<SEC-DOCUMENT>0001214659-24-006235.txt : 20240405
<SEC-HEADER>0001214659-24-006235.hdr.sgml : 20240405
<ACCEPTANCE-DATETIME>20240405151717
ACCESSION NUMBER:		0001214659-24-006235
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240405
DATE AS OF CHANGE:		20240405
EFFECTIVENESS DATE:		20240405

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MARKEL GROUP INC.
		CENTRAL INDEX KEY:			0001096343
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				541959284
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15811
		FILM NUMBER:		24826248

	BUSINESS ADDRESS:	
		STREET 1:		4521 HIGHWOODS PARKWAY
		CITY:			GLEN ALLEN
		STATE:			VA
		ZIP:			23060-6148
		BUSINESS PHONE:		8047470136

	MAIL ADDRESS:	
		STREET 1:		4521 HIGHWOODS PKWY
		CITY:			GLEN ALLEN
		STATE:			VA
		ZIP:			23060

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MARKEL GROUP, INC.
		DATE OF NAME CHANGE:	20230526

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MARKEL CORP
		DATE OF NAME CHANGE:	20000411

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MARKEL HOLDINGS INC
		DATE OF NAME CHANGE:	19991005

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Green Century Capital Management, Inc.
		CENTRAL INDEX KEY:			0001491252
		ORGANIZATION NAME:           	
		IRS NUMBER:				043126146
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		114 STATE STREET, SUITE 200
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		617-482-0800

	MAIL ADDRESS:	
		STREET 1:		114 STATE STREET, SUITE 200
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
</SEC-HEADER>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NAME OF REGISTRANT:</B> Markel Group, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NAME OF PERSON RELYING ON EXEMPTION:</B> Green Century Capital Management,
Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ADDRESS OF PERSON RELYING ON EXEMPTION:</B> 114 State Street, Suite
200, Boston, MA 02109</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1A1A1A"><B>Written materials are submitted pursuant to Rule
14a-6(g)(1) promulgated under the Securities Exchange Act of 1934.&nbsp;Submission is not required of this filer under the terms of the
Rule but is made voluntarily in the interest of public disclosure and consideration of these important issues.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #1A1A1A"><B>&nbsp;</B></P>

