration between technology and business teams, supporting Markel's ambition to unlock greater value from its data, modernise its technology foundations and empower teams across its five regional businesses through reliable, high-performing systems. His appointment underscores Markel's continued investment in exceptional leadership to support scalable growth and strengthen capabilities across its diverse international markets.Jones will be based in London and report to Carys Lawton-Bryce, Chief Operations Officer at Markel International.On the appointment, Lawton-Bryce commented: "As the evolving risk landscape and competitive market continues to exert pressure on operations, it is critical that our technology is world-class."I'm delighted to welcome Phil to Markel in this important new role. His leadership will be instrumental as we continue to enhance our operational performance and provide brokers and clients with best-in-class service – today and in the future. Phil's extensive experience and deep expertise will help us take our technological capabilities to the next level across our international operations, and I look forward to working closely with him."Jones joins Markel with extensive CIO and executive technology leadership experience spanning specialty insurance, financial services and government. Most recently, he served as Global Chief Information Officer at Aspen Insurance, where he led IT strategy, cloud transformation, cyber-defence initiatives and a global technology workforce, delivering significant performance, security and cost-efficiency improvements. His previous roles include Executive Director of Service Delivery and Operations at the UK Ministry of Defence, overseeing mission-critical global IT services, and senior technology leadership positions at Prudential UK, Lloyds Banking Group and ATOS Consulting.About Markel Insurance
We are Markel Insurance, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people – and the deep, valued relationships they develop with colleagues, brokers and clients – that differentiates us worldwide. 










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Original: Markel appoints Phil Jones as Chief Information Officer, International

Markel Insurance appoints Kristen Dardia as Head of Portfolio Analytics, US & BermudaMarch 10, 2026 8:00 AM
PR Newswire (Canada)

RICHMOND, Va., March 10, 2026 /CNW/ -- Markel, the insurance operations within Markel Group Inc. (NYSE: MKL), announced today the appointment of Kristen Dardia as Head of Portfolio Analytics, US & Bermuda. In her role, Dardia will lead Markel's advanced analytics, technical pricing, and portfolio management capabilities across the US and Bermuda.







Dardia's appointment reinforces Markel's continued investment in data and analytics to better support underwriting and claims teams with timely, practical insights. By strengthening how Markel utilizes data across the organization, this role will help teams act with greater speed and clarity, resulting in more responsive service and stronger outcomes for customers.Dardia brings nearly two decades of experience across actuarial science, analytics, and business strategy. She most recently served as Senior Vice President of Strategic Analytics at Arch Insurance, where she led portfolio-level analytics, risk segmentation, and automation initiatives across a broad range of commercial lines. Her work supported profitable growth, strengthened underwriting practices, and embedded analytics into everyday business decisions. Dardia holds advanced degrees in statistics and business analytics and is a Fellow of the Casualty Actuarial Society."Kristen knows how to turn data into insight that teams can use in real time," said Rob Cole, Chief Actuarial Officer. "She understands the decisions our underwriters and claims professionals face every day and how analytics can help them serve customers better. As data plays a larger role in how we manage our specialty insurance business, Kristen's leadership will help us harness our data more effectively and deliver stronger results.""I'm excited to join Markel and take on this role supporting the US and Bermuda businesses," said Dardia. "From my first conversations with Rob and the team, it was clear that Markel values thoughtful decision making and long-term relationships. I'm looking forward to partnering with teams across the organization as we continue to strengthen how analytics supports our customers and the business."Dardia will be based in New York.About Markel
We are Markel Insurance, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people – and the deep, valued relationships they develop with colleagues, brokers and clients – that differentiates us worldwide. 










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Original: Markel Insurance appoints Kristen Dardia as Head of Portfolio Analytics, US & Bermuda

Markel Group announces leadership appointmentsFebruary 23, 2026 4:15 PM
PR Newswire (US)

RICHMOND, Va., Feb. 23, 2026 /PRNewswire/ -- Markel Group Inc. (NYSE: MKL) announced today the appointments of Simon Wilson, CEO of Markel Insurance, and Andrew Crowley, President of Markel Ventures, as Executive Vice Presidents of Markel Group, in addition to their current responsibilities. Wilson and Crowley oversee Markel Group's insurance and non-insurance businesses, respectively, and their appointments highlight the critical role each plays in advancing the company's strategic and operational priorities. Both will report to Tom Gayner, CEO, Markel Group.







"These appointments represent our ongoing evolution of the Markel Group structure and the continued drive to simplify our business," said Tom Gayner, Markel Group, CEO. "With Simon and Andrew's leadership and partnership, they are focused on serving the operations, customers, and markets they know best."Additionally, Amy McCann has been promoted to Chief Administrative Officer, Markel Group and she will also report to Tom Gayner. McCann has served as the General Counsel, Markel Ventures, a subsidiary of Markel Group, since 2022 and will retain these responsibilities. McCann joined the company in 2019 and in her expanded role, she will work closely with Gayner and the executive leadership team to oversee operations and organizational matters, ensuring alignment across Markel Group."Amy has been an invaluable partner and leader to our team, and with her expanded responsibilities will help further align our operations and strategy, reinforce our culture, and strengthen connectivity across Markel Group," said Gayner.With these appointments, Mike Heaton, EVP and Chief Operating Officer, will be leaving Markel Group.Gayner added, "I am deeply grateful for Mike's dedication and contributions to Markel Group, and specifically for helping us build our non-insurance operations into an important component of Markel Group's strong foundation."These changes are effective immediately.About Markel Group Markel Group Inc. (NYSE: MKL) is a diverse family of companies that includes everything from insurance to bakery equipment, building supplies, houseplants, and more. The leadership teams of these businesses operate with a high degree of independence, while at the same time living the values that we call the Markel Style. Our specialty insurance business sits at the core of our company. Through decades of sound underwriting, the Markel Insurance team has provided the capital base from which we built a system of businesses and investments that collectively increase Markel Group's durability and adaptability. It's a system that provides diverse income streams, access to a wide range of investment opportunities, and the ability to efficiently move capital to the best ideas across the company. Most importantly though, this system enables each of our businesses to advance our shared goal of helping our customers, associates, and shareholders win over the long term. Visit mklgroup.com to learn more. 



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Original: Markel Group announces leadership appointments

Colin Wildey appointed Chief Risk Officer, InternationalFebruary 17, 2026 3:00 AM
PR Newswire (US)

LONDON, Feb. 17, 2026 /PRNewswire/ -- Markel Insurance, the insurance operation within Markel Group Inc. (NYSE: MKL), today announced that Colin Wildey has been promoted to Chief Risk Officer for Markel International, subject to regulatory approval.
Wildey has been Head of Risk for Markel International since 2022, where he has played a central role in advancing the organisation's Risk Management framework and helping the business navigate through a period of sustained, profitable growth. In his new role, he will focus on further enhancing how risk informs decision-making across the business, aligned with the organisation's strategic ambition to put Markel 'on the map'.Based in London, Wildey will report to Henry Gardener, who was appointed Chief Risk Officer of Markel Insurance in 2025.Wildey brings more than ten years of senior risk management experience across the London Market and international insurance sector. Prior to joining Markel, he was UK Chief Risk Officer and Group Head of Risk & Capital at Fidelis Insurance, responsible for the Group Risk Framework across multiple entities. Earlier in his career, he held roles in risk management, consulting and underwriting at various organisations writing business in the UK, Ireland, Bermuda, Australia and New Zealand. He has extensive experience working with regulators including the PRA, FCA, BMA and CBI.Henry Gardener, Chief Risk Officer, Markel Insurance, said: "The Risk team at Markel International plays a critical role in strengthening resilience throughout the business, working in partnership with employees across the business to support clarity of purpose, ownership of risk and strategic alignment. By combining analytical expertise with practical insight, we help Markel meet its commitments to policyholders, regulators, shareholders and partners."I'm delighted to see Colin step into this new role. He has made a significant contribution to improving how risk is understood and managed across Markel International. He combines strong technical expertise with a collaborative, pragmatic approach and has built trusted relationships across underwriting, capital, actuarial, compliance and operations."Colin Wildey, Chief Risk Officer, Markel International, said: "Effective risk management is about helping the business take considered risks with confidence. I'm incredibly pleased about the progress we've made in embedding risk thinking more broadly across Markel International in recent years, and I'm looking forward to continuing to support leaders and underwriters as we navigate an increasingly complex risk environment."About Markel Insurance
We are Markel Insurance, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people – and the deep, valued relationships they develop with colleagues, brokers and clients – that differentiates us worldwide.Logo - https://mma.prnewswire.com/media/2090808/Markel_primary_Logo.jpg



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Original: Colin Wildey appointed Chief Risk Officer, International

Phil Amlot appointed Head of Trade Credit, InternationalFebruary 10, 2026 3:00 AM
PR Newswire (US)

LONDON, Feb. 10, 2026 /PRNewswire/ -- Markel Insurance, the insurance operation within Markel Group Inc. (NYSE:MKL), today announced that Phil Amlot has been promoted to Head of Trade Credit for Markel International, effective immediately.







Reporting to Carl Titterton, Divisional Managing Director – Trade Credit, Political Risk and Surety, Amlot will be responsible for developing and leading Markel International's long-term strategy, profitable growth and team development to further enhance its global reputation as a market-leading Trade Credit insurer. At a time of global development for the division, with teams based in London, the US and Asia, Amlot will also be responsible for supporting global broker partners while maintaining local offerings and driving innovative, solution-led underwriting across the team.Carl Titterton, Divisional Managing Director – Trade Credit, Political Risk and Surety, commented: "I'm delighted that Phil is stepping into his new role at such an exciting time for the team. Over his 16 years with us, Phil has embodied Markel's people-first approach as both a leader and mentor, building strong relationships across the team. His deep expertise and vision will be instrumental as we continue to develop our global capabilities to deliver even greater value to our clients and broker partners. With his exceptional strategic leadership and management, focused on driving profitable growth, elevating our market profile since becoming Head of Underwriting – Trade Credit, Markel in 2020, I'm confident his appointment places Markel Trade Credit in an excellent position to deliver continued success."Today's dynamic environment – shaped by evolving geopolitical landscapes, shifting supply chains, and changing economic conditions – presents significant opportunities for businesses that are well-supported and well-informed. With our strong foundations, talented team and proven capabilities, we're exceptionally well-positioned to deliver solutions to help our clients and partners navigate this landscape with confidence. The credit insurance industry's role has never been more valuable, and we're committed to providing the insight, capacity and long-term partnership that enables businesses to seize opportunities and achieve sustained success in the years ahead."Phil Amlot, Head of Trade Credit, commented: "After 16 years at Markel, I have a deep appreciation for the expertise within our team and look forward to leading them as we navigate the evolving global trade landscape. Our strength lies in our disciplined underwriting and our commitment to understanding our clients' risks and delivering solutions that support their growth, even in uncertain conditions."Amlot started his career at Markel as a senior underwriter in Trade Credit in 2010, before taking on the role of Underwriting Manager – Head of Trade Credit & Political Risk – Americas, in 2014, where he established the US operation of Markel's Trade Credit division. In 2020, Amlot was promoted to Head of Underwriting – Trade Credit. Before joining Markel in 2010, he held a variety of underwriting and senior risk management roles at the likes of Coface UK and Independent Insurance Company Limited.About Markel Insurance
We are Markel Insurance, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people – and the deep, valued relationships they develop with colleagues, brokers and clients – that differentiates us worldwide. 










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Original: Phil Amlot appointed Head of Trade Credit, International

Markel Group reports 2025 financial resultsFebruary 4, 2026 5:25 PM
PR Newswire (US)

RICHMOND, Va., Feb. 4, 2026 /PRNewswire/ -- Markel Group Inc. (NYSE: MKL) today reported its financial results for the quarter and year ended December 31, 2025.
"In 2025, the Markel Group delivered meaningful progress. Operating income was $3.2 billion and adjusted operating income exceeded $2.3 billion, with every reportable segment making meaningful contributions," said Tom Gayner, Chief Executive Officer. "Within Markel Insurance, we took a series of decisive actions to simplify and refocus the business. Thank you to that team, and to everyone across the Markel Group. By staying true to our values, while providing exceptional businesses and leaders a home in which to grow and thrive, we believe the Markel Group is well-positioned to continue compounding shareholder value across generations."Summary of our fourth quarter and full year results:Operating revenues increased 8% for the quarter and 5% for the year.Operating income, which includes market movements in our equity portfolio, increased 34% for the quarter and decreased 14% for the year.Adjusted operating income, which excludes market movements in our equity portfolio, increased 19% for the quarter and 10% for the year.For Markel Insurance, our cornerstone business:Operating revenues increased 7% for the quarter and 4% for the year.Adjusted operating income increased 31% for the quarter and 16% for the year due to improved underwriting profitability and higher net investment income.The combined ratio improved by three points for the quarter to 93% and one point for the year to 95%.The average annual return on equity was 13% for the past five years and 14% for 2025.Comprehensive income to shareholders was $2.6 billion for the year.Operating cash flows were $2.8 billion for the year.Share repurchases totaled $429.5 million for the year, and we had 12.6 million shares outstanding at December 31, 2025 compared to 12.8 million at December 31, 2024.The following table presents summary consolidated financial data.
Quarter Ended December 31,
Year Ended December 31,(dollars in thousands)2025
2024
2025
2024Operating revenues$      4,007,965
$      3,723,576
$    15,513,233
$    14,813,544







Operating income$         795,146
$         595,470
$      3,194,852
$      3,712,562Add: Amortization of acquired intangible assets42,791
46,491
185,007
181,472Less: Net investment gains212,043
117,425
1,076,081
1,807,219Adjusted operating income (1)$         625,894
$         524,536
$      2,303,778
$      2,086,815







Comprehensive income to shareholders$         606,325
$         125,951
$      2,614,632
$      2,608,150

(1)See "Supplemental Financial Information - Non-GAAP Financial Measures" for additional information on this non-GAAP measure.We believe our financial performance is most meaningfully measured over longer periods of time, which tends to mitigate the effects of short-term volatility and better aligns with the long-term perspective we apply to operating our businesses and making investment decisions. The following table presents a long-term view of our performance.
Year Ended December 31,(dollars in thousands)2025
2024
2023
2022
2021Operating revenues$  15,513,233
$    14,813,544
$    14,279,576
$    13,271,068
$    10,867,891









Operating income (loss)$    3,194,852
$      3,712,562
$      2,928,828
$         (93,336)
$      3,241,505Add: Amortization of acquired intangible assets185,007
181,472
180,614
178,778
160,539Add: Impairment of goodwill—
—
—
80,000
—Less: Net investment gains (losses)1,076,081
1,807,219
1,524,054
(1,595,733)
1,978,534Adjusted operating income (1)$    2,303,778
$      2,086,815
$      1,585,388
$      1,761,175
$      1,423,510









5-year compound annual growth rate:








Closing stock price per share16 %







Intrinsic value per share (2)15 %









(1)See "Supplemental Financial Information - Non-GAAP Financial Measures" for additional information on this non-GAAP measure.(2)See "Supplemental Financial Information - Growth in Intrinsic Value per Share" for additional information on this metric.The following table summarizes our results by segment. We report our business operations in four segments: Markel Insurance, Industrial, Financial, and Consumer and Other. Our corporate operations are comprised of our holding company activities.
Year Ended December 31,(dollars in thousands)2025
2024
% ChangeOperating revenues:




Markel Insurance$        9,352,891
$        8,983,443
4 %Industrial3,928,249
3,779,616
4 %Financial736,964
593,313
24 %Consumer and Other1,382,912
1,327,333
4 %Corporate and eliminations112,217
129,839
(14) %Total operating revenues$      15,513,233
$      14,813,544
5 %





Adjusted operating income:




Markel Insurance$        1,379,067
$        1,184,488
16 %Industrial343,183
365,034
(6) %Financial326,572
262,082
25 %Consumer and Other174,636
145,372
20 %Corporate and eliminations80,320
129,839
(38) %Total adjusted operating income (1)$        2,303,778
$        2,086,815
10 %

(1)See "Supplemental Financial Information - Non-GAAP Financial Measures" for additional information on this non-GAAP measure.Markel Insurance
Year Ended December 31,(dollars in thousands)2025
2024
% ChangeGross premium volume:




Underwriting$ 10,643,703
$  10,259,862
4 %Fronting$   1,854,944
$    1,306,022
42 %





Operating revenues:




Earned premiums$   8,401,323
$    8,130,712
3 %Net investment income871,531
797,907
9 %Services and other revenues80,037
54,824
46 %Operating revenues$   9,352,891
$    8,983,443
4 %





Adjusted operating income:




Underwriting profit$       455,671
$        366,976
24 %Net investment income871,531
797,907
9 %Services and other income51,865
19,605
165 %Adjusted operating income$   1,379,067
$    1,184,488
16 %





Net investment gains$       976,740
$    1,447,686
(33) %





Combined ratio94.6 %
95.5 %







Return on equity (1)14 %
18 %

5-Year average annual return on equity (1)13 %
12 %



(1)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 "Supplemental Financial Information - Markel Insurance Return on Equity" for additional information on this metric.The increase in underwriting gross premium volume in our Markel Insurance segment was driven by significant growth within our personal lines and international professional liability product lines, as well as growth within our programs, marine and energy, and general liability product lines. These increases were partially offset by the impact of lower premium volume in our U.S. professional liability product lines, as a result of exiting our risk-managed directors and officers product line from our U.S. and Europe-based platforms. The increase in earned premiums was primarily due to the impact of the changes in underwriting gross premium volume in recent periods. The increase in fronting gross premium volume was driven by growth within our property catastrophe programs with Nephila and resulted in an increase in services and other revenues and income.For further details of Markel Insurance's investment performance, see "Consolidated Investment Results."Underwriting Results
Year Ended December 31,(dollars in thousands)2025
2024
% ChangeUnderwriting gross premium volume$     10,643,703
$     10,259,862
4 %Net written premiums$       8,399,735
$       8,004,788
5 %Earned premiums$       8,401,323
$       8,130,712
3 %Underwriting profit$          455,671
$          366,976
24 %





Underwriting Ratios (1)



Point ChangeLoss ratio




Current accident year loss ratio64.2 %
65.6 %
(1.4)Prior accident years loss ratio(5.8) %
(5.6) %
(0.2)Loss ratio58.4 %
60.0 %
(1.6)Expense ratio36.1 %
35.5 %
0.6Combined ratio94.6 %
95.5 %
(0.9)





Current accident year loss ratio catastrophe impact (2)0.7 %
0.9 %
(0.2)





Current accident year loss ratio, excluding catastrophe impact (3)63.5 %
64.7 %
(1.2)Combined ratio, excluding current accident year catastrophe impact (3)93.8 %
94.6 %
(0.8)

(1)Amounts may not reconcile due to rounding.(2)The point impact of catastrophes is calculated as the associated net losses and loss adjustment expenses divided by total earned premiums.(3)This metric is a non-GAAP financial measure. See "Supplemental Financial Information - Non-GAAP Financial Measures" for additional details.Global ReinsuranceIn August 2025, Markel Insurance sold the renewal rights for business written in its Global Reinsurance division, and the division entered into run-off. Gross premium volume in 2025 attributed to the Global Reinsurance division was $1.0 billion. Underwriting results attributable to the Global Reinsurance division had a two point unfavorable impact on the Markel Insurance segment combined ratio in 2025 and a one point unfavorable impact in 2024.Natural CatastrophesUnderwriting results included $61.9 million and $70.6 million of net losses and loss adjustment expenses in 2025 and 2024, respectively, attributed to natural catastrophes. Losses from natural catastrophes in 2025 were attributed to the series of wildfires that occurred in southern California in January 2025.Combined RatioExcluding losses attributed to natural catastrophes, the decrease in the Markel Insurance segment combined ratio was primarily attributable to a lower attritional loss ratio, which was driven by lower losses on our discontinued intellectual property collateral protection insurance (IP CPI) product line. Net losses and loss adjustment expenses on our IP CPI product line totaled $64.3 million and $168.5 million in 2025 and 2024, respectively. We believe any losses on our discontinued IP CPI product line in 2026 will not be material to the Markel Insurance segment.Additionally, the Markel Insurance segment attritional loss ratio was unfavorably impacted by large losses within our credit and surety product line in the fourth quarter of 2025 and higher attritional loss ratios on our personal umbrella product line. Large losses within our credit and surety product line totaled $63.3 million in the fourth quarter of 2025, inclusive of the impact of ceded reinstatement premiums. These unfavorable impacts on our attritional loss ratio were largely offset by a favorable impact from changes in mix of business, as our growing lines of business generally have lower attritional loss ratios than the lines of business for which we have reduced our premium writings.The 2025 combined ratio included $484.0 million of favorable development on prior accident years loss reserves compared to $454.9 million in 2024. In 2025, favorable development was most significant within our marine and energy, property, workers' compensation, programs, and general liability product lines. Favorable development in 2025 was net of adverse development on our run-off risk-managed directors and officers professional liability product lines.The increase in the expense ratio was primarily attributable to higher personnel costs, including increased severance costs related to recent organizational changes, higher professional fees, and changes in mix of business. Many of the product lines and markets in which we are growing within our International division carry higher expense ratios and lower loss ratios than the rest of the segment. The expense ratio also reflects costs associated with our growth and expansion efforts in these targeted markets.Industrial
Year Ended December 31,(dollars in thousands)2025
2024
% ChangeOperating revenues$        3,928,249
$        3,779,616
4 %Adjusted operating income$           343,183
$           365,034
(6) %The increase in operating revenues reflected organic growth and a full-year contribution from our June 2024 Valor Environmental (Valor) acquisition compared to 2024. The Industrial segment results in 2024 included five months of results from Valor. Organic revenue growth of our Industrial segment was 2%. Organic revenue growth is a non-GAAP financial measure. See "Supplemental Financial Information - Non-GAAP Financial Measures" for additional details.Organic revenue growth was primarily attributable to increased demand for our equipment leasing services within the wind energy market, as well as a combination of higher prices and sales volume for our services and products in the commercial and residential construction markets. These increases were partially offset by lower sales volume of our products within the transportation industry due to a down cycle in demand for the industry.The decrease in adjusted operating income was primarily attributable to lower margins, due to higher materials and labor costs, and lower revenues within our industrial products businesses, partially offset by the impact of higher revenues within our industrial services businesses.Financial
Year Ended December 31,(dollars in thousands)2025
2024
% ChangeOperating revenues$           736,964
$           593,313
24 %Adjusted operating income (1)$           326,572
$           262,082
25 %

