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Markel Announces Share Repurchase Authorization

RICHMOND, Va., Aug. 22 /PRNewswire-FirstCall/ -- Markel Corporation (NYSE: MKL) announced today that its board of directors authorized a share repurchase program for up to $200 million. Under the repurchase authorization, management was given the discretion to purchase shares at prices that are deemed reasonable in light of circumstances at the time of purchase. Purchases are expected to generally be made through open market transactions.

Markel Corporation markets and underwrites specialty insurance products and programs to a variety of niche markets. In each of these markets, the Company seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting profits and superior investment returns to build shareholder value.

Markel Corporation celebrates its Diamond Anniversary in 2005; over 75 years we've firmly established the Markel Style and our commitment to success.

SOURCE Markel Corporation

Bruce A. Kay of Markel Corporation,