<DIV STYLE="padding: 1pt 4pt 1pt 0in; border: black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Shareholder Proposal on the Markel Group, Inc.&rsquo;s
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2024 Proxy Statement:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Report on Company Greenhouse Gas Emissions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Markel Group, Inc. Symbol: (MKL)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Filed by: Green Century Capital Management, Inc.</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Green Century Capital Management, Inc. (&quot;Green Century&rdquo;)
seeks your support for the climate-related proposal filed at Markel Group, Inc. (&ldquo;Markel Group&rdquo; or the &ldquo;Company&rdquo;)
in its 2024 proxy statement. The proposal asks the Company to disclose important information about the greenhouse gas (GHG) emissions
associated with its business, inclusive of investing and insuring, and where applicable, financing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Proponent believes taking such action will serve the long-term
interests of the Company by reducing reputational and regulatory risks while addressing investor concerns over corporate governance and
inadequate disclosure practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333"><B>RESOLVED:</B> Shareholders request that Markel Group
issue a report, at reasonable cost and omitting proprietary information, disclosing the GHG emissions from its underwriting, insuring,
and investment activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SUPPORTING STATEMENT:</B> In preparing the report, we recommend,
at management&rsquo;s discretion:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Taking into consideration GHG emissions disclosure guidance such as the GHG Protocol and Partnership For Carbon Accounting Financials
Insurance-Associated Financials standard.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>As necessary Markel can initially base reporting on reasonable emissions estimates and provide a timeline for its disclosures.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RATIONALE FOR A &ldquo;YES&rdquo; VOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD><B>Failure to meet investor expectations on disclosure and governance practices. </B>Investors expect companies to disclose decision-useful
information by publishing comprehensive sustainability reports and all material GHG emissions. Investors also expect company boards to
engage in oversight over corporate sustainability issues. At Markel Group, oversight of sustainability risks is not incorporated into
board committee charters, nor does oversight appear integrated into any board sub-committees.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD><B>Markel Group significantly lags peers in disclosing insurance and investment associated emissions</B>. Markel Group significantly
lags peers who have already disclosed GHG emissions related to their operations and are now disclosing emissions associated with their
investment and underwriting activities. U.S. insurers, Travelers<SUP>1</SUP> and AIG<SUP>2</SUP>, have begun to disclose emissions associated
with their investments, as have Swiss Re<SUP>3</SUP>, Munich Re<SUP>4</SUP>, Allianz<SUP>5</SUP> and Aviva.<SUP>6</SUP> Further, Swiss
Re<SUP>7</SUP> is starting to disclose its insurance associated emissions, and Aviva<SUP>8</SUP> plans to do so as well.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #485464">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD><B>Markel Group is exposed to reputational risk because it supports the goal of carbon neutrality but has not disclosed policies,
plans, or actions aligning its business with a carbon neutral goal. </B>Markel Group states that it supports the insurance industry&rsquo;s
push for carbon neutrality as part of achieving the goals of Paris Agreement.<SUP>9</SUP> However, the Company offers no strategies, plans,
or insights into how it will align its own insurance and investment activities with the emissions reductions called for by the Paris Agreement.
By fulfilling the requests of this proposal, Markel Group will take important steps toward creating a baseline of the full scope of its
emissions and demonstrate how seriously it takes its role in achieving steep, economy-wide emissions reductions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border: black 1pt solid"><B>This is not a solicitation of authority
to vote your proxy. Please DO NOT send us your proxy card; Green Century Equity Fund is not able to vote your proxies, nor does this communication
contemplate such an event. Green Century Equity Fund urges shareholders to vote for the shareholder proposal, Report on Company Greenhouse
Gas Emissions, following the instructions provided on the management&rsquo;s proxy mailing. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> https://sustainability.travelers.com/iw-documents/sustainability/Travelers_SustainabilityReport2022.pdf
p.24</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> https://www.aig.com/content/dam/aig/america-canada/us/documents/about-us/report/aig-esg-report_2022.pdf
p.32</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> https://www.swissre.com/dam/jcr:ec822a14-a4d7-4b6b-b0e2-49ae6036058c/2022-financial-report-doc-en.pdf#page=148
p.175</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> https://www.munichre.com/content/dam/munichre/contentlounge/website-pieces/documents/MunichRe-Sustainability-Report_2022.pdf/_jcr_content/renditions/original./MunichRe-Sustainability-Report_2022.pdf
p.37</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> https://www.allianz.co.uk/content/dam/onemarketing/azuk/allianzcouk/about-us/docs/pdfs/social-responsibility/Allianz_Group_Sustainability_Report_2021-web.pdf
p.85</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> https://www.aviva.com/sustainability/reporting/climate-related-financial-disclosure/
p.67</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> https://www.swissre.com/sustainability/approach/metrics-targets/net-zero-insurance.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> https://www.aviva.com/sustainability/reporting/climate-related-financial-disclosure/
p.45</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>9</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.markel.com/about-us/news-and-press/spotlight-on-renewable-energy</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>I.</B></TD><TD><B>EXECUTIVE SUMMARY</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The shareholder proposal requests Markel Group disclose the GHG emissions
associated with its underwriting, insuring, and investment activities. The Company does not currently disclose its Scope 1 or 2 operational
