MARKEL GROUP INC. — Director's Dealing 2018

May 11, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: MARKEL CORP (MKL)
CIK: 0001096343
Period of Report: 2018-05-10

Reporting Person: MARKEL STEVEN A (Director, Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-05-10	Common Stock	S	20	$1144.40	Disposed	105040	Direct
2018-05-10	Common Stock	S	54	$1145.68	Disposed	104986	Direct
2018-05-10	Common Stock	S	45	$1146.98	Disposed	104941	Direct
2018-05-10	Common Stock	S	20	$1148.03	Disposed	104921	Direct
2018-05-10	Common Stock	S	27	$1149.40	Disposed	104894	Direct
2018-05-10	Common Stock	S	15	$1150.05	Disposed	104879	Direct
2018-05-10	Common Stock	S	19	$1152.39	Disposed	104860	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2032.21	Indirect
Common Stock	15000	Indirect

Footnotes

F1: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.

F2: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1,144.28 to $1,144.70, inclusive. The reporting person undertakes to provide to any security holder of Markel Corporation or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F3: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1,145.31 to $1,146.10, inclusive. The reporting person undertakes to provide to any security holder of Markel Corporation or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F4: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1,146.50 to $1,147.25, inclusive. The reporting person undertakes to provide to any security holder of Markel Corporation or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F5: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1,147.79 to $1,148.24, inclusive. The reporting person undertakes to provide to any security holder of Markel Corporation or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F6: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1,149.00 to $1,149.83, inclusive. The reporting person undertakes to provide to any security holder of Markel Corporation or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F7: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1,150.02 to $1,150.10, inclusive. The reporting person undertakes to provide to any security holder of Markel Corporation or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F8: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1,152.15 to $1,152.64, inclusive. The reporting person undertakes to provide to any security holder of Markel Corporation or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F9: Holdings under the Markel Corporation 401(K) Plan are reported in units. The information reported herein is based on a plan statement dated as of March 31, 2018 and utilizes the most recent closing stock price on that date of $1,170.25 per share. As of March 31, 2018, a unit under the Plan represented one share of Common Stock.

F10: Beneficial ownership of securities is expressly disclaimed.