(1)Adjusted operating income for the year ended December 31, 2024 included $58.1 million from Markel CATCo Re Ltd (MCRe), all of which was attributable to noncontrolling interests. MCRe results in 2025 were minimal.The increase in operating revenues reflected strong organic growth, as well as the impact of $41.4 million of income related to our minority investment in Velocity Holdco LLC (Velocity) resulting from the sales of its managing general agent operations and insurance carrier in 2025. Organic revenue growth of our Financial segment was 17%. Organic revenue growth is a non-GAAP financial measure. See "Supplemental Financial Information - Non-GAAP Financial Measures" for additional details.Organic revenue growth was primarily attributable to the impact of performance fees earned in 2025 and a higher effective management fee rate for our insurance-linked securities investment management services, as well as higher premium volume within our program services and lender services offerings.The increase in adjusted operating income was driven by the impact of higher revenues, including the income related to our minority investment in Velocity, as previously discussed. These increases were partially offset by the impact in 2024 of $58.1 million of favorable loss development on the run off of reinsurance contracts written by MCRe, all of which was attributable to noncontrolling interests.Consumer and Other
Year Ended December 31,(dollars in thousands)2025
2024
% ChangeOperating revenues$        1,382,912
$        1,327,333
4 %Adjusted operating income$           174,636
$           145,372
20 %The increase in operating revenues reflected the contribution from our acquisition of Education Partners International (EPI). Organic revenue growth of our Consumer and Other segment was 1%, primarily attributable to higher sales volume of ornamental plants driven by higher demand and prices. Organic revenue growth is a non-GAAP financial measure. See "Supplemental Financial Information - Non-GAAP Financial Measures" for additional details. The increase in adjusted operating income was driven by the contribution from EPI.Corporate
Year Ended December 31,(dollars in thousands)2025
2024Net investment income$           108,672
$           130,931Other revenues52,020
46,591Operating revenues160,692
177,522Operating expenses (1)(31,897)
—Corporate adjusted operating income$           128,795
$           177,522Markel Group consolidating eliminations(48,475)
(47,683)Corporate and eliminations adjusted operating income$             80,320
$           129,839

(1)Prior to the third quarter of 2025, corporate expenses were fully allocated to our segments.Consolidated Investment ResultsWe hold investments across our operating businesses and at our holding company, with the majority of our investments held at our Markel Insurance business in support of its underwriting activities. For investment performance by segment, see "Supplemental Financial Information - Consolidating Investment Results."
Year Ended December 31,(dollars in thousands)2025
2024Net investment income$         970,427
$          920,496



Yield on fixed maturity securities (1)3.5 %
3.2 %Yield on short-term investments (1)3.7 %
4.8 %Yield on cash and cash equivalents and restricted cash and cash equivalents (1)3.3 %
3.7 %



Net realized investment gains (losses)$             (4,076)
$               4,423Change in fair value of equity securities1,080,157
1,802,796Net investment gains$       1,076,081
$        1,807,219



Return on equity securities (2)


One-year annual return10.5 %
20.1 %Five-year annual return11.9 %
12.8 %Ten-year annual return13.5 %
12.1 %Twenty-year annual return11.0 %
10.5 %

(1)Yield reflects the applicable annualized interest income as a percentage of the applicable monthly average invested assets at amortized cost.(2)Return on equity securities is calculated by dividing dividends and the change in fair value of equity securities by the monthly average equity securities at fair value and considers the timing of net purchases and sales.The 5% increase in net investment income was primarily driven by higher interest income on fixed maturity securities due to a higher yield and higher average holdings of fixed maturity securities. These increases were partially offset by lower interest income on our short-term investments due to lower average short-term investment holdings and lower short-term interest rates.Financial Condition and Capital AllocationInvestments, cash and cash equivalents, and restricted cash and cash equivalents (invested assets) were $37.4 billion at December 31, 2025 compared to $34.2 billion at December 31, 2024. The increase was primarily attributable to $2.8 billion of operating cash flows and a $1.7 billion increase in the fair value of our investment portfolio. In 2025, we deployed capital into $1.4 billion of net fixed maturity securities purchases and $206.9 million of capital expenditures. We made net investments of $142.9 million in equity securities and $170.4 million for acquisitions and purchases of noncontrolling interests in our majority-owned businesses. We also used $600.0 million to redeem our outstanding preferred shares and $429.5 million to repurchase common shares.At December 31, 2025, our holding company held $4.4 billion of invested assets compared to $4.3 billion of invested assets at December 31, 2024. * * * * * * * *Our previously announced conference call, which will involve discussion of our financial results and business developments and may include forward-looking information, will be held Thursday, February 5, 2026, beginning at 9:30 a.m. (Eastern Time). Investors, analysts, and the general public may listen to the call via live webcast at ir.mklgroup.com. The call may be accessed telephonically by dialing (888) 660-9916 in the U.S., or (646) 960-0452 internationally, and providing Conference ID: 4614568. A replay of the call will be available on our website approximately one hour after the conclusion of the call. Any person needing additional information can contact Markel Group's Investor Relations Department at IR@markel.com.Additionally, we will be discussing financial results and related business and investments updates at our shareholders meeting on May 20, 2026 at the University of Richmond Robins Center at 2:00 p.m. (Eastern Time). The shareholders meeting will be part of the 2026 Reunion, which is open to shareholders, employees, and friends of Markel Group. More information on the 2026 Reunion, including a sign-up form to receive event updates, is available at mklreunion.com.Safe Harbor and Cautionary StatementThis release, and any related oral statements, contain statements concerning or incorporating our expectations, assumptions, plans, objectives, future financial or operating performance and other statements that are not historical facts. These statements are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may use words such as "anticipate," "believe," "estimate," "expect," "intend," "predict," "project," and similar expressions as they relate to us or our management.There are risks and uncertainties that may cause actual results to differ materially from predicted results in forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Additional factors that could cause actual results to differ from those predicted are set forth under Business, Risk Factors, Management's Discussion and Analysis of Financial Condition and Results of Operations, and Quantitative and Qualitative Disclosures About Market Risk in our 2024 Annual Report on Form 10-K, or our most recent Quarterly Report on Form 10-Q, or are included in the items listed below:the effect of cyclical trends or changes in market conditions on our operations, including demand and pricing in the markets in which we operate;actions by competitors, including the use of technology (e.g., artificial intelligence) and innovation to simplify the customer experience, increase efficiencies, redesign products, alter models and effect other potentially disruptive changes, and the effect of competition on market trends and pricing;our efforts to develop new products, expand in targeted markets or improve business processes and workflows, including through the use of artificial intelligence, may not be successful, may cost more, or take longer than expected and may increase or create new risks (e.g., insufficient demand, change to risk exposures, distribution channel conflicts, execution risk, regulatory risk, increased expenditures);the frequency and severity of man-made, health-related, and natural catastrophes may exceed expectations, are unpredictable and, in the case of some natural catastrophes, may be exacerbated by changing conditions in the climate, oceans and atmosphere, resulting in increased frequency and/or severity of extreme weather-related events;we offer coverage against terrorist acts in connection with some of our programs, and in other instances we are legally required to offer terrorism insurance; in both circumstances, we actively manage our exposure, but if there is a covered terrorist attack, we could sustain material losses;emerging claim and coverage issues, changing industry practices, and evolving legal, judicial, social, and other claims, and coverage trends or conditions, can increase the scope of coverage, the frequency and severity of claims, and the period over which claims may be reported; these factors, as well as uncertainties in the loss estimation process, can adversely impact the adequacy of our loss reserves and our allowance for reinsurance recoverables;reserves for our runoff reinsurance business are subject to greater uncertainty than insurance reserves, primarily because of reliance upon the original underwriting decisions made by ceding companies and the longer lapse of time from the occurrence of loss events to their reporting to the reinsurer for ultimate resolution;failures, inadequacies or inaccuracies (whether due to data error, human error or otherwise) in the various methods, modeling techniques, and data analytics (e.g., scenarios, predictive and stochastic modeling, and forecasting) we use to analyze and estimate exposures, loss trends, and other risks associated with our insurance businesses could cause us to misprice our products or fail to appropriately estimate the risks to which we are exposed;changes in the assumptions and estimates used in establishing reserves for our life and annuity reinsurance book (which is in runoff), for example, changes in assumptions and estimates of mortality, longevity, morbidity, and interest rates, could result in material changes in our estimated loss reserves for that business;adverse developments in insurance coverage litigation or other legal or administrative proceedings could result in material increases in our estimates of loss reserves;initial estimates for catastrophe losses and other significant, infrequent events are often based on limited information, are dependent on broad assumptions about the nature and extent of losses, coverage, liability and reinsurance, and those losses may ultimately differ materially from our expectations;changes in the availability, costs, quality, and providers of reinsurance coverage, which may impact our ability to write, or continue to write, certain lines of business or to mitigate the volatility of losses on our results of operations and financial condition;the ability or willingness of reinsurers to pay balances due may be adversely affected by industry and economic conditions, deterioration in reinsurer credit quality and coverage disputes, and collateral we hold, if any, may not be sufficient to cover a reinsurer's obligation to us;regulatory actions affecting our insurance operations can impede our ability to charge adequate rates and efficiently allocate capital;general economic and market conditions and industry specific conditions, including: extended economic recessions or expansions; prolonged periods of slow economic growth; inflation or deflation; significant fluctuations in foreign currency exchange rates, commodity and energy prices, and interest rates; volatility in the credit and capital markets; the imposition of duties, tariffs and other changes in international trade regulation, and other factors;economic conditions, actual or potential defaults in corporate bonds, municipal bonds, mortgage-backed securities or sovereign debt obligations, volatility in interest and foreign currency exchange rates, changes in U.S. government debt ratings, and changes in market value of concentrated investments can have a significant impact on the fair value of our fixed maturity securities and equity securities, as well as the carrying value of our other assets and liabilities, and this impact may be heightened by market volatility and our ability to mitigate our sensitivity to these changing conditions;the effects of government intervention, including material changes in the monetary policies of central banks, to address financial downturns, inflation, and other economic and currency concerns;the impacts that political and civil unrest and regional and military conflicts may have on our businesses and the markets they serve or that any disruptions in regional or worldwide economic conditions generally arising from these situations may have on our businesses, industries, or investments;the impacts of liability, transition, and physical risks associated with climate change;the significant volatility, uncertainty, and disruption caused by health epidemics and pandemics, as well as governmental, legislative, judicial, or regulatory actions or developments in response thereto;changes in U.S. tax laws, regulations, or interpretations, or in the tax laws, regulations, or interpretations of other jurisdictions in which we operate, and adjustments we may make in our operations or tax strategies in response to those changes;a failure or security breach of, or cyberattack on, enterprise information technology systems that we, or third parties who perform certain functions for us, use, or a failure to comply with data protection or privacy regulations or regulations related to the use of artificial intelligence or machine learning technology;third-party providers may perform poorly, breach their obligations to us, or expose us to enhanced risks;our acquisitions may increase our operational and internal control risks for a period of time;we may not realize the contemplated benefits, including cost savings and synergies, of our acquisitions;any developments requiring the write-off of a significant portion of our goodwill and intangible assets;the loss of services of any senior executive or other key personnel, or an inability to attract and retain qualified leaders to run any of our businesses could adversely impact one or more of our operations;the manner in which our businesses operate through independent local management teams could result in inconsistent management, governance, and oversight practices;our substantial international operations and investments expose us to increased political, civil, operational, and economic risks, including foreign currency exchange rate and credit risk;our ability to obtain additional capital for our operations on terms favorable to us;economic conditions, which may adversely affect our access to capital and credit markets;the compliance, or failure to comply, with covenants and other requirements under our credit facilities, senior debt, and other indebtedness;our ability to maintain or raise third-party capital for existing or new investment vehicles and risks related to our management of third-party capital;the effectiveness of our procedures for compliance with existing and future guidelines, policies and legal and regulatory standards, rules, laws, and regulations;the impact of economic and trade sanctions and embargo programs on our businesses, including instances in which the requirements and limitations imposed on the global operations of our companies by one or more jurisdictions are more restrictive than, or conflict with, applicable requirements and limitations imposed by other jurisdictions;regulatory changes or challenges by regulators, including regarding the use of certain issuing carrier or fronting arrangements;our dependence on a limited number of brokers for a large portion of our insurance revenues;adverse changes in our assigned financial strength or debt ratings, or outlook, could adversely impact us, including our ability to attract and retain business, the amount of capital our insurance subsidiaries must hold, and the availability and cost of capital;changes in the amount of statutory capital our insurance subsidiaries are required to hold, which can vary significantly and is based on many factors, some of which are outside our control;market fluctuations in the value of the equity securities we hold, both at our insurance subsidiaries and our holding company, can significantly impact our periodic results and the amount of statutory capital our insurance subsidiaries are required to hold;losses from litigation and regulatory investigations and actions;disruptions resulting from a threatened proxy contest or other actions by activist shareholders;considerations and limitations relating to the use of growth in intrinsic value as a performance metric, including the possibility that shareholders, analysts, or other market participants may have a different perception of our intrinsic value, which may result in growth in our stock price varying significantly from our growth in intrinsic value calculations; anda number of additional factors may adversely affect our Industrial, Financial, and Consumer and Other businesses, and the markets they serve, and negatively impact their revenues and profitability, including, among others: adverse weather conditions, plant disease and other contaminants; changes in government support for education, healthcare and infrastructure projects; changes in capital spending levels; changes in the housing, commercial and industrial construction markets; liability for environmental matters; supply chain and shipping issues, including increases in freight costs; volatility in the market prices for their products; and volatility in commodity, wholesale and raw materials prices, and interest and foreign currency exchange rates.Results from our operations have been and will continue to be potentially materially affected by these factors.By making forward-looking statements, we do not intend to become obligated to publicly update or revise any such statements whether as a result of new information, future events, or other changes. Readers are cautioned not to place undue reliance on any forward-looking statements, which are based on our current knowledge and speak only as at their dates.* * * * * * * *About Markel GroupMarkel Group Inc. is a diverse family of companies that includes everything from insurance to bakery equipment, building supplies, houseplants, and more. The leadership teams of these businesses operate with a high degree of independence, while at the same time living the values that we call the Markel Style. Our specialty insurance business sits at the core of our company. Through decades of sound underwriting, the Markel Insurance team has provided the capital base from which we built a system of businesses and investments that collectively increase Markel Group's durability and adaptability. It's a system that provides diverse income streams, access to a wide range of investment opportunities, and the ability to efficiently move capital to the best ideas across the company. Most importantly though, this system enables each of our businesses to advance our shared goal of helping our customers, associates, and shareholders win over the long term. Visit mklgroup.com to learn more.MARKEL GROUP INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATIONConsolidated Statements of Income and Comprehensive Income
Quarter Ended December 31,
Year Ended December 31,(dollars in thousands, except per share data)2025
2024
2025
2024OPERATING REVENUES






Earned premiums$   2,278,829
$   2,117,578
$   8,715,667
$   8,432,412Net investment income257,648
243,689
970,427
920,496Products revenues563,002
575,323
2,578,544
2,635,659Services and other revenues908,486
786,986
3,248,595
2,824,977Total Operating Revenues4,007,965
3,723,576
15,513,233
14,813,544







Net investment gains212,043
117,425
1,076,081
1,807,219







OPERATING EXPENSES






Losses and loss adjustment expenses1,283,320
1,241,815
5,079,845
5,052,749Underwriting, acquisition, and insurance expenses829,013
784,786
3,133,163
2,977,389Products expenses524,612
505,289
2,287,394
2,272,219Services and other expenses745,126
667,150
2,709,053
2,424,372Amortization of acquired intangible assets42,791
46,491
185,007
181,472Total Operating Expenses3,424,862
3,245,531
13,394,462
12,908,201Operating Income795,146
595,470
3,194,852
3,712,562Interest expense(50,016)
(52,794)
(205,910)
(204,300)Net foreign exchange gains (losses)(10,971)
180,839
(256,234)
129,438Income Before Income Taxes734,159
723,515
2,732,708
3,637,700Income tax expense(152,073)
(162,083)
(580,303)
(790,294)Net Income582,086
561,432
2,152,405
2,847,406Net income attributable to noncontrolling interests(5,274)
(12,254)
(45,395)
(100,384)Net Income to Shareholders576,812
549,178
2,107,010
2,747,022Preferred stock dividends and redemption premiums—
(18,000)
(26,109)
(36,000)Net Income to Common Shareholders$      576,812
$      531,178
$   2,080,901
$   2,711,022







OTHER COMPREHENSIVE INCOME (LOSS)






Change in net unrealized losses on available-for-sale investments, net of taxes$        22,183
$    (413,287)
$      490,350
$    (130,295)Other, net of taxes7,330
(9,918)
17,237
(8,459)Total Other Comprehensive Income (Loss)29,513
(423,205)
507,587
(138,754)Comprehensive Income611,599
138,227
2,659,992
2,708,652Comprehensive income attributable to noncontrolling interests(5,274)
(12,276)
(45,360)
(100,502)Comprehensive Income to Shareholders$      606,325
$      125,951
$   2,614,632
$   2,608,150







NET INCOME PER COMMON SHARE






Basic$          48.95
$          38.83
$        169.74
$        199.69Diluted$          48.75
$          38.74
$        169.22
$        199.32 Fourth Quarter Financial Data
Quarter Ended December 31, (dollars in thousands)2025
2024
% ChangeOperating revenues:




Markel Insurance$        2,448,176
$        2,278,227
7 %Industrial1,032,999
995,068
4 %Financial224,130
159,302
41 %Consumer and Other274,486
263,470
4 %Corporate and eliminations28,174
27,509
2 %Total operating revenues$        4,007,965
$        3,723,576
8 %





Adjusted operating income:




Markel Insurance$           398,722
$           304,007
31 %Industrial79,604
107,808
(26) %Financial107,132
67,876
58 %Consumer and Other23,353
17,336
35 %Corporate and eliminations17,083
27,509
(38) %Total adjusted operating income (1)$           625,894
$           524,536
19 %

(1)See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure. Markel Insurance Segment
Quarter Ended December 31,(dollars in thousands)2025
2024
% ChangeGross premium volume:




Underwriting$    2,321,068
$     2,253,038
3 %Fronting$         16,445
$          89,612
(82) %





Operating revenues:




Earned premiums$    2,193,514
$     2,044,294
7 %Net investment income232,877
214,558
9 %Services and other revenues21,785
19,375
12 %Operating revenues$    2,448,176
$     2,278,227
7 %





Adjusted operating income:




Underwriting profit$       156,830
$          83,726
87 %Net investment income232,877
214,558
9 %Services and other income9,015
5,723
58 %Adjusted operating income$       398,722
$        304,007
31 %





Net investment gains$       230,924
$        147,253
57 %





Combined ratio92.9 %
95.9 %

 Underwriting Results
Quarter Ended December 31,(dollars in thousands)2025
2024
% ChangeUnderwriting gross premium volume$       2,321,068
$       2,253,038
3 %Net written premiums$       1,839,079
$       1,733,648
6 %Earned premiums$       2,193,514
$       2,044,294
7 %Underwriting profit$          156,830
$            83,726
87 %





Underwriting Ratios (1)



Point ChangeLoss ratio




Current accident year loss ratio61.9 %
64.1 %
(2.2)Prior accident years loss ratio(5.8) %
(5.5) %
(0.3)Loss ratio56.1 %
58.7 %
(2.6)Expense ratio36.7 %
37.2 %
(0.5)Combined ratio92.9 %
95.9 %
(3.0)





Current accident year loss ratio catastrophe impact (2)0.2 %
0.4 %
(0.2)





Current accident year loss ratio, excluding catastrophe impact (3)61.7 %
63.7 %
(2.0)Combined ratio, excluding current accident year catastrophe impact (3)92.6 %
95.5 %
(2.9)

(1)Amounts may not reconcile due to rounding.(2)The point impact of catastrophes is calculated as the associated net losses and loss adjustment expenses divided by total earned premiums.(3)This metric is a non-GAAP financial measure. See "Non-GAAP Financial Measures" for additional details. Industrial Segment
Quarter Ended December 31, (dollars in thousands)2025
2024
% ChangeOperating revenues$        1,032,999
$           995,068
4 %Adjusted operating income$             79,604
$           107,808
(26) % Financial Segment
Quarter Ended December 31, (dollars in thousands)2025
2024
% ChangeOperating revenues$           224,130
$           159,302
41 %Adjusted operating income$           107,132
$             67,876
58 % Consumer and Other Segment
Quarter Ended December 31, (dollars in thousands)2025
2024
% ChangeOperating revenues$           274,486
$           263,470
4 %Adjusted operating income$             23,353
$             17,336
35 % Corporate
Quarter Ended December 31,(dollars in thousands)2025
2024Net investment income$             26,588
$             32,011Other revenues13,524
7,922Operating revenues40,112
39,933Operating expenses (1)(11,091)
—Corporate adjusted operating income$             29,021
$             39,933Markel Group consolidating eliminations(11,938)
(12,424)Corporate and eliminations adjusted operating income$             17,083
$             27,509

(1)Prior to the third quarter of 2025, corporate expenses were fully allocated to our segments. Consolidated Key Financial Metrics(dollars in millions, except per share data)2025
2024
2023
2022
2021Operating Performance








Operating revenues$  15,513
$  14,814
$  14,280
$  13,271
$  10,868Operating cash flows2,761
2,594
2,787
2,709
2,274









Operating income (loss)3,195
3,713
2,929
(93)
3,242Less: Net investment gains (losses)1,076
1,807
1,524
(1,596)
1,979Add: Amortization and impairment185
181
181
259
161Adjusted 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
$     9,024Invested assets37,439
34,247
30,854
27,420
28,292Insurance float (2)18,827
17,519
16,733
14,947
13,543Total assets68,905
61,898
55,046
49,791
48,477Shareholders' equity18,598
16,916
14,984
13,151
14,700Senior long-term debt and other debt4,304
4,330
3,780
4,104
4,361Debt to capital ratio19 %
20 %
20 %
24 %
23 %









Per Share Data








Common shares outstanding (at year end, in thousands)12,590
12,790
13,132
13,423
13,6325-Year CAGR in closing stock price16 %
9 %
6 %
3 %
6 %5-Year CAGR in intrinsic value per share (3)15 %
17 %
19 %
12 %
9 %Invested assets per share (at year end)$    2,974
$     2,678
$     2,350
$     2,043
$     2,075Diluted net income (loss) per share169
199
147
(24)
176Operating income (loss) per share253
290
223
(7)
238Adjusted 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" for additional information on these metrics.(2)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.(3)See "Growth in Intrinsic Value per Share" for additional information on this metric. Segment Key Financial Metrics(dollars in millions)2025
2024
2023
2022
2021Markel Insurance








Operating revenues$       9,353
$        8,983
$        8,688
$        7,804
$        6,736Adjusted operating income (1)$       1,379
$        1,184
$           747
$        1,008
$           964Combined 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
$        2,379Revenue growth4 %
1 %
10 %
43 %
52 %Organic revenue growth (4)2 %
0 %
8 %
18 %
21 %Adjusted operating income (1)$          343
$           365
$           378
$           286
$           169Tangible capital (5)$       1,475
$        1,437
$        1,417
$        1,315
$        1,023Total capital (5)$       2,772
$        2,771
$        2,657
$        2,604
$        2,297









