Markel Corporation An overview markelcorp com ForwardLooking Statements

Markel Corporation An overview markelcorp. com

Forward-Looking 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 1995. 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. 2 02162018

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. 3 02162018

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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 5 02162018

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 • Calgary, Canada • Montreal, Canada • Toronto, Canada • Vancouver, Canada 6 Europe • Barcelona, Spain • Dublin, Ireland • Madrid, Spain • Munich, Germany • Pierrefitte-en-Auge, France • Rotterdam, Netherlands • Stockholm, Sweden • Zurich, Switzerland Latin America • Bogotá, Colombia • Buenos Aires, Argentina • Rio de Janeiro, Brazil *Multiple offices in these locations United Kingdom • Birmingham, England • Brinkworth, England • Bristol, England • Leeds, England • London Metro* • Manchester, England • Reigate, England • Rugby, England • Sheffield, England United States • Atlanta Metro* • Austin, TX • Chicago Metro* • Dallas-Fort Worth Metro* • Denver Metro • Geneva, IL • • • • • Hartford, CT Hawley, PA Houston Metro Kansas City Las Vegas Metro Los Angeles Metro* Milwaukee Metro New York Metro Omaha, NE Providence, RI Red Bank, NJ San Antonio, TX San Diego Metro San Francisco Metro* Scottsdale, AZ Summit, NJ Tampa, FL Warrenton, VA 02162018

Organizational structure 7 02162018

Markel Corporation executive team Alan I. Kirshner Executive Chairman Thomas S. Gayner Co-Chief Executive Officer Anthony F. Markel Vice Chairman Richard R. Whitt, III Co-Chief Executive Officer Steven A. Markel Vice Chairman F. Michael Crowley Executive Consultant 8 02162018

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 02162018

Reporting segments Divisions Markel Global Insurance Markel Assurance Markel Specialty Markel International Markel Global Reinsurance Reporting segments US Insurance International Insurance Reinsurance 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 02162018

Financial comparisons: January 1 -December 31 2017 US insurance International insurance Reinsurance Consolidated Gross premium $2. 885 b $1. 256 b $1. 112 b $5. 507 b Earned premium $2. 364 b $949. 9 m $934. 1 m $4. 248 b Combined ratio 95% 104% 132% 105% 2016 US insurance International insurance Reinsurance Consolidated Gross premium $2. 635 b $1. 120 b $1. 041 b $4. 797 b Earned premium $2. 175 b $853. 5 m $836. 3 m $3. 866 b Combined ratio 93% 94% 87% 92% Other revenues 2017 2016 Change Manufacturing(Markel Ventures) $742. 6 m $784. 7 m -5. 4% Non-Manufacturing(Markel Ventures) $590. 7 m $429. 7 m +37. 5% Other $80. 0 m $93. 3 m -14. 3% 11 (includes investment management, program services, MGA operations, life and annuity, and other 02162018

Premium percentage by segment (as reported for Jan. 1 -Dec. 31) 12 02162018

Our place in the industry • 5 th largest excess and surplus lines insurer in the US (SNL Financial, April 2017) • Top 25 US liability insurers (National Association of Insurance Commissioners, March 2017) • #29 on A. M. Best’s top 75 North American public insurers (July 2017) • Ward’s Top 50 performing P&C insurers (July 2017) • #276 on Forbes’ list of America’s top companies (May 2017) • #460 on Fortune 500 (June 2017) 13 02162018

Recent insurance acquisitions • State National November 2017: An insurer focused on program services and lender services • Sure. Tec April 2017: A Houston-based privately-held surety company • CATCo December 2015: A Bermuda-based specialist investment management business 14 02162018

Recent non-insurance acquisitions • Costa Farms August 2017: The largest producer of ornamental plants in the world • Cap. Tech 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 02162018

Combined ratio: insurance operations 110% 105% 100% 97% 95% 92% 89% 90% 85% 80% 2013 2014 2015 2016 2017 Industry 96% 97% 98% 101% 104% 16 02162018

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 02162018

Underwriting and reserving • Underwriting approach – Open-minded – Disciplined – Knowledge of specific risks and industries • Reserving approach – “Better to be redundant than deficient. ” 18 02162018

Long-term growth in book value Book value ($b) / book value per share ($) $10 $684 +13% $9 $800 $700 $8 Book value ($b) $7 $500 $6 +11% $5 $400 $4 +10% $300 $3 $200 $2 +12% $100 $1 $0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 $0 Book value per share $600

Capital generation 1 Reinvestment in insurance operations • New products • New geographies Capital generated from: 2 • Industry hires • Acquisitions Public securities markets • Fixed income • Equities four investment lenses • Underwriting profits • Fixed income coupons • Equity investment returns 3 • Cash flows from industrial and service subsidiaries Privately held companies (Markel Ventures) • Permanent capital • Management independence • Strong balance sheets • Long-term orientation 4 Share repurchases • Impact per share performance 20 02162018

Types of insurance products we underwrite • Admitted • Excess and surplus lines • Reinsurance • Lloyd’s Syndicate 3000 21 02162018

