Markel Group Inc. (NYSE: MKL)

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 and 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. The Company supports each business by empowering leaders to make the best long-term decisions for their businesses.

Markel Group generates revenue through its operating segments, which include insurance underwriting, investment income, and the sale of products and services from its industrial, financial, and consumer-oriented businesses. Markel Insurance generates income primarily through its core underwriting activities and by investing the capital held in its underwriting subsidiaries. The Industrial segment earns revenue from the manufacturing and distribution of products such as precast concrete, industrial bakery equipment, over-the-road car-hauling equipment, and exterior building products. The Financial segment derives revenue from fronting services, investment management, and insurance-linked securities. The Consumer and Other segment earns revenue from the production of ornamental plants, information technology consulting, homebuilding, luxury handbags, and other consumer-focused services.

The company operates through the following segments: Markel Insurance, Industrial, Financial, and Consumer and Other.

• Markel Insurance: This segment provides specialized insurance products that are not typically available through the standard insurance market. It includes divisions such as U. S. Wholesale and Specialty, Program and Solutions, International, and Global Reinsurance. The segment generated $9.353 billion in operating revenues in 2025.

• Industrial: This segment includes businesses such as Lansing Building Products, Metromont, VSC Fire & Security, Cottrell, AMF Bakery Systems, Buckner HeavyLift Cranes, Havco, Reading Bakery Systems, Valor Environmental, Ellicott Dredges, Weldship, and Panel Specialists. These businesses operate in markets including residential construction, precast concrete, fire and life safety, car-hauling equipment, industrial bakery equipment, heavylift crawler cranes, laminated flooring, bakery equipment for the snack food industry, erosion control, dredging, gas containment, and wall panel systems. The segment generated $3.928 billion in operating revenues in 2025.

• Financial: This segment includes State National, Nephila, Rosemont Investment Group, a minority investment in Velocity Holdco LLC, and the run-off operations of LodgePine Capital Investment Management, Markel CATCo Investment Management Ltd., and Markel CATCo Re Ltd. State National provides fronting services and automobile collateral protection coverage. Nephila provides insurance-linked securities investment and insurance management services. The segment generated $737.0 million in operating revenues in 2025.

• Consumer and Other: This segment includes Costa Farms, CapTech, Eagle Construction of Virginia, Brahmin, Parkland Ventures, Educational Partners International, RDSolutions, and PartnerMD. Costa Farms is a producer of ornamental plants ranked #1 on Greenhouse Grower's Top 100 Growers list for 2025. CapTech is an information technology consulting firm. Eagle Construction of Virginia is a homebuilder serving the Virginia marketplace. Brahmin is a designer of leather handbags and accessories. The segment generated $1.383 billion in operating revenues in 2025.

Markel Insurance holds a strong position in the specialty insurance market, competing on service, distribution, expertise, capacity, product innovation, coverage limits, and financial strength ratings rather than price alone. The Company's insurance subsidiaries are assigned financial strength ratings from agencies including A. M. Best Company, Standard & Poor's, and Moody's. Markel Insurance's underwriting discipline and long-term investment approach have enabled it to earn underwriting profits in eighteen of the last twenty years. The Industrial segment benefits from diversified end markets and decentralized leadership, allowing each business to adapt quickly to serve its customers. The Financial segment leverages Markel Group's capital allocation expertise to grow its investment management and insurance-linked securities businesses. The Consumer and Other segment includes market-leading businesses such as Costa Farms in ornamental plants and Brahmin in luxury handbags.

Markel Insurance serves customers across most industry classes, including construction, life sciences, energy, medical, healthcare, pharmaceutical, professional services, social welfare, recreational, transportation, manufacturing, real estate, and hospitality. State National serves capacity providers such as domestic and foreign insurers and institutional risk investors seeking access to specific lines of U. S. property and casualty insurance business. Lansing Building Products serves professional contractors and builders in the U. S. residential construction market. Metromont serves general contractors in the Southeast and Mid-Atlantic regions. VSC Fire & Security serves general contractors and commercial clients. Cottrell serves large commercial fleets, dealers, and independent car haulers. AMF Bakery Systems serves industrial bakers across the globe. Buckner HeavyLift Cranes serves large commercial contractors in wind energy, data center, semiconductor, nuclear energy, infrastructure, and space markets. Havco serves dry van trailer original equipment manufacturers. Costa Farms serves large, national retailers. CapTech serves customers across industries including financial services, sports and entertainment, healthcare, and energy. Eagle Construction of Virginia serves the Virginia marketplace. Brahmin sells through its own retail stores, department stores, and online channels. PartnerMD serves individuals seeking concierge healthcare membership.