<SEC-DOCUMENT>0001214659-25-007283.txt : 20250509
<SEC-HEADER>0001214659-25-007283.hdr.sgml : 20250509
<ACCEPTANCE-DATETIME>20250509154830
ACCESSION NUMBER:		0001214659-25-007283
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250509
DATE AS OF CHANGE:		20250509
EFFECTIVENESS DATE:		20250509

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
		EIN:				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:		25930099

	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:           	
		EIN:				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
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<P STYLE="margin: 0">&nbsp;</P>



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

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

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">The following is an amended version of the exempt solicitation previously filed on
EDGAR on April 7, 2025. The only change to the solicitation is the addition of language required by Securities and Exchange Commission
(&ldquo;SEC&rdquo;) Compliance and Disclosure Interpretation (&ldquo;C&amp;DI&rdquo;) 126.06 clarifying that the filer does not beneficially
own more than $5 million in securities of the Registrant company.</P>

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

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

<P STYLE="font: 10pt Times New Roman; 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;Green Century Capital Management does not beneficially own more than $5 million of securities
in the Registrant company. 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; margin: 0pt 0; color: #1A1A1A"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman; 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; margin: 0pt 0; text-align: center"><B>2025 Proxy Statement:</B></P>

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

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

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

</DIV>

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

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

<P STYLE="font: 10pt Times New Roman; 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 2025 proxy
statement. The proposal asks the Company to disclose the greenhouse gas (GHG) emissions associated with its business, inclusive of investing,
insuring, and underwriting.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman; 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 greenhouse gas emissions from its underwriting, insuring,
and investment activities that account for major sources of its total GHG footprint.</P>

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

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

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Considering GHG emissions disclosure guidance, including the GHG Protocol and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; 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>Partnership for Carbon <FONT STYLE="font-size: 10pt">Accounting Financials' Global GHG Accounting and Reporting Standards for Insurance Associated Emissions;<SUP>1</SUP> and</FONT></TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; 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>Reporting may be based on reasonable emissions estimates, prioritize disclosure for the largest GHG sources or sectors, be updated
annually, and provide timelines for issuing or completing disclosures.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>1</SUP> https://carbonaccountingfinancials.com/en/newsitem/pcaf-launches-the-global-ghg-accounting-and-reporting-standard-for-insurance-associated-emissions</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; 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>Physical and Transition Risks</B> &ndash; Markel Group faces growing physical and transition risks from climate change that are
heightened by its underwriting, insurance, and investment activities. A key step toward mitigating these risks is enhanced disclosure
of the GHG emissions compounding them.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; 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>Failure to meet investor expectations</B>&ndash; Markel Group does not disclose material GHG emissions in a sustainability report
and lacks board oversight of sustainability issues, thereby failing to assess its exposure, contribution to and mitigation of climate
risks.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; 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>Competitive Risk &ndash; </B>Markel Group lags peers in disclosing Scope 3 emissions, creating competitive risks as competitors
better mitigate climate-related risks.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD><B>Reputational Risk &ndash; </B>As the government and media scrutinize insurance companies&rsquo; role in and response to climate
change, Markel Group&rsquo;s failure to align its business with its carbon neutral goal exposes it to reputational risk.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center; 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 Capital Management is not able to vote your proxies, nor does
this communication contemplate such an event. Green Century Capital Management 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; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>The insurance industry is exposed to significant financial risk from climate change.</B>
In 2024, 78% of the USD $145B of global insured losses from natural disasters were recorded in the U.S., and the insured losses of USD
$113B in the U.S. greatly exceeded the average since 2000 ($58B).<SUP>2</SUP> The share of insured weather losses attributed to climate
change rose 6.5% over the last decade, and Swiss Re reported insured losses are expected to double within the next ten years.<SUP>3</SUP></P>