Distribution channels • Direct-to-consumer (select products) • Retail agents (generalists) • Retail agents (specialists) • Wholesale, binding agents • Program administrators • Top 100 agencies 22 02162018

Financial strength formula • Consistent, long-term underwriting profits • Reserves more likely to be redundant than deficient • Investing success 23 02162018

Our insurance companies • Alterra America Insurance Company • City National Insurance Company • Markel Global Reinsurance Company • EC Insurance Company Limited • Markel Insurance Company • Essentia Insurance Company • Markel International Insurance Company Limited • Evanston Insurance Company • First. Comp Insurance Company • Markel Resseguradora do Brasil S. A. • Independent Specialty Insurance Company • National Specialty Insurance Company • State National Insurance Company • Lloyd’s Syndicate 3000 • Sure. Tec Indemnity Company • Markel American Insurance Company • Sure. Tec Insurance Company • Markel Bermuda Limited • United Specialty Insurance Company 24 02162018

Financial strength and credit ratings 25 02162018

Insurance divisions

Markel Assurance

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 28 02162018

Target risks • Construction • Health care • Energy and environmental • Financial institutions • Life sciences • Manufacturing • Real estate • Technology 29 02162018

Regional offices 30 02162018

Markel Assurance leadership team 31 Bryan Sanders President Alan Rodrigues Executive Underwriting Officer, Casualty Robin Russo Chief Underwriting Officer Jim Gray Executive Underwriting Officer, Professional Jeff Lamb Chief Operations Officer Jon Hahn Executive Underwriting Officer, Property Jim Arnold Chief Administrative Officer Glenn Harris Managing Director, Business Development Denise Perlman Senior Director, Business Development 02162018

Markel Specialty

Markel Specialty • Insurance solutions for both commercial customers and individuals • Coverages: – Workers compensation – Property and casualty – Personal lines – Accident • Markelinsurance. com 33 02162018

Production partners • Retail agents • Agents specializing in particular product lines • Program administrators • MGAs/MGUs • Affinity groups 34 02162018

Programs Commercial programs • Camps and youth recreation • Schools – private, charter, professional • Child care centers • Small business • Event planners • Special risk accident – groups, clubs, nonprofits • Health clubs • Horses and farms • Human services • Investment advisors • Medical transportation • Museums • Outdoor programs • Pest control • Program administrator business 35 • Sports and fitness • Student accident • Surety • Workers compensation Personal lines • Bicycles • Event cancellation • Motorcycles, ATVs, snowmobiles • Watercraft 02162018

Markel Specialty offices 36 02162018

Markel Specialty leadership Matt Parker President Stephen Leeret Managing Director Programs Chad Bertucci Managing Executive Markel Specialty Commercial Mary Pat Joyce Managing Executive Markel Carrier Alliance Don Faison Managing Executive-Marketing Markel Specialty Commercial Chris Reichert Managing Director Sales and Marketing Audrey Hanken Managing Executive Markel Specialty Personal Lines 37 02162018

Markel International

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 39 02162018

Markel International products • Accident and health • Environmental liability • Business interruption • Equine and livestock • Cargo • Contingency • Crime • Cyber liability • D&O, management liability • Employers’ liability • Employment law protection • Employment practices liability 40 • Ports and terminals • Professional indemnity/liability • Excess/umbrella liability • Property • Financial institutions • Property treaty • Fine arts reinsurance • General liability • Social welfare • Hull • Specie • Intellectual property • Terrorism • Italian liability/indemnity • Trade credit • Marine and energy • UK motor reinsurance • Marine liability • War • Media liability • Products liability 02162018

Markel International leadership William Stovin President Nick Line Chief Actuary Andy Davies Chief Operating Officer Jeremy Brazil Director of Underwriting Jeremy Noble Finance Director 41 02162018

Markel International offices 42 02162018

Reinsurance division

Markel Global Reinsurance

Markel Global Reinsurance • Provides traditional reinsurance products to the broker market – Treaty reinsurance – Facultative reinsurance • Writes reinsurance treaties – Quota share – Excess of loss 45 02162018

Markel Global Reinsurance products • Agriculture • Professional liability • Auto • Property • Aviation • Public entity • Environmental • Retro • Excess casualty • Surety • General liability • Terrorism • Marine and energy • Trade credit/political risk • Medical malpractice • Whole account • Mortgage • Whole turnover credit • Multi-line • Workers compensation 46 02162018

Markel Global Reinsurance leadership Jed Rhoads President and Chief Underwriting Officer, Global Reinsurance Don Bahr Senior Managing Director, Casualty Reinsurance Andrew Barnard Senior Managing Director, International Property Catastrophe and Retro Reinsurance Phil Freda Managing Director, Public Entity Reinsurance Steve Leitz Chief Administrative Officer Peta White Senior Managing Director, North American Property Tod Costikyan Senior Managing Director, Specialty Reinsurance 47 02162018