emissions, which likely represent a tiny fraction of its overall GHG footprint,<SUP>10</SUP> making its insurance and investment associated
emissions far more meaningful to investors who are assessing the Company&rsquo;s climate risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Markel Group significantly lags U.S. and Europe-based peer property
and casualty insurance companies that have more thoroughly integrated sustainability into their policies, disclosures, and governance
practices. For example, the Company does not publish a sustainability report, but rather offers a single webpage published in 2022 on
renewable energy insurance opportunities.<SUP>11</SUP> Of greater concern, Markel Group does not integrate sustainability oversight into
any of its board committees,<SUP>12</SUP> which is now a common practice among leading insurers.<SUP>13,14,15,16,17,18</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In its opposition statement, the board discusses its oversight of Markel
Group&rsquo;s risk management framework on an enterprise-wide basis, including the oversight of material climate risk. As the basic function
of an insurance company is assessing and pricing risk, focusing on normal board oversight functions indicates the board does not wholly
understand the core request of the proposal nor the associated risks it addresses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The process of measuring and/or estimating and disclosing insurance
and investment associated GHG emissions provides investor value because it can help Markel Group identify business practices that are
not aligned with the economy-wide emissions reductions required to limit global temperate rise to a 1.5&deg;C, in alignment with the Paris
Agreement. Further, as an insurer that must navigate the varying and increasingly unpredictable impacts of climate change, Markel Group&rsquo;s
underwriting and investments create emissions that augment warming trends and may threaten the profitability of its operating companies,
particularly its insurance business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>10</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.mckinsey.com/industries/financial-services/our-insights/insurance/net-zero-underwriting-in-p-and-c-and-the-growth-at-stake</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>11</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.markel.com/about-us/news-and-press/spotlight-on-renewable-energy</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>12</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://ir.mklgroup.com/investor-relations/governance/governance-documents/default.aspx</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>13</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.aig.com/content/dam/aig/america-canada/us/documents/about-us/legal/aig-nominating-and-corporate-governance-committee-charter.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>14</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://about.chubb.com/content/dam/chubb-sites/chubb/about-chubb/governance/pdfs/nominating-and-governance-committee-charter_august-2023.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>15</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.swissre.com/about-us/our-approach/corporate-governance/board-committees.html</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>16</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.munichre.com/content/dam/munichre/contentlounge/website-pieces/documents/RoP-AC_valid-2022-10-14.pdf/_jcr_content/renditions/original./RoP-AC_valid-2022-10-14.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>17</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/about-us/management/en-221215-Geschaeftsordnung-Aufsichtsrat.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> https://static.aviva.io/content/dam/aviva-corporate/documents/companysecretarial/pdfs/TermsOfReference/customer-and-sustainability-committee-terms-of-reference-2023.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Markel Group peers, many of whom are holding companies, have already
disclosed their operational emissions and have begun disclosing emissions associated with their investment and underwriting activities.
U.S. insurers, Travelers<SUP>19</SUP> and AIG<SUP>20</SUP>, have started to disclose emissions associated with their investments, as have
Swiss Re<SUP>21</SUP>, Munich Re<SUP>22</SUP>, Allianz<SUP>23</SUP> and Aviva.<SUP>24</SUP> Further, Swiss Re<SUP>25</SUP> is starting
to disclose its insurance associated emissions, and Aviva<SUP>26</SUP> plans to do so as well.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, Markel Group may be exposed to reputational risk. As the
Company states on its website, it has &ldquo;continued to support the insurance industry&rsquo;s push for carbon neutrality as part of
the Paris Climate Agreement.&rdquo;<SUP>27</SUP> However, it has offered no indication of how it is supporting the insurance industry&rsquo;s
push for carbon neutrality, which may damage the Company&rsquo;s credibility and lead to reputational risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>I.</B></TD><TD><B>FAILURE TO MEET TO INVESTOR EXPECTATIONS ON DISCLOSURE AND GOVERNANCE PRACTICES</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investors expect companies to report decision-useful data about GHG
emissions that are associated with their supply chains, products, and services, while concurrently working to effect emissions reductions.
Markel Group does not disclose GHG emissions associated with any aspect of its business. Additionally, it does not publish a sustainability
report(s) either at the group or company level, indicating to investors that issues of sustainability have not been prioritized by the
Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Rather than engaging in a process to better understand its GHG emissions
footprint, or at a minimum, report on its Scopes 1 and 2 emissions, Markel Group describes such efforts as impractical and not an efficient
use of shareholders investment. We disagree. Reporting on significant GHG emissions helps investors understand how Markel Group companies
are contributing to their enterprise climate risk and exposing diversified investors to portfolio-level climate risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Markel Group should not focus on the minutia of emissions data collection
as a reason to forego efforts to collect data. Even though the Company, in its words, &ldquo;underwrites and provides insurance and reinsurance
worldwide for thousands of insureds from individuals and small businesses to Fortune 1000 companies,&rdquo; adopting a commonsense approach
of collecting data from insurance clients and investments with high emission profiles is a logical first step. As the insurance and financial