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>Climate change impacts insurers&rsquo; ability to set prices that compensate for
volatile climate risk&mdash;a key aspect of generating competitive returns.<SUP>4</SUP></B> As climate disasters become more frequent
and unpredictable, insurance companies are less able t<FONT STYLE="font-size: 10pt">o model climate risk and adjust prices accordingly.<SUP>5</SUP>
While testifying before the U.S. Senate, the president of Aon PLC claimed that climate change has produced &ldquo;a crisis of confidence
around the ability to predict loss.&rdquo;<SUP>6</SUP></FONT></P>

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>In response, many insurance companies are leveraging climate data to mitigate
the risks climate change poses to their business.</B> In a survey representing about 91% of the global insurance market, 76% of respondents
reported tracking and using climate-related indicators, including GHG emissions, percentage of listed assets exposed to high transition-sensitive
sectors, and green and sustainable investments.<SUP>7</SUP> This data augments insurers&rsquo; understanding of how physical and transition
risk will impact returns and the steps they can take to mitigate those impacts.</P>

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



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

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>2</SUP> https://www.aon.com/en/insights/reports/climate-and-catastrophe-report,
3 &amp; 28</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>3</SUP> https://insure-our-future.com/wp-content/uploads/2024/12/IoF-Scorecard-2024.pdf,
5; https://www.swissre.com/press-release/New-record-of-142-natural-catastrophes-accumulates-to-USD-108-billion-insured-losses-in-2023-finds-Swiss-Re-Institute/a2512914-6d3a-492e-a190-aac37feca15b</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>4</SUP> https://www.cbo.gov/publication/60674</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>5</SUP> https://www.cbo.gov/publication/60674</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>6</SUP> https://www.scientificamerican.com/article/climate-change-is-destabilizing-insurance-industry/</P>
<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>7</SUP> https://www.iais.org/uploads/2024/12/Global-Insurance-Market-Report-2024.pdf,
69</P>

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

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

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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>Markel Group acknowledges that &ldquo;as a company with significant property
and casualty insurance underwriting operations, it may experience losses from man-made or natural catastrophes.&rdquo;</B><SUP>8</SUP> It also noted
that &ldquo;severe weather events are increasing and continue to be a significant cause of loss activity&rdquo; and &ldquo;are often
occurring in locations that have previously modeled as having either moderate or benign risks, which makes it increasingly challenging
for insurers to assess the risks and price accordingly.&rdquo;<SUP>9</SUP> Markel Group is further exposed to climate risk as a global
reinsurance provider, as reinsurers have borne up to 30% of natural disaster losses in the past<SUP>10</SUP></P>

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>Despite the risks climate change poses to its business, Markel Group has not disclosed
Scope 3 emissions associated with its underwriting, insuring, and investment activities.</B> In fact, the Company has yet to disclose
any emissions data or a sustainability report outlining its exposure and approach to climate risks. A 37.9% shareholder vote on a similar
proposal last year indicates Markel Group&rsquo;s investors recognize the value enhanced disclosures can bring to the Company. This failure
to report on how the Company is assessing and responding to a widely acknowledged threat to its industry may lead to transition, physical,
competitive, and reputational risks and fails to safeguard shareholder value.</P>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>I.</B></TD><TD><B>TRANSITION AND PHYSICAL RISKS</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Insurance companies face transition and physical risks from climate change that are
compounded by their fossil fuel underwriting and investing activities. As the economy shifts to renewables, companies continuing to finance
and invest in carbon-intensive industries may face negative impacts to asset valuations, profitability, investments, and shareholder returns.<SUP>11</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>Insurance companies are projected to incur substantial losses on fossil fuel investments.</B></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>In the case of a rapid and disorde<FONT STYLE="font-size: 10pt">rly transition in 2026, one report found aggregate expected losses
on bonds across the coal mining, oil &amp; gas, power, and automotive sectors range from USD $7B to $28B. Delaying the transition by eight
years increases losses to USD $14B to $40B.<SUP>12</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; 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>An International Association of Insurance Supervisors study reported that there would be a drop in insurers' available capital of
over 14% under a disorderly transition scenario and to almost 50% under a &ldquo;too little, too late&rdquo; scenario.<SUP>13</SUP></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol"><SUP>&middot;</SUP></FONT></TD><TD>Global estimates of potential stranded fossil fuel assets amount to at least $1 trillion, and much of the market risk (15%) falls
on private investors in OECD countries through pension funds and financial markets.<SUP>14</SUP></TD></TR></TABLE>


