1. Markel Corporation An overview
markelcorp.com

2. Forward-Looking Statements Statements in this presentation which are not statements of historical fact are “forward-looking statements” within the Safe Harbor provision of the Private Securities Litigation Reform Act of Such statements are not guarantees of future performance. Many factors could cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward looking-statements. These factors are discussed in detail in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and in our other filings with the SEC. We make forward-looking statements based on currently available information, and we assume no obligation to update the statements made today or contained in our Annual Report or other filings due to changes in underlying factors, new information, future developments, or otherwise, except as required by law. Third Party Information This presentation, including certain forward-looking statements herein, include information obtained from third party sources that we believe to be reliable. However, we have not independently verified this third party information and cannot assure you of its accuracy or completeness. While we are not aware of any misstatements regarding any third party data contained in this presentation, such data involve risks and uncertainties and are subject to change based on various factors, including those discussed in detail in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and in our other filings with the SEC. We assume no obligation to revise or update this third party information to reflect future events or circumstances.

3. The Markel Style
Markel has a commitment to Success. We believe in hard work and a zealous pursuit of excellence while keeping a sense of humor. Our creed is honesty and fairness in all our dealings. The Markel way is to seek to be a market leader in each of our pursuits. We seek to know our customers' needs and to provide our customers with quality products and service. Our pledge to our shareholders is that we will build the financial value of our company. We respect our relationship with our suppliers and have a commitment to our communities. We are encouraged to look for a better way to do things…to challenge management. We have the ability to make decisions or alter a course quickly. The Markel approach is one of spontaneity and flexibility. This requires a respect for authority but a disdain of bureaucracy. At Markel we hold the individual's right to self-determination in the highest light, providing an atmosphere in which people can reach their personal potential. Being results-oriented, we are willing to put aside individual concerns in the spirit of teamwork to achieve success. Above all, we enjoy what we are doing. There is excitement at Markel, one that comes from innovating, creating, striving for a better way, sharing success with others…winning.

5. About Markel Corporation
Diverse financial holding company for insurance and investment operations
Trades on the New York Stock Exchange: MKL
Headquartered in Richmond, Virginia
Founded in 1930
Covers standard and hard-to-place insurance and reinsurance risks, and maintains underwriting platforms in Bermuda and at Lloyd’s of London (Syndicate 3000)
Makes strategic investments in companies outside of the insurance industry; these investments are known collectively as Markel Ventures

6. Markel offices around the world
Headquarters
Richmond, VA
Asia Pacific
Dubai, UAE
Hong Kong
Kuala Lumpur, Malaysia
Labuan, Malaysia
Mumbai, India
Singapore
Tokyo, Japan
Bermuda
Hamilton, Bermuda*
Canada
Montreal, Canada
Toronto, Canada
Vancouver, Canada
Europe
Barcelona, Spain
Dublin, Ireland
Madrid, Spain
Munich, Germany
Pierrefitte-en-Auge, France
Rotterdam, Netherlands
Zürich, Switzerland
Latin America
Bogotá, Colombia
Buenos Aires, Argentina
Rio de Janeiro, Brazil
São Paulo, Brazil
*Multiple offices in these locations
United Kingdom
Birmingham, England
Brinkworth, England
Bristol, England
Leeds, England
London, England*
Manchester, England
Reigate, England
Rugby, England
Sheffield, England
United States
Atlanta, GA*
Austin, TX
Chicago, IL*
Dallas-Fort Worth, TX*
Denver, CO
Geneva, IL
Hartford, CT
Hawley, PA
Houston, TX
Kansas City, KA
Las Vegas, NV
Los Angeles, CA*
Milwaukee, WI
New York, NY
Omaha, NE
Providence, RI
Red Bank, NJ
San Antonio, TX
San Diego, CA
San Francisco, CA*
Scottsdale, AZ
Summit, NJ
Tampa, FL
Warrenton, VA

7. Organizational structure

8. Year-end financial highlights
2017
2016
2015
Total revenues
$6,061,659
$5,612,026
$5,369,983
Gross written premium
$5,253,107
$4,796,645
$4,632,912
Net income from other sources
$1,333,280
$1,214,449
$1,047,516
Comprehensive income to shareholders
$1,174,974
$667,047
$232,723
Shareholders’ equity
$9,504,148
$8,460,927
$7,834,150
Book value per common share outstanding
$683.55
$606.30
$561.23
Combined ratio (US GAAP)
105%
92%
89%
Total assets
$32,805,016
$25,875,299
$24,941,271
Dollars in thousands, except per share amounts (USD)

9. Reporting segments Reporting segments Divisions
US Insurance
International Insurance
Reinsurance
Markel Global Insurance
Markel Assurance
Markel Specialty
Markel International
Markel Global Reinsurance
Markel Global Insurance
Results for lines of business discontinued prior to, or in conjunction with, acquisitions will continue to be reported as the Other Insurance (Discontinued Lines) segment.