Financial








Operating revenues$          737
$           593
$           553
$           718
$           495Revenue growth24 %
7 %
(23) %
45 %
4 %Organic revenue growth (4)17 %
8 %
21 %
19 %
4 %Adjusted operating income (1)$          327
$           262
$           260
$           355
$           134Tangible capital (5)$       1,119
$           950
$           936
$           825
$           838Total 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
$        1,250Revenue growth4 %
6 %
(8) %
8 %
3 %Organic revenue growth (4)1 %
2 %
(8) %
8 %
9 %Adjusted operating income (1)$          175
$           145
$           136
$           113
$           149Tangible capital (5)$          657
$           649
$           691
$           680
$           602Total 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.(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 "Markel Insurance Return on Equity" for additional information on this metric. Markel Insurance 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 business.(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, debt, and obligations for finance leases. Tangible capital represents total capital less goodwill and intangible assets, net of deferred taxes.Growth in Intrinsic Value per ShareAs a diverse holding company, we use growth in intrinsic value as a measure to help us evaluate the value created by our businesses over five-year periods of time. While intrinsic value does not represent a precise valuation of our business, we believe growth in intrinsic value, considered among an array of other qualitative and quantitative factors, offers a useful tool to investors and management in understanding long-term value creation trends. A straightforward methodology can be used to measure intrinsic value growth using data from our financial statements.First, we take an adjusted earnings metric and apply a consistent multiple to arrive at an earnings valuation. We exclude certain non-cash items from our adjusted earnings metric, such as amortization, as well as income attributed to our public equity portfolio and income from our cash and short-term investments, which are valued separately in our calculation. Using a three-year average of earnings in our calculation helps mitigate the impact of cyclicality and non-recurring items in the earnings valuation.We consider a range of multiples in our earnings valuation calculation that reflects the diversity of our sources of cash flows, with 12x as the midpoint. Regardless of the multiple used, we believe using a consistent multiple for each year in the calculation is important when assessing the five-year compound annual growth rate in intrinsic value per share.Second, we add certain items from our balance sheet that are not included in the earnings valuation. The balance sheet component of the valuation consists of adding cash, short term investments, and equity securities, then subtracting debt, preferred stock, and noncontrolling interests.The sum of the earnings and balance sheet valuations divided by the number of shares outstanding represents our estimate of intrinsic value per share from which to calculate growth.Our simplified intrinsic value growth calculation may differ from calculations that others may perform, and our stock price growth may vary significantly from our intrinsic value growth calculation. We believe that the key with any calculation is consistently applying a methodology to measure the compound annual growth in intrinsic value per share over five-year periods, which is aligned with our long-term aim of relentlessly compounding shareholder capital.
Year Ended December 31, 20258x Multiple
12x Multiple
16x Multiple5-Year CAGR in intrinsic value per share14.5 %
15.2 %
15.7 %The following table shows the calculation of adjusted earnings used for our earnings valuation.(dollars in thousands)Year Ended December 31,2025
2024
2023
2022
2021
2020
2019
2018Operating income (loss)$ 3,194,852
$ 3,712,562
$ 2,928,828
$    (93,336)
$ 3,241,505
$ 1,273,884
$ 2,477,346
$     39,759Add: Amortization and impairment185,007
181,472
180,614
258,778
160,539
159,315
148,638
315,128Less: Net investment gains (losses)1,076,081
1,807,219
1,524,054
(1,595,733)
1,978,534
617,979
1,601,722
(437,596)Adjusted operating income$ 2,303,778
$ 2,086,815
$ 1,585,388
$ 1,761,175
$ 1,423,510
$   815,220
$ 1,024,262
$   792,483Less: Dividends on equity securities156,169
142,367
116,911
107,213
98,099
89,303
100,222
90,840Less: Interest on cash and short-term investments228,120
286,063
251,821
62,383
2,954
14,321
50,425
48,765Adjusted earnings$ 1,919,489
$ 1,658,385
$ 1,216,656
$ 1,591,579
$ 1,322,457
$   711,596
$   873,615
$   652,878















Adjusted earnings - 3-year average$ 1,598,177
$ 1,488,873
$ 1,376,897
$ 1,208,544
$    969,223
$   746,030



The following table shows the components of our balance sheet valuation and common shares outstanding.(in thousands)December 31,2025
2024
2023
2022
2021
2020Equity securities$   13,004,312
$   11,784,521
$     9,577,871
$     7,671,912
$     9,023,927
$     6,994,110Short-term investments and cash and cash equivalents5,998,367
6,217,577
6,318,442
6,806,694
5,778,478
6,375,835Senior long-term debt and other debt(4,303,811)
(4,330,341)
(3,779,796)
(4,103,629)
(4,361,266)
(3,484,023)Preferred stock—
(591,891)
(591,891)
(591,891)
(591,891)
(591,891)Redeemable noncontrolling interests and noncontrolling interests(504,433)
(553,075)
(541,965)
(585,945)
(484,238)
(260,534)Balance sheet valuation$   14,194,435
$   12,526,791
$   10,982,661
$     9,197,141
$     9,365,010
$     9,033,497











Common shares outstanding12,590
12,790
13,132
13,423
13,632
13,783Markel Insurance Return on EquityWe believe return on equity is an important metric to evaluate the overall performance of Markel Insurance. This metric is representative of the total return generated by the business on the capital that it holds and provides a metric by which to evaluate Markel Insurance's capital efficiency.Although we do not consider net investment gains and losses when assessing the periodic performance of our Markel Insurance segment, we believe it is important to consider the full contribution of the publicly traded equity securities held by Markel Insurance subsidiaries when evaluating the capital efficiency of the business due to the additional capital required to hold such investments.Over the five-year period ended December 31, 2025, the average annual return on equity from Markel Insurance was 13%. The following table summarizes the calculation of return on equity for Markel Insurance.
Year Ended December 31,(dollars in thousands)2025
2024
2023
2022
2021Underwriting profit$        455,671
$        366,976
$         92,786
$       594,289
$       614,331Net investment income871,531
797,907
642,676
407,826
360,173Services and other income (loss)51,865
19,605
11,713
5,798
(10,881)Adjusted operating income$     1,379,067
$     1,184,488
$       747,175
$    1,007,913
$       963,623Net investment gains (losses)976,740
1,447,686
1,249,362
(1,203,958)
1,440,295Interest expense (1)(187,541)
(178,385)
(156,521)
(172,256)
(173,952)Income tax expense (2)(477,019)
(539,834)
(404,804)
81,026
(490,593)
$     1,691,247
$     1,913,955
$    1,435,212
$     (287,275)
$    1,739,373









Average equity$   12,219,695
$   10,742,094
$    9,229,143
$    8,681,108
$    8,555,403Return on equity14 %
18 %
16 %
(3) %
20 %5-Year average annual return on equity13 %
12 %







(1)Interest expense on our senior notes is attributed to the return on equity of Markel Insurance.(2)Income tax expense is based on a 22% tax rate, which is representative of our typical effective rate, however, it does not represent actual income tax expense of Markel Insurance. Income taxes are managed on a consolidated basis across Markel Group and are only attributed to Markel Insurance when assessing its return on equity.Markel Insurance Divisional ResultsThe following tables present the divisional results of the Markel Insurance segment's underwriting and other insurance-related activities.
Quarter Ended December 31, 2025(dollars in thousands)U.S. Wholesale
and Specialty
Programs and
Solutions
International
Global
Reinsurance
Other
Markel
InsuranceGross premium volume - underwriting$       723,054
$       873,855
$   743,388
$   (19,263)
$            34
$   2,321,068Gross premium volume - fronting—
16,445
—
—
—
16,445Gross premium volume$       723,054
$       890,300
$   743,388
$   (19,263)
$            34
$   2,337,513Net written premiums$       608,752
$       590,122
$   660,450
$   (20,254)
$              9
$   1,839,079











Earned premiums$       647,462
$       622,854
$   679,427
$   240,598
$        3,173
$   2,193,514Losses and loss adjustment expenses:










Current accident year - attritional(400,482)
(437,565)
(329,784)
(173,856)
(11,761)
(1,353,448)Current accident year - catastrophe(942)
107
(4,500)
1
—
(5,334)Prior accident years18,215
38,670
61,433
15,023
(6,212)
127,129Underwriting, acquisition, and insurance expenses(217,433)
(236,073)
(273,891)
(76,277)
(1,357)
(805,031)Underwriting profit (loss)$         46,820
$       (12,007)
$   132,685
$       5,489
$    (16,157)
$      156,830











Services and other revenues$               —
$        13,988
$       7,385
$             3
$          638
$        22,014Services and other expenses—
(5,274)
(6,407)
—
(1,089)
(12,770)Services and other income (loss)$               —
$          8,714
$         978
$             3
$         (451)
$         9,244











Current accident year loss ratio62.0 %
70.2 %
49.2 %
72.3 %


61.9 %Prior accident years loss ratio(2.8) %
(6.2) %
(9.0) %
(6.2) %


(5.8) %Loss ratio59.2 %
64.0 %
40.2 %
66.0 %


56.1 %Expense ratio33.6 %
37.9 %
40.3 %
31.7 %


36.7 %Combined ratio92.8 %
101.9 %
80.5 %
97.7 %


92.9 % 
Quarter Ended December 31, 2024(dollars in thousands)U.S. Wholesale
and Specialty
Programs and
Solutions
International
Global
Reinsurance
Other
Markel
InsuranceGross premium volume - underwriting$        770,534
$       861,014
$    590,765
$      32,524
$      (1,799)
$    2,253,038Gross premium volume - fronting—
89,612
—
—
—
89,612Gross premium volume$        770,534
$       950,626
$    590,765
$      32,524
$      (1,799)
$    2,342,650Net written premiums$        621,357
$       590,130
$    497,151
$      28,801
$      (3,791)
$    1,733,648











Earned premiums$        667,722
$       561,565
$    551,942
$    262,055
$        1,010
$    2,044,294Losses and loss adjustment expenses:










Current accident year - attritional(445,629)
(360,254)
(266,533)
(201,250)
(28,644)
(1,302,310)Current accident year - catastrophe(10,409)
430
3,810
(2,480)
—
(8,649)Prior accident years(87,647)
80,649
102,531
14,580
1,309
111,422Underwriting, acquisition, and insurance expenses(226,541)
(203,940)
(251,529)
(79,371)
350
(761,031)Underwriting profit (loss)$      (102,504)
$         78,450
$    140,221
$      (6,466)
$    (25,975)
$        83,726











Services and other revenues$                —
$         13,606
$       4,243
$            —
$         (122)
$        17,727Services and other expenses—
(1,333)
(3,063)
—
(9,256)
(13,652)Services and other income (loss)$                —
$         12,273
$       1,180
$            —
$      (9,378)
$          4,075











Current accident year loss ratio68.3 %
64.1 %
47.6 %
77.7 %


64.1 %Prior accident years loss ratio13.1 %
(14.4) %
(18.6) %
(5.6) %


(5.5) %Loss ratio81.4 %
49.7 %
29.0 %
72.2 %


58.7 %Expense ratio33.9 %
36.3 %
45.6 %
30.3 %


37.2 %Combined ratio115.4 %
86.0 %
74.6 %
102.5 %


95.9 % 
Year Ended December 31, 2025(dollars in thousands)U.S. Wholesale
and Specialty
Programs and
Solutions
International
Global
Reinsurance
Other
Markel
InsuranceGross premium volume - underwriting$     3,060,929
$    3,708,179
$ 2,834,504
$ 1,046,111
$      (6,020)
$ 10,643,703Gross premium volume - fronting—
1,854,944
—
—
—
1,854,944Gross premium volume$     3,060,929
$    5,563,123
$ 2,834,504
$ 1,046,111
$      (6,020)
$ 12,498,647Net written premiums$     2,523,178
$    2,475,396
$ 2,459,485
$   943,686
$      (2,010)
$   8,399,735











Earned premiums$     2,623,318
$    2,378,265
$ 2,317,475
$ 1,070,031
$      12,234
$   8,401,323Losses and loss adjustment expenses:










Current accident year - attritional(1,742,412)
(1,557,973)
(1,165,087)
(798,556)
(67,155)
(5,331,183)Current accident year - catastrophe(19,036)
(11,781)
(29,630)
(1,449)
—
(61,896)Prior accident years130,081
155,904
229,012
(18,635)
(12,362)
484,000Underwriting, acquisition, and insurance expenses(882,271)
(875,021)
(957,763)
(314,511)
(7,007)
(3,036,573)Underwriting profit (loss)$       109,680
$        89,394
$   394,007
$   (63,120)
$    (74,290)
$      455,671











Services and other revenues$               —
$        50,261
$     17,214
$       6,807
$          823
$        75,105Services and other expenses—
(11,304)
(13,549)
—
(3,319)
(28,172)Services and other income (loss)$               —
$        38,957
$       3,665
$       6,807
$      (2,496)
$        46,933











Current accident year loss ratio67.1 %
66.0 %
51.6 %
74.8 %


64.2 %Prior accident years loss ratio(5.0) %
(6.6) %
(9.9) %
1.7 %


(5.8) %Loss ratio62.2 %
59.4 %
41.7 %
76.5 %


58.4 %Expense ratio33.6 %
36.8 %
41.3 %
29.4 %


36.1 %Combined ratio95.8 %
96.2 %
83.0 %
105.9 %


94.6 % 
Year Ended December 31, 2024(dollars in thousands)U.S. Wholesale
and Specialty
Programs and
Solutions
International
Global
Reinsurance
Other
Markel
InsuranceGross premium volume - underwriting$     3,200,616
$    3,440,216
$ 2,482,038
$ 1,166,247
$    (29,255)
$  10,259,862Gross premium volume - fronting—
1,306,022
—
—
—
1,306,022Gross premium volume$     3,200,616
$    4,746,238
$ 2,482,038
$ 1,166,247
$    (29,255)
$  11,565,884Net written premiums$     2,561,336
$    2,280,620
$ 2,114,780
$ 1,055,569
$      (7,517)
$    8,004,788











Earned premiums$     2,783,439
$    2,195,619
$ 2,060,926
$ 1,067,468
$      23,260
$    8,130,712Losses and loss adjustment expenses:










Current accident year - attritional(1,887,518)
(1,371,624)
(1,088,544)
(778,503)
(135,816)
(5,262,005)Current accident year - catastrophe(37,309)
(19,670)
(10,190)
(3,480)
—
(70,649)Prior accident years(11,390)
144,836
367,278
(554)
(45,238)
454,932Underwriting, acquisition, and insurance expenses(925,798)
(773,920)
(860,746)
(313,378)
(12,172)
(2,886,014)Underwriting profit (loss)$        (78,576)
$       175,241
$    468,724
$    (28,447)
$  (169,966)
$      366,976











Services and other revenues$                —
$         33,760
$      10,531
$            —
$         (715)
$        43,576Services and other expenses—
(6,199)
(10,581)
—
(18,439)
(35,219)Services and other income (loss)$                —
$         27,561
$          (50)
$            —
$    (19,154)
$          8,357











Current accident year loss ratio69.2 %
63.4 %
53.3 %
73.3 %


65.6 %Prior accident years loss ratio0.4 %
(6.6) %
(17.8) %
0.1 %


(5.6) %Loss ratio69.6 %
56.8 %
35.5 %
73.3 %


60.0 %Expense ratio33.3 %
35.2 %
41.8 %
29.4 %


35.5 %Combined ratio102.8 %
92.0 %
77.3 %
102.7 %


95.5 %Consolidating Investment ResultsThe following tables summarize our investing results by segment.
Quarter Ended December 31, 2025(dollars in thousands)Markel
Insurance
Other Reportable
Segments
Corporate
Eliminations
TotalInterest:








Fixed maturity securities$         154,681
$              3,102
$             1,917
$                  —
$         159,700Short-term investments7,448
2,461
9,298
—
19,207Cash and cash equivalents, including restricted26,470
4,751
6,053
—
37,274Intercompany loans receivable7,076
—
4,862
(11,938)
—Dividends on equity securities40,313
—
5,087
—
45,400Investment expenses(3,111)
(193)
(629)
—
(3,933)Net investment income$         232,877
$            10,121
$           26,588
$         (11,938)
$         257,648









Net investment gains (losses)$         230,924
$                   —
$         (18,881)
$                  —
$         212,043 
Quarter Ended December 31, 2024(dollars in thousands)Markel
Insurance
Other Reportable
Segments
Corporate
Eliminations
TotalInterest:








Fixed maturity securities$         134,892
$              1,819
$             1,244
$                  —
$         137,955Short-term investments10,452
3,134
16,180
—
29,766Cash and cash equivalents, including restricted27,397
4,628
6,623
—
38,648Intercompany loans receivable7,508
—
4,916
(12,424)
—Dividends on equity securities37,450
—
3,654
—
41,104Investment expenses(3,141)
(37)
(606)
—
(3,784)Net investment income$         214,558
$              9,544
$           32,011
$         (12,424)
$         243,689









Net investment gains (losses)$         147,253
$                     8
$         (29,836)
$                  —
$         117,425 
Year Ended December 31, 2025(dollars in thousands)Markel
Insurance
Other Reportable
Segments
Corporate
Eliminations
TotalInterest:








Fixed maturity securities$         590,307
$              8,369
$             5,843
$                  —
$         604,519Short-term investments29,123
10,486
38,257
—
77,866Cash and cash equivalents, including restricted100,250
20,207
29,797
—
150,254Intercompany loans receivable28,895
—
19,580
(48,475)
—Dividends on equity securities138,773
—
17,396
—
156,169Investment expenses(15,817)
(363)
(2,201)
—
(18,381)Net investment income$         871,531
$            38,699
$         108,672
$         (48,475)
$         970,427









Net investment gains$         976,740
$                   —
$           99,341
$                  —
$      1,076,081 
Year Ended December 31, 2024(dollars in thousands)Markel
Insurance
Other Reportable
Segments
Corporate
Eliminations
TotalInterest:








Fixed maturity securities$         498,196
$              7,192
$             4,656
$                  —
$         510,044Short-term investments47,331
14,334
62,910
—
124,575Cash and cash equivalents, including restricted114,268
17,995
29,225
—
161,488Intercompany loans receivable27,711
—
19,972
(47,683)
—Dividends on equity securities125,322
—
17,045
—
142,367Investment expenses(14,921)
(180)
(2,877)
—
(17,978)Net investment income$         797,907
$            39,341
$         130,931
$         (47,683)
$         920,496









Net investment gains (losses)$      1,447,686
$               (150)
$         359,683
$                  —
$      1,807,219Consolidated Underwriting ReconciliationThe following tables reconcile our Markel Insurance segment underwriting results to our consolidated underwriting operations. State National's underwriting results are included in our Financial segment.
Quarter Ended December 31, 2025(dollars in thousands)Markel Insurance
State National
Eliminations
ConsolidatedGross premium volume - underwriting$    2,321,068
$         86,282
$                    —
$    2,407,350Gross premium volume - fronting16,445
931,613
(53,585)
894,473Gross premium volume$    2,337,513
$    1,017,895
$           (53,585)
$    3,301,823







Earned premiums$    2,193,514
$         85,315
$                    —
$    2,278,829Losses and loss adjustment expenses(1,231,653)
(51,667)
—
(1,283,320)Underwriting, acquisition, and insurance expenses(805,031)
(23,982)
—
(829,013)Underwriting profit$       156,830
$           9,666
$                    —
$       166,496







Combined Ratio92.9 %
88.7 %


92.7 % 
Quarter Ended December 31, 2024(dollars in thousands)Markel Insurance
State National
Eliminations
ConsolidatedGross premium volume - underwriting$     2,253,038
$          69,693
$                    —
$     2,322,731Gross premium volume - fronting89,612
1,017,063
(59,013)
1,047,662Gross premium volume$     2,342,650
$     1,086,756
$           (59,013)
$     3,370,393







Earned premiums$     2,044,294
$          73,284
$                    —
$     2,117,578Losses and loss adjustment expenses(1,199,537)
(42,278)
—
(1,241,815)Underwriting, acquisition, and insurance expenses(761,031)
(23,755)
—
(784,786)Underwriting profit$          83,726
$            7,251
$                    —
$          90,977







Combined Ratio95.9 %
90.1 %


95.7 % 
Year Ended December 31, 2025(dollars in thousands)Markel Insurance
State National
Eliminations
ConsolidatedGross premium volume - underwriting$  10,643,703
$       317,751
$                    —
$  10,961,454Gross premium volume - fronting1,854,944
3,928,671
(221,632)
5,561,983Gross premium volume$  12,498,647
$    4,246,422
$         (221,632)
$  16,523,437







Earned premiums$    8,401,323
$       314,344
$                    —
$    8,715,667Losses and loss adjustment expenses(4,909,079)
(170,766)
—
(5,079,845)Underwriting, acquisition, and insurance expenses(3,036,573)
(96,590)
—
(3,133,163)Underwriting profit$       455,671
$         46,988
$                    —
$       502,659







Combined Ratio94.6 %
85.1 %


94.2 % 
Year Ended December 31, 2024(dollars in thousands)Markel Insurance
State National
Eliminations
ConsolidatedGross premium volume - underwriting$   10,259,862
$        292,011
$                    —
$   10,551,873Gross premium volume - fronting1,306,022
3,781,697
(144,961)
4,942,758Gross premium volume$   11,565,884
$     4,073,708
$         (144,961)
$   15,494,631







Earned premiums$     8,130,712
$        301,700
$                    —
$     8,432,412Losses and loss adjustment expenses(4,877,722)
(175,027)
—
(5,052,749)Underwriting, acquisition, and insurance expenses(2,886,014)
(91,375)
—
(2,977,389)Underwriting profit$        366,976
$          35,298
$                    —
$        402,274







Combined Ratio95.5 %
88.3 %


95.2 %Non-GAAP Financial MeasuresMarkel Group utilizes certain non-GAAP measures that we believe enhance the understanding of our performance. These measures should not be viewed as a substitute for measures determined in accordance with U.S. GAAP.Consolidated Adjusted Operating Income and Adjusted Operating Income Per ShareConsolidated adjusted operating income and adjusted operating income per share, which exclude net investment gains and losses, amortization of acquired intangible assets, and impairment of goodwill, are non-GAAP financial measures. We believe adjusted operating income is generally an accurate representation of the operating performance of our businesses in our periodic results.Net investment gains and losses are predominantly derived from our investments in publicly traded equity securities and include significant unrealized gains and losses from market value movements. We believe that net investment gains and losses, whether realized from sales or unrealized from market value movements, are distortive in understanding the short-term operating performance of our businesses. We do not view amortization of intangible assets and impairment of goodwill, which arise from purchase accounting for acquisitions, as ongoing costs of operating our businesses, and therefore exclude those amounts from our adjusted operating income metrics.The following table reconciles operating income to adjusted operating income on both a consolidated and per share basis.
Year Ended December 31,(dollars in thousands, except per share data)2025
2024
2023
2022
2021Operating income (loss)$   3,194,852
$   3,712,562
$   2,928,828
$      (93,336)
$   3,241,505Add: Amortization of acquired intangible assets185,007
181,472
180,614
178,778
160,539Add: Impairment of goodwill—
—
—
80,000
—Less: Net investment gains (losses)1,076,081
1,807,219
1,524,054
(1,595,733)
1,978,534Adjusted operating income$   2,303,778
$   2,086,815
$   1,585,388
$   1,761,175
$   1,423,510









Operating income (loss) per share$             253
$             290
$             223
$               (7)
$             238Add: Amortization of acquired intangible assets impact15
14
14
13
12Add: Impairment of goodwill impact—
—
—
6
—Less: Net investment gains (losses) impact85
141
116
(119)
145Adjusted operating income per share (1)$             182
$             163
$             121
$             131
$             104

(1)Amounts may not reconcile due to rounding.Combined Ratio and Current Accident Year Loss Ratio, Excluding Current Year Catastrophe EventsWe use underwriting profit or loss and the combined ratio as a basis for evaluating our underwriting performance. The U.S. GAAP combined ratio is a measure of underwriting performance and represents the relationship of incurred losses, loss adjustment expenses, and underwriting acquisition and insurance expenses to earned premiums. The combined ratio is the sum of the loss ratio and the expense ratio.When analyzing our loss ratio, we typically evaluate losses and loss adjustment expenses attributable to the current accident year separately from losses and loss adjustment expenses attributable to prior accident years. Prior accident year reserve development, which can be either favorable or unfavorable, represents changes in our estimates of losses and loss adjustment expenses related to loss events that occurred in prior years. We believe a discussion of the current accident year loss ratio that excludes prior accident year reserve development is helpful in most cases since it provides more insight into estimates of current underwriting performance and excludes changes in estimates related to prior year loss reserves.In addition to the U.S. GAAP combined ratio, loss ratio, and expense ratio, we also evaluate our underwriting performance using measures that exclude the impacts of certain items on these ratios. We believe these adjusted measures, which are non-GAAP measures, provide financial statement users with a better understanding of the significant factors that comprise our underwriting results and how management evaluates underwriting performance.When analyzing our combined ratio, we exclude current accident year losses and loss adjustment expenses attributed to natural catastrophes and certain other significant, infrequent loss events. Gross and ceded losses for certain events may also result in receipt or payment of reinstatement premiums, which, if significant, may also be excluded when analyzing our combined ratio. Due to the unique characteristics of these events, there is inherent variability as to the timing and amount of the loss, which cannot be predicted in advance. We believe measures that exclude the effects of such events are meaningful to understand the underlying trends and variability in our underwriting results that may be obscured by these items.We also analyze our current accident year loss ratio excluding losses and loss adjustment expenses attributable to catastrophes and other significant, infrequent loss events. The current accident year loss ratio excluding the impact of catastrophes and other significant, infrequent loss events is commonly referred to as an attritional loss ratio within the property and casualty insurance industry.The components of Markel Insurance's combined ratios, including these non-GAAP measures, are included in "Markel Insurance".Organic Revenue GrowthOrganic revenue growth is a non-GAAP measure. We believe organic revenue growth is a meaningful measure as it provides growth in comparable revenues from period-to-period by adjusting for the impact of acquisitions and dispositions. For acquisitions and dispositions, the calculation of organic revenue growth excludes the revenue of the business from the two periods being compared unless our consolidated results include a full period of revenue from the business for both periods. The following table reconciles revenue growth to organic revenue growth.
Year Ended December 31,
2025
2024
2023
2022
2021Industrial segment:








Revenue growth3.9 %
1.4 %
9.7 %
42.9 %
51.5 %Impact of inorganic activity(1.4) %
(1.3) %
(2.0) %
(25.2) %
(30.4) %Organic revenue growth2.5 %
0.1 %
7.7 %
17.7 %
21.1 %









Financial segment:








Revenue growth24.2 %
7.3 %
(23.0) %
45.2 %
3.5 %Impact of inorganic activity(7.0) %
0.5 %
43.6 %
(25.8) %
— %Organic revenue growth17.2 %
7.8 %
20.6 %
19.4 %
3.5 %









Consumer and Other segment:








Revenue growth4.2 %
6.4 %
(7.5) %
7.9 %
2.6 %Impact of inorganic activity(3.2) %
(4.6) %
— %
0.6 %
6.2 %Organic revenue growth1.0 %
1.8 %
(7.5) %
8.5 %
8.8 %Logo - https://mma.prnewswire.com/media/2077105/Markel_Group_Logo_v1.jpg



View original content:https://www.prnewswire.co.uk/news-releases/markel-group-reports-2025-financial-results-302679539.html

Original: Markel Group reports 2025 financial results

Markel Group reports 2025 financial resultsFebruary 4, 2026 4:35 PM
PR Newswire (US)

RICHMOND, Va., Feb. 4, 2026 /PRNewswire/ -- Markel Group Inc. (NYSE: MKL) today reported its financial results for the quarter and year ended December 31, 2025.