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

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

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


<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>8</SUP> https://ir.mklgroup.com/investor-relations/financials/sec-filings/sec-filings-details/default.aspx?FilingId=18215758,
20</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>9</SUP> https://www.Markel
Group.com/about-us/news-and-press/spotlight-on-renewable-energy</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>10</SUP> https://docs.house.gov/meetings/BA/BA04/20231024/116462/HHRG-118-BA04-Wstate-NutterF-20231024.pdf,
2</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>11</SUP> https://www.mckinsey.com/capabilities/sustainability/our-insights/the-economic-transformation-what-would-change-in-the-net-zero-transition;
https://www.nature.com/articles/s41558-022-01356-y; https://www.lse.ac.uk/granthaminstitute/explainers/what-are-stranded-assets/;
https://www.nature.com/articles/s41558-022-01356-y</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>12</SUP> https://www.insurance.ca.gov/01-consumers/180-climate-change/upload/TheHiddenCostOfDelayingClimateActionForWestCoastInsuranceMarkets.pdf,
11</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>13</SUP> https://kpmg.com/xx/en/our-insights/regulatory-insights/regulating-for-climate-change-in-insurance.html</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>14</SUP> https://www.lse.ac.uk/granthaminstitute/explainers/what-are-stranded-assets/;
https://www.nature.com/articles/s41558-022-01356-y</P>


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

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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Insurance companies face additional physical risks from more frequent and severe
weather increasing their insured losses, particularly in property and casualty lines.<SUP>15</SUP> 2023 had the highest number of billion-dollar
disasters in one year, and natural catastrophe losses in 2024 rose nearly $74B higher than the 30-year inflation-adjusted average.<SUP>16</SUP>
A study in The Journal of Climate Finance concluded that climate risks significantly reduce insurers&rsquo; profitability, and that for
every 1 unit increase in physical risk, ROE decreases by 10.36 units on average.<SUP>17</SUP> At the same time, Markel Group continues
to underwrite the fossil fuel infrastructure intensifying climate change and the physical risks it poses to its business.<SUP>18</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>Markel Group invests in and underwrites fossil fuel projects that increase its
physical and transition risk.<SUP>19</SUP></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; 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"><SUP>&middot;</SUP></FONT></TD><TD>Markel Group insures fossil fuel expansion, including the Sabine Pass liquid natural gas (LNG) terminal and Adani Group&rsquo;s giant
Carmichael coal mine.<SUP>20</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; 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>In 2024, Markel Group incurred USD $70.6M of net losses and loss adjustment expenses due to Hurricane Helene and Hurricane Milton,
both of which were intensified by climate change.<SUP>21</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; 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>In 2025, Markel Group estimated its underwriting losses from the wildfires in Southern California to be between USD $90M and $130M,
before income taxes.<SUP>22</SUP></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">By investing in and insuring fossil fuel projects, Markel Group is exacerbating already
rising insured losses from climate-related natural disasters. These losses ultimately impact shareholder returns. Disclosing the emissions
associated with its underwriting, investing, and insuring activities would allow Markel Group and its investors to better assess the <FONT STYLE="font-size: 10pt">Company&rsquo;s
contribution to climate change, associated climate-related risks, and the impact of any mitigation steps over time.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Nearly thirty-eight percent of shareholders supported a similar resolution at last
year's annual meeting. Despite this strong statement by the Company&rsquo;s shareholders, Markel has taken no action to provide the requested
information</P>