sectors create better estimation methodologies, it is appropriate to disclose more granular emissions data in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> https://sustainability.travelers.com/iw-documents/sustainability/Travelers_SustainabilityReport2022.pdf
p.24</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> https://www.aig.com/content/dam/aig/america-canada/us/documents/about-us/report/aig-esg-report_2022.pdf
p.32</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> https://www.swissre.com/dam/jcr:ec822a14-a4d7-4b6b-b0e2-49ae6036058c/2022-financial-report-doc-en.pdf#page=148
p.175</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP> https://www.munichre.com/content/dam/munichre/contentlounge/website-pieces/documents/MunichRe-Sustainability-Report_2022.pdf/_jcr_content/renditions/original./MunichRe-Sustainability-Report_2022.pdf
p.37</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>23</SUP> https://www.allianz.co.uk/content/dam/onemarketing/azuk/allianzcouk/about-us/docs/pdfs/social-responsibility/Allianz_Group_Sustainability_Report_2021-web.pdf
p.85</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>24</SUP> https://www.aviva.com/sustainability/reporting/climate-related-financial-disclosure/
p.67</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>25</SUP> https://www.swissre.com/sustainability/approach/metrics-targets/net-zero-insurance.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>26</SUP> https://www.aviva.com/sustainability/reporting/climate-related-financial-disclosure/
p.45</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>27</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.markel.com/about-us/news-and-press/spotlight-on-renewable-energy</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Further, board-level oversight of Markel Group&rsquo;s sustainability
risk is lacking. While the board manages climate risk as it pertains to assessing the Company&rsquo;s underwriting risk appetite and pricing
structures, there is no explicit oversight of climate as a part of a spectrum of corporate sustainability risk. In fact, none of its board
committee charters addresses oversight of sustainability risk. Additionally, Markel Group does not publish information about whether there
are board subcommittees with such oversight responsibility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In its opposition statement, the board states that &ldquo;climate and
sustainability strategy, policies and programs should be addressed at the operating company level, with oversight by the Board.&rdquo;
However, none of Markel Group&rsquo;s operating companies disclose information about sustainability risk or strategies, policies, and
programs, and, as articulated above, the extent of the board&rsquo;s oversight responsibilities is unclear.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>II.</B></TD><TD><B>MARKEL GROUP SIGNIFICANTLY LAGS PEERS IN DISCLOSING INSURANCE AND INVESTMENT ASSOCIATED EMISSIONS.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">According to a McKinsey analysis of a representative sample of European
property and casualty insurers, insurance underwriting portfolio accounts for roughly 50% of total enabled emissions, with the majority
coming from retail motor insurance and commercial lines insurance.<SUP>28</SUP> The analysis notes that the investment portfolio accounts
for the other half of total emissions, while Scope 1-3 emissions from business operations are marginal in comparison.<SUP>29</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The board notes in its opposition statement that it is unaware of available
methods to accurately and reliably measure the GHG emissions of the Company&rsquo;s insureds or emissions associated with its other insurance
operations. It similarly contends that reliable data is not available &ldquo;to calculate the GHG emissions associated with the vast majority
of the Company&rsquo;s investment portfolio.&rdquo; However, this assessment means the Company out of step with peers who already collect
underwriting and investment associated emissions. For example, U.S. insurers, Travelers<SUP>30</SUP> and AIG,<SUP>31</SUP> have begun
to disclose emissions associated with their investments, as have Swiss Re,<SUP>32</SUP> Munich Re,<SUP>33</SUP> Allianz<SUP>34</SUP> and
Aviva.<SUP>35</SUP> Further, Swiss Re<SUP>36</SUP> is starting to disclose its insurance associated emissions, and Aviva<SUP>37</SUP>
plans to do so as well.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>28</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.mckinsey.com/industries/financial-services/our-insights/insurance/net-zero-underwriting-in-p-and-c-and-the-growth-at-stake</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>29</SUP> Ibid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>30</SUP> https://sustainability.travelers.com/iw-documents/sustainability/Travelers_SustainabilityReport2022.pdf
p.24</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>31</SUP> https://www.aig.com/content/dam/aig/america-canada/us/documents/about-us/report/aig-esg-report_2022.pdf
p.32</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>32</SUP> https://www.swissre.com/dam/jcr:ec822a14-a4d7-4b6b-b0e2-49ae6036058c/2022-financial-report-doc-en.pdf#page=148
p.175</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>33</SUP> https://www.munichre.com/content/dam/munichre/contentlounge/website-pieces/documents/MunichRe-Sustainability-Report_2022.pdf/_jcr_content/renditions/original./MunichRe-Sustainability-Report_2022.pdf
p.37</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>34</SUP> https://www.allianz.co.uk/content/dam/onemarketing/azuk/allianzcouk/about-us/docs/pdfs/social-responsibility/Allianz_Group_Sustainability_Report_2021-web.pdf
p.85</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>35</SUP> https://www.aviva.com/sustainability/reporting/climate-related-financial-disclosure/
p.67</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>36</SUP> https://www.swissre.com/sustainability/approach/metrics-targets/net-zero-insurance.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>37</SUP> https://www.aviva.com/sustainability/reporting/climate-related-financial-disclosure/
p.45</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Property and casualty insurance companies are applying emissions measurement
methodologies developed by the Partnership for Carbon Accounting Financials (PCAF). Established in 2015, PCAF first developed methodologies
to help banks and other financial institutions calculate their finance associated emissions. As of March 2024, 20 insurance companies
had committed to disclose or had disclosed their finance and investment associated emissions by applying PCAF guidelines.<SUP>38</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In November 2022, PCAF established a methodology for measuring insurance
