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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

Annual report pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934 for the fiscal year ended December 31, 2025

Commission File Number 001-15811

MARKEL GROUP INC.

(Exact name of registrant as specified in its charter)

A Virginia Corporation

IRS Employer Identification No. 54-1959284

4521 Highwoods Parkway, Glen Allen, Virginia 23060-6148

(Address of principal executive offices) (Zip code)

Registrant's telephone number, including area code: (804) 747-0136

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of exchange on which registered

Common Stock, no par value

MKL

New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes x No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. x

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No x

The aggregate market value of the shares of the registrant's Common Stock held by non-affiliates as of June 30, 2025 was approximately $24,853,000,000.

The number of shares of the registrant's Common Stock outstanding at February 4, 2026: 12,575,726.

Documents Incorporated By Reference: The portions of the registrant's Proxy Statement for the Annual Meeting of Shareholders scheduled to be held on May 20, 2026, referred to in Part III.

Markel Group Inc.

Form 10-K

Index


		Page Number
	Part I
Item 1.	Business	10K - 2
Item 1A.	Risk Factors	10K - 17
Item 1B.	Unresolved Staff Comments	NONE
Item 1C.	Cybersecurity	10K - 30
Item 2.	Properties	10K - 32
Item 3.	Legal Proceedings	NONE
Item 4.	Mine Safety Disclosures	NONE
	Information about Our Executive Officers	10K - 32
	Part II
Item 5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	10K - 33
Item 6.	[Reserved]	NONE
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	10K - 35
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	10K - 66
Item 8.	Financial Statements and Supplementary Data
	Report of Independent Registered Public Accounting Firm	10K - 71
	Consolidated Balance Sheets—December 31, 2025 and 2024	10K - 73
	Consolidated Statements of Income and Comprehensive Income —Years Ended December 31, 2025, 2024 and 2023	10K - 74
	Consolidated Statements of Changes in Equity—Years Ended December 31, 2025, 2024 and 2023	10K - 75
	Consolidated Statements of Cash Flows—Years Ended December 31, 2025, 2024 and 2023	10K - 76
	Notes to Consolidated Financial Statements	10K - 77
	Financial Statement Schedules	10K - 120
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	NONE
Item 9A.	Controls and Procedures	10K - 124
Item 9B.	Other Information	10K - 126
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	NONE
	Part III
Item 10.	Directors, Executive Officers and Corporate Governance	10K - 126
Item 11.	Executive Compensation	10K - 126
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	10K - 126
Item 13.	Certain Relationships and Related Transactions, and Director Independence	10K - 126
Item 14.	Principal Accounting Fees and Services	10K - 126
	Part IV
Item 15.	Exhibits and Financial Statement Schedules	10K - 126
Item 16.	Form 10-K Summary	NONE
Exhibit Index		10K - 127
Signatures		10K - 130

PART I

Item 1. BUSINESS

Markel Group is a holding company that owns independently operated businesses across a range of industries. The cornerstone business, Markel Insurance, provides specialized insurance products that are not typically available through the standard insurance market. This insurance business sits at the center of the Company's strategy. It generates and holds capital used to support growth and investment across Markel Group. The other majority-owned businesses operate in diverse end markets, from industrial bakery equipment to ornamental plants to precast concrete. Markel Group also owns shares in publicly traded companies, primarily within its insurance operations.

Markel Group supports each business by empowering leaders to make the best long-term decisions for their businesses. Customers, associates, and shareholders each benefit from this approach, given how it allows businesses to pursue opportunities that require time, stability, and trust. We believe this approach is difficult to replicate and makes Markel Group a distinctive home for businesses.

An example of Markel Group's long-term mindset is the approach to reserving within the insurance operations. Customers rely on Markel Insurance to honor promises that may extend many years into the future. Through its long-standing practice of establishing reserves that are more likely to be redundant than deficient and investing the capital held to pay those reserves in high-quality investments, Markel Insurance ensures it can fulfill its commitments and uphold the trust placed in it by policyholders.

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

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

Relentlessly Compounding Shareholder Capital

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

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

•Reinvesting in existing businesses

•Acquiring majority-owned businesses

•Investing in publicly traded companies

•Repurchasing Markel Group shares

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

•Good returns on capital while using modest amounts of debt

•Management teams with equal parts talent and integrity

•Meaningful opportunities for reinvestment and/or disciplined capital management

•A fair price

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

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Key Financial Metrics

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


(dollars in millions, except per share data)	2025			2024			2023			2022			2021
Operating Performance
Operating revenues	$	15,513		$	14,814		$	14,280		$	13,271		$	10,868
Operating cash flows	2,761			2,594			2,787			2,709			2,274

Operating income (loss)	3,195			3,713			2,929			(93)			3,242
Less: Net investment gains (losses)	1,076			1,807			1,524			(1,596)			1,979
Add: Amortization and impairment	185			181			181			259			161
Adjusted operating income (1)	2,304			2,087			1,585			1,761			1,424

Financial Position (at year end)
Equity securities	$	13,004		$	11,785		$	9,578		$	7,672		$	9,024
Invested assets (2)	37,439			34,247			30,854			27,420			28,292
Insurance float (3)	18,827			17,519			16,733			14,947			13,543
Total assets	68,905			61,898			55,046			49,791			48,477
Shareholders' equity	18,598			16,916			14,984			13,151			14,700
Senior long-term debt and other debt	4,304			4,330			3,780			4,104			4,361
Debt to capital ratio (4)	19		%	20		%	20		%	24		%	23		%

Per Share Data
Common shares outstanding (at year end, in thousands)	12,590			12,790			13,132			13,423			13,632
5-Year CAGR in closing stock price	16		%	9		%	6		%	3		%	6		%
5-Year CAGR in intrinsic value per share (5)	15		%	17		%	19		%	12		%	9		%
Invested assets per share (at year end)	$	2,974		$	2,678		$	2,350		$	2,043		$	2,075
Diluted net income (loss) per share	169			199			147			(24)			176
Operating income (loss) per share	253			290			223			(7)			238
Adjusted operating income per share (1)	182			163			121			131			104

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

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

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

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

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

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


(dollars in millions)	2025			2024			2023			2022			2021
Markel Insurance
Operating revenues	$	9,353		$	8,983		$	8,688		$	7,804		$	6,736
Adjusted operating income (1)	$	1,379		$	1,184		$	747		$	1,008		$	964
Combined ratio	95		%	95		%	99		%	92		%	90		%
Return on equity (2)	14		%	18		%	16		%	(3)		%	20		%
5-Year average annual return on equity (2)	13		%	12		%
Total investment return (3)	7		%	10		%	9		%	(4)		%	8		%
Total equity	$	12,923		$	11,516		$	9,968		$	8,490		$	8,872

Industrial
Operating revenues	$	3,928		$	3,780		$	3,729		$	3,400		$	2,379
Revenue growth	4		%	1		%	10		%	43		%	52		%
Organic revenue growth (4)	2		%	0		%	8		%	18		%	21		%
Adjusted operating income (1)	$	343		$	365		$	378		$	286		$	169
Tangible capital (5)	$	1,475		$	1,437		$	1,417		$	1,315		$	1,023
Total capital (5)	$	2,772		$	2,771		$	2,657		$	2,604		$	2,297

Financial
Operating revenues	$	737		$	593		$	553		$	718		$	495
Revenue growth	24		%	7		%	(23)		%	45		%	4		%
Organic revenue growth (4)	17		%	8		%	21		%	19		%	4		%
Adjusted operating income (1)	$	327		$	262		$	260		$	355		$	134
Tangible capital (5)	$	1,119		$	950		$	936		$	825		$	838
Total capital (5)	$	2,012		$	1,901		$	1,946		$	1,899		$	2,187

Consumer and Other
Operating revenues	$	1,383		$	1,327		$	1,247		$	1,349		$	1,250
Revenue growth	4		%	6		%	(8)		%	8		%	3		%
Organic revenue growth (4)	1		%	2		%	(8)		%	8		%	9		%
Adjusted operating income (1)	$	175		$	145		$	136		$	113		$	149
Tangible capital (5)	$	657		$	649		$	691		$	680		$	602
Total capital (5)	$	1,423		$	1,162		$	1,227		$	1,245		$	1,193

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

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

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

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

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

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Markel Insurance

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

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

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

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

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

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

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

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

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

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

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

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

Major Product Lines

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

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


Major Product Lines	U.S. Wholesale and Specialty	Programs and Solutions	International
General liability	✓	✓	✓
Professional liability	✓	✓	✓
Personal lines		✓
Marine and energy			✓
Property	✓	✓	✓
Specialty Programs		✓
Workers' compensation		✓
Credit and surety		✓	✓

General Liability

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

Professional Liability

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

Personal Lines

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

Marine and Energy

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

Property

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

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Specialty Programs

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

Workers' Compensation

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

Credit and Surety

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

Competition

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

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

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

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

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

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

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

Markets and Distribution

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

U.S. Admitted

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

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

U.S. Excess and Surplus

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

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

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

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London Wholesale

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

International non-London

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

Bermuda

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

Global Reinsurance

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

Market and Distribution Concentrations

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

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

Investments

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

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

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

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

Industrial

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

Lansing | Driving excellence from the inside out.

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

Metromont | Pacesetter for precast concrete solutions.

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

VSC | Fire safety and security specialists.

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

Cottrell | Hit the road with five decades of experience.

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

AMF | Empowering bakeries to rise.

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

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Buckner | Leader in large crawler cranes.

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

Havco | Proven floor. Proven company.

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

The Industrial segment also includes the following businesses:

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

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

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

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

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

Financial

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

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

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

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

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

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

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

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

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The Financial segment also includes the following:

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

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

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

Consumer and Other

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

Costa Farms | Passionate about plants.

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

CapTech | Bridging the gap between business and technology.

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

Eagle | Trusted homebuilders since 1984.

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

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

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

The Consumer and Other segment also includes the following businesses:

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

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

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

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

Corporate

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

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

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

Regulatory Environment

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

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

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

Group Insurance Regulation and Supervision

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

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

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

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

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

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U.S. Insurance Regulation

State Regulation

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

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

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

Federal Regulation

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

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

International Insurance Regulation

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

•solvency and market conduct regulations;

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

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

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

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

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

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

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

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

•licensing, solvency, and liquidity requirements;

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

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

ILS Regulation

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

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

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

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

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

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

Regulation of Other Operating Businesses

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

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

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

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Human Capital

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

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

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

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

Item 1A. RISK FACTORS

A wide range of factors could materially affect our future prospects and performance. The matters addressed in Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations, including under "Safe Harbor and Cautionary Statement" and "Critical Accounting Estimates", and Item 7A Quantitative and Qualitative Disclosures About Market Risk, as well as other information included or incorporated in this report, describe many of the significant risks that could affect our businesses, results of operations and financial condition. We are also subject to the risks discussed below.

One or more of the risks discussed in this Item 1A. Risk Factors, and others we cannot anticipate, could have material adverse effects on our results of operations and financial condition; and the extent of these effects will depend, at least in part, on the scope, severity, frequency, or duration of the specific event or circumstance. In addition, we may take steps to prevent, mitigate or manage potential risks or liabilities, and related developments, and some of those steps may have a material adverse effect on our results of operations and financial condition. Even if an unfavorable outcome does not materialize, these factors, and actions we may take in response, may have a material adverse impact on our reputation or result in substantial expense and disruption.

Headings and sub-headings for the Risk Factors below are for reference purposes only and are not intended to limit or affect in any way the meaning or scope of each Risk Factor.

Risks Primarily Related to Our Holding Company and Operating Structure

Our businesses operate through independent local management teams, which could result in inconsistent management, governance, and oversight practices. Our businesses operate on a decentralized basis through independent local management teams, which could result in inconsistent management, governance, and oversight practices. Our businesses operate in the United States (U.S.), the United Kingdom (U.K.), Bermuda, the E.U., Canada, and Asia Pacific. Our Markel Group senior management team oversees our businesses; however, independent local management teams are responsible for strategy, day-to-day operations, profitability, personnel decisions, the growth of the business, and legal and regulatory compliance, including adherence to applicable laws. Operating through subsidiary-level management teams can make it difficult for us to implement coordinated procedures throughout our global businesses. In addition, some of our businesses operate with management, sales, and support personnel that may be insufficient to support growth in their respective locations and industries. We continue to enhance our oversight procedures; however, our operating strategy nonetheless could result in inconsistent management, governance, and oversight practices, which may have a material adverse effect on our results of operations and financial condition.

Investments

We invest a significant portion of our shareholders' equity in equity securities and our equity portfolio is concentrated, which may result in significant variability in our results and net income and may have a material adverse effect on shareholders' equity and on our ability to carry out our business plans. Equity securities were 70% of our shareholders' equity at December 31, 2025. Equity securities have historically produced higher returns than fixed maturity securities over

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long periods of time; however, investing in equity securities may result in significant variability in our results from one period to the next. In volatile financial markets, we could experience significant declines in the fair value of our equity securities, which would result in a material decrease in net income and shareholders' equity. Our portfolio of equity securities is concentrated in particular issuers and industries and, as a result, a decline in the fair value of these concentrated investments also could result in a material decrease in net income and shareholders' equity. A material decrease in shareholders' equity may have a material adverse effect on our ability to carry out our business plans. See also, "We invest a significant portion of the capital required to be held at our insurance companies in equity securities."

Acquisitions, Integration, and Reliance on Management and Personnel

The integration of acquired businesses may not be as successful as we anticipate. The integration of acquired businesses may not be as successful as we anticipate. We have completed, and expect to complete, acquisitions in an effort to achieve profitable growth and to create additional value on a diversified basis. Acquisitions present operational, regulatory, strategic, and financial risks, as well as risks associated with liabilities arising from the previous operations of the acquired businesses. We also must make decisions about the degree to which we integrate acquisitions into our existing businesses, operations, and systems, and over what timeframe. Those decisions may adversely affect how successfully the acquired businesses perform, both in the short term and in the long term. All of these risks are magnified in the case of a large acquisition. Integration of the operations, systems, and personnel of acquired businesses may prove more difficult than anticipated, which may result in failure to achieve financial objectives associated with the acquisition or diversion of management attention and other resources. In addition, integration of formerly privately held companies into the management and internal control and financial reporting systems of a publicly held company presents additional risks. See note 3 of the notes to consolidated financial statements included under Item 8 for information about our recent acquisitions.