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Markel Group has yet to disclose the Scope 3 emissions associated with its underwriting,
insuring, and investing activities although climate change poses significant transition and physical risks to the Company's business.
Moreover, Markel Group does not disclose GHG emissions associated with any aspect of its business or publish a sustainability report at
either the group or company level, indicating to investors that the company is not prioritizing mitigating climate risks.</P>

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

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


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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>15</SUP> https://www.spglobal.com/esg/insights/climate-risks-for-insurers-why-the-industry-needs-to-act-now-to-address-climate-risk-on-both-sides-of-the-balance-sheet</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>16</SUP> https://www.climate.gov/news-features/blogs/beyond-data/2023-historic-year-us-billion-dollar-weather-and-climate-disasters;
https://www.insurancejournal.com/news/international/2025/01/09/807524.htm</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>17</SUP> https://doi.org/10.1016/j.jclimf.2024.100053</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>18</SUP> https://science.nasa.gov/climate-change/extreme-weather/</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>19</SUP> https://www.markel.com/international/london/energy</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>20</SUP> https://www.ran.org/wp-content/uploads/2024/02/RAN_LNG_2024_vF.pdf,
8; https://global.insure-our-future.com/wp-content/uploads/2023/11/IOF-2023-Scorecard.pdf,
16</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>21</SUP> https://www.forbes.com/sites/amyfeldman/2024/10/21/climate-change-made-hurricane-milton-more-destructive-amazon-data-centers-nuclear-power-batteries/;
https://www.climate.gov/news-features/event-tracker/hurricane-helenes-extreme-rainfall-and-catastrophic-inland-flooding</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>22</SUP> https://www.morningstar.com/news/pr-newswire/20250205ph12460/Markel
Group-group-reports-2024-financial-results</P>

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

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

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Underwriting, investing, and insured emissions help companies and investors understand
the extent of a company&rsquo;s carbon footprint and related exposure to climate risks.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>A McKinsey analysis found the insurance underwriting portfolio accounts for roughly 50% of total enabled emissions, and the investment
portfolio accounts for the other half of total emissions for a typical P&amp;C insurer.<SUP>23</SUP></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>A study in Nature found that a common base year for emissions is imperative to tracking progress and limiting warming, with every
year of delayed action necessitating a higher rate of decarbonization and further exposure of billions of investment dollars to transition
risk.<SUP>24</SUP></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol"><SUP>&middot;</SUP></FONT></TD><TD>PwC cites that calculating insurance associated emissions can lead to a competitive advantage by creating transparency for stakeholders
and better managing climate-related transition risks.<SUP>25</SUP></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol"><SUP>&middot;</SUP></FONT></TD><TD>An MSCI survey found that 88% of investors in both North America and Europe analyze the emissions of their investments to more fully
consider the risks to their investments.<SUP>26</SUP></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Although Markel Group, in its words, &ldquo;appropriately considers and evaluates
climate risks,&rdquo;<SUP>27</SUP> investors and Markel Group cannot track the effectiveness of these efforts in the absence of a sustainability
report disclosing the Company&rsquo;s strategy and GHG emissions.</P>

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Without disclosures on board-level oversight of climate risk, how Markel Group is
handling the risks climate change poses to its business is unclear. Reporting on significant GHG emissions would increase inves<FONT STYLE="font-size: 10pt">tor
understanding of how Markel Group companies are contributing to their enterprise climate risk and exposing diversified investors to portfolio-level
climate risk. </FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Markel Group lags peers in disclosing the GHG emissions associated with its investing,
insuring, and underwriting and may confront competitive risks as peers more effectively address the transition, physical, and reputational
risks of climate change.</P>

