Markel Group

Despite the headwinds of challenging economic, regulatory, and other conditions, the Industrials segment produced attractive returns on capital and, after providing for all their capital expenditures and working capital needs, sent dividends of $145 million up to the holding company.

SEC original ↗Markel Group — Earnings release (8-K exhibit)EX-99Feb 26, 2026

In the interim, we seek to use the cash flows the businesses produce to repurchase Markel Group shares, make public equity investments, or acquire other attractive insurance or non-insurance businesses.

SEC original ↗Markel Group — Earnings release (8-K exhibit)EX-99Feb 26, 2026

Additionally, we continued our ongoing share repurchase program by buying 223,000 shares at an average cost of $1,894 per share during the year.

SEC original ↗Markel Group — Earnings release (8-K exhibit)EX-99Feb 26, 2026

To restate those parts, we (1) invest in businesses with good returns on capital that use minimal debt, with (2) management teams with equal measures of talent and integrity, with (3) the opportunity to reinvest in their businesses and or capital discipline as evidenced by successful acquisitions, dividends, or share repurchases, and (4) pay fair prices.

SEC original ↗Markel Group — Earnings release (8-K exhibit)EX-99Feb 26, 2026

We don t lever up these businesses with debt, given that that could create short-term pressures to generate cash at inopportune times.

SEC original ↗Markel Group — Earnings release (8-K exhibit)EX-99Feb 26, 2026

There should also be special mention for Christian Stobbs who moved from his Asia Pacific role to become the strategy leader for Markel Insurance overall and has had a significant role in the transformation of the insurance business.

SEC original ↗Markel Group — Earnings release (8-K exhibit)EX-99Feb 26, 2026

Matt and team remain focused on maintaining long-term profitability and conservatism in that operation.

SEC original ↗Markel Group — Earnings release (8-K exhibit)EX-99Feb 26, 2026

Within the construct and design of the Markel Group, this is an excellent example of how our strategy and architecture combine to produce excellent returns to our shareholders over time.

SEC original ↗Markel Group — Earnings release (8-K exhibit)EX-99Feb 26, 2026

While the wind down of our reinsurance business will reduce total revenues and create temporary headwinds for our expense ratio, it should improve the Markel Insurance combined ratio and return on equity, all other things constant.

SEC original ↗Markel Group — Earnings release (8-K exhibit)EX-99Feb 26, 2026

Despite the headwinds of challenging economic, regulatory, and other conditions, the Industrials segment produced attractive returns on capital and, after providing for all their capital expenditures and working capital needs, sent dividends of $145 million up to the holding company.

SEC original ↗Markel Group — Earnings release (8-K exhibit)EX-99Feb 26, 2026

All of us face various challenges in our lives each of us responds to those challenges in different ways.

SEC original ↗Markel Group — Earnings release (8-K exhibit)EX-99Feb 26, 2026

I can only hope and pray that I would respond to life s challenges in the way I ve seen Debra do so.

SEC original ↗Markel Group — Earnings release (8-K exhibit)EX-99Feb 26, 2026

More importantly, those results were achieved against a backdrop of unexpected challenges.

SEC original ↗Markel Group — Earnings release (8-K exhibit)EX-99Feb 26, 2026

I stand in slack-jawed amazement of what she and her team accomplished in the wake of inconceivable challenges, and I hope you share my gratitude and amazement.

SEC original ↗Markel Group — Earnings release (8-K exhibit)EX-99Feb 26, 2026