10. Underwriting operations: Jan 1-June 30
2018
Insurance
Reinsurance
Consolidated
Gross premium
$2.327 b
$701.1 m
$3.028 b
Earned premium
$1.821 m
$477.6 m
$2.299 b
Combined ratio
90%
94%
91%
Other revenues
2018
Markel Ventures
$970.8 m
Program services
$44.8 m
Markel CATCo
$34.7 m
Total other revenues
$1.049 b

11. Gross premium distribution (as reported for Jan 1-June 30)

12. Our place in the industry
2nd largest excess and surplus lines insurer in the US (SNL Financial, April 2018)
Top 25 US liability insurers (National Association of Insurance Commissioners, March 2018)
#38 on A.M. Best’s top 75 North American public insurers (July 2018)
Ward’s Top 50 performing P&C insurers (July 2018)
#295 on Forbes’ list of America’s top companies (June 2018)
#464 on Fortune (May 2018)

13. Recent insurance acquisitions
State National November 2017: An insurer focused on program services and lender services
SureTec April 2017: A Houston-based privately-held surety company
CATCo December 2015: A Bermuda-based specialist investment management business

14. Recent non-insurance acquisitions
Costa Farms August 2017: The largest producer of ornamental plants in the world
CapTech December 2015: A national management consulting firm that helps bridge the gap between business and technology
Vanderpol and Den Boer
August 2014: Designers and manufacturers of waffle baking equipment; now part of Tromp Group
Cottrell July 2014: Designer and manufacturer of over-the-road automobile transport equipment

15. Combined ratio: insurance operations
Industry % % % % %

16. Capital management
Markel’s philosophy is to maintain more than adequate capital in the insurance subsidiaries, and pay dividends to the holding company each year
Provides the flexibility to deploy capital where needed
We seek to maintain:
RBC scores of at least 300% in each of our US subsidiaries
Best’s Capital Adequacy Ratio (BCAR) scores to support each subsidiary’s technical rating

17. Underwriting and reserving
Underwriting approach
Open-minded
Disciplined
Knowledge of specific risks and industries
Reserving approach
“Better to be redundant than deficient.”

18. Long-term growth in book value
Book value ($b) / book value per share ($)
$ %
+11%
+10%
+12%

19. Capital generation Reinvestment in insurance operations
Capital generated from:
Underwriting profits
Fixed income coupons
Equity investment returns
Cash flows from industrial and service subsidiaries
Reinvestment in insurance operations
New products
New geographies
Public securities markets
Fixed income
Equities  four investment lenses
Privately held companies (Markel Ventures)
Permanent capital
Strong balance sheets
Share repurchases
Impact per share performance 4 3 2 1
Management independence
Long-term orientation
Industry hires
Acquisitions

20. Types of insurance products we underwrite
Admitted
Excess and surplus lines
Reinsurance
Lloyd’s Syndicate 3000

21. Distribution channels
Direct-to-consumer (select products)
Retail agents (generalists)
Retail agents (specialists)
Wholesale, binding agents
Program administrators
Top 100 agencies

22. Financial strength formula
Consistent, long-term underwriting profits
Reserves more likely to be redundant than deficient
Investing success

23. Our insurance companies
Alterra America Insurance Company
Markel Global Reinsurance Company
City National Insurance Company
Markel Insurance Company
EC Insurance Company Limited
Markel International Insurance Company Limited
Essentia Insurance Company
Markel Insurance SE
Evanston Insurance Company
Markel Resseguradora do Brasil S.A.
FirstComp Insurance Company
National Specialty Insurance Company
Independent Specialty Insurance Company
State National Insurance Company
Lloyd’s Syndicate 3000
SureTec Indemnity Company
Markel American Insurance Company
SureTec Insurance Company
Markel Bermuda Limited
United Specialty Insurance Company

24. Financial strength and credit ratings

25. Insurance divisions

26. Markel Assurance

27. Markel Assurance
Formed in 2018 by merging the Global Insurance and Wholesale divisions
Production channels include both wholesale and retail
Three product lines – casualty, professional liability, and property/marine
*Markel West, Inc. operates in California as Markel West Insurance Services, a California licensed surplus lines broker, license No. 0D95581.