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

<P STYLE="font: 10pt Times New Roman; 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. However, this assessment means the Company is out of step with peers who already collect underwriting and investment associated
emissions. U.S. insurers, Travelers,<SUP>28</SUP> AIG,<SUP>29</SUP> and The Hartford<SUP>30</SUP> have begun to disclose emissions associated
with their investments, as have Swiss Re,<SUP>31</SUP> Munich Re,<SUP>32</SUP> Allianz<SUP>33</SUP> and Aviva.<SUP>34</SUP> Further, Allianz,<SUP>35</SUP>
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; margin: 0pt 0">&nbsp;</P>

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


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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>23</SUP> https://www.mckinsey.com/industries/financial-services/our-insights/insurance/net-zero-underwriting-in-p-and-c-and-the-growth-at-stake;
SBTi is in alignment with this finding, https://sciencebasedtargets.org/resources/files/SBTi-Insurance-Industry-Brief-Publication.pdf
<FONT STYLE="font-family: Times New Roman">p.10</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>24</SUP> https://www.nature.com/articles/s41467-022-31143-4</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>25</SUP> https://www.casact.org/sites/default/files/2023-06/23_Spring_CS-3.pdf,
7</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>26</SUP> https://www.msci-institute.com/themes/climate/climate-change-dominates-investors-outlook-stanford-msci-sustainability-institute-survey-finds/</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>27</SUP> https://ir.mklgroup.com/investor-relations/financials/sec-filings/sec-filings-details/default.aspx?FilingId=18341790,
12</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>28</SUP> https://asset.trvstatic.com/download/assets/travelers_tcfdreport2023.pdf/93114e88b97011efa5e28e42e80f1a8f,
34</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>29</SUP> https://www.aig.com/content/dam/aig/america-canada/us/documents/about-us/report/aig-sustainability-report-2023.pdf,
36</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>30</SUP> https://ewcstatic.thehartford.com/thehartford/the_hartford/files/Comm/cdp-project-submission.pdf,
223</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>31</SUP> https://www.swissre.com/dam/jcr:ec822a14-a4d7-4b6b-b0e2-49ae6036058c/2022-financial-report-doc-en.pdf#page=148,
175</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>32</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,
37</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>33</SUP> https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/sustainability/documents/Allianz_Group_Sustainability_Report_2023-web.pdf,
54</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>34</SUP> https://www.aviva.com/sustainability/reporting/climate-related-financial-disclosure,
67</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>35</SUP> https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/sustainability/documents/Allianz_Group_Sustainability_Report_2023-web.pdf,
50</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>36</SUP> https://www.swissre.com/dam/jcr:b17dff9d-c026-46e6-b3f9-a0839fb5ed65/2024-sustainability-report-en.pdf,
73</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>37</SUP> https://static.aviva.io/content/dam/aviva-corporate/documents/socialpurpose/pdfs/2024-transition-plan.pdf,
39</P>


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

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

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">In November 2022, Partnership for Carbon Accounting Financials (PCAF) established
a methodology for measuring insurance associated emissions. It noted at that time that these disclosures &ldquo;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>38 </SUP> As of April 2025, 30 insurance companies had committed
to disclose or had disclosed their finance and investment associated emissions by applying PCAF guidelines.<SUP>39</SUP></P>

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">The board believes that the proposal &ldquo;would be an unnecessary and inefficient
use of Company resources&rdquo; and result in a competitive disadvantage to the company. Yet, by continuing to fall behind the industry,
Markel Group exposes itself to lower profitability due to its mismanagement of climate-related risks.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">As media and government pressure mounts on insurers for failing to mitigate the climate
risks impacting their business and customers, c<FONT STYLE="font-size: 10pt">ompanies that do not demonstrate meaningful progress to reduce
emissions will also experience heightened reputational risks.</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>The media and government are drawing attention to the role of the insurance industry
in enabling climate change. </B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol"><SUP>&middot;</SUP></FONT></TD><TD>Major news outlets increasingly cover insurers&rsquo; contribution to and mishandling of climate risk, including <I>The Wall Street
Journal</I>,<SUP>40</SUP> <I>The Washington Post</I>,<SUP>41</SUP> <I>Bloomberg</I>,<SUP>42</SUP> and <I>The New York Times.</I><SUP>43</SUP></TD></TR></TABLE>