"In 2025, the Markel Group delivered meaningful progress. Operating income was $3.2 billion and adjusted operating income exceeded $2.3 billion, with every reportable segment making meaningful contributions," said Tom Gayner, Chief Executive Officer. "Within Markel Insurance, we took a series of decisive actions to simplify and refocus the business. Thank you to that team, and to everyone across the Markel Group. By staying true to our values, while providing exceptional businesses and leaders a home in which to grow and thrive, we believe the Markel Group is well-positioned to continue compounding shareholder value across generations."Summary of our fourth quarter and full year results:Operating revenues increased 8% for the quarter and 5% for the year.Operating income, which includes market movements in our equity portfolio, increased 34% for the quarter and decreased 14% for the year.Adjusted operating income, which excludes market movements in our equity portfolio, increased 19% for the quarter and 10% for the year.For Markel Insurance, our cornerstone business:Operating revenues increased 7% for the quarter and 4% for the year.Adjusted operating income increased 31% for the quarter and 16% for the year due to improved underwriting profitability and higher net investment income.The combined ratio improved by three points for the quarter to 93% and one point for the year to 95%.The average annual return on equity was 13% for the past five years and 14% for 2025.Comprehensive income to shareholders was $2.6 billion for the year.Operating cash flows were $2.8 billion for the year.Share repurchases totaled $429.5 million for the year, and we had 12.6 million shares outstanding at December 31, 2025 compared to 12.8 million at December 31, 2024.The following table presents summary consolidated financial data.
Quarter Ended December 31,
Year Ended December 31,(dollars in thousands)2025
2024
2025
2024Operating revenues$      4,007,965
$      3,723,576
$    15,513,233
$    14,813,544







Operating income$         795,146
$         595,470
$      3,194,852
$      3,712,562Add: Amortization of acquired intangible assets42,791
46,491
185,007
181,472Less: Net investment gains212,043
117,425
1,076,081
1,807,219Adjusted operating income (1)$         625,894
$         524,536
$      2,303,778
$      2,086,815







Comprehensive income to shareholders$         606,325
$         125,951
$      2,614,632
$      2,608,150

(1)See "Supplemental Financial Information - Non-GAAP Financial Measures" for additional information on this non-GAAP measure.We believe our financial performance is most meaningfully measured over longer periods of time, which tends to mitigate the effects of short-term volatility and better aligns with the long-term perspective we apply to operating our businesses and making investment decisions. The following table presents a long-term view of our performance.
Year Ended December 31,(dollars in thousands)2025
2024
2023
2022
2021Operating revenues$  15,513,233
$    14,813,544
$    14,279,576
$    13,271,068
$    10,867,891









Operating income (loss)$    3,194,852
$      3,712,562
$      2,928,828
$         (93,336)
$      3,241,505Add: Amortization of acquired intangible assets185,007
181,472
180,614
178,778
160,539Add: Impairment of goodwill—
—
—
80,000
—Less: Net investment gains (losses)1,076,081
1,807,219
1,524,054
(1,595,733)
1,978,534Adjusted operating income (1)$    2,303,778
$      2,086,815
$      1,585,388
$      1,761,175
$      1,423,510









5-year compound annual growth rate:








Closing stock price per share16 %







Intrinsic value per share (2)15 %









(1)See "Supplemental Financial Information - Non-GAAP Financial Measures" for additional information on this non-GAAP measure.(2)See "Supplemental Financial Information - Growth in Intrinsic Value per Share" for additional information on this metric.The following table summarizes our results by segment. We report our business operations in four segments: Markel Insurance, Industrial, Financial, and Consumer and Other. Our corporate operations are comprised of our holding company activities.
Year Ended December 31,(dollars in thousands)2025
2024
% ChangeOperating revenues:




Markel Insurance$        9,352,891
$        8,983,443
4 %Industrial3,928,249
3,779,616
4 %Financial736,964
593,313
24 %Consumer and Other1,382,912
1,327,333
4 %Corporate and eliminations112,217
129,839
(14) %Total operating revenues$      15,513,233
$      14,813,544
5 %





Adjusted operating income:




Markel Insurance$        1,379,067
$        1,184,488
16 %Industrial343,183
365,034
(6) %Financial326,572
262,082
25 %Consumer and Other174,636
145,372
20 %Corporate and eliminations80,320
129,839
(38) %Total adjusted operating income (1)$        2,303,778
$        2,086,815
10 %

(1)See "Supplemental Financial Information - Non-GAAP Financial Measures" for additional information on this non-GAAP measure.Markel Insurance
Year Ended December 31,(dollars in thousands)2025
2024
% ChangeGross premium volume:




Underwriting$ 10,643,703
$  10,259,862
4 %Fronting$   1,854,944
$    1,306,022
42 %





Operating revenues:




Earned premiums$   8,401,323
$    8,130,712
3 %Net investment income871,531
797,907
9 %Services and other revenues80,037
54,824
46 %Operating revenues$   9,352,891
$    8,983,443
4 %





Adjusted operating income:




Underwriting profit$       455,671
$        366,976
24 %Net investment income871,531
797,907
9 %Services and other income51,865
19,605
165 %Adjusted operating income$   1,379,067
$    1,184,488
16 %





Net investment gains$       976,740
$    1,447,686
(33) %





Combined ratio94.6 %
95.5 %







Return on equity (1)14 %
18 %

5-Year average annual return on equity (1)13 %
12 %



(1)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 "Supplemental Financial Information - Markel Insurance Return on Equity" for additional information on this metric.The increase in underwriting gross premium volume in our Markel Insurance segment was driven by significant growth within our personal lines and international professional liability product lines, as well as growth within our programs, marine and energy, and general liability product lines. These increases were partially offset by the impact of lower premium volume in our U.S. professional liability product lines, as a result of exiting our risk-managed directors and officers product line from our U.S. and Europe-based platforms. The increase in earned premiums was primarily due to the impact of the changes in underwriting gross premium volume in recent periods. The increase in fronting gross premium volume was driven by growth within our property catastrophe programs with Nephila and resulted in an increase in services and other revenues and income.For further details of Markel Insurance's investment performance, see "Consolidated Investment Results."Underwriting Results
Year Ended December 31,(dollars in thousands)2025
2024
% ChangeUnderwriting gross premium volume$     10,643,703
$     10,259,862
4 %Net written premiums$       8,399,735
$       8,004,788
5 %Earned premiums$       8,401,323
$       8,130,712
3 %Underwriting profit$          455,671
$          366,976
24 %





Underwriting Ratios (1)



Point ChangeLoss ratio




Current accident year loss ratio64.2 %
65.6 %
(1.4)Prior accident years loss ratio(5.8) %
(5.6) %
(0.2)Loss ratio58.4 %
60.0 %
(1.6)Expense ratio36.1 %
35.5 %
0.6Combined ratio94.6 %
95.5 %
(0.9)





Current accident year loss ratio catastrophe impact (2)0.7 %
0.9 %
(0.2)





Current accident year loss ratio, excluding catastrophe impact (3)63.5 %
64.7 %
(1.2)Combined ratio, excluding current accident year catastrophe impact (3)93.8 %
94.6 %
(0.8)

(1)Amounts may not reconcile due to rounding.(2)The point impact of catastrophes is calculated as the associated net losses and loss adjustment expenses divided by total earned premiums.(3)This metric is a non-GAAP financial measure. See "Supplemental Financial Information - Non-GAAP Financial Measures" for additional details.Global ReinsuranceIn August 2025, Markel Insurance sold the renewal rights for business written in its Global Reinsurance division, and the division entered into run-off. Gross premium volume in 2025 attributed to the Global Reinsurance division was $1.0 billion. Underwriting results attributable to the Global Reinsurance division had a two point unfavorable impact on the Markel Insurance segment combined ratio in 2025 and a one point unfavorable impact in 2024.Natural CatastrophesUnderwriting results included $61.9 million and $70.6 million of net losses and loss adjustment expenses in 2025 and 2024, respectively, attributed to natural catastrophes. Losses from natural catastrophes in 2025 were attributed to the series of wildfires that occurred in southern California in January 2025.Combined RatioExcluding losses attributed to natural catastrophes, the decrease in the Markel Insurance segment combined ratio was primarily attributable to a lower attritional loss ratio, which was driven by lower losses on our discontinued intellectual property collateral protection insurance (IP CPI) product line. Net losses and loss adjustment expenses on our IP CPI product line totaled $64.3 million and $168.5 million in 2025 and 2024, respectively. We believe any losses on our discontinued IP CPI product line in 2026 will not be material to the Markel Insurance segment.Additionally, the Markel Insurance segment attritional loss ratio was unfavorably impacted by large losses within our credit and surety product line in the fourth quarter of 2025 and higher attritional loss ratios on our personal umbrella product line. Large losses within our credit and surety product line totaled $63.3 million in the fourth quarter of 2025, inclusive of the impact of ceded reinstatement premiums. These unfavorable impacts on our attritional loss ratio were largely offset by a favorable impact from changes in mix of business, as our growing lines of business generally have lower attritional loss ratios than the lines of business for which we have reduced our premium writings.The 2025 combined ratio included $484.0 million of favorable development on prior accident years loss reserves compared to $454.9 million in 2024. In 2025, favorable development was most significant within our marine and energy, property, workers' compensation, programs, and general liability product lines. Favorable development in 2025 was net of adverse development on our run-off risk-managed directors and officers professional liability product lines.The increase in the expense ratio was primarily attributable to higher personnel costs, including increased severance costs related to recent organizational changes, higher professional fees, and changes in mix of business. Many of the product lines and markets in which we are growing within our International division carry higher expense ratios and lower loss ratios than the rest of the segment. The expense ratio also reflects costs associated with our growth and expansion efforts in these targeted markets.Industrial
Year Ended December 31,(dollars in thousands)2025
2024
% ChangeOperating revenues$        3,928,249
$        3,779,616
4 %Adjusted operating income$           343,183
$           365,034
(6) %The increase in operating revenues reflected organic growth and a full-year contribution from our June 2024 Valor Environmental (Valor) acquisition compared to 2024. The Industrial segment results in 2024 included five months of results from Valor. Organic revenue growth of our Industrial segment was 2%. Organic revenue growth is a non-GAAP financial measure. See "Supplemental Financial Information - Non-GAAP Financial Measures" for additional details.Organic revenue growth was primarily attributable to increased demand for our equipment leasing services within the wind energy market, as well as a combination of higher prices and sales volume for our services and products in the commercial and residential construction markets. These increases were partially offset by lower sales volume of our products within the transportation industry due to a down cycle in demand for the industry.The decrease in adjusted operating income was primarily attributable to lower margins, due to higher materials and labor costs, and lower revenues within our industrial products businesses, partially offset by the impact of higher revenues within our industrial services businesses.Financial
Year Ended December 31,(dollars in thousands)2025
2024
% ChangeOperating revenues$           736,964
$           593,313
24 %Adjusted operating income (1)$           326,572
$           262,082
25 %

(1)Adjusted operating income for the year ended December 31, 2024 included $58.1 million from Markel CATCo Re Ltd (MCRe), all of which was attributable to noncontrolling interests. MCRe results in 2025 were minimal.The increase in operating revenues reflected strong organic growth, as well as the impact of $41.4 million of income related to our minority investment in Velocity Holdco LLC (Velocity) resulting from the sales of its managing general agent operations and insurance carrier in 2025. Organic revenue growth of our Financial segment was 17%. Organic revenue growth is a non-GAAP financial measure. See "Supplemental Financial Information - Non-GAAP Financial Measures" for additional details.Organic revenue growth was primarily attributable to the impact of performance fees earned in 2025 and a higher effective management fee rate for our insurance-linked securities investment management services, as well as higher premium volume within our program services and lender services offerings.The increase in adjusted operating income was driven by the impact of higher revenues, including the income related to our minority investment in Velocity, as previously discussed. These increases were partially offset by the impact in 2024 of $58.1 million of favorable loss development on the run off of reinsurance contracts written by MCRe, all of which was attributable to noncontrolling interests.Consumer and Other
Year Ended December 31,(dollars in thousands)2025
2024
% ChangeOperating revenues$        1,382,912
$        1,327,333
4 %Adjusted operating income$           174,636
$           145,372
20 %The increase in operating revenues reflected the contribution from our acquisition of Education Partners International (EPI). Organic revenue growth of our Consumer and Other segment was 1%, primarily attributable to higher sales volume of ornamental plants driven by higher demand and prices. Organic revenue growth is a non-GAAP financial measure. See "Supplemental Financial Information - Non-GAAP Financial Measures" for additional details. The increase in adjusted operating income was driven by the contribution from EPI.Corporate
Year Ended December 31,(dollars in thousands)2025
2024Net investment income$           108,672
$           130,931Other revenues52,020
46,591Operating revenues160,692
177,522Operating expenses (1)(31,897)
—Corporate adjusted operating income$           128,795
$           177,522Markel Group consolidating eliminations(48,475)
(47,683)Corporate and eliminations adjusted operating income$             80,320
$           129,839

(1)Prior to the third quarter of 2025, corporate expenses were fully allocated to our segments.Consolidated Investment ResultsWe hold investments across our operating businesses and at our holding company, with the majority of our investments held at our Markel Insurance business in support of its underwriting activities. For investment performance by segment, see "Supplemental Financial Information - Consolidating Investment Results."
Year Ended December 31,(dollars in thousands)2025
2024Net investment income$         970,427
$          920,496



Yield on fixed maturity securities (1)3.5 %
3.2 %Yield on short-term investments (1)3.7 %
4.8 %Yield on cash and cash equivalents and restricted cash and cash equivalents (1)3.3 %
3.7 %



Net realized investment gains (losses)$             (4,076)
$               4,423Change in fair value of equity securities1,080,157
1,802,796Net investment gains$       1,076,081
$        1,807,219



Return on equity securities (2)


One-year annual return10.5 %
20.1 %Five-year annual return11.9 %
12.8 %Ten-year annual return13.5 %
12.1 %Twenty-year annual return11.0 %
10.5 %

(1)Yield reflects the applicable annualized interest income as a percentage of the applicable monthly average invested assets at amortized cost.(2)Return on equity securities is calculated by dividing dividends and the change in fair value of equity securities by the monthly average equity securities at fair value and considers the timing of net purchases and sales.The 5% increase in net investment income was primarily driven by higher interest income on fixed maturity securities due to a higher yield and higher average holdings of fixed maturity securities. These increases were partially offset by lower interest income on our short-term investments due to lower average short-term investment holdings and lower short-term interest rates.Financial Condition and Capital AllocationInvestments, cash and cash equivalents, and restricted cash and cash equivalents (invested assets) were $37.4 billion at December 31, 2025 compared to $34.2 billion at December 31, 2024. The increase was primarily attributable to $2.8 billion of operating cash flows and a $1.7 billion increase in the fair value of our investment portfolio. In 2025, we deployed capital into $1.4 billion of net fixed maturity securities purchases and $206.9 million of capital expenditures. We made net investments of $142.9 million in equity securities and $170.4 million for acquisitions and purchases of noncontrolling interests in our majority-owned businesses. We also used $600.0 million to redeem our outstanding preferred shares and $429.5 million to repurchase common shares.At December 31, 2025, our holding company held $4.4 billion of invested assets compared to $4.3 billion of invested assets at December 31, 2024. * * * * * * * *Our previously announced conference call, which will involve discussion of our financial results and business developments and may include forward-looking information, will be held Thursday, February 5, 2026, beginning at 9:30 a.m. (Eastern Time). Investors, analysts, and the general public may listen to the call via live webcast at ir.mklgroup.com. The call may be accessed telephonically by dialing (888) 660-9916 in the U.S., or (646) 960-0452 internationally, and providing Conference ID: 4614568. A replay of the call will be available on our website approximately one hour after the conclusion of the call. Any person needing additional information can contact Markel Group's Investor Relations Department at IR@markel.com.Additionally, we will be discussing financial results and related business and investments updates at our shareholders meeting on May 20, 2026 at the University of Richmond Robins Center at 2:00 p.m. (Eastern Time). The shareholders meeting will be part of the 2026 Reunion, which is open to shareholders, employees, and friends of Markel Group. More information on the 2026 Reunion, including a sign-up form to receive event updates, is available at mklreunion.com.Safe Harbor and Cautionary StatementThis release, and any related oral statements, contain statements concerning or incorporating our expectations, assumptions, plans, objectives, future financial or operating performance and other statements that are not historical facts. These statements are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may use words such as "anticipate," "believe," "estimate," "expect," "intend," "predict," "project," and similar expressions as they relate to us or our management.There are risks and uncertainties that may cause actual results to differ materially from predicted results in forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Additional factors that could cause actual results to differ from those predicted are set forth under Business, Risk Factors, Management's Discussion and Analysis of Financial Condition and Results of Operations, and Quantitative and Qualitative Disclosures About Market Risk in our 2024 Annual Report on Form 10-K, or our most recent Quarterly Report on Form 10-Q, or are included in the items listed below:the effect of cyclical trends or changes in market conditions on our operations, including demand and pricing in the markets in which we operate;actions by competitors, including the use of technology (e.g., artificial intelligence) and innovation to simplify the customer experience, increase efficiencies, redesign products, alter models and effect other potentially disruptive changes, and the effect of competition on market trends and pricing;our efforts to develop new products, expand in targeted markets or improve business processes and workflows, including through the use of artificial intelligence, may not be successful, may cost more, or take longer than expected and may increase or create new risks (e.g., insufficient demand, change to risk exposures, distribution channel conflicts, execution risk, regulatory risk, increased expenditures);the frequency and severity of man-made, health-related, and natural catastrophes may exceed expectations, are unpredictable and, in the case of some natural catastrophes, may be exacerbated by changing conditions in the climate, oceans and atmosphere, resulting in increased frequency and/or severity of extreme weather-related events;we offer coverage against terrorist acts in connection with some of our programs, and in other instances we are legally required to offer terrorism insurance; in both circumstances, we actively manage our exposure, but if there is a covered terrorist attack, we could sustain material losses;emerging claim and coverage issues, changing industry practices, and evolving legal, judicial, social, and other claims, and coverage trends or conditions, can increase the scope of coverage, the frequency and severity of claims, and the period over which claims may be reported; these factors, as well as uncertainties in the loss estimation process, can adversely impact the adequacy of our loss reserves and our allowance for reinsurance recoverables;reserves for our runoff reinsurance business are subject to greater uncertainty than insurance reserves, primarily because of reliance upon the original underwriting decisions made by ceding companies and the longer lapse of time from the occurrence of loss events to their reporting to the reinsurer for ultimate resolution;failures, inadequacies or inaccuracies (whether due to data error, human error or otherwise) in the various methods, modeling techniques, and data analytics (e.g., scenarios, predictive and stochastic modeling, and forecasting) we use to analyze and estimate exposures, loss trends, and other risks associated with our insurance businesses could cause us to misprice our products or fail to appropriately estimate the risks to which we are exposed;changes in the assumptions and estimates used in establishing reserves for our life and annuity reinsurance book (which is in runoff), for example, changes in assumptions and estimates of mortality, longevity, morbidity, and interest rates, could result in material changes in our estimated loss reserves for that business;adverse developments in insurance coverage litigation or other legal or administrative proceedings could result in material increases in our estimates of loss reserves;initial estimates for catastrophe losses and other significant, infrequent events are often based on limited information, are dependent on broad assumptions about the nature and extent of losses, coverage, liability and reinsurance, and those losses may ultimately differ materially from our expectations;changes in the availability, costs, quality, and providers of reinsurance coverage, which may impact our ability to write, or continue to write, certain lines of business or to mitigate the volatility of losses on our results of operations and financial condition;the ability or willingness of reinsurers to pay balances due may be adversely affected by industry and economic conditions, deterioration in reinsurer credit quality and coverage disputes, and collateral we hold, if any, may not be sufficient to cover a reinsurer's obligation to us;regulatory actions affecting our insurance operations can impede our ability to charge adequate rates and efficiently allocate capital;general economic and market conditions and industry specific conditions, including: extended economic recessions or expansions; prolonged periods of slow economic growth; inflation or deflation; significant fluctuations in foreign currency exchange rates, commodity and energy prices, and interest rates; volatility in the credit and capital markets; the imposition of duties, tariffs and other changes in international trade regulation, and other factors;economic conditions, actual or potential defaults in corporate bonds, municipal bonds, mortgage-backed securities or sovereign debt obligations, volatility in interest and foreign currency exchange rates, changes in U.S. government debt ratings, and changes in market value of concentrated investments can have a significant impact on the fair value of our fixed maturity securities and equity securities, as well as the carrying value of our other assets and liabilities, and this impact may be heightened by market volatility and our ability to mitigate our sensitivity to these changing conditions;the effects of government intervention, including material changes in the monetary policies of central banks, to address financial downturns, inflation, and other economic and currency concerns;the impacts that political and civil unrest and regional and military conflicts may have on our businesses and the markets they serve or that any disruptions in regional or worldwide economic conditions generally arising from these situations may have on our businesses, industries, or investments;the impacts of liability, transition, and physical risks associated with climate change;the significant volatility, uncertainty, and disruption caused by health epidemics and pandemics, as well as governmental, legislative, judicial, or regulatory actions or developments in response thereto;changes in U.S. tax laws, regulations, or interpretations, or in the tax laws, regulations, or interpretations of other jurisdictions in which we operate, and adjustments we may make in our operations or tax strategies in response to those changes;a failure or security breach of, or cyberattack on, enterprise information technology systems that we, or third parties who perform certain functions for us, use, or a failure to comply with data protection or privacy regulations or regulations related to the use of artificial intelligence or machine learning technology;third-party providers may perform poorly, breach their obligations to us, or expose us to enhanced risks;our acquisitions may increase our operational and internal control risks for a period of time;we may not realize the contemplated benefits, including cost savings and synergies, of our acquisitions;any developments requiring the write-off of a significant portion of our goodwill and intangible assets;the loss of services of any senior executive or other key personnel, or an inability to attract and retain qualified leaders to run any of our businesses could adversely impact one or more of our operations;the manner in which our businesses operate through independent local management teams could result in inconsistent management, governance, and oversight practices;our substantial international operations and investments expose us to increased political, civil, operational, and economic risks, including foreign currency exchange rate and credit risk;our ability to obtain additional capital for our operations on terms favorable to us;economic conditions, which may adversely affect our access to capital and credit markets;the compliance, or failure to comply, with covenants and other requirements under our credit facilities, senior debt, and other indebtedness;our ability to maintain or raise third-party capital for existing or new investment vehicles and risks related to our management of third-party capital;the effectiveness of our procedures for compliance with existing and future guidelines, policies and legal and regulatory standards, rules, laws, and regulations;the impact of economic and trade sanctions and embargo programs on our businesses, including instances in which the requirements and limitations imposed on the global operations of our companies by one or more jurisdictions are more restrictive than, or conflict with, applicable requirements and limitations imposed by other jurisdictions;regulatory changes or challenges by regulators, including regarding the use of certain issuing carrier or fronting arrangements;our dependence on a limited number of brokers for a large portion of our insurance revenues;adverse changes in our assigned financial strength or debt ratings, or outlook, could adversely impact us, including our ability to attract and retain business, the amount of capital our insurance subsidiaries must hold, and the availability and cost of capital;changes in the amount of statutory capital our insurance subsidiaries are required to hold, which can vary significantly and is based on many factors, some of which are outside our control;market fluctuations in the value of the equity securities we hold, both at our insurance subsidiaries and our holding company, can significantly impact our periodic results and the amount of statutory capital our insurance subsidiaries are required to hold;losses from litigation and regulatory investigations and actions;disruptions resulting from a threatened proxy contest or other actions by activist shareholders;considerations and limitations relating to the use of growth in intrinsic value as a performance metric, including the possibility that shareholders, analysts, or other market participants may have a different perception of our intrinsic value, which may result in growth in our stock price varying significantly from our growth in intrinsic value calculations; anda number of additional factors may adversely affect our Industrial, Financial, and Consumer and Other businesses, and the markets they serve, and negatively impact their revenues and profitability, including, among others: adverse weather conditions, plant disease and other contaminants; changes in government support for education, healthcare and infrastructure projects; changes in capital spending levels; changes in the housing, commercial and industrial construction markets; liability for environmental matters; supply chain and shipping issues, including increases in freight costs; volatility in the market prices for their products; and volatility in commodity, wholesale and raw materials prices, and interest and foreign currency exchange rates.Results from our operations have been and will continue to be potentially materially affected by these factors.By making forward-looking statements, we do not intend to become obligated to publicly update or revise any such statements whether as a result of new information, future events, or other changes. Readers are cautioned not to place undue reliance on any forward-looking statements, which are based on our current knowledge and speak only as at their dates.* * * * * * * *About Markel GroupMarkel Group Inc. is a diverse family of companies that includes everything from insurance to bakery equipment, building supplies, houseplants, and more. The leadership teams of these businesses operate with a high degree of independence, while at the same time living the values that we call the Markel Style. Our specialty insurance business sits at the core of our company. Through decades of sound underwriting, the Markel Insurance team has provided the capital base from which we built a system of businesses and investments that collectively increase Markel Group's durability and adaptability. It's a system that provides diverse income streams, access to a wide range of investment opportunities, and the ability to efficiently move capital to the best ideas across the company. Most importantly though, this system enables each of our businesses to advance our shared goal of helping our customers, associates, and shareholders win over the long term. Visit mklgroup.com to learn more.MARKEL GROUP INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATIONConsolidated Statements of Income and Comprehensive Income
Quarter Ended December 31,
Year Ended December 31,(dollars in thousands, except per share data)2025
2024
2025
2024OPERATING REVENUES






