MKL · 10-K filed 26 Feb 2026 · year to 31 Dec 2025

Markel Group

33 named things its latest annual report says its results depend on, each in the company's own words. 16 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Top five independent insurance brokers

concentrated in · 37% of the gross premiums writtennamed as a risk

For the year ended December 31, 2025, our top five independent brokers represented 37% of the gross premiums written by our underwriting operations.Risk factors (Item 1A)

Partners and platforms

Reinsurance recoverables (underwriting ten largest reinsurers)

depends on · $3.7 billion at December 31, 2025, representing 63% of the $5.8 billion total reinsurance recoverablesnamed as a risk

Within our underwriting operations, our reinsurance recoverables balance for the ten largest reinsurers, by group, was $3.7 billion at December 31, 2025, representing 63% of the $5.8 billion total reinsurance recoverables, before considering allowances for credit losses.Market risk (Item 7A)

State National fronting capacity providers

depends on · $5.5 billion at December 31, 2025, representing 63% of the $8.8 billion total reinsurance recoverablesnamed as a risk

Within State National's program services operations, our reinsurance recoverables balance for the ten largest reinsurers, by group, was $5.5 billion at December 31, 2025, representing 63% of the $8.8 billion total reinsurance recoverables, before considering allowances for credit losses.Market risk (Item 7A)

Longtail Re Ltd.

insures or lends tonamed as a risk

The largest reinsurer, Longtail Re Ltd., is not rated; however, collateral held exceeded the related reinsurance recoverable as of December 31, 2025;Market risk (Item 7A)

Hagerty Reinsurance Limited

depends onnamed as a risk

The remaining reinsurer, Hagerty Reinsurance Limited, which is a related party, is not rated; however, collateral held exceeded the related reinsurance recoverable as of December 31, 2025.Market risk (Item 7A)

Lloyd's of London

operates in

Markel Capital is the corporate capital provider for Markel Syndicate 3000 (Syndicate 3000), which is our platform to write business globally through Lloyds of London.Business (Item 1)

Also named by AJG, BRO, CB, CINF, CNA, HIG, L, VRSK and 1 more

Hagerty, Inc.

earns from

Beginning on January 1, 2026, our U.S. classic car business, written on behalf of Hagerty, Inc., transitioned from being an underwriting product to a fronting arrangement.Business (Item 1)

Nephila Reinsurers

earns from

Through its Bermuda platform, the Programs and Solutions division also fronts business for Nephila Reinsurers (see note 18 of the notes to consolidated financial statements under Item 8).Business (Item 1)

Evanston Insurance Company

operates in

Our E&S business is written on Evanston Insurance Company, an Illinois domiciled E&S carrier licensed to do business in all 50 states and the District of Columbia.Business (Item 1)

Other companies

Berkshire Hathaway Inc.

exposed to its price · $1.6 billion investmentnamed as a risk

Investments in the property and casualty insurance industry represented $2.3 billion, or 17%, of our equity portfolio at December 31, 2025 and included a $1.6 billion investment in the common stock of Berkshire Hathaway Inc., a company whose subsidiaries engage in a number of diverse business activities in addition to insurance.Market risk (Item 7A)

Also named by KHC

Equity securities portfolio

exposed to its price · 70% of our shareholders' equitynamed as a risk

Equity securities were 70% of our shareholders' equity at December 31, 2025.Risk factors (Item 1A)

Ten largest equity holdings

concentrated in · $5.9 billion, or 45%, of the equity portfolionamed as a risk

At December 31, 2025, our ten largest equity holdings represented $5.9 billion, or 45%, of the equity portfolio.Market risk (Item 7A)

Global Reinsurance division run-off

$1.0 billion and $1.2 billionnamed as a risk

The Global Reinsurance division's gross premium volume in 2025 and 2024 was $1.0 billion and $1.2 billion, respectively.Business (Item 1)

Life and annuity reinsurance run-off

insures or lends to · $581.6 millionnamed as a risk

As of December 31, 2025, our reserves for life and annuity benefits totaled $581.6 million.Risk factors (Item 1A)

A.M. Best Company

subject tonamed as a risk

Our insurance subsidiaries are assigned financial strength ratings from one or more rating agencies, including A.M. Best Company, Standard & Poor's, and Moody's.Business (Item 1)

Places

United States

concentrated in · 73% of gross premium writings

In 2025, 73% of gross premium writings from our global underwriting operations were attributed to risks or cedents located in the United States.Business (Item 1)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

Georgia

concentrated in

Cottrell products are manufactured at a single facility in Georgia.Business (Item 1)