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

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


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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>38</SUP> https://carbonaccountingfinancials.com/en/newsitem/pcaf-launches-the-global-ghg-accounting-and-reporting-standard-for-insurance-associated-emissions</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>39</SUP> https://carbonaccountingfinancials.com/financial-institutions-taking-action#overview-of-financial-institutions</P>


<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>40</SUP> https://www.wsj.com/business/state-farm-california-pulled-plug-fires-c702fff8</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>41</SUP> https://www.washingtonpost.com/climate-environment/2023/06/09/investigation-insurance-companies-fossil-fuels/</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>42</SUP> https://www.bloomberg.com/news/articles/2023-11-09/insurers-back-oil-and-gas-industry-amid-rising-climate-threat?embedded-checkout=true</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>43</SUP> https://www.nytimes.com/interactive/2024/12/18/climate/insurance-non-renewal-climate-crisis.html</P>


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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>In 2022, 16 U.S. representatives sent a public letter to Markel for continuing to invest in fossil fuel expansion projects despite
the risks the projects pose to the country's economic stability and furthering the climate crisis.<SUP>44</SUP></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>In 2023, U.S. lawmakers investigated seven major insurers for continuing to insure and invest billions of dollars in fossil fuel projects
and failing to report on how they underwrite, invest in, and profit from the fossil fuel industry.<SUP>45</SUP></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Markel Group states on its website that it supports the insurance industry&rsquo;s
push for carbon neutrality.<SUP>46</SUP> However, the Company provides little evidence regarding how it supports carbon neutrality within
the insurance industry or through its own products and services. 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 that it takes its role in achieving emissions
reductions seriously.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">VI.</TD><TD><B>RESPONSE TO OPPOSITION STATEMENT</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman; 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;<SUP>47</SUP></P>

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">However, none of Markel Group&rsquo;s operating companies disclose information about
sustainability risk or strategies, and the extent of the board&rsquo;s oversight responsibilities is unclear. While the board manages
climate risk as it pertains to assessing the Company&rsquo;s underwriting risk appetite and pricing structures, none of Markel Group&rsquo;s
board committee charters addresses sustainability risk and the Company does not publish any infor<FONT STYLE="font-size: 10pt">mation
about whether there are board subcommittees with such oversight responsibility.</FONT></P>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">IV.</TD><TD><B>CONCLUSION</B></TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">By beginning to collect emissions data, Markel Group may uncover risks and opportunities
residing in its operating companies. The process can reveal where the Company is enabling long-term emissions of GHG 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>48</SUP></P>

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<P STYLE="font: 10pt Times New Roman; 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>

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

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>44</SUP> https://huffman.house.gov/media-center/press-releases/reps-huffman-and-jones-call-out-us-insurance-company-for-investing-in-fossil-fuel-projects-despite-climate-risks</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>45</SUP> https://www.budget.senate.gov/download/budget-committee-letters-to-insurance-companies</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>46</SUP> https://www.markel.com/about-us/news-and-press/spotlight-on-renewable-energy</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>47</SUP> https://ir.mklgroup.com/investor-relations/financials/sec-filings/sec-filings-details/default.aspx?FilingId=18341790,
12</P>
<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>48</SUP> https://www.unepfi.org/fileadmin/documents/universal_ownership_full.pdf,
4</P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><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 Capital Management urges shareholders to vote for the shareholder proposal, Report on Company Greenhouse
Gas Emissions, following the instructions provided o<FONT STYLE="font-size: 10pt">n the management&rsquo;s proxy mailing.</FONT></B></P>


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