Impairment in the value of our goodwill or intangible assets could have a material adverse effect on our operating results and financial condition. As of December 31, 2025, goodwill and intangible assets totaled $4.4 billion and represented 23% of shareholders' equity. We record goodwill and intangible assets at fair value upon the acquisition of a business. Goodwill represents the excess of amounts paid to acquire businesses over the fair value of the net assets acquired. Goodwill and indefinite-lived intangible assets are evaluated for impairment annually, or more frequently if events or circumstances indicate that their carrying value may not be recoverable. Developments that adversely affect the future cash flows or earnings of an acquired business, including declining growth in industry segments or sustained market declines, loss of required licenses, permits, or government designations, as well as increases in cost of capital and other factors that impact the fair value of a reporting unit, could result in an impairment of goodwill or intangible assets and, in turn, a charge to net income. Such a charge could have a material adverse effect on our results of operations or financial condition. See "Critical Accounting Estimates - Goodwill and Intangible Assets" included under Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations and note 8 of the notes to consolidated financial statements included under Item 8 for information about our goodwill and intangible assets.

The loss of, or failure to successfully implement succession planning for, one or more key executives or an inability to attract and retain qualified personnel in our various businesses could have a material adverse effect on us. Our success depends on our ability to retain the services of our existing key executives, implement successful succession planning, and attract and retain additional qualified personnel in the future. The temporary or permanent loss of the services of any of our key executives or the inability to hire and retain other highly qualified personnel in the future could have a material adverse effect on our ability to conduct or grow our business.

Additionally, in our decentralized business model, we rely on qualified personnel to manage and operate our various businesses. We need qualified and competent management to direct day-to-day business activities of our operating subsidiaries and to manage changes in future business operations due to changing business or regulatory environments. Our operating subsidiaries also need qualified and competent personnel to execute business plans and serve their customers, suppliers, and other stakeholders. Our inability to recruit, train and retain qualified and competent managers and personnel could negatively affect the operating results, financial condition, and liquidity of our subsidiaries and Markel Group as a whole.

Liquidity and Access to Capital

Our liquidity and our ability to meet our debt and other obligations depend on the receipt of funds from our subsidiaries. We are a holding company, and as a result, our cash flow and our ability to meet our debt and other obligations depend upon the earnings of our subsidiaries and on the distribution of earnings or other payments by our subsidiaries to us. The payment of dividends by our insurance subsidiaries, which accounts for a significant portion of our holding company operating cash flows, may require prior regulatory notice or approval or may be restricted by capital requirements imposed by

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regulatory authorities. Similarly, our insurance subsidiaries may require capital contributions from us to satisfy their capital requirements, particularly during periods when their capital declines due to significant declines in the fair value of the equity securities they hold.

We may require additional capital in the future, which may not be available or may only be available on unfavorable terms. To the extent that cash flows generated by our businesses and investments are insufficient to fund future operating requirements, we may need to raise additional funds through financing or curtail our growth. We also may be required to liquidate fixed maturity securities or equity securities, which may result in realized investment losses. Any further sources of capital, including capacity needed for letters of credit, if available at all, may be on terms that are unfavorable to us. Our access to additional sources of capital will depend on a variety of factors, such as market conditions, the general availability of credit, the availability of credit to the industries in which we operate, our results of operations, financial condition, credit ratings, and credit capacity, as well as pending litigation or regulatory investigations. Our ability to borrow under our revolving credit facility and letter of credit facilities is contingent on our compliance with the covenants and other requirements under those facilities. Similarly, our access to capital may be impaired if regulatory authorities or rating agencies take negative actions against us. Our inability to obtain adequate capital when needed could have a negative impact on our ability to invest in, or take advantage of opportunities to expand, our businesses, such as possible acquisitions or the creation of new ventures, and inhibit our ability to refinance our existing indebtedness on terms acceptable to us. Any of these effects could have a material adverse effect on our results of operations and financial condition.

A failure to comply with covenants and other requirements under our credit facilities, senior debt, and other indebtedness could have a material adverse effect on us. The agreements and indentures relating to our credit facilities, senior debt, and other indebtedness, including letter of credit facilities used by certain of our subsidiaries, contain covenants and other requirements. If we fail to comply with those covenants or requirements, the lenders, noteholders, or counterparties under those agreements and indentures could declare a default and demand immediate repayment of all amounts owed to them. In addition, where applicable, our lenders may cancel their commitments to lend or issue letters of credit or require us to pledge additional or a different type of collateral. A default under one debt agreement may also put us at risk of a cross-default under other debt agreements or other arrangements. Any of these effects could have a material adverse effect on our results of operations and financial condition.

Our senior debt is rated by various rating agencies, and a downgrade or potential downgrade in one or more of these ratings could have a material adverse effect on us. Our senior debt securities are rated by various rating agencies. Our senior debt ratings affect the availability and cost of capital. Our debt ratings are subject to periodic review, and are subject to revision or withdrawal at any time. We cannot be sure that we will be able to retain our current, or any future, ratings. A ratings downgrade could have a material adverse effect on our liquidity, including the availability of our letter of credit facilities, limit our access to capital markets, and increase our cost of borrowing or issuing debt.

Shareholder Activism

Our business could be disrupted as a result of a threatened proxy contest or other actions of activist shareholders. Publicly traded companies have increasingly become subject to campaigns by investors advocating corporate actions such as operational and financial restructuring, increased borrowing, special dividends, share repurchases, or sales of assets or the entire company. While we value constructive feedback from our investors and regularly engage in dialogue with them on various matters, we have in the past and may in the future be subject to actions or proposals from activist shareholders that may not align with our business strategies or the interests of our other shareholders. Responding to actions by such activist shareholders or others could be costly and time consuming, disrupt our operations, and divert the attention of our Board of Directors and senior management team from the pursuit of business strategies, which could adversely affect our business, financial condition, and results of operations. In addition, actual or perceived uncertainties as to our future direction caused by activist activities may cause or appear to cause instability, potentially making it more difficult to attract and retain qualified personnel and identify and secure investment opportunities. Activist shareholder activities may also cause significant fluctuations in our share price based on temporary or speculative market perceptions, or other factors that do not necessarily reflect the fundamental underlying value of our businesses.

Risks Primarily Related to Markel Insurance and State National

Loss Exposures

We may experience losses or disruptions from catastrophes and other significant, infrequent loss events. As a company with significant property and casualty insurance underwriting operations, we may experience losses from man-made or natural

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catastrophes. Catastrophes and other significant, infrequent loss events include, but are not limited to, windstorms, hurricanes, earthquakes, tornadoes, derechos, hail, severe winter weather, floods, and wildfires and may include pandemics and events related to terrorism, broad reaching cyberattacks, riots, and political and civil unrest. While we employ catastrophe modeling tools in our underwriting process, we cannot predict how severe a potential catastrophe will be before it occurs. The extent of losses from catastrophes is a function of the total amount of losses incurred, the number of insureds affected, the frequency and severity of the events, the effectiveness of our catastrophe risk management program, and the adequacy of our reinsurance coverage. Catastrophes can occur over numerous geographic areas; however, some catastrophes may produce significant damage in large, heavily populated areas. 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. Catastrophes also may result in significant disruptions in our insurance and other operations, as well as loss of income and assets. The impacts of climate change may increase the frequency and/or severity of weather-related catastrophes, which may result in elevated catastrophe-related losses or disruptions, which may be material. See "Climate Change" for more information about the potential impacts of climate change.

The failure of any of the methods we employ to manage our loss exposures could have a material adverse effect on us. We seek to manage our loss exposures in a variety of ways, including adhering to maximum limitations on policies written in defined geographical zones, implementing maximum gross limits by coverage for each insured, establishing per risk and per occurrence limitations for each event, employing coverage restrictions, and following prudent underwriting guidelines for each program written. We also seek to manage our loss exposures through geographic and industry diversification. Underwriting is a matter of judgment, involving assumptions about matters that are inherently unpredictable and beyond our control, and for which historical experience and probability analysis may not provide sufficient guidance. For example, as weather patterns evolve, historical data and models may be less predictive, increasing the uncertainty in catastrophe loss estimates and pricing. One or more future events could result in claims that substantially exceed our expectations, which could have a material adverse effect on our results of operations and financial condition. In addition, we seek to manage our loss exposures through policy terms, coverage exclusions, and choice of legal forum. Disputes relating to coverage and choice of legal forum also arise. As a result, various provisions of our policies, such as choice of forum, or coverage limitations or exclusions, may not be enforceable in the manner we intend and some or all of our methods to manage loss exposures may prove ineffective.

The effects of emerging claim and coverage issues on our business are uncertain. As industry practices and legal, judicial, social, and other environmental conditions change, unexpected and unintended issues related to claims and coverage may emerge. These issues could have a material adverse effect on our results of operations or financial condition by either broadening coverage beyond our underwriting intent or increasing the frequency and/or severity of claims. For example, rising costs, litigation funding, social inflation, including new or expanded theories of liability, higher adverse verdicts, and legislative changes, such as extended statutes of limitations, may result in higher and more frequent claims over a longer reporting period than originally expected. In some instances, these changes may not become apparent until after we have issued insurance or reinsurance contracts that are affected by the changes. As a result, the full extent of liability under our insurance or reinsurance contracts may not be known for many years after a contract is issued.

We use analytical models to assist our decision making in key areas such as pricing, reserving, and capital modeling, and actual results may differ materially from the model outputs and related analyses. We use various modeling techniques and data analytics (e.g., scenarios, predictive and stochastic modeling, and forecasting) to analyze and estimate exposures, loss trends, and other risks associated with our insurance businesses. This includes both proprietary and third-party modeled outputs and related analyses to assist us in, among other things, decision-making related to underwriting, pricing, capital allocation, reserving, investing, reinsurance, and catastrophe risk. We incorporate numerous assumptions and forecasts about the future level and variability of policyholder behavior, loss frequency and severity, interest rates, equity markets, inflation, capital requirements, and currency exchange rates, among others. The modeled outputs and related analyses from both proprietary models and third-party models, including statistical, artificial intelligence, and machine-learning models, are subject to various assumptions, uncertainties, model design errors (e.g., bias and inadequate validation or documentation), complexities, and the inherent limitations of any statistical analysis, including those arising from the use of historical internal and industry data and assumptions, which could result in mispricing, misreserving, or capital misallocation.

In addition, the modeled outputs and related analyses may from time to time contain inaccuracies, perhaps in material respects, including as a result of inaccurate inputs or applications thereof (whether due to data error, human error, or otherwise). Consequently, actual results may differ materially from our modeled results. Our profitability and financial condition substantially depend on the extent to which our actual experience is consistent with assumptions we use in our models and ultimate model outputs. If, based upon these models or other factors, we misprice our products or fail to appropriately estimate the risks we are exposed to, our business, results of operations, and financial condition may be materially adversely affected.

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Loss Reserves

Our results may be affected because actual insured or reinsured losses differ from our loss reserves. Significant periods of time often elapse between the occurrence of an insured or reinsured loss, the reporting of the loss to us, and our payment of that loss. To recognize liabilities for unpaid losses, we establish reserves as balance sheet liabilities representing estimates of amounts needed to pay reported and unreported losses and the related loss adjustment expenses. The process of estimating loss reserves is a difficult and complex exercise involving analytical models with many variables and subjective judgments. This process may also become more difficult if we experience a period of rising inflation, as we experienced in recent years.

As part of the reserving process, we review historical data and consider the impact of various factors, such as:

•trends in claim frequency and severity;

•changes in operations;

•changes to mix of business, terms and conditions, limits and layers;

•emerging economic and social trends;

•trends in insurance rates;

•inflation or deflation; and

•changes in the regulatory and litigation environments.

This process assumes that past experience, adjusted for the effects of current developments and anticipated trends, is an appropriate basis for predicting future events. There is no precise method, however, for evaluating the impact of any specific factor on the adequacy of reserves, and actual results will differ from original estimates. As part of the reserving process, we regularly review our loss reserves and make adjustments as necessary. Future increases in loss reserves for our underwriting operations will, and for our programs services operations may, result in additional charges to earnings, which may be material.

In addition, as discussed above, we use analytical models to assist our decision making in loss reserving, and actual results may differ materially from the model outputs and related analyses.

There is generally greater uncertainty in estimating reserves for long-tail coverages, such as general liability, professional liability, and workers' compensation, as they require a longer period of time for claims to be reported and settled. The impact of changes in economic and social inflation and medical costs are also more pronounced for long-tail coverages due to the longer settlement period. In addition, reinsurance reserves are subject to greater uncertainty than insurance reserves primarily because a reinsurer relies on the original underwriting decisions and claims decisions made by ceding companies and information and data from ceding companies. As a result, we are subject to the risk that our ceding companies may not have adequately evaluated the risks reinsured by us and the premiums ceded may not adequately compensate us for the risks we assume. In addition, reinsurance reserves may be less reliable than insurance reserves because there is generally a longer lapse of time from the occurrence of the event to the reporting of the loss or benefit to the reinsurer and ultimate resolution or settlement of the loss. While we sold the renewal rights for business written by the Markel Insurance Global Reinsurance division in 2025 and the division entered into run-off, we expect reinsurance premiums to continue earning over the next two to three years and loss reserves are expected to take several additional years to run off. Reserves for contracts for which we are not the primary insurer, and participate only in excess layers of loss, are also subject to greater uncertainty than insurance reserves for contracts for which we are the primary insurer for many of the same reasons as reinsurance reserves.