Also named by ABR, ACHR, AXP, BRO, CNC, ELV, IMKTA, MLM and 7 more

U.S. residential construction market

earns from

Lansing's demand is driven by residential repair and remodel activity, as well as new home construction.Business (Item 1)

Also named by CSL, FERG

Hazards

Earthquakes

insures or lends tonamed as a risk

Catastrophe-exposed property risks can present higher severity than more standard property risks due to the impacts from earthquakes and severe weather events such as hurricanes, convective storms, and wildfires.Business (Item 1)

Also named by AAPL, AMKR, AN, ANET, APP, BRO, CDNS, CEG and 37 more

Russia-Ukraine conflict

insures or lends tonamed as a risk

Within our underwriting operations, we may have insurance contracts with exposure to losses attributed or corollary to a conflict, such as losses related to our coverage of ships, cargo, trade credit and inventory.Risk factors (Item 1A)

Also named by ABT, ADM, ARWR, CAG, CDRE, DOW, EMN, FDX and 14 more

Hurricanes and windstorms

insures or lends tonamed as a risk

Our property coverages are exposed to windstorm losses that, based on the seasonal nature of those events, are more likely to occur in the third and fourth quarters of the year.Business (Item 1)

Commodities and inputs

Euro and British Pound Sterling

exposed to its price · 90%named as a risk

At those dates, the largest foreign currency denominated balances within both our invested assets and reserves for unpaid losses and loss adjustment expenses and life and annuity benefits were the Euro and British Pound Sterling.Market risk (Item 7A)

Regulators

Office of Foreign Assets Control (OFAC)

subject tonamed as a risk

In some cases, we must comply with many new economic, financial, and trade sanctions that are imposed over a short period of time, as occurred with the conflict between Russia and Ukraine.Risk factors (Item 1A)

Also named by ABNB, ADP, AIG, APP, BMI, BMNR, BPOP, CAT and 46 more

U.S. Securities and Exchange Commission (Investment Advisers Act of 1940)

subject to

registered with the SEC as an investment adviser under the Investment Advisers Act of 1940;Business (Item 1)

Also named by AB, ADSK, AMG, AMP, ARCC, ARES, BAM, BCSF and 44 more

Bermuda Monetary Authority

subject to

The insurance industry in Bermuda, including our Bermuda-domiciled insurance company, is regulated by the Bermuda Monetary Authority (BMA).Business (Item 1)

Also named by AFL, AIG, APO, ARES, CAT, CB, CG, COIN and 8 more

BaFin

subject to

We are also subject to regulation by the Federal Financial Supervisory Authority, better known by its abbreviation BaFin, in respect of our German insurance company.Business (Item 1)

Also named by BR, EVR, MSCI, RJF

Illinois Department of Insurance

subject to

The Illinois Department of Insurance has been designated as our group-wide supervisor.Business (Item 1)

Also named by CNA, L, RLI

Prudential Regulation Authority and Financial Conduct Authority (U.K.)

subject to

We are subject to regulation by the Prudential Regulatory Authority and Financial Conduct Authority in respect of our U.K. insurance companies.Business (Item 1)

Also named by CINF

Laws and programs

General Data Protection Regulation (GDPR)

subject to · up to 4% of a firm's global annual revenuenamed as a risk

For example, under the European General Data Protection Regulation there are significant punishments for non-compliance which could result in a penalty of up to 4% of a firm's global annual revenue.Risk factors (Item 1A)

Also named by A, AB, ABNB, ADBE, ADP, AGX, AIOT, AJG and 100 more

U.S. tariffs on foreign imports

exposed to its pricenamed as a risk

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.Risk factors (Item 1A)

Also named by LECO

Solvency II

subject to

Solvency II Directive (Solvency II) requires our German insurance company to maintain certain capital standards and publish risk-related information in the form of a Solvency and Financial Condition Report.Business (Item 1)

Also named by AIG, CB, CINF, CNA, HIG, L, MET, WRB

ComFrame (IAIS Common Framework)

subject to

In 2023, it was determined that we met the criteria to be identified as an IAIG.Business (Item 1)

Terrorism Risk Insurance Act of 2002

subject to

The U.S. federal laws that most affect our day-to-day operations are: the Gramm-Leach-Bliley Act; the Fair Credit Reporting Act; the Health Insurance Portability and Accountability Act of 1996; the Terrorism Risk Insurance Act of 2002; the Nonadmitted and Reinsurance Reform Act of 2010; the Foreign Corrupt Practices Act, and the rules and regulations of the Office of Foreign Assets Control.Business (Item 1)