Earned premiums$   2,278,829
$   2,117,578
$   8,715,667
$   8,432,412Net investment income257,648
243,689
970,427
920,496Products revenues563,002
575,323
2,578,544
2,635,659Services and other revenues908,486
786,986
3,248,595
2,824,977Total Operating Revenues4,007,965
3,723,576
15,513,233
14,813,544







Net investment gains212,043
117,425
1,076,081
1,807,219







OPERATING EXPENSES






Losses and loss adjustment expenses1,283,320
1,241,815
5,079,845
5,052,749Underwriting, acquisition, and insurance expenses829,013
784,786
3,133,163
2,977,389Products expenses524,612
505,289
2,287,394
2,272,219Services and other expenses745,126
667,150
2,709,053
2,424,372Amortization of acquired intangible assets42,791
46,491
185,007
181,472Total Operating Expenses3,424,862
3,245,531
13,394,462
12,908,201Operating Income795,146
595,470
3,194,852
3,712,562Interest expense(50,016)
(52,794)
(205,910)
(204,300)Net foreign exchange gains (losses)(10,971)
180,839
(256,234)
129,438Income Before Income Taxes734,159
723,515
2,732,708
3,637,700Income tax expense(152,073)
(162,083)
(580,303)
(790,294)Net Income582,086
561,432
2,152,405
2,847,406Net income attributable to noncontrolling interests(5,274)
(12,254)
(45,395)
(100,384)Net Income to Shareholders576,812
549,178
2,107,010
2,747,022Preferred stock dividends and redemption premiums—
(18,000)
(26,109)
(36,000)Net Income to Common Shareholders$      576,812
$      531,178
$   2,080,901
$   2,711,022







OTHER COMPREHENSIVE INCOME (LOSS)






Change in net unrealized losses on available-for-sale investments, net of taxes$        22,183
$    (413,287)
$      490,350
$    (130,295)Other, net of taxes7,330
(9,918)
17,237
(8,459)Total Other Comprehensive Income (Loss)29,513
(423,205)
507,587
(138,754)Comprehensive Income611,599
138,227
2,659,992
2,708,652Comprehensive income attributable to noncontrolling interests(5,274)
(12,276)
(45,360)
(100,502)Comprehensive Income to Shareholders$      606,325
$      125,951
$   2,614,632
$   2,608,150







NET INCOME PER COMMON SHARE






Basic$          48.95
$          38.83
$        169.74
$        199.69Diluted$          48.75
$          38.74
$        169.22
$        199.32 Fourth Quarter Financial Data
Quarter Ended December 31, (dollars in thousands)2025
2024
% ChangeOperating revenues:




Markel Insurance$        2,448,176
$        2,278,227
7 %Industrial1,032,999
995,068
4 %Financial224,130
159,302
41 %Consumer and Other274,486
263,470
4 %Corporate and eliminations28,174
27,509
2 %Total operating revenues$        4,007,965
$        3,723,576
8 %





Adjusted operating income:




Markel Insurance$           398,722
$           304,007
31 %Industrial79,604
107,808
(26) %Financial107,132
67,876
58 %Consumer and Other23,353
17,336
35 %Corporate and eliminations17,083
27,509
(38) %Total adjusted operating income (1)$           625,894
$           524,536
19 %

(1)See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure. Markel Insurance Segment
Quarter Ended December 31,(dollars in thousands)2025
2024
% ChangeGross premium volume:




Underwriting$    2,321,068
$     2,253,038
3 %Fronting$         16,445
$          89,612
(82) %





Operating revenues:




Earned premiums$    2,193,514
$     2,044,294
7 %Net investment income232,877
214,558
9 %Services and other revenues21,785
19,375
12 %Operating revenues$    2,448,176
$     2,278,227
7 %





Adjusted operating income:




Underwriting profit$       156,830
$          83,726
87 %Net investment income232,877
214,558
9 %Services and other income9,015
5,723
58 %Adjusted operating income$       398,722
$        304,007
31 %





Net investment gains$       230,924
$        147,253
57 %





Combined ratio92.9 %
95.9 %

 Underwriting Results
Quarter Ended December 31,(dollars in thousands)2025
2024
% ChangeUnderwriting gross premium volume$       2,321,068
$       2,253,038
3 %Net written premiums$       1,839,079
$       1,733,648
6 %Earned premiums$       2,193,514
$       2,044,294
7 %Underwriting profit$          156,830
$            83,726
87 %





Underwriting Ratios (1)



Point ChangeLoss ratio




Current accident year loss ratio61.9 %
64.1 %
(2.2)Prior accident years loss ratio(5.8) %
(5.5) %
(0.3)Loss ratio56.1 %
58.7 %
(2.6)Expense ratio36.7 %
37.2 %
(0.5)Combined ratio92.9 %
95.9 %
(3.0)





Current accident year loss ratio catastrophe impact (2)0.2 %
0.4 %
(0.2)





Current accident year loss ratio, excluding catastrophe impact (3)61.7 %
63.7 %
(2.0)Combined ratio, excluding current accident year catastrophe impact (3)92.6 %
95.5 %
(2.9)

(1)Amounts may not reconcile due to rounding.(2)The point impact of catastrophes is calculated as the associated net losses and loss adjustment expenses divided by total earned premiums.(3)This metric is a non-GAAP financial measure. See "Non-GAAP Financial Measures" for additional details. Industrial Segment
Quarter Ended December 31, (dollars in thousands)2025
2024
% ChangeOperating revenues$        1,032,999
$           995,068
4 %Adjusted operating income$             79,604
$           107,808
(26) % Financial Segment
Quarter Ended December 31, (dollars in thousands)2025
2024
% ChangeOperating revenues$           224,130
$           159,302
41 %Adjusted operating income$           107,132
$             67,876
58 % Consumer and Other Segment
Quarter Ended December 31, (dollars in thousands)2025
2024
% ChangeOperating revenues$           274,486
$           263,470
4 %Adjusted operating income$             23,353
$             17,336
35 % Corporate
Quarter Ended December 31,(dollars in thousands)2025
2024Net investment income$             26,588
$             32,011Other revenues13,524
7,922Operating revenues40,112
39,933Operating expenses (1)(11,091)
—Corporate adjusted operating income$             29,021
$             39,933Markel Group consolidating eliminations(11,938)
(12,424)Corporate and eliminations adjusted operating income$             17,083
$             27,509

(1)Prior to the third quarter of 2025, corporate expenses were fully allocated to our segments. Consolidated Key Financial Metrics(dollars in millions, except per share data)2025
2024
2023
2022
2021Operating Performance








Operating revenues$  15,513
$  14,814
$  14,280
$  13,271
$  10,868Operating cash flows2,761
2,594
2,787
2,709
2,274









Operating income (loss)3,195
3,713
2,929
(93)
3,242Less: Net investment gains (losses)1,076
1,807
1,524
(1,596)
1,979Add: Amortization and impairment185
181
181
259
161Adjusted 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
$     9,024Invested assets37,439
34,247
30,854
27,420
28,292Insurance float (2)18,827
17,519
16,733
14,947
13,543Total assets68,905
61,898
55,046
49,791
48,477Shareholders' equity18,598
16,916
14,984
13,151
14,700Senior long-term debt and other debt4,304
4,330
3,780
4,104
4,361Debt to capital ratio19 %
20 %
20 %
24 %
23 %









Per Share Data








Common shares outstanding (at year end, in thousands)12,590
12,790
13,132
13,423
13,6325-Year CAGR in closing stock price16 %
9 %
6 %
3 %
6 %5-Year CAGR in intrinsic value per share (3)15 %
17 %
19 %
12 %
9 %Invested assets per share (at year end)$    2,974
$     2,678
$     2,350
$     2,043
$     2,075Diluted net income (loss) per share169
199
147
(24)
176Operating income (loss) per share253
290
223
(7)
238Adjusted 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" for additional information on these metrics.(2)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.(3)See "Growth in Intrinsic Value per Share" for additional information on this metric. Segment Key Financial Metrics(dollars in millions)2025
2024
2023
2022
2021Markel Insurance








Operating revenues$       9,353
$        8,983
$        8,688
$        7,804
$        6,736Adjusted operating income (1)$       1,379
$        1,184
$           747
$        1,008
$           964Combined 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
$        2,379Revenue growth4 %
1 %
10 %
43 %
52 %Organic revenue growth (4)2 %
0 %
8 %
18 %
21 %Adjusted operating income (1)$          343
$           365
$           378
$           286
$           169Tangible capital (5)$       1,475
$        1,437
$        1,417
$        1,315
$        1,023Total capital (5)$       2,772
$        2,771
$        2,657
$        2,604
$        2,297









Financial








Operating revenues$          737
$           593
$           553
$           718
$           495Revenue growth24 %
7 %
(23) %
45 %
4 %Organic revenue growth (4)17 %
8 %
21 %
19 %
4 %Adjusted operating income (1)$          327
$           262
$           260
$           355
$           134Tangible capital (5)$       1,119
$           950
$           936
$           825
$           838Total 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
$        1,250Revenue growth4 %
6 %
(8) %
8 %
3 %Organic revenue growth (4)1 %
2 %
(8) %
8 %
9 %Adjusted operating income (1)$          175
$           145
$           136
$           113
$           149Tangible capital (5)$          657
$           649
$           691
$           680
$           602Total 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.(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 "Markel Insurance Return on Equity" for additional information on this metric. Markel Insurance 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 business.(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, debt, and obligations for finance leases. Tangible capital represents total capital less goodwill and intangible assets, net of deferred taxes.Growth in Intrinsic Value per ShareAs a diverse holding company, we use growth in intrinsic value as a measure to help us evaluate the value created by our businesses over five-year periods of time. While intrinsic value does not represent a precise valuation of our business, we believe growth in intrinsic value, considered among an array of other qualitative and quantitative factors, offers a useful tool to investors and management in understanding long-term value creation trends. A straightforward methodology can be used to measure intrinsic value growth using data from our financial statements.First, we take an adjusted earnings metric and apply a consistent multiple to arrive at an earnings valuation. We exclude certain non-cash items from our adjusted earnings metric, such as amortization, as well as income attributed to our public equity portfolio and income from our cash and short-term investments, which are valued separately in our calculation. Using a three-year average of earnings in our calculation helps mitigate the impact of cyclicality and non-recurring items in the earnings valuation.We consider a range of multiples in our earnings valuation calculation that reflects the diversity of our sources of cash flows, with 12x as the midpoint. Regardless of the multiple used, we believe using a consistent multiple for each year in the calculation is important when assessing the five-year compound annual growth rate in intrinsic value per share.Second, we add certain items from our balance sheet that are not included in the earnings valuation. The balance sheet component of the valuation consists of adding cash, short term investments, and equity securities, then subtracting debt, preferred stock, and noncontrolling interests.The sum of the earnings and balance sheet valuations divided by the number of shares outstanding represents our estimate of intrinsic value per share from which to calculate growth.Our simplified intrinsic value growth calculation may differ from calculations that others may perform, and our stock price growth may vary significantly from our intrinsic value growth calculation. We believe that the key with any calculation is consistently applying a methodology to measure the compound annual growth in intrinsic value per share over five-year periods, which is aligned with our long-term aim of relentlessly compounding shareholder capital.
Year Ended December 31, 20258x Multiple
12x Multiple
16x Multiple5-Year CAGR in intrinsic value per share14.5 %
15.2 %
15.7 %The following table shows the calculation of adjusted earnings used for our earnings valuation.(dollars in thousands)Year Ended December 31,2025
2024
2023
2022
2021
2020
2019
2018Operating income (loss)$ 3,194,852
$ 3,712,562
$ 2,928,828
$    (93,336)
$ 3,241,505
$ 1,273,884
$ 2,477,346
$     39,759Add: Amortization and impairment185,007
181,472
180,614
258,778
160,539
159,315
148,638
315,128Less: Net investment gains (losses)1,076,081
1,807,219
1,524,054
(1,595,733)
1,978,534
617,979
1,601,722
(437,596)Adjusted operating income$ 2,303,778
$ 2,086,815
$ 1,585,388
$ 1,761,175
$ 1,423,510
$   815,220
$ 1,024,262
$   792,483Less: Dividends on equity securities156,169
142,367
116,911
107,213
98,099
89,303
100,222
90,840Less: Interest on cash and short-term investments228,120
286,063
251,821
62,383
2,954
14,321
50,425
48,765Adjusted earnings$ 1,919,489
$ 1,658,385
$ 1,216,656
$ 1,591,579
$ 1,322,457
$   711,596
$   873,615
$   652,878















Adjusted earnings - 3-year average$ 1,598,177
$ 1,488,873
$ 1,376,897
$ 1,208,544
$    969,223
$   746,030



The following table shows the components of our balance sheet valuation and common shares outstanding.(in thousands)December 31,2025
2024
2023
2022
2021
2020Equity securities$   13,004,312
$   11,784,521
$     9,577,871
$     7,671,912
$     9,023,927
$     6,994,110Short-term investments and cash and cash equivalents5,998,367
6,217,577
6,318,442
6,806,694
5,778,478
6,375,835Senior long-term debt and other debt(4,303,811)
(4,330,341)
(3,779,796)
(4,103,629)
(4,361,266)
(3,484,023)Preferred stock—
(591,891)
(591,891)
(591,891)
(591,891)
(591,891)Redeemable noncontrolling interests and noncontrolling interests(504,433)
(553,075)
(541,965)
(585,945)
(484,238)
(260,534)Balance sheet valuation$   14,194,435
$   12,526,791
$   10,982,661
$     9,197,141
$     9,365,010
$     9,033,497











Common shares outstanding12,590
12,790
13,132
13,423
13,632
13,783Markel Insurance Return on EquityWe believe return on equity is an important metric to evaluate the overall performance of Markel Insurance. This metric is representative of the total return generated by the business on the capital that it holds and provides a metric by which to evaluate Markel Insurance's capital efficiency.Although we do not consider net investment gains and losses when assessing the periodic performance of our Markel Insurance segment, we believe it is important to consider the full contribution of the publicly traded equity securities held by Markel Insurance subsidiaries when evaluating the capital efficiency of the business due to the additional capital required to hold such investments.Over the five-year period ended December 31, 2025, the average annual return on equity from Markel Insurance was 13%. The following table summarizes the calculation of return on equity for Markel Insurance.
Year Ended December 31,(dollars in thousands)2025
2024
2023
2022
2021Underwriting profit$        455,671
$        366,976
$         92,786
$       594,289
$       614,331Net investment income871,531
797,907
642,676
407,826
360,173Services and other income (loss)51,865
19,605
11,713
5,798
(10,881)Adjusted operating income$     1,379,067
$     1,184,488
$       747,175
$    1,007,913
$       963,623Net investment gains (losses)976,740
1,447,686
1,249,362
(1,203,958)
1,440,295Interest expense (1)(187,541)
(178,385)
(156,521)
(172,256)
(173,952)Income tax expense (2)(477,019)
(539,834)
(404,804)
81,026
(490,593)
$     1,691,247
$     1,913,955
$    1,435,212
$     (287,275)
$    1,739,373









Average equity$   12,219,695
$   10,742,094
$    9,229,143
$    8,681,108
$    8,555,403Return on equity14 %
18 %
16 %
(3) %
20 %5-Year average annual return on equity13 %
12 %







(1)Interest expense on our senior notes is attributed to the return on equity of Markel Insurance.(2)Income tax expense is based on a 22% tax rate, which is representative of our typical effective rate, however, it does not represent actual income tax expense of Markel Insurance. Income taxes are managed on a consolidated basis across Markel Group and are only attributed to Markel Insurance when assessing its return on equity.Markel Insurance Divisional ResultsThe following tables present the divisional results of the Markel Insurance segment's underwriting and other insurance-related activities.
Quarter Ended December 31, 2025(dollars in thousands)U.S. Wholesale
and Specialty
Programs and
Solutions
International
Global
Reinsurance
Other
Markel
InsuranceGross premium volume - underwriting$       723,054
$       873,855
$   743,388
$   (19,263)
$            34
$   2,321,068Gross premium volume - fronting—
16,445
—
—
—
16,445Gross premium volume$       723,054
$       890,300
$   743,388
$   (19,263)
$            34
$   2,337,513Net written premiums$       608,752
$       590,122
$   660,450
$   (20,254)
$              9
$   1,839,079











Earned premiums$       647,462
$       622,854
$   679,427
$   240,598
$        3,173
$   2,193,514Losses and loss adjustment expenses:










Current accident year - attritional(400,482)
(437,565)
(329,784)
(173,856)
(11,761)
(1,353,448)Current accident year - catastrophe(942)
107
(4,500)
1
—
(5,334)Prior accident years18,215
38,670
61,433
15,023
(6,212)
127,129Underwriting, acquisition, and insurance expenses(217,433)
(236,073)
(273,891)
(76,277)
(1,357)
(805,031)Underwriting profit (loss)$         46,820
$       (12,007)
$   132,685
$       5,489
$    (16,157)
$      156,830











Services and other revenues$               —
$        13,988
$       7,385
$             3
$          638
$        22,014Services and other expenses—
(5,274)
(6,407)
—
(1,089)
(12,770)Services and other income (loss)$               —
$          8,714
$         978
$             3
$         (451)
$         9,244











Current accident year loss ratio62.0 %
70.2 %
49.2 %
72.3 %


61.9 %Prior accident years loss ratio(2.8) %
(6.2) %
(9.0) %
(6.2) %


(5.8) %Loss ratio59.2 %
64.0 %
40.2 %
66.0 %


56.1 %Expense ratio33.6 %
37.9 %
40.3 %
31.7 %


36.7 %Combined ratio92.8 %
101.9 %
80.5 %
97.7 %


92.9 % 
Quarter Ended December 31, 2024(dollars in thousands)U.S. Wholesale
and Specialty
Programs and
Solutions
International
Global
Reinsurance
Other
Markel
InsuranceGross premium volume - underwriting$        770,534
$       861,014
$    590,765
$      32,524
$      (1,799)
$    2,253,038Gross premium volume - fronting—
89,612
—
—
—
89,612Gross premium volume$        770,534
$       950,626
$    590,765
$      32,524
$      (1,799)
$    2,342,650Net written premiums$        621,357
$       590,130
$    497,151
$      28,801
$      (3,791)
$    1,733,648