Changes in the assumptions and estimates used in establishing reserves for our life and annuity reinsurance book could result in material increases in our estimated loss reserves for such business. Our run-off life and annuity reinsurance book exposes us to mortality risk, which is the risk that the level of death claims may differ from that which we assumed in establishing the reserves for our life and annuity reinsurance contracts. Some of our life and annuity reinsurance contracts expose us to longevity risk, which is the risk that an insured person will live longer than expected when the reserves were established, or morbidity risk, which is the risk that an insured person will become critically ill or disabled. Our reserving process for the life and annuity reinsurance book is designed with the objective of establishing appropriate reserves for the risks we assumed. Among other things, this process relies heavily on analysis of mortality, longevity, and morbidity trends, lapse rates, interest rates, and expenses. As of December 31, 2025, our reserves for life and annuity benefits totaled $581.6 million.

We expect mortality, morbidity, longevity, and lapse experience to fluctuate somewhat from period to period, but believe they should remain reasonably predictable over a period of many years. Mortality, longevity, morbidity, or lapse experience that is less favorable than the mortality, longevity, morbidity, or lapse rates that we used in establishing the reserves for a reinsurance

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agreement will negatively affect our net income because the reserves we originally set for the risks we assumed may not be sufficient to cover the future claims and expense payments. Furthermore, even if the total benefits paid over the life of the contract do not exceed the expected amount, unexpected increases in the incidence of deaths or illness can result in changes to our assumptions in a given reporting period, adversely affecting our net income in any particular reporting period. If there are adverse changes to any of the above factors, a charge to earnings may be recorded, which may have a material adverse effect on our results of operations and financial condition.

Ceded Reinsurance

We may be unable to purchase reinsurance protection on terms acceptable to us, or we may be unable to collect on loss recoveries from reinsurers. Within our underwriting operations, we purchase reinsurance to manage our net retention on individual risks and mitigate the volatility of losses on our results of operations and financial condition, while providing us with the ability to offer policies with sufficient limits to meet policyholder needs. In addition, we reinsure substantially all of the risks inherent in our fronting operations, however, we have certain programs that contain limits on our reinsurers' obligations to us that expose us to underwriting risk, including loss ratio caps, aggregate reinsurance limits, or exclusion of the credit risk of producers. See note 12 of the notes to consolidated financial statements included under Item 8 for information about ceded reinsurance for our fronting operations.

The ceding of insurance does not legally discharge us from our primary liability for the full amount of the policies. Reinsurance recoverables create credit risk as a result of the reinsurer's potential inability or unwillingness to pay reinsurance claims when due. We generally select well capitalized and highly rated reinsurers for our reinsurance purchases and in certain instances we require reinsurers to post substantial collateral to secure the reinsured risks. Deterioration in the credit quality of existing reinsurers or disputes over the terms of reinsurance could result in charges to earnings, which may have a material adverse effect on our results of operations and financial condition. In addition, collateral may not be sufficient to cover the reinsurer's obligation to us, and we may not be able to cause the reinsurer to deliver additional collateral.

As of December 31, 2025, we were the beneficiary of letters of credit, trust accounts, and funds withheld in the aggregate amount of $7.1 billion, collateralizing $14.6 billion in reinsurance recoverables. The remaining unsecured reinsurance recoverables are ceded to highly rated, well capitalized reinsurers. Our reinsurance recoverables are based on estimates, and our actual liabilities may exceed the amount we are able to recover from our reinsurers or any collateral securing the reinsurance recoverables. The failure of a reinsurer to meet its obligations to us, whether due to insolvency, dispute, or other unwillingness or inability to pay, or due to our inability to access sufficient collateral to cover our liabilities, could have a material adverse effect on our results of operations and financial condition.

The availability and cost of reinsurance are determined by market conditions beyond our control. There is no guarantee that our desired amounts of reinsurance will be available in the marketplace in the future. In addition, available capacity may not be on terms we deem appropriate or acceptable or with companies with whom we want to do business. This could impact our ability to write certain products and have a material adverse effect on our results of operations and financial condition.

Market Competition and Broker Reliance

Competition in the insurance markets could reduce profits from our insurance operations. Insurance markets are highly competitive. We compete on an international and regional basis with major U.S., Bermuda, U.K., and other international insurers and with underwriting syndicates, some of which have greater financial, marketing, and management resources than we do, have greater access to "big data," and may be able to offer a wider range of, or more sophisticated, commercial and personal lines products. Recent industry consolidation, including business combinations among insurance and other financial services companies, has resulted in larger competitors with even greater financial resources. In addition, capital market participants have created alternative products that are intended to compete with insurance products.

Similar to other industries, the insurance industry is undergoing rapid and significant technological and other changes. There is increasing focus by traditional insurance industry participants, technology companies, insurtech start-up companies, and others on using technology and innovation, including artificial intelligence, to simplify and improve the customer experience, increase efficiencies, redesign products, alter business models, and effect other potentially disruptive changes in the insurance industry. If we do not anticipate, keep pace with, and adapt to technological and other changes impacting the insurance industry, it will harm our ability to compete, decrease the value of our products to customers, and materially and adversely affect our business. For example, competitors that deploy artificial intelligence and advanced analytics at scale, or that have access to data sets we cannot use for legal or practical reasons, may achieve superior underwriting, claims, and expense outcomes. Furthermore, innovation, technological change and changing customer preferences in the markets in which we

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operate also pose other risks to our businesses. For example, they could result in increasing our service, administrative, policy acquisition. or general expenses as we seek to distinguish our products and services from those of our competitors or otherwise keep up with such innovation and changes. Increased competition could result in fewer submissions, lower premium rates, and less favorable policy terms and conditions, which could reduce our underwriting profits, or within our fronting operations, our operating profits, and have a material adverse effect on our results of operations and financial condition.

The historical cyclicality in the property and casualty insurance industry could have a material adverse effect on our ability to improve or maintain underwriting profits or to grow or maintain premium volume. The insurance markets have historically been cyclical, characterized by extended periods of intense price competition due to excessive underwriting capacity, and alternative sources of capital, as well as periods when shortages of capacity permitted more favorable rate levels. Among our competitive strengths have been our specialty product focus and our niche market strategy. These strengths also make us vulnerable in periods of intense competition to actions by other insurance companies who seek to write additional premiums without appropriate regard for underwriting profitability. At times, it could be very difficult for us to grow or maintain premium volume levels without sacrificing underwriting profits. If we are not successful in maintaining rates or achieving rate increases, it may be difficult for us to improve or maintain underwriting profits or to grow or maintain premium volume levels.

We depend on a few brokers for a large portion of our premiums and the loss of business provided by any one of them could have a material adverse effect on us. We market our insurance products worldwide through brokers. For the year ended December 31, 2025, our top five independent brokers represented 37% of the gross premiums written by our underwriting operations. Loss of all or a substantial portion of the business provided by one or more of these brokers could have a material adverse effect on our business.

Investments

Our insurance results may be impacted by changes in interest rates, foreign currency exchange rates, U.S. and international monetary and fiscal policies, and broader economic conditions. We receive premiums from customers for insuring their risks. These funds are invested until they are needed to pay policyholder claims. Fluctuations in the value of those investments can occur as a result of, among other things, changes in interest rates, foreign currency exchange rates, and U.S. and international fiscal, monetary and trade policies as well as broader economic conditions (including, for example, significant or prolonged inflation or deflation). Although we attempt to take measures to manage the risks of investing in these changing environments, we may not, in the short term or at all, be able to mitigate our sensitivity to them effectively. Despite our mitigation efforts, which include effectively matching target asset duration and currency to the duration and currency of the related loss reserves, these factors could have a material adverse effect on our results of operations and financial condition.

We invest a significant portion of the capital required to be held at our insurance companies in equity securities. Our insurance companies hold a significant amount of their required capital in the form of equity securities. Equity securities have historically produced higher returns than fixed maturity securities over long periods of time; however, investing in equity securities may result in significant variability in the fair value of the equity investments held by our insurance companies from one period to the next, including as as result of broader economic conditions. In volatile financial markets, our insurance companies could experience significant declines in the fair value of their equity investments, which would result in a material decrease in the value of the capital they hold to satisfy regulatory requirements. A material decrease in the value of the capital held by our insurance companies may have a material adverse effect on our ability to carry out our business plans and may require us to contribute additional capital to our insurance companies, either of which could have a material adverse effect on our results of operations or financial condition. See also, "We may require additional capital in the future, which may not be available or may only be available on unfavorable terms."

Financial Strength

Our insurance companies are rated by various rating agencies, and a downgrade or potential downgrade in one or more of these ratings could have a material adverse effect on us. Financial strength ratings are an important factor in establishing the competitive position of insurance companies. Certain of our insurance subsidiaries are rated by various rating agencies. Our financial strength ratings are subject to periodic review and are subject to revision or withdrawal at any time. The financial strength ratings of our insurance subsidiaries are significantly influenced by their statutory surplus amounts, capital adequacy ratios, and other financial metrics. Rating agencies may implement changes to their ratings methodologies or internal models that have the effect of increasing or decreasing the amount of capital our insurance subsidiaries must hold or restricting how the company may deploy its capital in order to maintain our current ratings. For example, for certain of our insurance subsidiaries, rating agencies may take into account in their calculations the collateral provided to us by reinsurers. A

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change in this practice could adversely impact our ratings. We cannot be sure that we will be able to retain our current, or any future, ratings. If our ratings are reduced from their current levels by one or more rating agencies, our competitive position in our target markets within the insurance industry could suffer and it would be more difficult for us to market our products. A ratings downgrade could result in a substantial loss of business as policyholders and ceding company clients move to other companies with higher financial strength ratings. In addition, upon a ratings downgrade or decline in an insurance company's capital in excess of specified amounts, certain of our reinsurance contracts permit the cedent to require us to post collateral, recapture business, terminate the contract, or to otherwise exercise remedies that could adversely affect us. While we maintain capital levels at or in excess of regulatory requirements, the exercise of these contractual rights could, under certain circumstances, limit an insurance company's ability to pay dividends or make distributions to us. In addition, these contractual requirements could be triggered during periods of financial stress or adverse market conditions, when access to capital may be more limited. A ratings downgrade could also have a material adverse effect on our liquidity, including the availability of our letter of credit facilities, and limit our access to capital markets, increase our cost of borrowing or issuing debt and require us to post collateral.

Additionally, rating agencies may evaluate our holding company and insurance subsidiaries on a consolidated basis. Adverse developments impacting our holding company could influence the financial strength ratings of our insurance subsidiaries. See also, "Risks Primarily Related to Our Holding Company and Operating Structure".

The amount of capital that our insurance subsidiaries have and must hold to maintain their financial strength and meet other requirements can vary significantly from time to time and is sensitive to a number of factors, some of which are outside of our control. Capital requirements for our insurance subsidiaries are prescribed by the applicable insurance regulators, while rating agencies establish requirements that inform ratings for our insurance subsidiaries. Projecting surplus and the related capital requirements is complex and requires making assumptions regarding how our insurance businesses will perform within the broader macroeconomic environment. Insurance regulators and rating agencies evaluate company capital through financial models that calculate minimum capitalization requirements based on risk-based capital formulas for property and casualty insurance groups and their subsidiaries. In any particular year, capital levels and risk-based capital requirements may increase or decrease depending on a variety of factors including the mix of business written by our insurance subsidiaries and correlation or diversification in the business profile, the amount of additional capital our insurance subsidiaries must hold to support business growth, the value of securities in our investment portfolio, changes in interest rates, and foreign currency exchange rates, and changes to the regulatory and rating agency models used to determine our required capital.

Insurance Regulation

Our insurance subsidiaries are subject to supervision and regulation that may have a material adverse effect on our operations and financial condition. Our insurance subsidiaries are subject to supervision and regulation by the regulatory authorities in the various jurisdictions in which they conduct business, including foreign and U.S. state insurance regulators. Regulatory authorities have broad regulatory, supervisory, and administrative powers relating to, among other things, data protection and data privacy, cybersecurity, solvency standards, licensing, coverage requirements, product terms and conditions, policy rates and forms, business and claims practices, disclosures to consumers, and the form and content of financial reports. In some instances, we follow practices based on our interpretations of regulations or practices that we believe may be generally followed by the industry. These practices may turn out to be different from the interpretations of regulatory authorities. Insurance regulatory authorities have broad authority to initiate investigations or other proceedings, and, in connection with a failure to comply with applicable laws and regulations, could impose adverse consequences, including fines, penalties, injunctions, denial or revocation of an operating license or approval, increased scrutiny or oversight, limitations on engaging in a particular business, or redress to clients. These actions also could result in negative publicity, reputational damage or harm to client, employee or other relationships. Additionally, regulatory and legislative authorities continue to implement enhanced or new regulatory requirements to assure the stability of insurance companies or enhance policyholder protections or, in certain instances, intended to prevent or mitigate future financial crises. It is possible that requirements or guidance under one jurisdiction, such as the U.S., may be contradictory to or divergent from requirements or guidance in other jurisdictions where we operate, such as the E.U. Regulatory authorities also may seek to exercise their supervisory or enforcement authority in new or more extensive ways, such as increased capital requirements. Any of these actions, if they occur, could affect the competitive market, how we are regulated, and the way we conduct our business or manage our capital, and could result in lower revenues and higher costs. As a result, such actions could have a material adverse effect on our results of operations and financial condition.

Regulators may challenge our use of fronting arrangements in jurisdictions in which our capacity providers are not licensed. Our program services operations enter into fronting arrangements with general agents and domestic and foreign capacity providers that want to access specific U.S. and foreign property and casualty insurance business in jurisdictions in

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which the capacity providers are not licensed or are not authorized to write particular lines of insurance. Some insurance regulators may object to these fronting arrangements. In certain jurisdictions, an insurance regulator has the authority to prohibit an authorized insurer from acting as an issuing carrier for an unauthorized insurer. In addition, insurance regulators in jurisdictions in which there is no such statutory or regulatory prohibition, could deem the assuming insurer to be transacting insurance business without a license and the issuing carrier to be aiding and abetting the unauthorized sale of insurance.

