MARKEL GROUP INC. (MKL)

Markel Group is a holding company that owns independently operated businesses across a range of industries. Its cornerstone business, Markel Insurance, provides specialty insurance products not typically available in the standard insurance market, and it generates and holds the capital used to support growth and investment across the group. The group also owns majority-owned businesses in diverse end markets, from industrial bakery equipment to ornamental plants to precast concrete, and holds shares in publicly traded companies, primarily within its insurance operations. It emphasizes decentralized leadership, low debt, diverse cash flows and a long-term culture called The Markel Style. It compounds capital by reinvesting in existing businesses, acquiring majority-owned businesses, investing in public companies and repurchasing its own shares.

Markel Group reports four segments: Markel Insurance, Industrial, Financial, and Consumer and Other. In 2025 operating revenues were $15.5 billion, of which Markel Insurance contributed $9.4 billion, Industrial $3.9 billion, Financial $737 million and Consumer and Other $1.4 billion. Markel Insurance earns income through underwriting and by investing the capital held in its underwriting subsidiaries, and it also does fronting and makes strategic minority investments. It is organized into four divisions. U.S. Wholesale and Specialty offers E&S and admitted specialty insurance, mostly through wholesale brokers. Program and Solutions covers personal lines, surety, small commercial, programs and Bermuda. International operates in 15 countries, including through a Lloyd's of London syndicate. Global Reinsurance entered run-off in August 2025 after the renewal rights were sold. Major product lines include general liability, professional liability (including cyber), property, marine and energy, personal lines, specialty programs, workers' compensation, and credit and surety. Markel Insurance has over 100 individually managed products. Its 2025 gross premium volume was $12.5 billion, including $10.6 billion of underwriting premiums and $1.9 billion of fronting premiums. It also runs off discontinued lines, including intellectual property collateral protection, life and annuity reinsurance, and certain asbestos and environmental exposures.

Markel Insurance serves small, middle market and Fortune 1000 commercial accounts across industries such as construction, life sciences, energy, healthcare, transportation, manufacturing, real estate and hospitality. It also serves homeowners who do not qualify for standard coverage, owners of classic cars and recreational vehicles, and specialized groups such as amateur sports and fitness clubs. It places business through wholesale brokers, which handled 71% of U.S. Wholesale and Specialty gross written premium in 2025, retail agents and brokers (26%), alternative channels, and managing general agents with delegated underwriting authority. Geographically it writes risks worldwide, with local operations in Canada, Asia Pacific, the U.K. and the E.U.

Markel Insurance is headquartered in Richmond, Virginia. It competes in the specialty market primarily on expertise, service, distribution, capacity, product innovation and financial strength ratings from A.M. Best, Standard & Poor's and Moody's, rather than on price alone. Its main competitors are large global specialty carriers in the U.S. E&S market, London and U.S. specialty carriers and other Lloyd's syndicates, and local insurers in each country. Its investment strategy is led by the Markel Group CEO. It holds high-quality fixed maturity securities to protect policyholder funds and allocates a substantial share of its portfolio to public equities for long-term returns.