2021 Annual Report

Greetings

Several years ago, we laid out our aspirational goal to "Build one of the world's great companies." We defined that as a company driven by the idea and architecture of Win-Win-Win. We believe that if a company aspires to be great, the customers need to win, the employees need to win, and the shareholders need to win.

Customers win when we serve them. We provide something they want or need, and we do it in such a way that they end up better off because they did business with us.

Employees win because they can provide for their families and their communities. Our people win because they can continuously learn, be creative, and reach their full personal potential over time.

Shareholders win because when our customers and our employees win, the capital our shareholders provided us with to operate the business earns a fair and durable return.

We believe that this Win-Win-Win structure is the ultimate in sustainable business. We think it goes without saying that this ethos, which underlies and pervades Markel, sets an excellent standard when

Financial Highlights

viewed in the context of the current popular focus on ESG (Environmental, Social, and Governance) principles that should guide any business.

It seems to us that ESG phrasing is a set of new words for old things.

Good environmental, social, and governance principles have, and always will, describe Markel well.

We are not perfect, and we never will be. Principles are qualitative. They are the intangible but powerful ideas and beliefs that drive actions and behaviors.

They can never be precisely measured or metricized. Things like love, kindness, concern, and empathy for fellow human beings, are the most important things in the world but we don't believe there is a score for them. You either have these principles at the core of your existence or you do not.

We live and act them out every day. Exactly how they are lived and what specific actions take place may change over time as our knowledge and understanding increases. The principles though are unchanging and simply cannot be measured with precision. As always, we will continue to do our best to act in accord with our principles.

We cannot imagine operating our business in any other way.

We've believed in these timeless and valuable principles since the founding of this company in 1930 and we always will.

2021

In this year's report we will do our best to update you on what took place in 2021. We'll review the annual numbers since this is an annual financial report. But we'll also go beyond one-year time frames by providing you with five-year time buckets to get a longer term (and more meaningful) perspective. Finally, as we do each and every year, we'll provide you with a 21-year chart of data at the bottom of these pages that shows the results of our efforts over decades.

While numbers show quantifiable financial data, we also hope to share a sense of the qualitative side and the humanity of Markel. The story contains the secret as to how those lovely numbers came to be.

We hope to give you insight into how we think and act. More importantly, we hope that by the time you finish reading this report you'll share our optimism about the future. Our narrative describes a durable and sustainable approach. We are incredibly

optimistic about our ability to continue on this path of building one of the world's great companies. Thank you for being a part of this great adventure.

"Building one of the world's great companies" captures the essence of our dream. This is not a dream that takes place in the middle of the night only to be forgotten by sunrise. We live it each and every day.

We thank you as fellow customers, employees, and shareholders for being part of it.

A dream like this is fun. It is worthy, it is hard work, and it is joyful. It is not a common way that businesses describe themselves, it only happens over long periods of time, and it only matters if it helps other people.

Markel is more than the sum of the individual businesses that make up the holding company. Markel is an idea. Markel is a dream.

We're glad you're along for the ride. Let's keep going.

2021 Financial Results

We operate with the dual time horizon at Markel of, "Forever……and Right Now."