If regulators in any of the jurisdictions where we conduct fronting business were to prohibit or limit those arrangements, we would be prevented or limited from conducting that business for which a capacity provider is not authorized in those jurisdictions, unless and until the capacity provider is able to obtain the necessary licenses. This could have a material adverse effect on our results of operations and financial condition, which in turn could result in an impairment of the goodwill or intangible assets related to this business.

Risks Primarily Related to Our Insurance-Linked Securities (ILS) Operations

Our ILS operations involve management of third-party capital, which may expose us to risks. Our ILS operations may owe certain legal duties and obligations to third-party investors. A failure to fulfill any of those duties or obligations could result in significant liabilities, penalties, or other losses, and harm our businesses and results of operations. In addition, third-party investors may decide not to renew their investments in the funds we manage, which could materially impact the financial condition of those funds, and could, in turn, have a material adverse effect on our results of operations and financial condition. Moreover, we may not be able to maintain or raise additional third-party capital for the funds we manage or for potential new funds and therefore we may forego existing or potential management fee generating opportunities.

Our ILS operations may experience losses or disruptions from catastrophes and other significant, infrequent loss events. Losses from catastrophes and other significant, infrequent loss events may have a material adverse effect on the ability of our ILS operations to raise and retain investor capital, resulting in a decline in assets under management and in turn, reduce potential management fee generating opportunities. We use various modeling techniques and data analytics to analyze and estimate exposures, loss trends, and other risks associated with our ILS businesses. The usefulness of our models depends on the extent to which our actual experience is consistent with assumptions we use in our models and ultimate model outputs, which may from time-to-time contain inaccuracies. See also, "We may experience losses or disruptions from catastrophes and certain other, significant infrequent loss events."

Risks Related to All of Our Operations

Market Competition

Our efforts to develop new products, expand in targeted markets, or improve business processes and workflows may not be successful and may increase or create new risks. From time to time, to protect and grow market share or improve our efficiency, we invest in strategic initiatives to:

•develop products that insure risks we have not previously insured, include new coverages or change coverage terms;

•change commission terms;

•change our underwriting processes;

•improve business processes and workflow to increase efficiencies and productivity and to enhance the experience of our customers and producers;

•expand distribution channels; and

•enter geographic markets where we previously have had relatively little or no market share.

We may not be successful in these efforts, and even if we are successful, they may increase or create the following risks, among others:

•demand for new products or expansion into new markets may not meet our expectations;

•new products and expansion into new markets may increase or change our risk exposures, and the data and models we use to manage those exposures may not be as effective as those we use in existing markets or with existing products;

•models underlying automated underwriting and pricing decisions may not be effective;

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•efforts to develop new products or markets or to change commission terms may create or increase distribution channel conflicts;

•in connection with the conversion of existing policyholders to a new product, some policyholders' pricing may increase while the pricing for other policyholders may decrease, the net impact of which could negatively impact retention and profit margins;

•changes to our business processes or workflow, including the use of new technologies, may give rise to execution risk and cost more and take longer than expected; and

•increased usage of artificial intelligence by us and third parties and the evolving regulatory landscape may increase underwriting and regulatory risk, while also presenting opportunity risk if we do not leverage artificial intelligence appropriately.

These efforts may require us to make substantial expenditures, which may negatively impact results in the near term, and if not successful, could materially and adversely affect our results of operations.

Legal and Regulatory Risks

The legal and regulatory requirements applicable to our businesses are extensive. Failure to comply could have a material adverse effect on us. Each of our businesses is highly dependent on the ability to engage on a daily basis in a large number of financial and operational activities, including, among others, insurance underwriting, claim processing, investment activities, the management of third-party capital, and providing products and services to businesses and consumers, many of which are highly complex. These activities are subject to internal guidelines and policies, as well as legal and regulatory requirements, including, among others, those related to privacy and data security, artificial intelligence, economic and trade sanctions, anti-corruption, anti-bribery, global finance and investments, customer protection, and insurance matters. Our continued expansion into new businesses, distribution channels and markets brings about additional requirements. While we believe that we have adopted adequate and effective risk management and compliance programs, compliance risks remain, particularly as we become subject to additional rules and regulations. Failure to comply with, or to obtain, appropriate authorizations or exemptions under any applicable laws and regulations could result in restrictions on our ability to do business or undertake activities that are regulated in one or more of the jurisdictions in which we conduct business. Any such failure could also subject us to fines, penalties, equitable relief, and changes to our business practices. In addition, a failure to comply could result in defaults under our senior unsecured debt agreements or credit facilities or damage our businesses or our reputation.

Compliance with applicable laws and regulations is personnel- and systems-intensive. Shareholder activism, the current political environment, and the current high level of government intervention and regulatory reform may lead to substantial and complex new regulations and compliance obligations. Any changes in, or the enactment of new laws and regulations may increase the complexity of the regulatory environment in which we operate, which could materially increase our direct and indirect costs for compliance and other expenses of doing business, and have a material adverse effect on our results of operations and financial condition. For example, the use of artificial intelligence by us or third-party providers may subject us to data privacy, intellectual property, and general regulatory risk, particularly in light of emerging regulation on the use of artificial intelligence.

Losses from legal and regulatory actions may have a material adverse effect on us. From time to time, we may be involved in various legal actions, including at times multi-party or class action litigation, some of which involve claims for substantial or indeterminate amounts. A significant unfavorable outcome in one or more of these actions could have a material adverse effect on our results of operations and financial condition. We are also involved, from time to time, in various regulatory actions, investigations, and inquiries, including market conduct exams by insurance regulatory authorities. If a regulatory authority takes action against us or we enter into a consent order or agreement to settle a matter, a regulatory authority has the option to require us to pay substantial fines or implement remedial measures that could prove costly or disruptive to our businesses and operations. Even if an unfavorable outcome does not materialize, these matters could have an adverse impact on our reputation and result in substantial expense and disruption.

Changes in tax laws, rates, or regulations could have a material adverse effect on us. Changes in federal, state, or foreign tax laws, rates, or regulations, or their interpretation and application, could adversely affect our tax positions or tax liabilities, require us to make adjustments in our operations or tax strategies, and increase our overall tax burden.

We are subject to laws and regulations relating to economic and trade sanctions and bribery and corruption, the violation of which could have a material adverse effect on us. We are required to comply with the economic and trade

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sanctions and embargo programs administered by the U.S. Department of the Treasury's Office of Foreign Assets Control and similar multi-national bodies and governmental agencies worldwide, as well as applicable anti-corruption and anti-bribery laws and regulations of the U.S. and other jurisdictions where we operate. In some cases, we must comply with many new economic, financial, and trade sanctions that are imposed over a short period of time, as occurred with the conflict between Russia and Ukraine. A violation of a sanction, embargo program, or anti-corruption law could subject us, and individual employees, to a regulatory enforcement action as well as significant civil and criminal penalties. In addition, a violation could result in defaults under our outstanding indebtedness or credit facilities or damage our businesses or our reputation. Those penalties or defaults, or damage to our businesses or reputation, could have a material adverse effect on our results of operations and financial condition. In some cases, the requirements and limitations applicable to the global operations of U.S. companies and their affiliates are more restrictive than, and may even conflict with, those applicable to non-U.S. companies and their affiliates, which also could have a material adverse effect on our results of operations and financial condition.

Employee error and misconduct may be difficult to detect and prevent and may result in significant losses. We run the risk of misconduct by employees across our businesses. Instances of misconduct, fraud, illegal acts, errors, failure to document transactions properly or to obtain proper internal authorization, or failure to comply with regulatory requirements or our internal policies may result in losses or reputational damage. It is not always possible to detect, deter, or prevent employee errors or misconduct or fraud, and the controls and trainings that we have in place to mitigate these activities may not be sufficient or effective in all cases.

Global Operations

We have substantial international operations and investments, which expose us to increased political, civil, operational, and economic risks. A substantial portion of our revenues and income is derived from our operations and investments outside the U.S., including from the U.K., the E.U., Bermuda, Canada, and Asia Pacific. Our international operations and investments expose us to increased political, civil, operational, and economic risks. Deterioration or volatility in foreign and international financial markets or general economic and political and civil conditions could adversely affect our operating results, financial condition, and liquidity. Concerns about the economic conditions, capital markets, political, civil, and economic stability and solvency of certain countries may contribute to global market volatility. Political and civil changes in the jurisdictions where we operate and elsewhere, some of which may be disruptive, can also interfere with our customers and our activities in a particular location. Our international operations also may be subject to a number of additional risks, particularly in emerging economies, including restrictions such as price controls, capital controls, currency exchange limits, ownership limits, and other restrictive or anti-competitive governmental actions or requirements, which could have a material adverse effect on our businesses.

General economic, market, or industry conditions could lead to investment losses, adverse effects on our businesses, and limit our access to the capital markets. 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 and volatility in foreign currency exchange rates, commodity and energy prices, and interest rates; volatility in the credit and capital markets; changes in U.S. government debt ratings; the imposition of duties, tariffs, and other changes in international trade regulation and other factors, could lead to: substantial realized and unrealized investment losses in future periods; changes in the carrying value of our other assets and liabilities; declines in demand for, or increased frequency and severity of claims made under, our insurance products; disruptions in global supply chains and increased costs of inputs for our products and services; reduced demand for our services and the products we sell and distribute; and limited or no access to the capital markets. Any of these impacts could have a material adverse effect on our results of operations, financial condition, debt and financial strength ratings, or the adequacy of our insurance subsidiaries' capital. Many of our businesses have been, and may continue to be, adversely affected by increased costs of labor and materials and declines in demand for certain products and services due to economic and industry specific conditions. In addition, beginning in 2025, the U.S. announced a series of new or increased tariffs on certain foreign imports, some of which were recently invalidated by the Supreme Court. These tariffs, and any additional duties, tariffs, and other trade barriers, and retaliatory countermeasures by other countries, may adversely affect the price and availability of goods for our businesses and the demand for our products and services. Additionally, any such measures or countermeasures may increase inflationary pressure on our insured losses, including costs of claims, loss adjustment expenses, and other operating costs. These impacts may be material, and our efforts to mitigate these impacts may not be successful and, even when they are successful, there may be a time lag before the impacts of these efforts are reflected in our results.

Our businesses, results of operations, and financial condition could be adversely affected by ongoing regional or military conflicts and related disruptions in the global economy. The global economy has been, and may in the future be, negatively impacted by regional or military conflicts, for example, the on-going conflicts between Russia and Ukraine and in

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Israel and surrounding areas. We may have operations in areas affected by a conflict, and some of our businesses may be adversely affected by a conflict and its effects. Within our underwriting operations, we may have insurance contracts with exposure to losses attributed or corollary to a conflict, such as losses related to our coverage of ships, cargo, trade credit and inventory. Our other operations also may have direct exposure to customers and vendors in an affected area. Certain of our businesses may experience shortages in materials and increased costs for transportation, energy, and raw materials due in part to the negative impact of a conflict on the global economy.

Furthermore, governments in the U.S., U.K., and E.U., among others, may impose export controls on certain products and financial and economic sanctions on certain industry sectors and parties in affected areas. These export controls and sanctions, or our failure to comply with them, could result in restrictions on our ability to do business in one or more of the jurisdictions in which we conduct business or have the other adverse effects previously discussed under "We are subject to laws and regulations relating to economic and trade sanctions and bribery and corruption, the violation of which could have a material adverse effect on us."

We are unable to predict the impact an ongoing conflict may have on our businesses or the global economy. The impact of geopolitical tensions related to these conflicts, including increased trade barriers or restrictions on global trade, is unknown and could result in, among other things, heightened cybersecurity threats, supply disruptions, protracted or increased inflation, increased energy costs, lower consumer demand, fluctuations in interest and foreign exchange rates, and increased volatility in financial markets, any of which could adversely affect our businesses, results of operations and financial condition. In addition, an ongoing conflict may have the effect of triggering or intensifying many of the risks described under this Item 1A Risk Factors.

Information Technology Systems and Third-Party Systems and Service Providers

Information technology systems that we use could fail or suffer a security breach or cyberattack, which could have a material adverse effect on us or result in the loss of regulated or sensitive information. Our businesses are dependent upon the operational effectiveness and security of our enterprise systems and those maintained by third parties. Among other things, we rely on these systems to interact with producers, insureds, customers, clients, and other third parties, to perform actuarial and other modeling functions, to underwrite business, to prepare policies and process premiums, to process claims and make claims payments, to prepare internal and external financial statements and information, and to engage in a wide variety of other business activities. A significant failure of our enterprise systems, or those of third parties upon which we may rely, whether because of a natural disaster, network outage or a cyberattack on those systems could compromise our personal, confidential, and proprietary information as well as that of our customers and business partners, impede or interrupt our business operations and could result in other negative consequences, including remediation costs, loss of revenue, additional regulatory scrutiny and fines, litigation, and monetary and reputational damages. In addition, if we are unable to innovate, develop, and acquire new technology, it may leave us more susceptible to these attacks. Like other companies, we have been subject to cyberattacks, malicious viruses and malware, and denial of service attacks and expect that this will continue in the future with greater sophistication and frequency. The risk and severity of such attacks could increase as artificial intelligence is used by threat actors to identify vulnerabilities and conduct increasingly sophisticated attacks. Despite any controls or protective actions we take against such attacks, those measures may be insufficient to prevent, or mitigate the effects of, a natural disaster, network outage or a cyberattack on our systems. This could result in liability to us, cause our data to be corrupted or stolen and cause us to commit resources to correct those failures.