Earned premiums$        667,722
$       561,565
$    551,942
$    262,055
$        1,010
$    2,044,294Losses and loss adjustment expenses:










Current accident year - attritional(445,629)
(360,254)
(266,533)
(201,250)
(28,644)
(1,302,310)Current accident year - catastrophe(10,409)
430
3,810
(2,480)
—
(8,649)Prior accident years(87,647)
80,649
102,531
14,580
1,309
111,422Underwriting, acquisition, and insurance expenses(226,541)
(203,940)
(251,529)
(79,371)
350
(761,031)Underwriting profit (loss)$      (102,504)
$         78,450
$    140,221
$      (6,466)
$    (25,975)
$        83,726











Services and other revenues$                —
$         13,606
$       4,243
$            —
$         (122)
$        17,727Services and other expenses—
(1,333)
(3,063)
—
(9,256)
(13,652)Services and other income (loss)$                —
$         12,273
$       1,180
$            —
$      (9,378)
$          4,075











Current accident year loss ratio68.3 %
64.1 %
47.6 %
77.7 %


64.1 %Prior accident years loss ratio13.1 %
(14.4) %
(18.6) %
(5.6) %


(5.5) %Loss ratio81.4 %
49.7 %
29.0 %
72.2 %


58.7 %Expense ratio33.9 %
36.3 %
45.6 %
30.3 %


37.2 %Combined ratio115.4 %
86.0 %
74.6 %
102.5 %


95.9 % 
Year Ended December 31, 2025(dollars in thousands)U.S. Wholesale
and Specialty
Programs and
Solutions
International
Global
Reinsurance
Other
Markel
InsuranceGross premium volume - underwriting$     3,060,929
$    3,708,179
$ 2,834,504
$ 1,046,111
$      (6,020)
$ 10,643,703Gross premium volume - fronting—
1,854,944
—
—
—
1,854,944Gross premium volume$     3,060,929
$    5,563,123
$ 2,834,504
$ 1,046,111
$      (6,020)
$ 12,498,647Net written premiums$     2,523,178
$    2,475,396
$ 2,459,485
$   943,686
$      (2,010)
$   8,399,735











Earned premiums$     2,623,318
$    2,378,265
$ 2,317,475
$ 1,070,031
$      12,234
$   8,401,323Losses and loss adjustment expenses:










Current accident year - attritional(1,742,412)
(1,557,973)
(1,165,087)
(798,556)
(67,155)
(5,331,183)Current accident year - catastrophe(19,036)
(11,781)
(29,630)
(1,449)
—
(61,896)Prior accident years130,081
155,904
229,012
(18,635)
(12,362)
484,000Underwriting, acquisition, and insurance expenses(882,271)
(875,021)
(957,763)
(314,511)
(7,007)
(3,036,573)Underwriting profit (loss)$       109,680
$        89,394
$   394,007
$   (63,120)
$    (74,290)
$      455,671











Services and other revenues$               —
$        50,261
$     17,214
$       6,807
$          823
$        75,105Services and other expenses—
(11,304)
(13,549)
—
(3,319)
(28,172)Services and other income (loss)$               —
$        38,957
$       3,665
$       6,807
$      (2,496)
$        46,933











Current accident year loss ratio67.1 %
66.0 %
51.6 %
74.8 %


64.2 %Prior accident years loss ratio(5.0) %
(6.6) %
(9.9) %
1.7 %


(5.8) %Loss ratio62.2 %
59.4 %
41.7 %
76.5 %


58.4 %Expense ratio33.6 %
36.8 %
41.3 %
29.4 %


36.1 %Combined ratio95.8 %
96.2 %
83.0 %
105.9 %


94.6 % 
Year Ended December 31, 2024(dollars in thousands)U.S. Wholesale
and Specialty
Programs and
Solutions
International
Global
Reinsurance
Other
Markel
InsuranceGross premium volume - underwriting$     3,200,616
$    3,440,216
$ 2,482,038
$ 1,166,247
$    (29,255)
$  10,259,862Gross premium volume - fronting—
1,306,022
—
—
—
1,306,022Gross premium volume$     3,200,616
$    4,746,238
$ 2,482,038
$ 1,166,247
$    (29,255)
$  11,565,884Net written premiums$     2,561,336
$    2,280,620
$ 2,114,780
$ 1,055,569
$      (7,517)
$    8,004,788











Earned premiums$     2,783,439
$    2,195,619
$ 2,060,926
$ 1,067,468
$      23,260
$    8,130,712Losses and loss adjustment expenses:










Current accident year - attritional(1,887,518)
(1,371,624)
(1,088,544)
(778,503)
(135,816)
(5,262,005)Current accident year - catastrophe(37,309)
(19,670)
(10,190)
(3,480)
—
(70,649)Prior accident years(11,390)
144,836
367,278
(554)
(45,238)
454,932Underwriting, acquisition, and insurance expenses(925,798)
(773,920)
(860,746)
(313,378)
(12,172)
(2,886,014)Underwriting profit (loss)$        (78,576)
$       175,241
$    468,724
$    (28,447)
$  (169,966)
$      366,976











Services and other revenues$                —
$         33,760
$      10,531
$            —
$         (715)
$        43,576Services and other expenses—
(6,199)
(10,581)
—
(18,439)
(35,219)Services and other income (loss)$                —
$         27,561
$          (50)
$            —
$    (19,154)
$          8,357











Current accident year loss ratio69.2 %
63.4 %
53.3 %
73.3 %


65.6 %Prior accident years loss ratio0.4 %
(6.6) %
(17.8) %
0.1 %


(5.6) %Loss ratio69.6 %
56.8 %
35.5 %
73.3 %


60.0 %Expense ratio33.3 %
35.2 %
41.8 %
29.4 %


35.5 %Combined ratio102.8 %
92.0 %
77.3 %
102.7 %


95.5 %Consolidating Investment ResultsThe following tables summarize our investing results by segment.
Quarter Ended December 31, 2025(dollars in thousands)Markel
Insurance
Other Reportable
Segments
Corporate
Eliminations
TotalInterest:








Fixed maturity securities$         154,681
$              3,102
$             1,917
$                  —
$         159,700Short-term investments7,448
2,461
9,298
—
19,207Cash and cash equivalents, including restricted26,470
4,751
6,053
—
37,274Intercompany loans receivable7,076
—
4,862
(11,938)
—Dividends on equity securities40,313
—
5,087
—
45,400Investment expenses(3,111)
(193)
(629)
—
(3,933)Net investment income$         232,877
$            10,121
$           26,588
$         (11,938)
$         257,648









Net investment gains (losses)$         230,924
$                   —
$         (18,881)
$                  —
$         212,043 
Quarter Ended December 31, 2024(dollars in thousands)Markel
Insurance
Other Reportable
Segments
Corporate
Eliminations
TotalInterest:








Fixed maturity securities$         134,892
$              1,819
$             1,244
$                  —
$         137,955Short-term investments10,452
3,134
16,180
—
29,766Cash and cash equivalents, including restricted27,397
4,628
6,623
—
38,648Intercompany loans receivable7,508
—
4,916
(12,424)
—Dividends on equity securities37,450
—
3,654
—
41,104Investment expenses(3,141)
(37)
(606)
—
(3,784)Net investment income$         214,558
$              9,544
$           32,011
$         (12,424)
$         243,689









Net investment gains (losses)$         147,253
$                     8
$         (29,836)
$                  —
$         117,425 
Year Ended December 31, 2025(dollars in thousands)Markel
Insurance
Other Reportable
Segments
Corporate
Eliminations
TotalInterest:








Fixed maturity securities$         590,307
$              8,369
$             5,843
$                  —
$         604,519Short-term investments29,123
10,486
38,257
—
77,866Cash and cash equivalents, including restricted100,250
20,207
29,797
—
150,254Intercompany loans receivable28,895
—
19,580
(48,475)
—Dividends on equity securities138,773
—
17,396
—
156,169Investment expenses(15,817)
(363)
(2,201)
—
(18,381)Net investment income$         871,531
$            38,699
$         108,672
$         (48,475)
$         970,427









Net investment gains$         976,740
$                   —
$           99,341
$                  —
$      1,076,081 
Year Ended December 31, 2024(dollars in thousands)Markel
Insurance
Other Reportable
Segments
Corporate
Eliminations
TotalInterest:








Fixed maturity securities$         498,196
$              7,192
$             4,656
$                  —
$         510,044Short-term investments47,331
14,334
62,910
—
124,575Cash and cash equivalents, including restricted114,268
17,995
29,225
—
161,488Intercompany loans receivable27,711
—
19,972
(47,683)
—Dividends on equity securities125,322
—
17,045
—
142,367Investment expenses(14,921)
(180)
(2,877)
—
(17,978)Net investment income$         797,907
$            39,341
$         130,931
$         (47,683)
$         920,496









Net investment gains (losses)$      1,447,686
$               (150)
$         359,683
$                  —
$      1,807,219Consolidated Underwriting ReconciliationThe following tables reconcile our Markel Insurance segment underwriting results to our consolidated underwriting operations. State National's underwriting results are included in our Financial segment.
Quarter Ended December 31, 2025(dollars in thousands)Markel Insurance
State National
Eliminations
ConsolidatedGross premium volume - underwriting$    2,321,068
$         86,282
$                    —
$    2,407,350Gross premium volume - fronting16,445
931,613
(53,585)
894,473Gross premium volume$    2,337,513
$    1,017,895
$           (53,585)
$    3,301,823







Earned premiums$    2,193,514
$         85,315
$                    —
$    2,278,829Losses and loss adjustment expenses(1,231,653)
(51,667)
—
(1,283,320)Underwriting, acquisition, and insurance expenses(805,031)
(23,982)
—
(829,013)Underwriting profit$       156,830
$           9,666
$                    —
$       166,496







Combined Ratio92.9 %
88.7 %


92.7 % 
Quarter Ended December 31, 2024(dollars in thousands)Markel Insurance
State National
Eliminations
ConsolidatedGross premium volume - underwriting$     2,253,038
$          69,693
$                    —
$     2,322,731Gross premium volume - fronting89,612
1,017,063
(59,013)
1,047,662Gross premium volume$     2,342,650
$     1,086,756
$           (59,013)
$     3,370,393







Earned premiums$     2,044,294
$          73,284
$                    —
$     2,117,578Losses and loss adjustment expenses(1,199,537)
(42,278)
—
(1,241,815)Underwriting, acquisition, and insurance expenses(761,031)
(23,755)
—
(784,786)Underwriting profit$          83,726
$            7,251
$                    —
$          90,977







Combined Ratio95.9 %
90.1 %


95.7 % 
Year Ended December 31, 2025(dollars in thousands)Markel Insurance
State National
Eliminations
ConsolidatedGross premium volume - underwriting$  10,643,703
$       317,751
$                    —
$  10,961,454Gross premium volume - fronting1,854,944
3,928,671
(221,632)
5,561,983Gross premium volume$  12,498,647
$    4,246,422
$         (221,632)
$  16,523,437







Earned premiums$    8,401,323
$       314,344
$                    —
$    8,715,667Losses and loss adjustment expenses(4,909,079)
(170,766)
—
(5,079,845)Underwriting, acquisition, and insurance expenses(3,036,573)
(96,590)
—
(3,133,163)Underwriting profit$       455,671
$         46,988
$                    —
$       502,659







Combined Ratio94.6 %
85.1 %


94.2 % 
Year Ended December 31, 2024(dollars in thousands)Markel Insurance
State National
Eliminations
ConsolidatedGross premium volume - underwriting$   10,259,862
$        292,011
$                    —
$   10,551,873Gross premium volume - fronting1,306,022
3,781,697
(144,961)
4,942,758Gross premium volume$   11,565,884
$     4,073,708
$         (144,961)
$   15,494,631







Earned premiums$     8,130,712
$        301,700
$                    —
$     8,432,412Losses and loss adjustment expenses(4,877,722)
(175,027)
—
(5,052,749)Underwriting, acquisition, and insurance expenses(2,886,014)
(91,375)
—
(2,977,389)Underwriting profit$        366,976
$          35,298
$                    —
$        402,274







Combined Ratio95.5 %
88.3 %


95.2 %Non-GAAP Financial MeasuresMarkel Group utilizes certain non-GAAP measures that we believe enhance the understanding of our performance. These measures should not be viewed as a substitute for measures determined in accordance with U.S. GAAP.Consolidated Adjusted Operating Income and Adjusted Operating Income Per ShareConsolidated adjusted operating income and adjusted operating income per share, which exclude net investment gains and losses, amortization of acquired intangible assets, and impairment of goodwill, are non-GAAP financial measures. We believe adjusted operating income is generally an accurate representation of the operating performance of our businesses in our periodic results.Net investment gains and losses are predominantly derived from our investments in publicly traded equity securities and include significant unrealized gains and losses from market value movements. We believe that net investment gains and losses, whether realized from sales or unrealized from market value movements, are distortive in understanding the short-term operating performance of our businesses. We do not view amortization of intangible assets and impairment of goodwill, which arise from purchase accounting for acquisitions, as ongoing costs of operating our businesses, and therefore exclude those amounts from our adjusted operating income metrics.The following table reconciles operating income to adjusted operating income on both a consolidated and per share basis.
Year Ended December 31,(dollars in thousands, except per share data)2025
2024
2023
2022
2021Operating income (loss)$   3,194,852
$   3,712,562
$   2,928,828
$      (93,336)
$   3,241,505Add: Amortization of acquired intangible assets185,007
181,472
180,614
178,778
160,539Add: Impairment of goodwill—
—
—
80,000
—Less: Net investment gains (losses)1,076,081
1,807,219
1,524,054
(1,595,733)
1,978,534Adjusted operating income$   2,303,778
$   2,086,815
$   1,585,388
$   1,761,175
$   1,423,510









Operating income (loss) per share$             253
$             290
$             223
$               (7)
$             238Add: Amortization of acquired intangible assets impact15
14
14
13
12Add: Impairment of goodwill impact—
—
—
6
—Less: Net investment gains (losses) impact85
141
116
(119)
145Adjusted operating income per share (1)$             182
$             163
$             121
$             131
$             104

(1)Amounts may not reconcile due to rounding.Combined Ratio and Current Accident Year Loss Ratio, Excluding Current Year Catastrophe EventsWe use underwriting profit or loss and the combined ratio as a basis for evaluating our underwriting performance. The U.S. GAAP combined ratio is a measure of underwriting performance and represents the relationship of incurred losses, loss adjustment expenses, and underwriting acquisition and insurance expenses to earned premiums. The combined ratio is the sum of the loss ratio and the expense ratio.When analyzing our loss ratio, we typically evaluate losses and loss adjustment expenses attributable to the current accident year separately from losses and loss adjustment expenses attributable to prior accident years. Prior accident year reserve development, which can be either favorable or unfavorable, represents changes in our estimates of losses and loss adjustment expenses related to loss events that occurred in prior years. We believe a discussion of the current accident year loss ratio that excludes prior accident year reserve development is helpful in most cases since it provides more insight into estimates of current underwriting performance and excludes changes in estimates related to prior year loss reserves.In addition to the U.S. GAAP combined ratio, loss ratio, and expense ratio, we also evaluate our underwriting performance using measures that exclude the impacts of certain items on these ratios. We believe these adjusted measures, which are non-GAAP measures, provide financial statement users with a better understanding of the significant factors that comprise our underwriting results and how management evaluates underwriting performance.When analyzing our combined ratio, we exclude current accident year losses and loss adjustment expenses attributed to natural catastrophes and certain other significant, infrequent loss events. Gross and ceded losses for certain events may also result in receipt or payment of reinstatement premiums, which, if significant, may also be excluded when analyzing our combined ratio. Due to the unique characteristics of these events, there is inherent variability as to the timing and amount of the loss, which cannot be predicted in advance. We believe measures that exclude the effects of such events are meaningful to understand the underlying trends and variability in our underwriting results that may be obscured by these items.We also analyze our current accident year loss ratio excluding losses and loss adjustment expenses attributable to catastrophes and other significant, infrequent loss events. The current accident year loss ratio excluding the impact of catastrophes and other significant, infrequent loss events is commonly referred to as an attritional loss ratio within the property and casualty insurance industry.The components of Markel Insurance's combined ratios, including these non-GAAP measures, are included in "Markel Insurance".Organic Revenue GrowthOrganic revenue growth is a non-GAAP measure. We believe organic revenue growth is a meaningful measure as it provides growth in comparable revenues from period-to-period by adjusting for the impact of acquisitions and dispositions. For acquisitions and dispositions, the calculation of organic revenue growth excludes the revenue of the business from the two periods being compared unless our consolidated results include a full period of revenue from the business for both periods. The following table reconciles revenue growth to organic revenue growth.
Year Ended December 31,
2025
2024
2023
2022
2021Industrial segment:








Revenue growth3.9 %
1.4 %
9.7 %
42.9 %
51.5 %Impact of inorganic activity(1.4) %
(1.3) %
(2.0) %
(25.2) %
(30.4) %Organic revenue growth2.5 %
0.1 %
7.7 %
17.7 %
21.1 %









Financial segment:








Revenue growth24.2 %
7.3 %
(23.0) %
45.2 %
3.5 %Impact of inorganic activity(7.0) %
0.5 %
43.6 %
(25.8) %
— %Organic revenue growth17.2 %
7.8 %
20.6 %
19.4 %
3.5 %









Consumer and Other segment:








Revenue growth4.2 %
6.4 %
(7.5) %
7.9 %
2.6 %Impact of inorganic activity(3.2) %
(4.6) %
— %
0.6 %
6.2 %Organic revenue growth1.0 %
1.8 %
(7.5) %
8.5 %
8.8 % 



View original content to download multimedia:https://www.prnewswire.com/news-releases/markel-group-reports-2025-financial-results-302679494.htmlSOURCE Markel Group

Original: Markel Group reports 2025 financial results

Markel Group Inc. announces conference call date and timeJanuary 30, 2026 4:30 PM
PR Newswire (US)

RICHMOND, Va., Jan. 30, 2026 /PRNewswire/ -- Markel Group Inc. (NYSE: MKL) announced today it will hold a conference call on Thursday, February 5, 2026 beginning at 9:30 am (Eastern Time) to discuss quarterly and year-end 2025 results and business developments.







Investors, analysts, and the general public may listen to the call via live webcast at ir.mklgroup.com. The call may be accessed telephonically by dialing (888) 660-9916 in the U.S., or +1 (646) 960-0452 internationally, and providing Conference ID: 4614568. A replay of the call will be available on our website approximately one hour after the conclusion of the call.The webcast, the conference call and the content and permitted replays or rebroadcasts thereof are the exclusive copyrighted property of Markel Group Inc. and may not be copied, taped, rebroadcast, or published in whole or in part without the express written consent of Markel Group Inc.About Markel Group
Markel Group Inc. (NYSE: MKL) is a diverse family of companies that includes everything from insurance to bakery equipment, building supplies, houseplants, and more. The leadership teams of these businesses operate with a high degree of independence, while at the same time living the values that we call the Markel Style. Our specialty insurance business sits at the core of our company. Through decades of sound underwriting, the insurance team has provided the capital base from which we built a system of businesses and investments that collectively increase Markel Group's durability and adaptability. It's a system that provides diverse income streams, access to a wide range of investment opportunities, and the ability to efficiently move capital to the best ideas across the company. Most importantly though, this system enables each of our businesses to advance our shared goal of helping our customers, associates, and shareholders win over the long term. Visit mklgroup.com to learn more.



View original content to download multimedia:https://www.prnewswire.com/news-releases/markel-group-inc-announces-conference-call-date-and-time-302675098.htmlSOURCE Markel Group

Original: Markel Group Inc. announces conference call date and time

Another all time high today.

All time high hit today.

52 wk high

Thanks. Markel is mostly out of the question for me as I already own sizable chunks of TRV and BRK, both insurance stocks. MKL is interesting.

Sold in early 2022, thanks to Ouija.

Normally, I rely on my gut.

Did you sell your MKL?

52 wk and all time high set today.

Quarterly earnings was awesome. Market should respond....Records set for Markel.

Markel Corporation $MKL

Total Debt (mrq) 3.56B

Book Value Per Share (mrq) 913.34

The next Berkshire Hathaway. Just in its infancy.

Still on the fence

News: $MKL LEAD PLAINTIFF DEADLINE ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $100,000 In Markel Corporation To Contact The Firm

NEW YORK , Jan. 24, 2019 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Markel Corporation ("Markel" or the "Company") (NYSE:MKL) of the March 12, 2019 deadline to seek the role of lead plaintiff in a federal securities class actio...

Read the whole news https://marketwirenews.com/news-releases/lead-plaintiff-deadline-alert-faruqi-faruqi-llp-encourages-investors-who-suffered-losses-exceeding-100-000-in-markel-corporation-to-contact-the-firm-7549590.html

MKL: highly recommend by Motley Fool

Markel Reports Second Quarter And Six-Months Results (8/02/16)

RICHMOND, Va., Aug. 2, 2016 /PRNewswire/ -- Markel Corporation (NYSE: MKL) reported book value per common share outstanding of $603.13 at June 30, 2016, up 7% from $561.23 at December 31, 2015. Comprehensive income to shareholders was $209.9 million for the second quarter of 2016 compared to a comprehensive loss to shareholders of $132.9 million for the second quarter of 2015. Comprehensive income to shareholders was $606.9 million for the six months ended June 30, 2016 compared to $148.9 million for the same period of 2015. The combined ratio was 93% for the second quarter of 2016 compared to 96% for the second quarter of 2015. The combined ratio was 90% for the six months ended June 30, 2016 and 2015. Diluted net income per share was $5.41 for the quarter ended June 30, 2016 compared to $6.72 for the second quarter of 2015. Diluted net income per share was $16.55 for the six months ended June 30, 2016 compared to $20.21 for the same period of 2015.

Alan I. Kirshner, Executive Chairman, commented, "The second quarter of 2016 results continued to reflect strong performance from our underwriting, investing and Markel Ventures operations. We were pleased with our underwriting results which had minimal impact from the industry-wide large loss events that occurred during the quarter. Our investment portfolio benefited from favorable movements in the debt and equity markets and our Markel Ventures operations reported another quarter of year over year growth in operating revenue, EBITDA and net income."

The Company also announced today it has filed its Form 10-Q for the quarter ended June 30, 2016 with the Securities and Exchange Commission. A copy of the Form 10-Q is available on the Company's website at www.markelcorp.com or on the SEC website at www.sec.gov. Readers are urged to review the Form 10-Q for a more complete discussion of the Company's financial performance. The Company's quarterly conference call, which will involve discussion of the Company's financial results and business developments and may include forward-looking information, will be held Wednesday, August 3, 2016, beginning at 9:30 a.m. (Eastern Time). Any person interested in listening to the call should contact Markel's Investor Relations Department at 804-747-0136. Investors, analysts and the general public also may listen to the call free over the Internet through the Company's website, www.markelcorp.com. A replay of the call also will be available from approximately one hour after the conclusion of the call until Monday, August 15, 2016.