28. Target risks Construction Health care Energy and environmental
Financial institutions
Life sciences
Manufacturing
Real estate
Technology

29. Regional offices

30. Markel Specialty

31. Markel Specialty
Insurance solutions for both commercial customers and individuals
Coverages:
Small business protection – workers compensation, businessowners policy (BOP), and other specialized protection
Property and casualty
Professional liability coverages
Accident medical
Surety bonds
Markelinsurance.com

32. Production partners Retail agents
Agents specializing in particular product lines
Program administrators
MGAs/MGUs
Affinity groups

33. Programs Small business packages Commercial industry specializations
Medical services – hospital fleets and ambulances
Available for most small business classes. Coverages include workers compensation, general liability, property, businessowners policy (BOP), and miscellaneous E&O.
Program Administrators
Sports and fitness – health clubs, personal trainers, cheer gyms, gymnastics, dance, martial arts
Commercial industry specializations
Winery and vineyards
Child development and recreation – camps, educational services, youth recreation, child care
Personal
Special property – E&S, renters, manufactured home
Commercial and residential services – lawn care, pest control, artisan contractors
Pet insurance
Community services – civic organizations, emergency relief services, environmental organizations
Marine – boats, yachts, and personal watercraft
Farm property and liability
Powersports – motorcycle, ATV, bicycle
Hunting and fishing
Event liability and cancellation

34. Markel Specialty offices

35. Markel International

36. Markel International
Writes insurance and reinsurance business through offices across the UK, Europe, Canada, Latin America, and Asia Pacific
Insuring entities: Syndicate 3000, Markel International Insurance Company Limited, and Markel Resseguradora do Brasil S.A.
Units: Specialty property, casualty, professional liability, equine, terrorism, marine, energy, and trade credit insurance on both a direct and reinsurance basis and manages Markel Syndicate 3000 at Lloyd’s.
Markelinternational.com

37. Markel International products
Accident and health
Environmental liability
Ports and terminals
Business interruption
Equine and livestock
Professional indemnity/liability
Cargo
Excess/umbrella liability
Property
Contingency
Financial institutions
Property treaty reinsurance
Crime
Fine arts
Cyber liability
General liability
Social welfare
D&O, management liability
Hull
Specie
Intellectual property
Terrorism
Employers’ liability
Italian liability/indemnity
Trade credit
Employment law protection
Marine and energy
UK motor reinsurance
Marine liability
Employment practices liability
War
Media liability
Products liability

38. Markel International offices

39. Reinsurance division

40. Markel Global Reinsurance

41. Markel Global Reinsurance
Provides traditional reinsurance products to the broker market
Treaty reinsurance
Facultative reinsurance
Writes reinsurance treaties
Quota share
Excess of loss

42. Markel Global Reinsurance products
Accident and health
Professional liability
Agriculture
Property
Auto
Public entity
Aviation
Retro
Environmental
Surety
Excess casualty
Terrorism
General liability
Trade credit/political risk
Marine and energy
Whole account
Medical malpractice
Whole turnover credit
Mortgage
Workers compensation
Multi-line

43. Global Re offices

44. ILS management

45. Markel CATCo

46. Markel CATCo
A specialist investment management business, based in Hamilton, Bermuda
Manages retrocessional and traditional reinsurance portfolios on behalf of financial institutions, charities, pension funds, family offices, and investment funds
Authorized and regulated by the Bermuda Monetary Authority
Markelcatco.com

47. State National Companies

48. State National
Leading, specialty provider of property and casualty insurance operating in two niche markets across the United States
27+-year track record of profitability
Headquartered in Bedford, Texas; 450 employees
Statenational.com

49. Non-insurance

50. Markel Ventures

51. Markel Ventures Markel’s non-insurance operations
Acquire majority control of companies outside of the insurance industry using “permanent capital”
Portfolio includes companies in the manufacturing, health care, and business/financial services sectors
Markelventures.com

52. Markel Ventures investment criteria
Acquisitions are for the long-term and financed with little or no debt.
Look to invest permanent capital in businesses that meet the following criteria:
Profitable businesses with good returns on capital
Management teams with talent and integrity
Reinvestment opportunities
Reasonable price

53. Markel Ventures companies
Manufacturing
AMF Bakery Systems | VA
Designer and manufacturer of high speed bakery equipment for the production of bread and buns
Reading Bakery Systems | PA
Designer and manufacturer of industrial baking systems for the production of cookies, crackers and other baked snacks
Tromp Group| Netherlands
Designer and manufacturer of baking equipment and sheeting lines for pizza, pastry, pie, waffle, and other specialty bread
Solbern | NJ
Designer and manufacturer of processing equipment including direct fillers for food products
Cottrell | GA Designer and manufacturer of over-the-road automobile transport equipment
Ellicott Dredges | MD
Designer and manufacturer of portable dredges for governments, contractors, miners and marine operators
Havco Wood Products | MO
Provider of laminated oak and composite wood flooring to the truck trailer and intermodal container industry
Panel Specialists | TX
Manufacturer of dorm furniture, wall systems, medical casework and marine panels
Weldship | PA
Designer and manufacturer of storage and transportation equipment used by the industrial and specialty gas industry