In addition, we are subject to numerous data privacy and cybersecurity laws and regulations enacted in the jurisdictions in which we do business. A misuse or mishandling of personal, confidential, or proprietary information being sent to or received from a customer, business partner, employee, or third party could damage our businesses or our reputation or result in significant monetary damages, regulatory enforcement actions, fines, and criminal prosecution in one or more jurisdictions. For example, under the European General Data Protection Regulation there are significant punishments for non-compliance which could result in a penalty of up to 4% of a firm's global annual revenue. In addition, a violation of data privacy laws and regulations could result in defaults under our outstanding indebtedness or credit facilities. Those monetary damages, penalties, regulatory or legal actions or defaults, or the damage to our businesses or reputation, could have a material adverse effect on our results of operations and financial condition. Third parties who we utilize to perform certain functions are also subject to these risks, and their failure to adhere to these laws and regulations also could damage our businesses or reputation or result in regulatory intervention, which could have a material adverse effect on our results of operations and financial condition.

Further, we routinely transmit, receive, and store personal, confidential, and proprietary information by email and other digital means. Although we attempt to protect this personal, confidential, and proprietary information, we may be unable to do so in

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all cases, especially with business partners and other third parties who may not have or use appropriate controls to protect personal, confidential, and proprietary information.

While we maintain cyber risk insurance providing first-party and third-party coverages, that insurance may not cover all costs associated with the consequences of an enterprise failure, cyberattack, or breach of systems. A material cyber security breach could have a material adverse effect on our results of operations and financial condition. See also, "We may experience losses or disruptions from catastrophes and other significant, infrequent loss events."

Third-party providers may perform poorly, breach their obligations to us, or expose us to enhanced risks. Certain of our business functions are performed by third-party providers, and these providers may not perform as expected or may fail to adhere to the obligations owed to us. For example, certain of our business units rely on relationships with a number of third-party administrators under contracts pursuant to which these third-party administrators manage and pay claims on our behalf and advise us with respect to case reserves. In these relationships, we rely on controls incorporated in the provisions of the administration agreement, as well as on the administrator's internal controls, to manage the claims process within our prescribed parameters. In addition, certain of our business units use managing general agents, general agents and other producers to write and administer business on our behalf within prescribed underwriting authorities. Although we monitor these administrators, agents, producers, and other service providers on an ongoing basis, our monitoring efforts may not be adequate, or our service providers could exceed their authorities or otherwise breach obligations owed to us, which could result in operational disruption, reputational damage, and regulatory intervention and otherwise have a material adverse effect on our results of operation and financial condition.

In addition, we utilize third parties to perform certain technology and business process functions, such as data center hosting, cloud based operating environments, human resources, and other outsourced services. If these third-party providers do not perform as expected, we may experience operational difficulties, increased costs, and a loss of business, or we may not realize expected productivity improvements or cost efficiencies. Our use of third parties to perform certain technology and business process functions may expose us to risks related to privacy and data security, including through their use of artificial intelligence without our knowledge or below our standards, which could result in monetary and reputational damages. We may be further exposed to risks associated with artificial intelligence and machine learning technology if third-party service providers or any counterparts, whether known or unknown to us, use such technology in their business activities. In addition, our ability to receive services from third-party providers might be impacted by a wide variety of factors, including political and civil instability, supply chain disruptions, volatility, or disruptions in the financial markets, wide-spread health issues, unanticipated or additional regulatory requirements or policies. As a result, our ability to conduct our businesses may be adversely affected.

Pandemics

Pandemics have had, and could have, material adverse effects on us. The effects of a pandemic, and related governmental responses, may be wide-ranging, costly, and disruptive, and may develop rapidly, resulting in material adverse effects on our operations, and on our results of operations and financial condition, as was the case with COVID-19. Factors that give rise, or may give rise, to those effects include, or may include, the following, as well as others that we cannot predict:

•Insured or reinsured losses from pandemic-related claims that are different, or more extensive, than we expect;

•Government actions or judicial decisions related to insurance or reinsurance coverages or rates, including, for example, requiring retroactive coverage of claims or expanding the scope of coverage;

•Disputes, lawsuits, and other legal actions challenging the promptness of coverage determinations, or the coverage determinations themselves, under applicable insurance or reinsurance policies, resulting in increased claims, litigation and related expenses;

•Disruptions, delays, and increased costs and risks related to having limited or no access to our facilities, workplace re-entry, employee safety concerns, and reductions or interruptions of critical or essential services;

•Continually changing business conditions and compliance obligations; and

•Short or long-term impacts on the cost, availability, or timeliness of required raw materials, supplies, or services provided by third parties, including services provided by state, federal, or foreign governments or government agencies.

In addition, a pandemic may, as was the case with COVID-19, have the effect of triggering or intensifying many of the risks described elsewhere under this Item 1A Risk Factors.

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Climate Change

The impacts of climate change, and legal or regulatory measures to address climate change, may adversely affect our results of operations or financial condition. Our businesses, results of operations, and financial condition could be impacted by risks associated with climate change, including:

•changes from legislation, regulation, and court decisions that:

◦create economic and regulatory uncertainty,

◦increase our compliance costs,

◦impose liability on or increase exposure for our policyholders not contemplated during our underwriting,

◦change our ability to provide insurance coverage to certain policyholders, or

◦impose new or additional requirements that increase the costs associated with, or disrupt, sourcing, manufacturing, and distribution of, our products and services,

•changes in the frequency, severity, and location of weather-related catastrophes, such as hurricanes, tornados, windstorms, floods, wildfires, and other extreme weather events, which may:

◦result in insured losses that exceed our expectations or make it more difficult for us to predict and model catastrophic events, reducing our ability to accurately price our exposure to such events and mitigate our risks,

◦make it more difficult or expensive for us to obtain reinsurance at desired levels, or

◦increase physical risks to and impacts on our operations,

•changing demand for insurance coverage we provide, such as demand from industries that produce or use carbon-based energy including those transitioning from those energy sources, decreased availability of reinsurance available for coverages we provide for carbon intensive industries, or increased claims and losses related to those industries, and

•losses on our invested assets, including from:

◦changes in supply and demand,

◦advances in low-carbon technology and renewable energy development,

◦effects of extreme weather events on the physical and operational exposure of industries and issuers, and

◦the transition that companies make towards addressing climate risk in their own businesses.

Item 1C. CYBERSECURITY

Markel Group is a holding company comprised of a diverse group of businesses and investments. Our specialty insurance business, Markel Insurance, sits at the core of our company. Markel Group also owns controlling interests in a diverse portfolio of businesses that operate in a variety of other industries. Each of our businesses is required to maintain cybersecurity insurance coverage and has its own independently managed cybersecurity and data protection program that is tailored to its operations and risk profile.

Markel Insurance

In order to maintain a strong cybersecurity program, Markel Insurance uses a variety of controls and technology tools designed to identify, detect, prevent, respond to, and recover from security threats. Markel Insurance undergoes regular security audits including a System and Organization Controls, or SOC, audit for cybersecurity conducted annually by independent auditors in which cybersecurity threats are identified and assessed. Markel Insurance regularly tests aspects of its internal security and conducts security risk interviews and assessments on third parties with whom it does business, depending on the nature of the relationship. Markel Insurance has invested in technology that assists its risk management teams in measuring and addressing weaknesses in its third-party and supply chain community. Markel Insurance performs continuous monitoring of all its critical third parties to ensure they are maintaining acceptable levels of security controls and remediating any known weaknesses.

Markel Insurance participates in the Financial Services Information Sharing and Analysis Center to share information about the latest cyber threats and preparedness measures. Markel Insurance also shares threat intelligence information with other partners. Markel Insurance has a cybersecurity incident response plan, as well as a crisis management plan, that cover cyber events, including a process for determining the materiality of cyber events that includes evaluation by a cross functional crisis management group including security, information technology, finance, legal, and business and escalation to Markel Group

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senior management as warranted by the severity of the situation. An internal team engages in tabletop exercises on a regular basis to enhance preparedness for such situations.

Information security and data protection risks are the responsibility of all employees. Markel Insurance has a mandatory training program covering a variety of security and data protection disciplines. In addition, all Markel Insurance employees are required to acknowledge annually policies on acceptable use of Markel Insurance's technology resources and enterprise information security. Contractors are required to provide certain representations and certifications relating to information security.

The Markel Insurance information security and data protection program is led by a Chief Information Security Officer (CISO) who supervises a team of security and data protection professionals across the globe. The Markel Insurance global information security and data protection program leverages the Cybersecurity Framework from the National Institutes of Standards and Technology as well as industry best practices. The program also is able to map to both ISO (International Organization for Standardization) and BSI (British Standards Institution) among other cybersecurity standards. Markel Insurance's CISO has been with Markel Insurance 15 years and has 24 years' experience in information technology, with 19 years in information technology security, and is a certified Information Systems Security Professional (CISSP).

Markel Group, State National, and Nephila

Information technology systems and services, including cybersecurity, used by the small team of individuals at the Markel Group holding company are provided and/or administered by teams within Markel Insurance, consistent with the practices outlined above. State National and Nephila each manage their own cybersecurity programs, with incident management support available from Markel Insurance.

Other Operating Businesses

Each of our other operating businesses maintains its own IT infrastructure, often supported by third-party providers, to meet its specific business needs. As a result, cybersecurity risk is decentralized and not concentrated in a single system or service provider. Given the diversity of these businesses, systems, and providers, each business tailors its program to its unique risks and operations. Management at each business is responsible for assessing and managing its cybersecurity risks, including selecting appropriate IT systems and service providers.

Markel Group has established processes for these businesses to share information about how they assess, identify, and manage cybersecurity risk, including material cybersecurity incidents, with Markel Group management. For example, Markel Group requires real-time reporting of cybersecurity incidents by these businesses to understand how the matters are being managed, assess whether public disclosure is required, with escalation to Markel Group senior management as warranted by the severity of the situation. Depending on the cybersecurity incident, third parties may be engaged by these businesses to assist in understanding and managing the event.

Given each business varies in size and complexity, the individual or individuals responsible for managing cybersecurity risks varies by business. In all instances, ultimate responsibility rests with the Chief Executive Officer of each business.

Markel Group Board Oversight

The Markel Group Board of Directors oversees Markel Group's risk management framework on an enterprise-wide basis, which includes cybersecurity risks. Periodic reports are provided to the Markel Group Board of Directors by members of management which, among other things, seek to systematically identify the principal risks facing our businesses and the manner in which such risks are addressed. For cybersecurity, this includes a review of the cybersecurity program and its governance, active and planned initiatives, protection and prevention matters, detection and response measures, and the threat landscape.

Cybersecurity Risks

No previous cybersecurity incident has had, or is reasonably likely to have, a material adverse effect on Markel Group, its business strategy, results of operations, or financial condition. For risks related to cybersecurity threats, see Item 1A Risk Factors, including under "Information technology systems that we use could fail or suffer a security breach or cyberattack, which could have a material adverse effect on us or result in the loss of regulated or sensitive information."

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Item 2. PROPERTIES

Markel Insurance owns office space in Glen Allen, Virginia for its headquarters, which also serves as the Markel Group corporate headquarters. Additionally, Markel Insurance owns and leases office space throughout the U.S. and in various locations in other countries. In total, Markel Insurance has 62 offices in 16 countries. Additionally, our other operating businesses maintain office space, factories, and warehouses, both through leased and owned properties, throughout the U.S. and in certain international locations. The property needs of our other operating businesses vary based on the nature of the operations of each business. We believe our properties are suitable and adequate for our current operations.

INFORMATION ABOUT OUR EXECUTIVE OFFICERS

Thomas S. Gayner

Chief Executive Officer since January 2023. Co-Chief Executive Officer from January 2016 to December 2022. President and Chief Investment Officer from May 2010 to December 2015. Chief Investment Officer from January 2001 to December 2015. Director from 1998 to 2004. Director since August 2016. Age 64.

Simon Wilson

Executive Vice President and Chief Executive Officer, Markel Insurance since February 2026 and Chief Executive Officer, Markel Insurance since March 2025. President, Markel International, from October 2021 to March 2025. Managing Executive - Global Strategy from January 2020 to October 2021, Managing Director National Markets from June 2015 to January 2020, Director of International Development from February 2010 to June 2015. Age 47.

Andrew G. Crowley

Executive Vice President and President, Markel Ventures since February 2026 and President, Markel Ventures since May 2022. President, Markel Ventures, Inc., a subsidiary, since May 2022. Executive Vice President, Markel Ventures, Inc. from May 2020 to May 2022. Managing Director, Markel Ventures, Inc. from January 2017 to May 2020. Age 43.

Richard R. Grinnan

Senior Vice President, Chief Legal Officer and Secretary of Markel Group since February 2020 and of Markel Insurance since October 2022. General Counsel and Secretary from June 2014 to February 2020. Assistant General Counsel from August 2012 to June 2014. Age 57.

Brian J. Costanzo

Chief Financial Officer of Markel Group and of Markel Insurance since December 2023. Senior Vice President, Finance, Chief Accounting Officer and Controller from October 2022 to December 2023. Principal financial officer (on an interim basis) from January 2023 to March 2023. Chief Accounting Officer and Controller from June 2021 to October 2022. Controller from December 2019 to June 2021. Segment Controller - U.S. Insurance from March 2014 to December 2019. Age 47.

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PART II

Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Performance Graph

The following graph compares the cumulative total return (based on share price) on our common stock with the cumulative total return of companies included in the Standard & Poor's (S&P) 500 Index and the Dow Jones U.S. Property & Casualty Insurance Companies Index. We are a holding company that owns independently operated businesses across a range of industries, and we believe there are few companies with a mix of business operations comparable to ours. Our cornerstone business, Markel Insurance, operates in the specialty insurance market, and therefore, we have used the Dow Jones U.S. Property & Casualty Insurance Companies Index as our peer group. However, we also own controlling interests in a diverse portfolio of businesses that operate in a variety of other industries. This information is not necessarily indicative of future results.


	Year Ended December 31,
	2020 (1)		2021		2022		2023		2024		2025
Markel Group Inc.	$	100	$	119	$	128	$	137	$	167	$	208
S&P 500 Index	100		129		105		133		166		196
Dow Jones U.S. Property & Casualty Insurance Index	100		122		140		159		213		233

(1) $100 invested on December 31, 2020 in our common stock or the listed index. Includes reinvestment of dividends.