About Markel Corporation
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it 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 and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at www.markelcorp.com.

http://www.prnewswire.com/news-releases/markel-reports-second-quarter-and-six-months-results-300308047.html

MKL hits new 52-week high (5/24/16)

MARKEL CORP (MKL)
Last Trade [tick] 975.6600 [-]
Volume 79,328
Net Change -0.7800
Net Change % -0.08%
52 Week High 989.1800 on 05/24/2016
52 Week Low 763.0000 on 05/26/2015
Day High 989.1800
Day Low 967.2100

MKL hits new 52-week high (5/23/16)

MARKEL CORP (MKL)
Last Trade [tick] 976.4400[+]
Volume 41,109
Net Change -6.4000
Net Change % -0.65%
52 Week High 986.5400 on 05/23/2016
52 Week Low 763.0000 on 05/26/2015
Day High 986.5400
Day Low 976.1700

MKL hits new 52-week high (5/20/16)

MARKEL CORP (MKL)
Last Trade [tick] 982.8400 [-]
Volume 52,032
Net Change 18.7400
Net Change % 1.94%
52 Week High 986.2600 on 05/20/2016
52 Week Low 763.0000 on 05/26/2015
Day High 986.2600
Day Low 968.5100

MKL hits new 52-week high (5/10/16)

MARKEL CORP (MKL)
Last Trade [tick] 957.8800[+]
Volume 60,222
Net Change 7.0900
Net Change % 0.75%
52 Week High 964.9600 on 05/10/2016
52 Week Low 763.0000 on 05/26/2015
Day High 964.9600
Day Low 948.5200

MKL hits new 52-week high (5/09/16)

MARKEL CORP (MKL)
Last Trade [tick] 950.7000[+]
Volume 32,969
Net Change 13.90
Net Change % 1.48%
52 Week High 951.3600 on 05/09/2016
52 Week Low 763.0000 on 05/26/2015
Day High 951.3600
Day Low 938.8800

MKL hits new 52-week high (5/05/16)

MARKEL CORP (MKL)
Last Trade [tick] 937.2600[+]
Volume 54,237
Net Change 6.4400
Net Change % 0.69%
52 Week High 949.9900 on 05/05/2016
52 Week Low 745.0200 on 05/06/2015
Day High 949.9900
Day Low 924.7750

Markel Reports First Quarter 2016 Results (5/03/16)

RICHMOND, Va., May 3, 2016 /PRNewswire/ -- Markel Corporation (NYSE: MKL) reported book value per common share outstanding of $589.86 at March 31, 2016, up 5% from $561.23 at December 31, 2015. Comprehensive income to shareholders was $397.0 million for the first quarter of 2016 compared to $281.8 million for the first quarter of 2015. The combined ratio was 88% for the first quarter of 2016 compared to 83% for the first quarter of 2015. The increase in the combined ratio for the first quarter of 2016 was driven by less favorable development of prior years' loss reserves and a higher expense ratio, partially offset by a lower current accident year loss ratio compared to the first quarter of 2015. Diluted net income per share was $11.15 for the quarter ended March 31, 2016 compared to $13.49 for the first quarter of 2015.

Alan I. Kirshner, Executive Chairman, commented, "2016 is off to a strong start with solid contributions from our underwriting, investing and Markel Ventures operations. Our growth in book value per share for the quarter reflects significant returns from our investment portfolio and our long-term focus on underwriting discipline. We are well-positioned to continue to build shareholder value and to take advantage of profitable growth opportunities as they arise."

The Company also announced today it has filed its Form 10-Q for the quarter ended March 31, 2016 with the Securities and Exchange Commission. A copy of the Form 10-Q is available on the Company's website at www.markelcorp.com or on the SEC website at www.sec.gov. Readers are urged to review the Form 10-Q for a more complete discussion of the Company's financial performance. The Company's quarterly conference call, which will involve discussion of the Company's financial results and business developments and may include forward-looking information, will be held Wednesday, May 4, 2016, beginning at 9:30 a.m. (Eastern Time). Any person interested in listening to the call should contact Markel's Investor Relations Department at 804-747-0136. Investors, analysts and the general public also may listen to the call free over the Internet through the Company's website, www.markelcorp.com. A replay of the call also will be available from approximately one hour after the conclusion of the call until Monday, May 16, 2016.

About Markel Corporation
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it 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 and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at www.markelcorp.com.

http://www.prnewswire.com/news-releases/markel-reports-first-quarter-2016-results-300262195.html#continue-jump

Markel Announces The Expiration And Final Results Of Its Notes Tender Offer (4/26/16)

RICHMOND, Va., April 26, 2016 /PRNewswire/ -- Markel Corporation (NYSE: MKL) announced today the final results of its previously announced cash tender offer (the "Tender Offer") for up to $250 million combined aggregate principal amount of its 7.350% Senior Notes due 2034 (the "2034 Notes") and its 7.125% Senior Notes due 2019 (the "2019 Notes" and, collectively with the 2034 Notes, the "Notes"). Approximately $178,971,000 in combined aggregate principal amount of the Notes was validly tendered and not validly withdrawn at or prior to the expiration of the Tender Offer at midnight, New York City time, at the end of April 25, 2016 (the "Expiration Date"). The Tender Offer was made upon, and subject to, the terms and conditions set forth in the Offer to Purchase, dated March 29, 2016, and the related Letter of Transmittal (as amended or supplemented, the "Tender Offer Documents").

The table below sets forth the aggregate principal amount of each series of Notes that was validly tendered and not validly withdrawn on or prior to the Expiration Date.


7.35% Senior Notes due 2034
570535 AG9
$200,000,000
$70,154,000

7.125% Senior Notes due 2019
570535 AH7
$343,628,000
$108,817,000

Holders of Notes accepted for purchase that were validly tendered and not validly withdrawn at or prior to 5 p.m., New York City Time, on April 11, 2016, the early tender date for the Tender Offer (the "Early Tender Date"), received the applicable "Total Consideration," which included an early tender premium of $30 per $1,000 principal amount of Notes accepted for purchase (the "Early Tender Premium"). The Company purchased the Notes tendered at or prior to the Early Tender Date on April 13, 2016, pursuant to the terms of the Tender Offer Documents. Holders of Notes accepted for purchase that were validly tendered after the Early Tender Date, but at or prior to the Expiration Date, received only the applicable "Tender Offer Consideration," which is an amount equal to the applicable Total Consideration minus the Early Tender Premium. The Total Consideration for each series per $1,000 principal amount of Notes was announced by Markel on April 12, 2016.

Markel has accepted for purchase all of the Notes validly tendered after the Early Tender Date and at or prior to the Expiration Date. Settlement for the Notes that were tendered following the Early Tender Date but on or prior to the Expiration Date occurred today.

In addition to the Tender Offer Consideration or the Total Consideration, as applicable, holders of Notes accepted for purchase have also received accrued and unpaid interest, rounded to the nearest cent, on such $1,000 principal amount of Notes from the last applicable interest payment date up to, but not including, the applicable settlement date.

Markel retained Citigroup Global Markets Inc. and Wells Fargo Securities, LLC as the Joint Lead Dealer Managers. Global Bondholder Services Corporation is the Information Agent and Depositary. For additional information regarding the terms of the Tender Offer, please contact: Citigroup Global Markets Inc. at (800) 558-3745 (toll free) or (212) 723-6106 (collect) or Wells Fargo Securities, LLC at (866) 309-6316 (toll-free) or (704) 410-4760 (collect). Requests for documents and questions regarding the tendering of securities may be directed to Global Bondholder Services Corporation by telephone at (212) 430-3774 (for banks and brokers only), (866) 924-2200 (for all others toll-free) or +001 (212) 430-3774 (international), by email at contact@gbsc-usa.com or to the Joint Lead Dealer Managers at their respective telephone numbers. These documents regarding the tendering of securities are also available at http://www.gbsc-usa.com/Markel/.

This news release does not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities. The Tender Offer was made only pursuant to the Offer to Purchase and only in such jurisdictions as permitted under applicable law.

About Markel Corporation

Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it 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 and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at www.markelcorp.com.

http://www.prnewswire.com/news-releases/markel-announces-the-expiration-and-final-results-of-its-notes-tender-offer-300257914.html#continue-jump

Markel introduces enhancements to private company management liability policy (3/22/16)

RICHMOND, Va., March 22, 2016 /PRNewswire/ -- Markel Corporation (NYSE: MKL) is pleased to announce the launch of its revamped management liability policy for private companies. Markel has provided industry-leading management liability protection for over 14 years. The enhanced form now offers a number of new coverage features that make the policy more attractive to consumers. Some of the new features include retention credit for early settlement, extended reporting for retired directors and officers, and sublimits for shareholder dilution claims.

"Our customers and distribution partners are facing an environment of expanding liability exposure, and we are excited to announce the release of our new management liability policy for private companies. Working collaboratively with our stakeholders, we have developed a product aimed at meeting the ever-growing needs of our customers," said Sal Pollaro, Markel's Managing Director of Management Liability.

Led by Pollaro, Markel has a team of dedicated management liability underwriters that are located in Alpharetta, Georgia; Chicago, Illinois; New York, New York; Red Bank, New Jersey; San Francisco, California; and Woodland Hills, California. Pollaro joined Markel in 2009 and brings 20 years of leadership experience in management liability.

Markel is also one of a handful of providers for tenant discrimination coverage which is accessible through Markel's network of appointed wholesale brokers. A list of Markel's appointed wholesale brokers can be found at https://www.markelcorp.com/us-insurance/wholesale.

Markel's management liability product is not available in all states. The policy is available on admitted and excess and surplus bases and underwritten by Markel depending on jurisdiction.

About Markel Corporation
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it 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 and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at markelcorp.com.

http://www.prnewswire.com/news-releases/markel-introduces-enhancements-to-private-company-management-liability-policy-300239804.html#continue-jump

Markel issues $400 million in 5.000% Senior Notes due 2046 (3/29/16)

http://www.sec.gov/Archives/edgar/data/1096343/000119312516521596/d137732dfwp.htm

Markel announces notes tender offer (3/29/16)

Commenced a tender offer to purchase for cash up to $250 million of its 7.350% Senior Notes due 2034 and 7.125% Senior Notes due 2019

http://www.reuters.com/article/idUSASC08INR

Markel Reports 2015 Financial Results (2/10/16)

RICHMOND, Va., Feb. 10, 2016 /PRNewswire/ -- Markel Corporation (NYSE: MKL) reported book value per common share outstanding of $561.23 at December 31, 2015, up 3% from $543.96 at December 31, 2014. Over the five-year period ended December 31, 2015, compound annual growth in book value per common share outstanding was 11%. Comprehensive income to shareholders was $232.7 million for the year ended December 31, 2015 compared to $935.9 million in 2014. The combined ratio was 89% in 2015 compared to 95% in 2014. Diluted net income per share was $41.74 for the year ended December 31, 2015 compared to $22.27 in 2014.

Alan I. Kirshner, Executive Chairman, commented, "2015 was a tremendous year for our underwriting operations, which made substantial contributions to profitability despite challenging market conditions. We celebrated the 10 year anniversary of our Markel Ventures operations this year, which surpassed $1.0 billion in revenues, and welcomed the addition of CapTech in late 2015. We continue to pursue growth opportunities in both our Markel Ventures and insurance operations. We are excited about the recent Markel CATCo transaction, which expands our presence in the insurance-linked securities space and provides us with a platform to bring new insurance and investment products to the market. Overall, we are pleased with our 2015 results. We continue to drive shareholder value and want to thank our associates for their significant contributions in 2015."

[tables deleted]

Comprehensive income to shareholders for 2015 was $232.7 million compared to $935.9 million in 2014. The decrease was due to a decrease in net unrealized gains on investments, net of taxes, of $320.5 million in 2015 compared to an increase in net unrealized gains on investments, net of taxes, of $661.7 million in 2014, partially offset by higher net income to shareholders in 2015 compared to 2014. The decrease in net unrealized gains on investments, net of taxes, in 2015 was attributable to a decrease in the fair value of our fixed maturity and equity portfolios as of December 31, 2015 compared to December 31, 2014. Net income to shareholders was $582.8 million in 2015 and $321.2 million in 2014. The increase in net income to shareholders and diluted net income per share during 2015 was driven by more favorable underwriting results and higher net realized investment gains, partially offset by higher income tax expense compared to 2014.

On December 8, 2015, we completed the acquisition of substantially all of the assets of CATCo Investment Management, Ltd. (CATCo IM) and CATCo-Re Ltd. CATCo IM was a leading insurance-linked securities investment fund manager and reinsurance manager headquartered in Bermuda focused on building and managing highly diversified, collateralized retrocession and reinsurance portfolios covering global property catastrophe risks. Results attributable to the acquisition are included within our non-insurance operations, which are not included in a reportable segment.

The consolidated combined ratio was 89% in 2015 compared to 95% in 2014. The decrease in the consolidated combined ratio was driven by more favorable development on prior years' loss reserves in each of our underwriting segments in 2015 compared to 2014, as well as a lower current accident year loss ratio in 2015 compared to 2014. The decrease in the current accident year loss ratio in 2015 was due in part to lower attritional losses across several product lines in our Reinsurance segment in 2015 compared to 2014.

The 2015 combined ratio included $627.8 million of favorable development on prior years' loss reserves compared to $435.5 million in 2014. The increase in prior year redundancies in 2015 compared to 2014 was due in part to a decrease in the estimated volatility of our consolidated net reserves for unpaid losses and loss adjustment expenses as a result of ceding a significant portion of our asbestos and environmental exposures to a third party during the first and fourth quarters of 2015. As a result of this decrease in estimated volatility, our level of confidence in our net reserves for unpaid losses and loss adjustment expenses increased. Therefore, management reduced prior years' loss reserves by $82.7 million, or approximately two points on the consolidated combined ratio, in order to maintain a consolidated confidence level in a range consistent with our historic levels. This reduction in prior years' loss reserves occurred across all three of our ongoing underwriting segments. We also experienced more favorable development in 2015 compared to 2014 as management had more confidence in the actuarial projections for product lines previously written by Alterra Capital Holdings Limited (Alterra) during 2015 compared to 2014.

U.S. Insurance Segment

The combined ratio for the U.S. Insurance segment for 2015 was 89% compared to 95% in 2014. The decrease in the 2015 combined ratio was due to more favorable development of prior years' loss reserves and a lower expense ratio compared to 2014. The U.S. Insurance segment's 2015 combined ratio included $299.0 million of favorable development on prior years' loss reserves compared to $216.6 million of favorable development in 2014. The increase in prior year redundancies in 2015 was due in part to the increase in the confidence level of our consolidated net loss reserves, as previously discussed, which resulted in an $82.7 million reduction to consolidated prior years' loss reserves, of which $35.2 million was in the U.S. Insurance segment (approximately two points on the segment combined ratio). We also experienced favorable development on prior years' loss reserves in our Global Insurance division in 2015, primarily on our inland marine product line, compared to adverse development in 2014. Favorable development on prior years' loss reserves experienced within the U.S. Insurance segment during 2015 was most significant on our general liability product line and on our brokerage property and workers' compensation product lines. In 2014, the redundancies on prior years' loss reserves were most significant on our general liability and professional liability product lines. Favorable development on our professional liability lines in 2014 was partially offset by adverse development on our architects and engineers product line. The improvement in the U.S. Insurance segment's expense ratio was primarily due to higher earned premiums and lower general expenses.

International Insurance Segment

The combined ratio for the International Insurance segment was 86% for 2015 compared to 93% for 2014. The decrease in the 2015 combined ratio was driven by more favorable development of prior years' loss reserves, partially offset by a higher expense ratio. The International Insurance segment's 2015 combined ratio included $248.8 million of favorable development on prior years' loss reserves compared to $166.6 million of favorable development in 2014. The increase in prior year redundancies in 2015 was due in part to the increase in the confidence level of our consolidated net loss reserves, as previously discussed, which resulted in an $82.7 million reduction to consolidated prior years' loss reserves, of which $32.3 million was in the International Insurance segment (approximately four points on the segment combined ratio). We also experienced more favorable prior year development on our marine and energy and general liability product lines in 2015 compared to 2014. Prior year redundancies in both 2015 and 2014 were most significant on our marine and energy, professional liability and general liability product lines. The increase in the expense ratio was due to higher profit sharing costs, higher general expenses and lower earned premiums in 2015 compared to 2014.

Reinsurance Segment

The combined ratio for the Reinsurance segment was 90% for 2015 compared to 96% for 2014. The decrease in the 2015 combined ratio was driven by a lower current accident year loss ratio and more favorable development on prior years' loss reserves. The decrease in the current accident year loss ratio was driven by lower attritional losses across several product lines in 2015 compared to 2014. The Reinsurance segment's 2015 combined ratio included $97.9 million of favorable development on prior years' loss reserves compared to $80.0 million in 2014. The increase in prior year redundancies in 2015 was due in part to the increase in the confidence level of our consolidated net loss reserves, as previously discussed, which resulted in an $82.7 million reduction to consolidated prior years' loss reserves, of which $15.2 million was in the Reinsurance segment (approximately two points on the segment combined ratio). The favorable development on prior years' loss reserves in 2015 was most significant on our casualty and property lines of business. The favorable development on prior years' loss reserves in 2014 was primarily on our property lines.

Other Insurance (Discontinued Lines) Segment

The Other Insurance (Discontinued Lines) segment produced an underwriting loss of $20.4 million for the year ended December 31, 2015 compared to an underwriting loss of $28.0 million in 2014. The underwriting loss in 2014 included $27.2 million of loss reserve development on asbestos and environmental (A&E) exposures resulting from our annual review of these exposures. During our 2015 annual review, which occurred in the third quarter, we determined that no adjustment to loss reserves was required. During our 2014 annual review, we increased our expectation of the severity of the outcome of certain claims subject to litigation. As the ultimate outcome of known claims increases, our expected ultimate closure value on unreported claims also increases. As a result of these developments, we increased prior years' loss reserves accordingly. A&E loss reserves are subject to significant uncertainty due to potential loss severity and frequency resulting from an uncertain and unfavorable legal climate.

In March and October 2015, we completed two retroactive reinsurance transactions through which we ceded a significant portion of our A&E exposures to a third party. Reserves for unpaid losses and loss adjustment expenses ceded by these transactions that were attributable to A&E exposures represented approximately 55% of our A&E reserves for unpaid losses and loss adjustment expenses as of December 31, 2014. The first transaction resulted in a gain of $5.1 million, which was deferred and will be recognized in earnings in proportion to actual reinsurance recoveries received pursuant to the transaction. The second transaction resulted in an underwriting loss of $10.1 million, which was recognized during the fourth quarter of 2015. Following the October 2015 retroactive reinsurance transaction, our actuaries increased their estimate of the ultimate losses on the remaining A&E claims and management increased prior years' loss reserves by $15.0 million. Without the diversification of a larger portfolio of loss reserves, there is greater uncertainty around the potential outcomes of the remaining claims, and management strengthened reserves accordingly.

The Other Insurance (Discontinued Lines) segment also included other revenues of $0.6 million and other expenses of $29.1 million for the year ended December 31, 2015 and other revenues of $1.6 million and other expenses of $37.1 million for the year ended December 31, 2014 related to the life and annuity reinsurance business which was acquired as part of the Alterra transaction on May 1, 2013 (the Acquisition Date). This business is in run-off, and we are not writing any new life and annuity reinsurance contracts. The life and annuity benefit reserves on existing obligations are recorded on a net present value basis using assumptions that were determined at the Acquisition Date. The accretion of this discount is included in other expenses. The decrease in other expenses in 2015 compared to 2014 is primarily attributable to lower accretion expense, as a result of a favorable impact from changes in foreign currency exchange rates in 2015 compared to 2014. Other revenues attributable to the life and annuity book included in this segment represent ongoing premium adjustments on existing contracts.

Premiums and Net Retentions

We monitor the effect of movements in foreign currency exchange rates on gross premium volume and earned premiums. To the extent there are significant variations in foreign currency exchange rates between the U.S. dollar and the foreign currencies in which our insurance business is transacted, management uses the change in gross premium volume and earned premiums at a constant rate of exchange to evaluate trends in premium volume. The impact of foreign currency translation is excluded, when significant, as the effect of fluctuations in exchange rates could distort the analysis of trends. When excluding the effect of foreign currency translation on changes in premium, management uses the current period average exchange rates to translate both the current period and the prior period foreign currency denominated gross premiums written and earned premiums.

Gross Premium Volume

Gross premium volume decreased 4% in 2015 compared to 2014. At a constant rate of exchange, gross premium volume would have decreased 2% in 2015 compared to 2014. The change is primarily attributable to a 13% decrease in gross premium volume in the Reinsurance segment, or a 10% decrease at a constant rate of exchange. The decrease in gross premium volume in our Reinsurance segment was driven by changes in our auto reinsurance book. During 2014, we ceased writing auto reinsurance in the United Kingdom and decreased our quota share percentage on our non-standard auto reinsurance business in the United States. Additionally, lower gross premium volume in our general liability and property lines within the Reinsurance segment was partially offset by higher gross premium volume in our professional liability line. Gross premium volume in our International Insurance segment decreased 3% in 2015 compared to 2014. At a constant rate of exchange, gross premium volume in the International Insurance segment would have increased 2% in 2015 compared to 2014.

We have continued to see small price increases across many of our product lines during 2015. However, beginning in 2013 and continuing through 2015, we have experienced softening prices across most of our property product lines, as well as on our marine and energy lines. Our large account business is also subject to more pricing pressure. 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.

Net Retention

Net retention of gross premium volume was 82% for 2015 and 2014. Higher retention in the U.S. Insurance and International Insurance segments was offset by lower retention in the Reinsurance segment in 2015 compared to 2014. Retention rate changes in 2015 were driven by changes in our mix of business when compared to 2014. We purchase reinsurance and retrocessional reinsurance in order to manage our net retention on individual risks and enable us to write policies with sufficient limits to meet policyholder needs.

Earned Premiums

Earned premiums for 2015 decreased slightly compared to 2014. Higher earned premiums in our U.S. Insurance segment were offset by lower earned premiums in the Reinsurance segment and the effects of foreign currency exchange rate movements in our International Insurance and Reinsurance segments. The increase in earned premiums in our U.S. Insurance segment in 2015 was primarily due to higher earned premiums in our program business, general liability lines and personal lines compared to 2014. Lower earned premiums in the Reinsurance segment were due to lower gross premium volume. At a constant rate of exchange, consolidated earned premiums would have increased 2% in 2015 compared to 2014.

Investing Results

Net investment income for 2015 was $353.2 million compared to $363.2 million in 2014. Net investment income in 2015 included lower bond income on our fixed maturity portfolio primarily due to the unfavorable impact of foreign currency exchange rate changes compared to 2014. Net investment income in 2015 also included higher dividend income on our equity portfolio due to higher equity security holdings during 2015 compared to 2014.

Net realized investment gains for 2015 were $106.5 million compared to $46.0 million in 2014. Net realized investment gains for 2015 were net of $44.5 million of write downs for other-than-temporary declines in the estimated fair value of investments compared to $4.8 million of write downs in 2014. The 2015 write downs were all attributable to equity securities. Net realized gains from the sale of equity securities in 2015 were $155.8 million compared to $50.6 million in 2014. During 2015, we liquidated certain equity securities in our portfolio in light of our outlook on the economic and competitive environment facing those companies.