associated emissions.<SUP>39</SUP> It noted at that time that a &rdquo;global, standardized methodology to measure and disclose the GHG
emissions associated with insurance and reinsurance underwriting portfolios will give re/insurers the possibility to gain deeper insight
into the risk profile of their respective underwriting portfolios, stimulate innovative approaches to decarbonization, and create comparability
for stakeholders.&rdquo;<SUP>40</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Markel Group has the opportunity to provide investors (and the Company
itself) with strategic information about the risk profiles and decarbonization opportunities of its subsidiary companies. Rather than
a myopic focus on emissions data reliability, the board could apply a commonsense approach by collecting data in areas associated with
heavy-emitting companies, such as its energy sector underwriting portfolio, and where emissions estimates are readily available and vetted.
For corporations, measuring GHG emissions has long been an iterative process; thus, Markel Group should also view data measurement and
estimation efforts for its insurance and investment associated emissions through this lens.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consultants and investor organizations support this perspective. For
example, Morningstar&rsquo;s Sustainalytics advises that &ldquo;A company can be encouraged to focus efforts on its most material scope
3 category first and disclose the reasons why it is not reporting against the remaining categories.&rdquo; In addition, the Institutional
Investors Group on Climate Change, a leading European investor organization, reports that &ldquo;Companies typically begin reporting scope
3 emissions by focusing on the most material categories and/or those for which they have the best data. Data and methodologies tend to
be refined over time, leading to re-statement by reporting companies. Companies will also start to include additional categories over
time, which results in higher overall scope 3 numbers.&rdquo;<SUP>37</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>III.</B></TD><TD><B>MARKEL GROUP IS EXPOSED TO REPUTATIONAL RISK. </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Markel Group states on its website that it supports the insurance industry&rsquo;s
push for carbon neutrality as part of achieving the goals of Paris Agreement.<SUP>41</SUP> However, the Company provides no evidence regarding
<I>how </I>it supports carbon neutrality within the insurance industry or through its own products and services. Markel Group&rsquo;s
statement is an acknowledgement of the need to move property and casualty insurers toward a carbon neutral future. By fulfilling the request
of the proposal, the Company could take an important step toward creating a baseline of the full scope of its emissions and demonstrate
how seriously it takes its role in achieving steep, economy-wide emissions reductions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>_____________________________</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>38</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://carbonaccountingfinancials.com/financial-institutions-taking-action#overview-of-financial-institutions</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>39</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://carbonaccountingfinancials.com/files/downloads/pcaf-standard-part-c-insurance-associated-emissions-nov-2022.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>40</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://carbonaccountingfinancials.com/en/newsitem/pcaf-launches-the-global-ghg-accounting-and-reporting-standard-for-insurance-associated-emissions</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>41</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.markel.com/about-us/news-and-press/spotlight-on-renewable-energy</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>IV.</B></TD><TD><B>CONCLUSION</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While Markel Group is an attractive company in many respects, it has
not been responsive to a changing context in which sustainability reports, clearly articulated board responsibilities for reviewing sustainability
risk, or GHG emissions disclosures are now de rigeur. In asking the Company to begin the iterative process of measuring and disclosing
emissions associated with its underwriting and investment activities, the proposal focuses on disclosure on the majority of emissions
associated with an insurance company&rsquo;s business, and as McKinsey writes in March 2023, underwriting and insurance associated emissions
comprise 99+% of the total emissions of the insurers it analyzed.<SUP>42</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By beginning to collect emissions data, Markel Group may uncover risks
and opportunities residing in its operating companies. Importantly, the process can elucidate where the Company is enabling long-term
emissions of greenhouse gases among its insurance clients or investments. Understanding the Company&rsquo;s emissions footprint can clarify
where it is contributing to its own climate risk as well as that of diversified investors for whom climate change is an undiversifiable
and unhedgeable risk.<SUP>43</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Shareholders are urged to vote FOR the proposal asking Markel Group
to issue a report, at reasonable cost and omitting proprietary information, disclosing the GHG emissions from its underwriting, insuring,
and investment activities. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>For questions regarding this proposal, please contact Andrea Ranger,
Green Century Capital Management, <FONT>aranger@greencentury.com</FONT></I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border: black 1pt solid"><B>This is not a solicitation of authority
to vote your proxy. Please DO NOT send us your proxy card; Green Century Equity Fund is not able to vote your proxies, nor does this communication
contemplate such an event. Green Century Equity Fund urges shareholders to vote for the shareholder proposal, Report on Company Greenhouse
Gas Emissions, following the instructions provided on the management&rsquo;s proxy mailing. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>42</SUP> https://www.mckinsey.com/industries/financial-services/our-insights/insurance/net-zero-underwriting-in-p-and-c-and-the-growth-at-stake</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>43</SUP> https://www.unepfi.org/fileadmin/documents/universal_ownership_full.pdf.
Pg4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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