Well pleased with MKL’s YTD return of 27%. It has trailed Berkshire, however, with a CAGR of 10% however over last 10 years (length of my ownership). May the positive trend continue in 2026 & beyond. From Seeking Alpha(10/30/25):

seekingalpha.com - Markel group outlines percent share reduction and percent premium growth amid insurance

“Gayner signaled continued share repurchases: "Our largest single capital allocation choice has been to repurchase shares... The next 10% reduction, I don't think that will take 5 years... that might happen in 3 to 5 years…

Consolidated revenues grew 7% for the quarter. Operating income for the quarter was $1 billion, with net investment gains of $433 million and adjusted operating income at $621 million, a 24% year-over-year increase.
Insurance segment adjusted operating income was $428 million for the quarter, up from $276 million last year. The combined ratio stood at just under 93%, a four-point improvement, driven by lower catastrophe activity and reduced losses from CPI.
Gross written premiums in insurance rose 11% year-over-year for the quarter. International and Programs and Solutions divisions saw strong growth in underwriting premiums of 25% and 12%, respectively.
Operating cash flows for the first nine months reached $2.1 billion. Comprehensive income to shareholders was $793 million for the quarter.
Share count was reduced to 12.6 million from 12.8 million at year-end 2024 through $344 million in repurchases this year.”