Markel Ventures Operations

The results of Markel Ventures, a diverse portfolio of industrial and service companies in which we have a controlling interest, are included in other revenues and other expenses. In 2015, other revenues from our Markel Ventures operations were $1.0 billion compared to $838.1 million in 2014. Other expenses from our Markel Ventures operations were $978.1 million in 2015 compared to $775.2 million in 2014. Net income to shareholders from our Markel Ventures operations was $11.0 million in 2015 compared to $9.6 million in 2014 and earnings before interest, income taxes, depreciation and amortization (EBITDA) was $91.3 million in 2015 compared to $81.3 million in 2014.

The increase in revenues from our Markel Ventures operations in 2015 compared to 2014 was primarily driven by our acquisition of Cottrell in July 2014 and higher revenues within certain of our other manufacturing operations due in part to higher sales volumes in 2015 compared to 2014. Revenues for the year ended December 31, 2015 also included growth in certain of our non-manufacturing operations.

Net income to shareholders and EBITDA from our Markel Ventures operations increased in 2015 compared to 2014 due to more favorable results in our manufacturing operations in 2015, partially offset by less favorable results in our non-manufacturing operations in 2015. The increase in net income to shareholders and EBITDA in our manufacturing operations in 2015 was due to increased revenues, as described above, partially offset by an increase in our estimate of the fair value of the contingent consideration obligation related to the acquisition of Cottrell. A portion of the purchase consideration for Cottrell was based on Cottrell's post-acquisition earnings through 2015, as defined in the purchase agreement. During 2015, our estimate of Cottrell's 2015 earnings increased beyond our initial projection. As a result, our estimate of the fair value of the contingent consideration increased by $31.2 million during 2015. The decrease in net income to shareholders and EBITDA in our non-manufacturing operations was primarily attributable to increased expenses at certain of our non-manufacturing operations. Net income to shareholders and EBITDA in our non-manufacturing operations was net of a $14.9 million and $13.7 million non-cash goodwill impairment charge in the fourth quarter of 2015 and 2014, respectively, related to the Diamond Healthcare reporting unit. See below for a reconciliation of Markel Ventures EBITDA to net income to shareholders.

In December 2015, we completed the acquisition of CapTech Ventures, Inc. (CapTech). CapTech is a leading management and IT consulting firm, providing services and solutions to a wide array of customers. Due to the one month lag in consolidating the results of our Markel Ventures operations, the financial results for CapTech will be included in our consolidated statements of income and comprehensive income beginning in January 2016.

Financial Condition

Invested assets were $18.2 billion at December 31, 2015 compared to $18.6 billion at December 31, 2014. Equity securities were $4.1 billion, or 22% of invested assets, at both December 31, 2015 and December 31, 2014. Net unrealized gains on investments, net of taxes, were $1.5 billion at December 31, 2015 compared to $1.8 billion at December 31, 2014. At December 31, 2015, we held securities with gross unrealized losses of $95.9 million, or less than 1% of invested assets. During 2015, we increased our holdings of cash and cash equivalents and short-term investments and reduced our holdings of fixed maturities. At December 31, 2015 short-term investments, cash and cash equivalents and restricted cash represented 26% of our invested assets compared to 22% at December 31, 2014. Fixed maturities at December 31, 2015 represented 52% of our invested assets compared to 56% at December 31, 2014.

At December 31, 2015, our holding company had $1.6 billion of invested assets compared to $1.5 billion of invested assets at December 31, 2014. The increase in holding company invested assets is primarily due to dividends received from our subsidiaries, partially offset by a decrease in unrealized gains on our investment portfolio at December 31, 2015 compared to December 31, 2014.

Net cash provided by operating activities was $651.2 million in 2015 compared to $716.8 million in 2014. Net cash provided by operating activities in 2015 was net of cash payments totaling $156.4 million made in connection with two retroactive reinsurance transactions completed in 2015, in which we ceded two portfolios of policies comprised of liabilities arising from A&E exposures to a third party. Net cash provided by operating activities in 2015 was also net of a $29.0 million cash payment made to transfer our obligations under a reinsurance contract for life and annuity benefits to a third party. Also in 2015, higher cash flows attributable to our Markel Ventures operations were partially offset by higher payments for income taxes compared to the same period of 2014.

Interest Expense and Income Taxes

Interest expense for 2015 was $118.3 million compared to $117.4 million in 2014.

Income tax expense for 2015 was 21% of our income before income taxes compared to 26% in 2014. The decrease in the effective tax rate in 2015 compared to 2014 was primarily due to the impact of foreign tax credits. This decrease was partially offset by the impact of anticipating a smaller tax benefit related to tax-exempt investment income which resulted from having higher estimated income before income taxes in 2015 compared to 2014.

For 2015, the effective tax rate differs from the statutory rate of 35% primarily as a result of credits for foreign taxes paid and tax-exempt investment income. In previous periods, foreign taxes paid were not available for use as tax credits against our U.S. provision for income taxes. Based on our earnings from our foreign operations in 2015, significant foreign taxes paid in both the current period and prior periods have been used as credits against our U.S. provision for income taxes in 2015. Our recognition of these tax credits in 2015 had a favorable impact on our 2015 effective tax rate of approximately 8%. We caution readers that a similar benefit may not be recognizable in future years. For 2014, the effective tax rate differs from the U.S. statutory tax rate of 35% primarily as a result of tax-exempt investment income.

Safe Harbor and Cautionary Statement

This release contains statements concerning or incorporating our expectations, assumptions, plans, objectives, future financial or operating performance and other statements that are not historical facts. These statements are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may use words such as "anticipate," "believe," "estimate," "expect," "intend," "predict," "project" and similar expressions as they relate to us or our management.

There are risks and uncertainties that may cause actual results to differ materially from predicted results in forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Additional factors that could cause actual results to differ from those predicted are set forth under "Risk Factors" and "Safe Harbor and Cautionary Statement" in our 2014 Annual Report on Form 10-K and most recent Quarterly Report on Form 10-Q or are included in the items listed below:

•our anticipated premium volume is based on current knowledge and assumes no significant man-made or natural catastrophes, no significant changes in products or personnel and no adverse changes in market conditions;

•the effect of cyclical trends, including demand and pricing in the insurance and reinsurance markets;

•actions by competitors, including consolidation, and the effect of competition on market trends and pricing;

•we offer insurance and reinsurance coverage against terrorist acts in connection with some of our programs, and in other instances we are legally required to offer terrorism insurance; in both circumstances, we actively manage our exposure, but if there is a covered terrorist attack, we could sustain material losses;

•the frequency and severity of man-made and natural catastrophes (including earthquakes and weather-related catastrophes) may exceed expectations, are unpredictable and, in the case of weather-related catastrophes, may be exacerbated if, as many forecast, conditions in the oceans and atmosphere result in increased hurricane, flood, drought or other adverse weather-related activity;

•emerging claim and coverage issues, changing legal and social trends, and inherent uncertainties (including but not limited to those uncertainties associated with our A&E reserves) in the loss estimation process can adversely impact the adequacy of our loss reserves and our allowance for reinsurance recoverables;

•reinsurance reserves are subject to greater uncertainty than insurance reserves, primarily because of reliance upon the original underwriting decisions made by ceding companies and the longer lapse of time from the occurrence of loss events to their reporting to the reinsurer for ultimate resolution;

•changes in the assumptions and estimates used in establishing reserves for our life and annuity reinsurance book (which is in runoff), for example, changes in assumptions and estimates of mortality, longevity, morbidity and interest rates, could result in material increases in our estimated loss reserves for such business;

•adverse developments in insurance coverage litigation or other legal or administrative proceedings could result in material increases in our estimates of loss reserves;
•the failure or inadequacy of any loss limitation methods we employ;

•changes in the availability, costs and quality of reinsurance coverage, which may impact our ability to write or continue to write certain lines of business;

•industry and economic conditions, deterioration in reinsurer credit quality and coverage disputes can affect the ability or willingness of reinsurers to pay balances due;

•after the commutation of ceded reinsurance contracts, any subsequent adverse development in the re-assumed loss reserves will result in a charge to earnings;

•regulatory actions can impede our ability to charge adequate rates and efficiently allocate capital;

•general economic and market conditions and industry specific conditions, including extended economic recessions or expansions; prolonged periods of slow economic growth; inflation or deflation; fluctuations in foreign currency exchange rates, commodity and energy prices and interest rates; volatility in the credit and capital markets; and other factors;

•economic conditions, actual or potential defaults in municipal bonds or sovereign debt obligations, volatility in interest and foreign currency exchange rates and changes in market value of concentrated investments can have a significant impact on the fair value of our fixed maturities and equity securities, as well as the carrying value of our other assets and liabilities, and this impact may be heightened by market volatility;

•economic conditions may adversely affect our access to capital and credit markets;

•the effects of government intervention, including material changes in the monetary policies of central banks, to address financial downturns and economic and currency concerns;

•the impacts that political and civil unrest and regional conflicts may have on our businesses and the markets they serve or that any disruptions in regional or worldwide economic conditions generally arising from these situations may have on our businesses, industries or investments;

•the impacts that health epidemics and pandemics may have on our business operations and claims activity;

•the impact of the implementation of U.S. health care reform legislation and regulations under that legislation on our businesses;
•we are dependent upon the successful functioning and security of our computer systems; if our information technology systems fail or suffer a security breach, our businesses or reputation could be adversely impacted;

•our acquisition of insurance and non-insurance businesses may increase our operational and control risks for a period of time;

•we may not realize the contemplated benefits, including cost savings and synergies, of our acquisitions;

•any determination requiring the write-off of a significant portion of our goodwill and intangible assets;

•the loss of services of any executive officer or other key personnel could adversely impact one or more of our operations;

•our expanding international operations expose us to increased investment, political and economic risks, including foreign currency exchange rate and credit risk;

•our ability to raise third-party capital for existing or new investment vehicles and risks related to our management of third-party capital;

•the effectiveness of our procedures for compliance with existing and ever increasing guidelines, policies and legal and regulatory standards, rules, laws and regulations;

•the impact of economic and trade sanctions and embargo programs on our businesses, including instances in which the requirements and limitations applicable to the global operations of U.S. companies and their affiliates are more restrictive than those applicable to non-U.S. companies and their affiliates;

•a number of additional factors may adversely affect our Markel Ventures operations, and the markets they serve, and negatively impact their revenues and profitability, including, among others: changes in government support for education, healthcare and infrastructure projects; changes in capital spending levels; changes in the housing market; and volatility in interest and foreign currency exchange rates; and

•adverse changes in our assigned financial strength or debt ratings could adversely impact our ability to attract and retain business or obtain capital.

Our premium volume, underwriting and investment results and results from our non-insurance operations have been and will continue to be potentially materially affected by these factors. By making forward-looking statements, we do not intend to become obligated to publicly update or revise any such statements whether as a result of new information, future events or other changes. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as at their dates.

Our previously announced conference call, which will involve discussion of our financial results and business developments and may include forward-looking information, will be held Thursday, February 11, 2016, beginning at 9:30 a.m. (Eastern Time). Any person interested in listening to the call should contact Markel's Investor Relations Department at 804-747-0136. Investors, analysts and the general public also may listen to the call free over the Internet through Markel Corporation's web site, www.markelcorp.com. A replay of the call will also be available on this web site from approximately two hours after the conclusion of the call until Monday, February 22, 2016.

* * * * * * * *

Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it 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 and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at www.markelcorp.com.

http://www.prnewswire.com/news-releases/markel-reports-2015-financial-results-300218447.html

Michael Heaton promoted to President, Markel Ventures (1/04/16)

RICHMOND, Va., Jan. 4, 2016 /PRNewswire/ -- Markel Ventures, a wholly owned subsidiary of Markel Corporation (NYSE: MKL), announced today that Michael Heaton, Chief Operating Officer of Markel Ventures, has been promoted to President, Markel Ventures. He will also retain his COO title.

Markel Ventures owns interests in various industrial and services businesses that operate outside of the specialty insurance marketplace. These businesses are separate and distinct from Markel's insurance operations.

Heaton joined Markel in 2006 and held several positions managing real estate and special projects. In January 2012, he was named Managing Director for Markel Ventures, and he was promoted to Chief Operating Officer for Markel Ventures in September 2013. He also sits on the board of several Markel Ventures companies.

"Since 2008, Mike has played an integral role in managing the growth and development of Markel Ventures," said Thomas S. Gayner, Co-Chief Executive Officer of Markel Corporation. "With his leadership, we have broadened our overall portfolio through acquisitions and expanded the individual Markel Ventures companies."

Heaton is based out of Markel Corporation's headquarters in Richmond, Virginia, and reports to Gayner.

About Markel Ventures
Markel Ventures, Inc. is a wholly owned subsidiary of Markel Corporation. Markel Ventures makes strategic and generally controlling investments in businesses that operate outside of the specialty insurance marketplace. The primary goal of Markel Ventures is to support the long-term financial performance of Markel Corporation through the Markel Ventures companies. Learn more at markelventures.com.

About Markel Corporation
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it 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 and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at markelcorp.com.

http://www.prnewswire.com/news-releases/michael-heaton-promoted-to-president-markel-ventures-300198993.html

Markel Ventures And CapTech Announce Majority Investment In CapTech (12/14/15)

RICHMOND, Va., Dec. 14, 2015 /PRNewswire/ -- Markel Ventures, Inc. ("Markel") and CapTech Ventures, Inc. ("CapTech") announce today a majority investment in CapTech by Markel. Headquartered in Richmond, Virginia, CapTech is a national management consulting firm that helps bridge the gap between business and technology. Terms of the transaction were not disclosed.

Sandy Williamson and Slaughter Fitz-Hugh, CapTech's Co-Founders, remarked, "At CapTech, our people are our business and they are passionate about what they do. Our culture provides the opportunity for them to express their ideas and utilize their talents to create unique solutions with our customers." Williamson and Fitz-Hugh further commented, "When looking for a partner, we knew that we needed to find one that could understand CapTech's culture going forward, and we are excited to have Markel as that partner."

Thomas S. Gayner, President of Markel Ventures, commented, "We are delighted to welcome the CapTech team to Markel. They provide their clients with mission critical business and IT services and solutions, and their long-term record demonstrates success in accomplishing this goal. CapTech's focus on creating a great environment for its employees and clients matches up with our values at Markel. We look forward to working together to create continued growth and success."

About CapTech

CapTech (www.captechconsulting.com) is a national management consulting firm that bridges the gap between business and technology. CapTech delivers transformation, customer engagement, data & analytics and custom IT solutions for private companies, public companies and government agencies. The company's collaborative approach helps organizations grow their business, engage with customers and turn information into powerful data assets.

About Markel Ventures

Markel Ventures, Inc. (www.markelventures.com) is a wholly-owned subsidiary of Markel Corporation (NYSE: MKL). Markel Ventures makes strategic and generally controlling investments in businesses that operate outside of the specialty insurance marketplace. The primary goal of Markel Ventures is to positively contribute to the long-term financial performance of Markel Corporation through the value creating operating activities of its subsidiaries.

About Markel Corporation

Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it 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 and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at www.markelcorp.com.

http://www.prnewswire.com/news-releases/markel-ventures-and-captech-announce-majority-investment-in-captech-300192688.html

5 Stocks You Can Buy and Hold Forever (12/04/15)

Five Motley Fool contributors highlight top stock picks for long-term investors.

It's been proved time and again that long-term thinking outperforms short-term trading. With that in mind, we asked five different Motley Fool contributors to share their favorite stock ideas for the long haul. Read on to learn which stocks these industry watchers believe could have what it takes to earn a spot in your forever portfolio.

Matt DiLallo: When I think about a forever stock, two key criteria come to mind. First, the company needs to sell a product or service into a long-term uptrend of demand. Second, the company needs to be built to last, meaning it has a history of generating a lot of cash flow and a strong balance sheet. One company that really fits this mold is ExxonMobil (NYSE:XOM).

While renewables get a lot of press today, hydrocarbons aren't going to be replaced anytime soon. In fact, daily demand for oil is expected to grow by 1% per year, or about 1 million barrels, for decades to come, because emerging-market economies have a voracious appetite for energy, which is expected to fuel growing demand for oil and gas.

However, oil and gas prices tend to by highly cyclical, and today prices are clearly on the downswing. This situation has affected weaker producers, who are struggling under a weight of debt now that oil-fueled cash flows have fallen. Exxon, on the other hand, isn't plagued by these issues because it has one of the best balance sheets -- and not just in the energy sector: Its AAA-rated credit is one of the best in the world. Further, thanks to its scale and access to lower-cost oil, Exxon continues to generate billions of dollars in free cash flow each quarter despite weak prices.

Suffice it to say that Exxon is built to last.

With decades of growth left in the tank and a fortress-like balance sheet, Exxon really is a foundational stock that an investor could buy and forget.

Todd Campbell: There's no longer time horizon than forever, and there's no guarantee that any stock will have the staying power to positively affect portfolios for generations, but if I had to pick one company that might be forever-worthy, it would be Johnson & Johnson (NYSE:JNJ).

Johnson & Johnson makes its money selling commonly used over-the-counter brands such as Band-Aid and Listerine, top-selling pharmaceuticals, and medical devices. It sells so much of this stuff that its third-quarter revenue totaled more than $17 billion.

Importantly, Johnson & Johnson does a good job turning its tens of billions of dollars in annualized sales into profit. Last quarter, Johnson & Johnson's earnings exceeded $3 billion.

The company's top- and bottom-line performance is even more compelling when we recognize that its long-term growth has come in spite of competitive threats and economic downturns.

Johnson & Johnson's uncanny knack for discovering and commercializing new products, medicines, and medical technology has led to a steady-Eddy reputation for investor-friendly dividends that's allowed it to outperform the market during inevitable corrections and bear markets. Overall, Johnson & Johnson's staying power and ability to thrive over time makes it a great option for long-minded investors.

Tim Green: Forever is a long time, and any company that will be part of your investment portfolio for the long haul needs to have two things: a sustainable competitive advantage, and a long track record of success. Corning (NYSE:GLW), a leading manufacturer of glass and ceramics, fits the bill.

Today, Corning is best known for making the glass used in LCD screens, as well as for Gorilla Glass, the scratch-resistant glass that's now been used in 4.5 billion devices. In its early days, Corning manufactured glass encasements for Thomas Edison's incandescent lamp, and over its 164-year history, the company has transformed itself again and again. From creating Pyrex in 1913 to producing the glass used in the mirror of the Hubble telescope, Corning's success has been driven by constant innovation.

Corning may look like a very different company 20 years from now, but its vast patent portfolio and its long history of innovation give the company a competitive advantage. The ride is unlikely to be smooth for investors; Corning's earnings and stock price have been volatile over the past decade, in part because of Corning's dependence on sales of LCD screens. But Corning has demonstrated an ability to adapt in the past, and for investors with a holding period of forever, that track record makes the company a great choice.

Daniel Miller: When you're looking at stocks you could buy and hold forever, the business would have to possess a long track record of returning value to shareholders, have some protection in the event of an economic slowdown, and offer a long-term growth story. Boeing (NYSE:BA) meets all the criteria and is my pick for a stock to buy and hold forever.

Currently, Boeing's dividend is at $0.91 per share, which is more than double what it paid out in 2012 and roughly triple what it was in 2006. Also, about a year ago, CEO Jim McNerney announced the company's authorization to boost its share-repurchase program to $12 billion -- the largest in its history.

To help long-term investors sleep at night in the event of an economic slowdown, Boeing has a total backlog of $485 billion. Further, 5,700 commercial airplane orders make up $426 billion of that backlog total, which is between six and seven years' worth of annual revenue for its healthy commercial airplane business.

Boeing's long-term growth is a global story, and in late August, Boeing increased its forecast for China's aircraft demand despite the volatility in China's financial market -- which is a great sign for investors. The company estimates that China's commercial airplane fleet will nearly triple over the next two decades. Further, it estimates that there will be demand for more than 38,000 new commercial airplanes over the next two decades, valued at about $5.6 trillion.

Steve Symington: Every time I purchase a stock, it's with the intention of buying and holding for the long term. But if there's one single business I'm confident will remain a part of my portfolio indefinitely, it's specialty insurer and financial holding company Markel Corporation (NYSE:MKL).

That's not to say Markel is a screaming buy right now. Shares are up more than 30% year to date as of this writing, and they trade at a somewhat steeper-than-usual price-to-book value just shy of 1.7 -- well above the five-year average price-to-book ratio of roughly 1.25.

But it's also not hard to argue that it's a well-deserved premium for this so-called "mini-Berkshire Hathaway." Similar to the company Warren Buffett built, Markel employs a veritable trifecta of businesses to consistently generate and compound shareholder value: first, an insurance business that demonstrates consistently disciplined, profitable underwriting; second, a long-term-oriented investment operation with renowned value investor Tom Gayner at the helm; and third, an ever-growing diversified group of acquired non-insurance businesses under the wing of Gayner and Markel Ventures.

And of course, it also helps that Markel's executive bonus compensation is tied directly to five-year compound average growth in book value per share. This means that the interests of Markel management are both aligned with those of shareholders, and overwhelmingly in favor of creating shareholder value over long periods of time.

In the end, as long as Markel continues implementing this model and compounding its returns, I intend to continue building and holding my position in this steady performer for the rest of my life.

http://www.fool.com/investing/general/2015/12/04/5-stocks-you-can-buy-and-hold-forever.aspx

Markel Announces Executive Officer Changes (11/19/15)

RICHMOND, Va., Nov. 19, 2015 /PRNewswire/ -- Markel Corporation (NYSE: MKL) announced today that, effective January 1, 2016, Thomas S. Gayner, President and Chief Investment Officer, and Richard R. Whitt, III, President and Co-Chief Operating Officer, will serve as Co-Chief Executive Officers of the Company. In addition, F. Michael Crowley, President and Co-Chief Operating Officer, will serve as the sole President of the Company as of the same date. Each of Messrs. Crowley, Gayner and Whitt will continue to report to Alan I. Kirshner, who will serve as the Company's Executive Chairman.

Mr. Kirshner, Markel's Chairman of the Board and Chief Executive Officer, remarked, "Markel is a company 'built to last.' The unanimous decision taken by the Board of Directors today to appoint Tom and Richie as Co-CEOs of the Company effective January 1 sets the stage for Markel's future and builds upon and continues a long tradition of collegial and collaborative leadership, management and decision-making. Though the CEO position will be assumed by both Tom and Richie, who are 53 and 51 years old, respectively, Mike, who is 64 years old, will continue to be an integral part of the executive management team." Mr. Kirshner further commented, "We could not be happier with the character, talent, experience, and vision Mike, Tom and Richie possess and contribute to the Company. We are equally fortunate that the management teams across our organization are filled with exceptional leaders that are executing upon the goals and aspirations of Markel on a daily basis. Our bench is indeed strong and deep."

In addition to serving as Co-Chief Executive Officers of the Company, Mr. Gayner will oversee the Company's investment portfolio and non-insurance operating companies, known as Markel Ventures, and Mr. Whitt will oversee the Company's international insurance and reinsurance operations as well as its underwriting, finance, actuarial, claims, information technology, legal and administrative functions. Mr. Crowley will continue to oversee the Company's global insurance, specialty and wholesale operations and its marketing, human resources and strategic management functions.

As Executive Chairman, Mr. Kirshner will continue to focus on long-term strategic planning and development for the Company.

About Markel Corporation
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it 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 and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at www.markelcorp.com.

http://www.prnewswire.com/news-releases/markel-announces-executive-officer-changes-300182199.html