Global Re offices 48 02162018

ILS management

Markel CATCo

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 51 02162018

Non-insurance

Markel Ventures

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 54 02162018

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 55 02162018

Markel Ventures companies Manufacturing AMF Bakery Systems | VA Eagle Construction | VA Designer and manufacturer of high speed bakery equipment for the production of bread and buns Residential homebuilder and provider of diverse real estate services in Virginia Reading Bakery Systems | PA Park. Land Ventures | VA Designer and manufacturer of industrial baking systems for the production of cookies, crackers and other baked snacks Leading operator of manufactured housing communities throughout the US 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 56 Non-manufacturing Weldship | PA Designer and manufacturer of storage and transportation equipment used by the industrial and specialty gas industry Diamond Healthcare | VA National leader in the planning, development, and operation of behavioral health services Partner. MD | VA Provider of concierge medical and executive health programs Retail. Data | VA Delivers retail intelligence through customized competitive retail price checks Cap. Tech | VA National management consulting firm that bridges the gap between business and technology Costa Farms | FL Largest producer of ornamental plants in the world Markel|Eagle | VA Mid-Atlantic focused capital provider for opportunistic real estate projects 02162018

History

Highly confidential – not for distribution 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 1920 s-1950 s-1985 1986 -2000 -2012 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 noninsurance operations Adds reinsurance and global insurance (large accounts) capabilities 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 58 Essex Insurance Company Tony, Steve, and Alan organize opens - insures new specialized family members to consolidate property and casualty risks ownership Position as global specialty insurer established through Terra Nova acquisition Extends operations into Canada First Markel shares sold to public at $8. 33 per share Markel Ventures is founded; begins acquiring high quality companies outside the insurance sector Continue to expand number of unique insurance products Acquisition of Alterra provides entry into reinsurance and large accounts businesses Markel CATCo bolsters reinsurance platform with insurance-linked investments Acquisition of Sure. Tec provides entry into surety business Markel Ventures continues growth trend; >$1 bn in revenue in 2016

Corporate milestones 1930 Humble beginnings Sam Markel forms Mutual Casualty Association and establishes Mutual Casualty Company in Norfolk, VA to insure jitney buses. 1930 s A family business Sam Markel’s four sons, Lewis, Irvin, Stanley, and Milton, join the growing business, and Markel Service, Inc. is created. 59 02162018

Corporate milestones 1940 s Competitive advantages Markel Service, Inc. earns a national following and develops a reputation for industry-leading claims adjusting and safety engineering. 1980 Becoming an insurance carrier Essex Insurance Company is incorporated and licensed to write excess and surplus (E&S) lines business. 60 02162018

Corporate milestones 1986 Going public Markel listed on NASDAQ exchange. IPO offered at $8. 33 per share; market capitalization of nearly $15 million (USD). 1987 Growing the business Markel acquires four focused, wellpositioned companies to grow the business. 61 02162018

Corporate milestones 1997 Getting bigger Trading of Markel shares moves to the NYSE and market capitalization approaches $900 million (USD). 2000 Going global Markel acquires Terra Nova Holdings Ltd. (Bermuda) and gains entry to London markets. 62 02162018

Corporate milestones 2005 Introducing Markel Ventures is established. First acquisition is AMF Bakery Systems. 2009 Reorganizing with purpose Markel Wholesale launches regional model to get closer to customers. 2011 Markel Ventures continues to grow Top-line revenues from Markel Ventures increase by 89%. 63 02162018

Corporate milestones 2012 Finding new markets Markel Specialty grows by acquisition of First. Comp, THOMCO, and Essentia Insurance. 2013 Alterra, a natural fit Markel acquires Alterra Capital Holdings Limited (Bermuda). 64 02162018

Corporate milestones 2014 Adding Abbey Protection plc, a UK-based integrated specialist insurance and consultancy group was acquired in January. 2015 More acquisitions Markel acquired Bermuda-based CATCo, a specialist investment management business. Markel Ventures announces majority interest in Cap. Tech. 65 2016 Joining the Fortune 500 Markel joins the Fortune 500 at number 476 and celebrates 30 years as a public company. 02162018

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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 100 local, regional, national, and international charities. • Markel encourages associates to donate to charitable organizations and take advantage of Markel’s matching gift program. 67 02162018

Board of Directors Alan I. Kirshner Executive Chairman Anthony F. Markel Vice Chairman Steven A. Markel Vice Chairman Darrell D. Martin Retired Executive Vice President and Chief Financial Officer Markel Corporation Thomas S. Gayner Co-Chief Executive Officer Markel Corporation Michael O'Reilly Retired Vice Chairman The Chubb Corporation Richard R. Whitt, III Co-Chief Executive Officer Markel Corporation Michael J. Schewel General Counsel and Secretary Tredegar Corporation J. Alfred Broaddus, Jr. Private Investor Jay M. Weinberg Chairman Emeritus Hirschler Fleischer, a professional corporation K. Bruce Connell Retired Executive Vice President XL Group plc Stewart M. Kasen Retired President and Chief Executive Officer S&K Famous Brands, Inc. 68 Lemuel E. Lewis Retired Executive Vice President and Chief Financial Officer Landmark Communications, Inc. Debora J. Wilson Former President and Chief Executive Officer The Weather Channel 02162018

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 69 02162018