Common Stock and Dividend Information

Our common stock trades on the New York Stock Exchange under the symbol MKL. The number of shareholders of record as of February 4, 2026 was approximately 700. The total number of shareholders, including those holding shares in street name or in brokerage accounts, is estimated to be in excess of 260,000. Our current strategy is to retain earnings, and consequently, we have not paid and do not expect to pay a cash dividend on our common stock.

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Common Share Repurchases

The following table summarizes our common share repurchases for the quarter ended December 31, 2025.


Issuer Purchases of Equity Securities
	(a)	(b)		(c)	(d)
	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in thousands)
October 1, 2025 through October 31, 2025	16,880	$	1,909.79	16,880	$	1,546,327
November 1, 2025 through November 30, 2025	13,490	$	2,046.14	13,490	$	1,518,725
December 1, 2025 through December 31, 2025	10,087	$	2,101.49	10,087	$	1,497,527
Total	40,457	$	2,003.05	40,457	$	1,497,527

(1) The Board of Directors approved the repurchase of up to $2 billion of our common shares pursuant to a share repurchase program publicly announced in November 2024. Under our share repurchase program, we may repurchase outstanding common shares of our stock from time to time in privately negotiated or open market transactions, including under plans complying with Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934. The share repurchase program has no expiration date but may be terminated by the Board at any time.

Securities Authorized for Issuance Under Equity Compensation Plans

See Part III for information on securities authorized for issuance under our equity compensation plans.

Available Information

This document represents Markel Group's Annual Report on Form 10-K, which is filed with the U.S. Securities and Exchange Commission. We make available free of charge on or through our website our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports as soon as reasonably practicable after such material is electronically filed with or furnished to the U.S. Securities and Exchange Commission. Our website address is www.mklgroup.com.

Transfer Agent

Equiniti Trust Company, LLC, 48 Wall Street, Floor 23, New York, NY 10005

(800) 937-5449 helpast@equiniti.com

Annual Shareholders Meeting

Our annual shareholders meeting will take place on May 20, 2026 at the University of Richmond Robins Center in Richmond, Virginia 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 www.mklreunion.com.

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Item 7. MANAGEMENT'S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis includes discussion of changes in our results of operations and financial condition from 2024 to 2025 and from 2023 to 2024 and should be read in conjunction with the consolidated financial statements and related notes included under Item 8, Item 1 Business, Item 1A Risk Factors, and "Safe Harbor and Cautionary Statement". The accompanying consolidated financial statements and related notes have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP) and include the accounts of our holding company, Markel Group Inc. (Markel Group), and its consolidated subsidiaries, as well as any variable interest entities that meet the requirements for consolidation (the Company). For a discussion of our significant accounting policies, see note 1 of the notes to consolidated financial statements included under Item 8. Item 7 is divided into the following sections:

•Capital Performance

•Results of Operations

•Liquidity and Capital Resources

•Non-GAAP Financial Measures

•Critical Accounting Estimates

•Safe Harbor and Cautionary Statement

In 2025, we made notable changes to our financial reporting, including the re-segmentation of our businesses, the expansion of both consolidated and segment financial metrics, and the addition of detail regarding our business strategy, among others. See note 2 of the notes to consolidated financial statements for additional details on the changes to our reportable segments.

Capital Performance

Markel Group is a dynamic system that strives to relentlessly compound shareholder capital at attractive rates across decades. We are responsible for capital allocation across our businesses and use a variety of metrics for each part of the Markel Group system, among other factors, to help inform these activities. Our capital allocation decisions are made with a long-term perspective that considers an array of qualitative and quantitative factors in the context of our capital allocation framework. See Item 1 Business "Relentlessly Compounding Shareholder Capital" for details of our capital allocation options and investment principles.

We believe that our capital performance metrics are best viewed over longer periods of time. To better align with this long-term perspective, we use five-year time periods to assess capital performance.

The five-year compound annual growth rate (CAGR) of intrinsic value per share is one of the ways by which we monitor the success of our capital allocation decisions and overall returns from the consolidated Markel Group system.

For our Markel Insurance business, we measure capital efficiency using return on equity, with a focus on the five-year average annual return on equity.

For our Industrial, Financial, and Consumer and Other segments, we look at a variety of capital efficiency metrics given the diverse businesses within these segments.

Intrinsic Value Per Share Growth

As a diverse holding company, we use growth in intrinsic value per share 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 per share, 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 per share growth using data from our financial statements.

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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 per share 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 applying a consistent 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.


	December 31, 2025
	8x Multiple		12x Multiple		16x Multiple
5-Year CAGR in intrinsic value per share	14.5	%	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		2018
Operating income (loss)	$	3,194,852	$	3,712,562	$	2,928,828	$	(93,336)	$	3,241,505	$	1,273,884	$	2,477,346	$	39,759
Add: Amortization and impairment	185,007		181,472		180,614		258,778		160,539		159,315		148,638		315,128
Less: 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	$	792,483
Less: Dividends on equity securities	156,169		142,367		116,911		107,213		98,099		89,303		100,222		90,840
Less: Interest on cash and short-term investments	228,120		286,063		251,821		62,383		2,954		14,321		50,425		48,765
Adjusted 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		2020
Equity securities	$	13,004,312	$	11,784,521	$	9,577,871	$	7,671,912	$	9,023,927	$	6,994,110
Short-term investments and cash and cash equivalents	5,998,367		6,217,577		6,318,442		6,806,694		5,778,478		6,375,835
Senior 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 outstanding	12,590		12,790		13,132		13,423		13,632		13,783

10K - 36

Markel Insurance Return on Equity

We 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.

Over the five-year period ended December 31, 2025, the average 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			2021
Underwriting profit	$	455,671		$	366,976		$	92,786		$	594,289		$	614,331
Net investment income	871,531			797,907			642,676			407,826			360,173
Services 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		$	963,623
Net investment gains (losses)	976,740			1,447,686			1,249,362			(1,203,958)			1,440,295
Interest expense (1)	(187,541)			(178,385)			(156,521)			(172,256)			(173,952)
Income tax (expense) benefit (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		$	8,555,403
Return on equity	14		%	18		%	16		%	(3)		%	20		%
5-Year average annual return on equity	13		%	12		%

(1) Interest expense on our senior notes is attributed to the return on 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 at Markel Insurance. Income taxes are managed on a consolidated basis across the Markel Group and are only attributed to the Markel Insurance segment when assessing its return on equity.

Capital Reconciliation

The following table summarizes the capital held by each of our segments, as well as a reconciliation to consolidated capital of Markel Group. Total capital is comprised of total equity, redeemable noncontrolling interests, total debt, and obligations for finance leases. Eliminations relate to intercompany loans to and from a corporate subsidiary, which are eliminated in consolidation.


(dollars in millions)	Markel Insurance		Industrial		Financial		Consumer and Other		Corporate		Eliminations		Consolidated
December 31, 2025
Total equity	$	12,923	$	2,078	$	2,009	$	1,037	$	549	$	—	$	18,596
Redeemable noncontrolling interests	—		336		3		167		—		—		506
Senior long-term debt and other debt	—		329		—		211		4,760		(996)		4,304
Obligations for finance leases	2		29		—		8		—		—		39
Total capital	$	12,925	$	2,772	$	2,012	$	1,423	$	5,309	$	(996)	$	23,445
December 31, 2024
Total equity	$	11,516	$	1,909	$	1,898	$	837	$	769	$	—	$	16,929
Redeemable noncontrolling interests	—		457		3		80		—		—		540
Senior long-term debt and other debt	—		359		—		240		4,821		(1,090)		4,330
Obligations for finance leases	2		46		—		5		—		—		53
Total capital	$	11,518	$	2,771	$	1,901	$	1,162	$	5,590	$	(1,090)	$	21,852

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Results of Operations

The following table presents operating revenues by segment.


	Year Ended December 31,
(dollars in thousands)	2025		2024		2023
Markel Insurance	$	9,352,891	$	8,983,443	$	8,687,549
Industrial	3,928,249		3,779,616		3,728,641
Financial	736,964		593,313		553,133
Consumer and Other	1,382,912		1,327,333		1,247,071
Corporate and eliminations	112,217		129,839		63,182
Total operating revenues	$	15,513,233	$	14,813,544	$	14,279,576

In 2025, we updated the presentation of operating revenues to no longer include net investment gains and losses, and prior periods have been recast to conform to the updated presentation. Net investment gains and losses are predominantly derived from our investments in publicly traded equity securities and typically 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. As such, we exclude net investment gains and losses from adjusted operating income. We believe adjusted operating income, both consolidated and by segment, is generally an accurate representation of the operating performance of our businesses in our periodic results.

The following table presents consolidated operating income and a reconciliation to consolidated adjusted operating income, as well as adjusted operating income by segment. Consolidated adjusted operating income is a non-GAAP measure. See "Non-GAAP Financial Measures" for additional details.


	Year Ended December 31,
(dollars in thousands)	2025		2024		2023
Operating income	$	3,194,852	$	3,712,562	$	2,928,828
Add: Amortization of acquired intangible assets	185,007		181,472		180,614

Less: Net investment gains	1,076,081		1,807,219		1,524,054
Adjusted operating income	$	2,303,778	$	2,086,815	$	1,585,388

Markel Insurance	$	1,379,067	$	1,184,488	$	747,175
Industrial	343,183		365,034		378,331
Financial	326,572		262,082		260,235
Consumer and Other	174,636		145,372		136,465
Corporate and eliminations	80,320		129,839		63,182
Adjusted operating income	$	2,303,778	$	2,086,815	$	1,585,388

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The following table presents the components of comprehensive income to shareholders. Net investment gains and losses have caused, and are expected to continue to cause, significant volatility in our periodic operating income, net income, and comprehensive income.


	Year Ended December 31,
(dollars in thousands)	2025		2024		2023
Operating income	$	3,194,852	$	3,712,562	$	2,928,828
Interest expense	(205,910)		(204,300)		(185,077)
Net foreign exchange gains (losses)	(256,234)		129,438		(90,045)

Income tax expense	(580,303)		(790,294)		(552,616)
Net income attributable to noncontrolling interests	(45,395)		(100,384)		(105,030)
Net income to shareholders	2,107,010		2,747,022		1,996,060
Preferred stock dividends and redemption premiums	(26,109)		(36,000)		(36,000)
Net income to common shareholders	2,080,901		2,711,022		1,960,060
Other comprehensive income (loss) to shareholders	507,622		(138,872)		289,284
Comprehensive income to shareholders	$	2,614,632	$	2,608,150	$	2,285,344

Markel Insurance

The following table summarizes the results of operations for our Markel Insurance segment. We measure the operating performance of our Markel Insurance segment by its operating revenues and adjusted operating income, which are comprised of results attributed to its insurance activities and earnings on the investments held in support of its insurance activities.


	Year Ended December 31,
(dollars in thousands)	2025			2024			2023
Earned premiums	$	8,401,323		$	8,130,712		$	8,011,501
Net investment income	871,531			797,907			642,676
Services and other revenues	80,037			54,824			33,372
Operating revenues	9,352,891			8,983,443			8,687,549
Losses and loss adjustment expenses	(4,909,079)			(4,877,722)			(5,166,282)
Underwriting, acquisition, and insurance expenses	(3,036,573)			(2,886,014)			(2,752,433)
Services and other expenses	(28,172)			(35,219)			(21,659)
Adjusted operating income	$	1,379,067		$	1,184,488		$	747,175

Combined ratio	95		%	95		%	99		%

Adjusted operating income increased by 16% in 2025 and 59% in 2024, driven by higher underwriting profits and net investment income. For further details of Markel Insurance's investment performance, see "Consolidated Investment Results."

10K - 39

The following table summarizes the results of Markel Insurance's underwriting and other insurance-related activities, which primarily consist of our fronting programs with Nephila.


	Year Ended December 31,									2025 vs 2024		2024 vs 2023
(dollars in thousands)	2025			2024			2023			% Change		% Change
Gross premium volume - underwriting	$	10,643,703		$	10,259,862		$	9,981,843		4	%	3	%
Gross premium volume - fronting	1,854,944			1,306,022			840,868			42	%	55	%
Gross premium volume	$	12,498,647		$	11,565,884		$	10,822,711		8	%	7	%
Net written premiums	$	8,399,735		$	8,004,788		$	8,102,959		5	%	(1)	%
Earned premiums	$	8,401,323		$	8,130,712		$	8,011,501		3	%	1	%
Underwriting profit	$	455,671		$	366,976		$	92,786		24	%	296	%
Services and other income	$	46,933		$	8,357		$	8,646		462	%	(3)	%

Underwriting Ratios (1)										Point Change		Point Change
Loss ratio
Current accident year loss ratio	64.2		%	65.6		%	64.9		%	(1.4)		0.7
Prior accident years loss ratio	(5.8)		%	(5.6)		%	(0.5)		%	(0.2)		(5.1)
Loss ratio	58.4		%	60.0		%	64.5		%	(1.6)		(4.5)
Expense ratio	36.1		%	35.5		%	34.4		%	0.6		1.1
Combined ratio	94.6		%	95.5		%	98.8		%	(0.9)		(3.3)

Current accident year loss ratio catastrophe impact (2)	0.7		%	0.9		%	0.5		%	(0.2)		0.4

Current accident year loss ratio, excluding catastrophe impact (3)	63.5		%	64.7		%	64.4		%	(1.2)		0.3
Combined ratio, excluding current accident year catastrophe impact (3)	93.8		%	94.6		%	98.3		%	(0.8)		(3.7)

(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.

Global Reinsurance

In 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 and 2023.

