Markel 1Q: Net Income Up, Combined Ratio Down; Conference Today

May 2, 2007

Markel Corp. has reported diluted net income per share of $9.88 for the quarter ended March 31, 2007 compared to $7.67 for the first quarter of 2006.

The combined ratio for the first quarter of 2007 was 87% compared to 94% for the first quarter of 2006.

Book value per common share outstanding increased 4% to $238.62 at March 31, 2007 from $229.78 at December 31, 2006 primarily due to comprehensive income of $76.7 million.

“We have had an excellent start to 2007; however, it is clear that the market is becoming more competitive and prices are decreasing in many lines,” noted Alan I. Kirshner, chairman and CEO.

But, he said, Markel has experienced soft markets before and remains committed to underwriting discipline.

The company also announced today it has filed its Form 10-Q for the quarter ended March 31, 2007 with the Securities and Exchange Commission. A copy is available on the company’s website at www.markelcorp.com or on the SEC website at www.sec.gov.

The quarterly conference call, which will involve discussion of the company’s financial results, will be held Wednesday, May 2, 2007, beginning at 10:30 a.m. EDT. Investors, analysts and the general public may listen to the call free through the company’s web site, www.markelcorp.com.

Source: Markel Corp.
www.markelcorp.com

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