54. Markel Ventures companies
Non-manufacturing
Eagle Construction | VA
Residential homebuilder and provider of diverse real estate services in Virginia
ParkLand Ventures | VA
Leading operator of manufactured housing communities throughout the US
RetailData | VA
Delivers retail intelligence through customized competitive retail price checks
CapTech | VA
National management consulting firm that bridges the gap between business and technology
Diamond Healthcare | VA
National leader in the planning, development, and operation of behavioral health services
PartnerMD | VA
Provider of concierge medical and executive health programs
Costa Farms | FL
Largest producer of ornamental plants in the world
Markel|Eagle | VA
Mid-Atlantic focused capital provider for opportunistic real estate projects
Rosemont Investment Group | PA
Specialist investor focusing exclusively on making investments in asset and wealth management companies
BRAHMIN | MA
Creator of fashion leather handbags with significant wholesale distribution and a rapidly growing direct-to-consumer business
Markel Confidential

55. Corporate history

56. A century of transformation
Over the course of 87 years in business, Markel successfully transformed from a small insurance broker to a global diversified financial holding company
1920s-1950s
1950s-1985
2013-today
Humble
beginnings
Building the business
A lasting enterprise
Finding new markets
Continued growth
Sam Markel starts
Markel
Leverages expertise in insuring unique risks to expand into new products
Third generation of Markel family at the helm; public offering to fund growth
Expansion into global insurance markets and non-insurance operations
Adds reinsurance and global insurance (large accounts) capabilities
Acquisition of Alterra provides entry into reinsurance and large accounts businesses
Markel CATCo bolsters reinsurance platform with insurance-linked investments
Acquisition of SureTec provides entry into surety business
Markel Ventures continues growth trend; >$1bn in revenue in 2016
Organizes jitney bus operators and starts a small transportation insurance company in Norfolk, VA
Company expands as the automobile and trucking industry thrives in the US
Essex Insurance Company opens - insures new specialized property and casualty risks
Extends operations into Canada
Tony, Steve, and Alan organize family members to consolidate ownership
First Markel shares sold to public at $8.33 per share
Continue to expand number of unique insurance products
Position as global specialty insurer established through Terra Nova acquisition
Markel Ventures is founded; begins acquiring high quality companies outside the insurance sector

57. Corporate milestones
1930 Humble beginnings Sam Markel forms Mutual Casualty Association and establishes Mutual Casualty Company in Norfolk, VA to insure jitney buses. 1930s A family business Sam Markel’s four sons, Lewis, Irvin, Stanley, and Milton, join the growing business, and Markel Service, Inc. is created.

58. Corporate milestones
1940s Competitive advantages Markel Service, Inc. earns a national following and develops a reputation for industry-leading claims adjusting and safety engineering Becoming an insurance carrier Essex Insurance Company is incorporated and licensed to write excess and surplus (E&S) lines business.

59. Corporate milestones
1986 Going public Markel listed on NASDAQ exchange. IPO offered at $8.33 per share; market capitalization of nearly $15 million (USD) Growing the business Markel acquires four focused, well- positioned companies to grow the business.

60. Corporate milestones
1997 Getting bigger Trading of Markel shares moves to the NYSE and market capitalization approaches $900 million (USD) Going global Markel acquires Terra Nova Holdings Ltd. (Bermuda) and gains entry to London markets.

61. Corporate milestones
2005 Introducing Markel Ventures Markel Ventures is established. First acquisition is AMF Bakery Systems Reorganizing with purpose Markel Wholesale launches regional model to get closer to customers Markel Ventures continues to grow Top-line revenues from Markel Ventures increase by 89%.

62. Corporate milestones
2012 Finding new markets Markel Specialty grows by acquisition of FirstComp, THOMCO, and Essentia Insurance Alterra, a natural fit Markel acquires Alterra Capital Holdings Limited (Bermuda) Adding Abbey Abbey Protection plc, a UK-based integrated specialist insurance and consultancy group was acquired in January.

63. Corporate milestones
2015 More acquisitions Markel acquired Bermuda-based CATCo, a specialist investment management business. Markel Ventures announces majority interest in CapTech Joining the Fortune 500 Markel joins the Fortune 500 at number 476 and celebrates 30 years as a public company Growing the family Markel acquired SureTec Financial Corp, Costa Farms, and State National Companies.

64. Markel Confidential

65. Community involvement
Successful companies are by definition good corporate citizens.
Markel's associates are generous with both their time and money.
The company is supportive of their efforts on behalf of more than local, regional, national, and international charities.
Markel encourages associates to donate to charitable organizations and take advantage of Markel’s matching gift program.

66. Learn more about Markel
Learn about Markel’s products, history, corporate highlights, and more:
Markelcorp.com
Markelinsurance.com
Markelinternational.com
Facebook.com/markelcorp
Linkedin.com/company/markel-corporation