Premiums

2025 compared to 2024

The increase in underwriting gross premium volume in our Markel Insurance segment in 2025 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. We concluded that the rates on the business written from these platforms were inadequate to meet our profitability targets, therefore, we stopped writing this product from our European platform in late 2024 and our U.S. platform in early 2025. We continue to write select risk-managed directors and officers accounts from our Bermuda-based platform.

10K - 40

The increase in fronting gross premium volume in 2025 was driven by growth of our property catastrophe programs with Nephila.

Net retention of underwriting gross premium volume was 79% in 2025 compared to 78% in 2024. Within our underwriting operations, we purchase reinsurance to manage our net retention on individual risks and overall exposure to losses and to enable us to write policies with sufficient limits to meet policyholder needs.

The increase in earned premiums in 2025 was primarily due to the impact of the changes in underwriting gross premium volume in recent periods.

2024 compared to 2023

The increase in underwriting gross premium volume in our Markel Insurance segment in 2024 was driven by new business growth and more favorable rates within our personal lines, marine and energy, programs, and credit and surety product lines, partially offset by lower premium volume within select lines of our U.S. general liability and professional liability product lines. Gross premium volume within our U.S. general liability and professional liability product lines decreased $276.6 million in 2024 compared to 2023, which reflects decreased writings within our brokerage contractors, brokerage excess and umbrella, and risk-managed excess casualty general liability products and our risk-managed professional liability products as part of targeted underwriting actions aimed at achieving greater profitability within these product lines.

The increase in fronting gross premium volume in 2024 was driven by growth of our property catastrophe and specialty programs with Nephila.

Net retention of underwriting gross premium volume was 78% in 2024 compared to 81% in 2023. The decrease was driven by higher cession rates on our professional liability product lines in 2024 compared to 2023, as well as changes in mix of business as we decreased writings on select lines of our U.S. general liability product lines, which have lower cession rates than most other products within the segment.

The increase in earned premiums in 2024 was primarily due to the impact of the changes in underwriting gross premium volume in recent periods.

Rate Discussion

In 2025, we achieved modest rate increases overall across our diversified product portfolio. We examine each of our product classes regularly by evaluating pricing and exposure, underwriting terms and conditions, deal structure, including limits and attachment points, and our expectations around loss cost trends, among other things. We target premium growth in product lines where we are confident in the levels of rate adequacy.

Product lines achieving the most notable rate increases include our U.S. general liability product lines, as well as certain personal lines and programs product lines. Despite multiple years of rate increases, we continue to be cautious in selecting which risks to pursue and how much limit to deploy within certain subclasses of our U.S. general liability portfolio as we rebalance our portfolio. However, the rate increases for these product lines have generally been in line with, or better than, our assumptions for loss cost trends. As a result of the rate increases and overall profitability being achieved in our personal lines and programs product lines, we are increasing our premium writings in these lines.

Product lines with notable rate decreases include our U.S. workers' compensation product line, international energy and professional liability product lines, and our global cyber portfolios. More recently, rates for our U.S. property product lines also have decreased as market conditions have softened due to a lower level of natural catastrophe events in 2025.

Services and Other Income

The increase in services and other income in 2025 was primarily due to higher fronting fees driven by growth of our property catastrophe programs with Nephila, as previously discussed. Services and other income in 2024 was consistent with 2023.

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Combined Ratio

Natural Catastrophes

The following table summarizes the impact of losses attributed to natural catastrophes on the Markel Insurance segment combined ratio. Losses from natural catastrophes in 2025 were attributed to the series of wildfires that occurred in southern California in January 2025. Losses from natural catastrophes in 2024 were attributed to Hurricane Helene and Hurricane Milton. Losses from natural catastrophes in 2023 were attributed to the Hawaiian wildfires and Hurricane Idalia.


	Year Ended December 31,
(dollars in thousands)	2025			2024			2023
Gross losses and loss adjustment expenses	$	129,516		$	131,002		$	49,408
Ceded losses and loss adjustment expenses	(67,620)			(60,353)			(9,336)
Net losses and loss adjustment expenses	$	61,896		$	70,649		$	40,072
Impact on combined ratio	0.7		%	0.9		%	0.5		%

Intellectual Property Collateral Protection Insurance

The following table summarizes the impact of intellectual property collateral protection insurance (IP CPI) losses on the Markel Insurance segment combined ratio.


	Year Ended December 31,
(dollars in thousands)	2025			2024			2023
Net losses and loss adjustment expenses	$	64,259		$	168,534		$	97,572
Impact on combined ratio	0.8		%	2.1		%	1.2		%

In 2023, we began to observe higher than expected levels of defaults on loans collateralized by intellectual property, for which we provided coverage to lenders through our IP CPI product line. We discontinued writing this product at the beginning of 2024. However, we continued to recognize losses in 2024 and 2025 as additional claim events occurred, which result from both a default on the loan and impairment of the underlying intellectual property. We believe any losses on our discontinued IP CPI product line in 2026 will not be material to the Markel Insurance segment.

2025 compared to 2024

Excluding losses attributed to natural catastrophes, the decrease in the Markel Insurance segment combined ratio in 2025 compared to 2024 was primarily attributable to a lower attritional loss ratio, which was driven by lower losses on our discontinued IP CPI product line. Additionally, the attritional loss ratio in 2025 was unfavorably impacted by large losses within our credit and surety product line and higher attritional loss ratios on our personal umbrella product line. 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. The increase in favorable development was primarily attributable to more favorable development on our marine and energy product lines in 2025 compared to 2024, partially offset by less favorable development on our professional liability and general liability product lines in 2025 compared to 2024.

In 2025, favorable development was most significant within our marine and energy, general liability, workers' compensation, property, programs, and credit and surety insurance product lines. Favorable development in 2025 was net of $128.8 million, or two points, of adverse development on our run-off risk-managed directors and officers product lines.

In 2024, favorable development was most significant within our international professional liability product lines, as well as our property, general liability, marine and energy, programs, and credit and surety insurance product lines. Favorable development in 2024 was net of $176.9 million, or two points, of adverse development on our risk-managed directors and officers product lines that are now in run-off.

10K - 42

See note 11 of the notes to consolidated financial statements included under Item 8 for more information on the Markel Insurance segment's prior year loss reserve development.

The increase in the expense ratio in 2025 compared to 2024 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.

2024 compared to 2023

Excluding losses attributed to natural catastrophes, the decrease in the Markel Insurance segment combined ratio in 2024 compared to 2023 was primarily attributable to more favorable development on prior accident years loss reserves, partially offset by a higher expense ratio.

Excluding losses attributed to natural catastrophes, the modest increase in the current accident year loss ratio in 2024 compared to 2023 was primarily attributable higher attritional loss ratios across our U.S. product lines, driven largely by our professional liability and general liability product lines, largely offset by lower attritional loss ratios within our international product lines. In 2024, we increased our attritional loss ratios on certain product classes within our U.S. professional liability and general liability product lines in response to unfavorable loss development trends in recent years and to include an increase in the level of caution on our U.S. professional liability and general liability product lines.

The 2024 combined ratio included $454.9 million of favorable development on prior accident years loss reserves compared to $36.7 million in 2023. The increase in favorable development was primarily attributable to favorable development on our general liability product lines in 2024 compared to significant adverse development in 2023.

In 2023, favorable development was most significant on our international professional liability product lines, as well as our property, marine and energy, personal lines, and workers' compensation insurance product lines. Favorable development in 2023 was net of $326.8 million, or four points, of adverse development across our U.S. general liability and professional liability insurance product lines, as well as notable adverse development on our general liability and public entity reinsurance product lines.

See note 11 of the notes to consolidated financial statements included under Item 8 for more information on the Markel Insurance segment's prior year loss reserve development.

The increase in the expense ratio in 2024 compared to 2023 was primarily attributable to higher personnel costs, including profit sharing expenses and investments in underwriting talent within our international operations, as well as other general and administrative expenses, including investments in technology across our global operations to drive future growth and operational efficiencies. The increase was also partially attributable to general cost inflation trends outpacing premium growth, as a result of the underwriting actions taken on our U.S. general liability and professional liability product lines, as previously discussed.

10K - 43

Markel Insurance - Divisional Results

The following tables present the divisional results of the Markel Insurance segment's underwriting and other insurance-related activities.


	Year Ended December 31, 2025
(dollars in thousands)	U.S. Wholesale and Specialty			Programs and Solutions			International			Global Reinsurance			Other		Markel Insurance
Gross premium volume - underwriting	$	3,060,929		$	3,708,179		$	2,834,504		$	1,046,111		$	(6,020)	$	10,643,703
Gross premium volume - fronting	—			1,854,944			—			—			—		1,854,944
Gross premium volume	$	3,060,929		$	5,563,123		$	2,834,504		$	1,046,111		$	(6,020)	$	12,498,647
Net 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	$	8,401,323
Losses 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 years	130,081			155,904			229,012			(18,635)			(12,362)		484,000
Underwriting, 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	$	75,105
Services 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 ratio	67.1		%	66.0		%	51.6		%	74.8		%			64.2		%
Prior accident years loss ratio	(5.0)		%	(6.6)		%	(9.9)		%	1.7		%			(5.8)		%
Loss ratio	62.2		%	59.4		%	41.7		%	76.5		%			58.4		%
Expense ratio	33.6		%	36.8		%	41.3		%	29.4		%			36.1		%
Combined ratio	95.8		%	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 Insurance
Gross premium volume - underwriting	$	3,200,616		$	3,440,216		$	2,482,038		$	1,166,247		$	(29,255)	$	10,259,862
Gross premium volume - fronting	—			1,306,022			—			—			—		1,306,022
Gross premium volume	$	3,200,616		$	4,746,238		$	2,482,038		$	1,166,247		$	(29,255)	$	11,565,884
Net 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	$	8,130,712
Losses 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)		454,932
Underwriting, 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)	$	43,576
Services 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 ratio	69.2		%	63.4		%	53.3		%	73.3		%			65.6		%
Prior accident years loss ratio	0.4		%	(6.6)		%	(17.8)		%	0.1		%			(5.6)		%
Loss ratio	69.6		%	56.8		%	35.5		%	73.3		%			60.0		%
Expense ratio	33.3		%	35.2		%	41.8		%	29.4		%			35.5		%
Combined ratio	102.8		%	92.0		%	77.3		%	102.7		%			95.5		%

10K - 44


	Year Ended December 31, 2023
(dollars in thousands)	U.S. Wholesale and Specialty			Programs and Solutions			International			Global Reinsurance			Other		Markel Insurance
Gross premium volume - underwriting	$	3,417,428		$	3,050,557		$	2,340,254		$	1,082,251		$	91,353	$	9,981,843
Gross premium volume - fronting	—			840,868			—			—			—		840,868
Gross premium volume	$	3,417,428		$	3,891,425		$	2,340,254		$	1,082,251		$	91,353	$	10,822,711
Net written premiums	$	2,957,943		$	2,142,644		$	1,963,526		$	1,004,701		$	34,145	$	8,102,959

Earned premiums	$	2,950,270		$	2,100,141		$	1,890,004		$	1,042,835		$	28,251	$	8,011,501
Losses and loss adjustment expenses:
Current accident year - attritional	(1,904,802)			(1,310,380)			(1,164,823)			(695,988)			(86,887)		(5,162,880)
Current accident year - catastrophe	(29,171)			(9,293)			(1,108)			(500)			—		(40,072)
Prior accident years	(271,073)			136,291			272,486			(73,076)			(27,958)		36,670
Underwriting, acquisition, and insurance expenses	(958,187)			(741,107)			(741,549)			(310,348)			(1,242)		(2,752,433)
Underwriting profit (loss)	$	(212,963)		$	175,652		$	255,010		$	(37,077)		$	(87,836)	$	92,786

Services and other revenues	$	—		$	21,197		$	8,749		$	—		$	359	$	30,305
Services and other expenses	—			(18)			(9,569)			—			(12,072)		(21,659)
Services and other income (loss)	$	—		$	21,179		$	(820)		$	—		$	(11,713)	$	8,646

Current accident year loss ratio	65.6		%	62.8		%	61.7		%	66.8		%			64.9		%
Prior accident years loss ratio	9.2		%	(6.5)		%	(14.4)		%	7.0		%			(0.5)		%
Loss ratio	74.7		%	56.3		%	47.3		%	73.8		%			64.5		%
Expense ratio	32.5		%	35.3		%	39.2		%	29.8		%			34.4		%
Combined ratio	107.2		%	91.6		%	86.5		%	103.6		%			98.8		%

U.S. Wholesale and Specialty

In 2025, the 4% decrease in gross premium volume and 6% decrease in earned premiums within the U.S. Wholesale and Specialty division were primarily due to the impact of exiting our risk-managed directors and officers product line in this division, partially offset by the impact of new business and more favorable rates within our general liability product lines. The U.S. Wholesale and Specialty division's combined ratio in 2025 decreased seven points, primarily due to favorable development on prior accident year loss reserves in 2025. Favorable development in 2025 was net of $108.3 million, or four points on the U.S. Wholesale and Specialty combined ratio, of adverse development on our run-off risk-managed directors and officers product line. In 2024, we experienced $139.6 million, or five points on the U.S. Wholesale and Specialty combined ratio, of adverse development on our risk-managed directors and officers product line that is now in run-off.

In 2024, the 6% decreases in gross premium volume and earned premiums within the U.S. Wholesale and Specialty division were primarily due to targeted underwriting actions, resulting in decreased writings within our brokerage contractors, brokerage excess and umbrella, and risk-managed excess casualty general liability products. The U.S. Wholesale and Specialty division's combined ratio in 2024 decreased four points, primarily due to minimal development on prior accident year loss reserves in 2024 compared to adverse development in 2023, partially offset by a higher current accident year loss ratio. Adverse development in 2023 was driven by $331.9 million, or 11 points on the U.S. Wholesale and Specialty combined ratio, of adverse development across the division's general liability and professional liability product lines.

