What Markel Group Inc. told the SEC could break it.

New/increased 2025 U.S. tariffs (some since invalidated by the Supreme Court) and retaliatory measures may raise input costs and reduce demand across Markel's Ventures industrial businesses (e.g., AMF, Buckner, Havco).

“In addition, beginning in 2025, the U.S. announced a series of new or increased tariffs on certain foreign imports, some of which were recently invalidated by the Supreme Court. These tariffs, and any additional duties, tariffs, and other trade barriers, and retaliatory countermeasures by other countries, may adversely affect the price and availability of goods for our businesses and the demand for our products and services.”

Markel is subject to multi-jurisdiction insurance solvency/market-conduct rules, OFAC/anti-corruption sanctions compliance, and SEC/CFTC/BMA regulation of its Nephila ILS business; violations could bring material penalties.

“We are subject to laws and regulations relating to economic and trade sanctions and bribery and corruption, the violation of which could have a material adverse effect on us. We are required to comply with the economic and trade sanctions and embargo programs administered by the U.S. Department of the Treasury's Office of Foreign Assets Control and similar multi-national bodies and governmental agencies worldwide, as well as applicable anti-corruption and anti-bribery laws and regulations of the U.S. and other jurisdictions where we operate.”

73% of 2025 underwriting gross premiums were attributed to risks or cedents located in the United States, concentrating underwriting exposure to U.S. catastrophe, legal and economic conditions.

“In 2025, 73% of gross premium writings from our global underwriting operations were attributed to risks or cedents located in the United States.”

Markel depends on a few brokers for a large share of premiums — its top five independent brokers wrote 37% of underwriting gross premiums in 2025 — so losing any one could materially reduce premium volume.

“We depend on a few brokers for a large portion of our premiums and the loss of business provided by any one of them could have a material adverse effect on us. We market our insurance products worldwide through brokers. For the year ended December 31, 2025, our top five independent brokers represented 37% of the gross premiums written by our underwriting operations.”