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Programs and Solutions

In 2025, the 8% increases in underwriting gross premium volume and earned premiums within the Programs and Solutions division were driven by more favorable rates and new business within our personal lines and programs product lines, partially offset by the impact of exiting our European risk-managed directors and officers product line. The significant growth in fronting gross premium volume was driven by expansion of our property catastrophe programs with Nephila. The Programs and Solutions division's combined ratio in 2025 increased four points due to the impact of a higher attritional loss ratio and higher expense ratio. The attritional loss ratio in 2025 was impacted by large losses within our credit and surety product line and increased attritional loss ratios on our personal umbrella product line.

In 2024, the 13% increase in gross premium volume and 5% increase in earned premiums within the Programs and Solutions division were primarily due to new business growth and more favorable rates within our personal lines and programs product lines. The significant growth in fronting gross premium volume was driven by expansion of our property catastrophe and specialty programs with Nephila.

International

In 2025, the 14% increase in gross premium volume and 12% increase in earned premiums within the International division were driven by increases on our professional liability and general liability product lines. The International division's combined ratio in 2025 increased six points primarily due to less favorable development on prior accident years loss reserves.

In 2024, the 6% increase in gross premium volume and 9% increase in earned premiums within the International division were primarily due to growth within our marine and energy and general liability product lines. The International division's combined ratio in 2024 decreased nine points due to a lower current accident year loss ratio and more favorable development on prior accident years loss reserves.

Global Reinsurance

In 2025, the 10% decrease in gross premium volume within the Global Reinsurance division was primarily due to non-renewals on exited lines and renewal decreases within our professional liability and general liability product lines. The Global Reinsurance division's combined ratio in 2025 increased three points due to a higher loss ratio. Adverse development in 2025 was driven by increases in prior accident years loss reserves within our general liability product lines, due to greater severity than originally expected across older accident years and increases to more recent accident years to incorporate our loss experience on the older accident years. We also increased the level of caution in our current accident year loss ratios on these general liability product lines based on the loss experience on these older accident years.

In 2024, the 8% increase in gross premium volume and 2% increase in earned premiums within the Global Reinsurance division were primarily due increases on renewals and new business within our professional liability and marine and energy product lines. The Global Reinsurance division's combined ratio in 2024 decreased one point due to less adverse development on prior accident years loss reserves, largely offset by a higher current accident year loss ratio.

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Balance Sheet

The following table presents the financial position of Markel Insurance.


	December 31,
	2025		2024
	(dollars in thousands)
ASSETS
Investments, at estimated fair value:
Fixed maturity securities, available-for-sale	$	17,184,810	$	15,384,895
Equity securities	10,859,200		9,713,411
Short-term investments, available-for-sale	757,540		840,248
Total Investments	28,801,550		25,938,554
Cash and cash equivalents	2,139,223		2,222,738
Restricted cash and cash equivalents	387,597		345,995
Receivables	1,854,029		1,791,175
Loans receivable from other Markel Group subsidiaries	728,000		788,000
Reinsurance recoverables	6,005,698		5,653,290
Deferred policy acquisition costs	908,499		874,762
Prepaid reinsurance premiums	1,416,783		1,291,847
Goodwill	1,025,407		993,777
Intangible assets	219,122		249,115
Other assets	828,693		454,571
Total Assets	$	44,314,601	$	40,603,824
LIABILITIES AND EQUITY
Unpaid losses and loss adjustment expenses	$	22,446,018	$	20,801,334
Unearned premiums	5,545,832		5,362,364
Life and annuity benefits	581,635		583,273
Payables to insurance and reinsurance companies	526,114		555,100
Other liabilities	2,291,893		1,785,473
Total Liabilities	31,391,492		29,087,544


Shareholders' equity	12,923,551		11,516,724
Noncontrolling interests	(442)		(444)
Total Equity	12,923,109		11,516,280
Total Liabilities and Equity	$	44,314,601	$	40,603,824

Industrial

We measure the operating performance of our Industrial segment by its operating revenues and adjusted operating income. Adjusted operating income represents operating income before amortization of acquired intangible assets. We consolidate the results of the businesses in the Industrial segment on a one-month lag, with the exception of significant transactions or events that occur during the intervening period. The following table summarizes the operating performance of our Industrial segment.


	Year Ended December 31,						2025 vs 2024 % Change		2024 vs 2023 % Change
(dollars in thousands)	2025		2024		2023
Operating revenues	$	3,928,249	$	3,779,616	$	3,728,641	4	%	1	%
Adjusted operating income	$	343,183	$	365,034	$	378,331	(6)	%	(4)	%

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2025 compared to 2024

The increase in operating revenues in 2025 reflected organic growth and a full-year contribution from our June 2024 Valor Environmental (Valor) acquisition. The Industrial segment results in 2024 included five months of results from Valor.

Organic revenue growth of our Industrial segment was 2% in 2025. Organic revenue growth is a non-GAAP financial measure. See "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 in 2025 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.

2024 compared to 2023

The increase in operating revenues in 2024 reflected the contribution of our June 2024 Valor acquisition. Organic revenue growth of our Industrial segment was flat in 2024. Higher sales volume at many of our businesses in 2024 was offset by lower sales volume of our products within the transportation industry due to the start of a down cycle in demand for the industry. The decrease in adjusted operating income in 2024 was primarily attributable to lower margins, due to higher materials and labor costs.

Financial

We measure the operating performance of our Financial segment by its operating revenues and adjusted operating income. Adjusted operating income represents operating income before amortization of acquired intangible assets. The following table summarizes the operating performance of our Financial segment.


	Year Ended December 31,						2025 vs 2024 % Change		2024 vs 2023 % Change
(dollars in thousands)	2025		2024		2023
Operating revenues	$	736,964	$	593,313	$	553,133	24	%	7	%
Adjusted operating income (1)	$	326,572	$	262,082	$	260,235	25	%	1	%

(1) Adjusted operating income for the years ended December 31, 2025, 2024, and 2023 included $2.9 million, $58.1 million, and $71.5 million, respectively, from Markel CATCo Re Ltd. (MCRe), all of which was attributable to noncontrolling interests.

2025 compared to 2024

The increase in operating revenues in 2025 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% in 2025. 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 in 2025 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.

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2024 compared to 2023

The increase in operating revenues in 2024 reflected 8% organic growth. Revenue growth and organic revenue growth in 2024 were primarily attributable to the impact of higher premium volume within our program services and lender services offerings, as well as increased net investment income driven by a higher yield and higher average holdings of short-term investments.

Consumer and Other

We measure the operating performance of our Consumer and Other segment by its operating revenues and adjusted operating income. Adjusted operating income represents operating income before amortization of acquired intangible assets. We consolidate the results of the businesses in the Consumer and Other segment on a one-month lag, with the exception of significant transactions or events that occur during the intervening period. The following table summarizes the operating performance of our Consumer and Other segment.


	Year Ended December 31,						2025 vs 2024 % Change		2024 vs 2023 % Change
(dollars in thousands)	2025		2024		2023
Operating revenues	$	1,382,912	$	1,327,333	$	1,247,071	4	%	6	%
Adjusted operating income	$	174,636	$	145,372	$	136,465	20	%	7	%

2025 compared to 2024

The increase in operating revenues in 2025 reflected the contribution from our acquisition of Education Partners International (EPI). Organic revenue growth of our Consumer and Other segment was 1% in 2025, primarily attributable to increased sales of ornamental plants driven by higher demand and prices. The increase in adjusted operating income was driven by the contribution from EPI.

2024 compared to 2023

The increase in operating revenues in 2024 reflected the contribution from an acquisition made by one of our businesses in the first quarter of 2024. Organic revenue growth of our Consumer and Other segment was 2% in 2024. Organic revenue growth was primarily attributable to higher home sales volume, partially offset by a modest decrease in demand for certain of our consumer products and our consulting services. The increase in adjusted operating income in 2024 was driven by the impact of higher revenues, as well as higher margins on sales of ornamental plants.

Corporate

The following table summarizes the results of our corporate operations, as well as a reconciliation to total corporate and eliminations as presented in the summary table of our consolidated results of operations. Our corporate operations include activities at our holding company, Markel Group Inc., and investments and loans to and from our operating businesses, which are held by other corporate subsidiaries. For further details of investment performance at our corporate operations, see "Consolidated Investment Results."


	Year Ended December 31,
(dollars in thousands)	2025		2024		2023
Net investment income	$	108,672	$	130,931	$	107,889
Other revenues	52,020		46,591		(1,050)
Operating revenues	160,692		177,522		106,839
Operating expenses (1)	(31,897)		—		—
Corporate adjusted operating income	$	128,795	$	177,522	$	106,839
Markel Group consolidating eliminations	(48,475)		(47,683)		(43,657)
Corporate and eliminations adjusted operating income	$	80,320	$	129,839	$	63,182

(1) Prior to the third quarter of 2025, corporate expenses were fully allocated to our segments.

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Consolidated Investment Results

We measure our investment performance by analyzing net investment income, which reflects the recurring interest and dividend earnings on our investment portfolio. See note 4(d) of the notes to consolidated financial statements included under Item 8 for details regarding the components of net investment income.

We also analyze net investment gains, which are primarily comprised of unrealized gains and losses on our equity portfolio. Net investment gains or losses in any given period are typically attributable to changes in the fair value of our equity portfolio due to market value movements. Based on the potential for volatility in the financial markets, we understand that the level of gains or losses may vary from one period to the next, and therefore believe that our investment performance is best analyzed over longer periods of time. As of December 31, 2025, the fair value of our equity portfolio included cumulative unrealized gains of $8.9 billion.

The following table summarizes our consolidated investment performance. Investing results are attributed to our businesses based on the subsidiary that holds the investments.


	Year Ended December 31,
(dollars in thousands)	2025			2024			2023
Net investment income	$	970,427		$	920,496		$	734,532

Yield on fixed maturity securities (1)	3.5		%	3.2		%	2.8		%
Yield on short-term investments (1)	3.7		%	4.8		%	4.5		%
Yield on cash and cash equivalents and restricted cash and cash equivalents (1)	3.3		%	3.7		%	2.8		%

Net realized investment gains (losses)	$	(4,076)		$	4,423		$	(42,177)
Change in fair value of equity securities	1,080,157			1,802,796			1,566,231
Net investment gains	$	1,076,081		$	1,807,219		$	1,524,054

Return on equity securities (2)
One-year annual return	10.5		%	20.1		%	21.6		%
Five-year annual return	11.9		%	12.8		%	14.6		%
Ten-year annual return	13.5		%	12.1		%	11.9		%
Twenty-year annual return	11.0		%	10.5		%	10.2		%

(1) Yield reflects the applicable 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.

2025 compared to 2024

The 5% increase in net investment income in 2025 was primarily driven by higher interest income on fixed maturity securities due to a higher yield and higher average holdings. 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. Proceeds from our May 2024 senior debt offering, which had been held in short-term investments, were used to redeem our preferred shares in the second quarter of 2025 resulting in lower average holdings.

2024 compared to 2023

The 25% increase in net investment income in 2024 was primarily driven by higher interest income on fixed maturity securities due to a higher yield and higher average holdings, as well as higher yields on cash and short-term investments.

The following tables summarize the composition of our invested assets by segment. We 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. Invested assets and the associated net investment income at our other reportable segments are primarily attributable to our Financial segment. Markel Insurance has also provided loans to a corporate subsidiary to fund certain non-insurance acquisitions. We evaluate these loan receivables similarly to invested assets held by Markel Insurance.

10K - 50

Additionally, one of our corporate subsidiaries may, from time to time, provide loans to our operating businesses to fund strategic growth investments and projects. These intercompany loans are presented in the tables below but are eliminated in consolidation.


	December 31, 2025
(dollars in thousands)	Markel Insurance		Other Reportable Segments		Corporate		Total
Fixed maturity securities	$	17,184,810	$	371,994	$	241,182	$	17,797,986
Equity securities	10,859,200		—		2,145,112		13,004,312
Short-term investments	757,540		229,261		1,046,861		2,033,662
Cash and cash equivalents, including restricted	2,526,820		975,829		1,100,653		4,603,302
Invested assets	$	31,328,370	$	1,577,084	$	4,533,808	$	37,439,262

Intercompany loans receivable	$	728,000	$	—	$	269,176


	December 31, 2024
(dollars in thousands)	Markel Insurance		Other Reportable Segments		Corporate		Total
Fixed maturity securities	$	15,384,895	$	237,591	$	123,053	$	15,745,539
Equity securities	9,713,411		—		2,071,110		11,784,521
Short-term investments	840,248		273,832		1,410,830		2,524,910
Cash and cash equivalents, including restricted	2,568,733		613,222		1,010,293		4,192,248
Invested assets	$	28,507,287	$	1,124,645	$	4,615,286	$	34,247,218

Intercompany loans receivable	$	788,000	$	—	$	301,772

The following tables summarize our investing results by segment. Intercompany interest relates to interest on intercompany loans.


	Year Ended December 31, 2025
(dollars in thousands)	Markel Insurance		Other Reportable Segments		Corporate		Eliminations		Total
Interest:
Fixed maturity securities	$	590,307	$	8,369	$	5,843	$	—	$	604,519
Short-term investments	29,123		10,486		38,257		—		77,866
Cash and cash equivalents, including restricted	100,250		20,207		29,797		—		150,254
Intercompany loans receivable	28,895		—		19,580		(48,475)		—
Dividends on equity securities	138,773		—		17,396		—		156,169
Investment 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		Total
Interest:
Fixed maturity securities	$	498,196	$	7,192	$	4,656	$	—	$	510,044
Short-term investments	47,331		14,334		62,910		—		124,575
Cash and cash equivalents, including restricted	114,268		17,995		29,225		—		161,488
Intercompany loans receivable	27,711		—		19,972		(47,683)		—
Dividends on equity securities	125,322		—		17,045		—		142,367
Investment expenses	(14,921)		(180)		(2,877)		—		(17,978)
Net investment income	$	797,907	$	39,341	$	130,931	$	(47,683)	$	920,496
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MARKEL GROUP INC. 10-K