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Markel Corporation Announcement

RICHMOND, Va., Nov 15, 2004 /PRNewswire-FirstCall via COMTEX/ -- Markel Corporation (NYSE: MKL) reported today that several of its subsidiaries have received document requests or administrative subpoenas from state insurance departments related to producer compensation arrangements. Management believes these requests are part of broad surveys of industry practices and are not targeted at any particular actions of the Company's subsidiaries. The Company will fully comply with the insurance department requests.

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.

This is a "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995. It also contains general cautionary statements regarding the Company's business, estimates and management assumptions. Future actual results may materially differ from those in these statements because of many factors. Among other things, insurance or other regulatory authorities may challenge or require changes to the industry's and the Company's method of distributing products and services. Additional factors which could affect the Company are discussed in the Company's reports on Forms 8-K, 10-Q and 10-K. Readers are cautioned not to place undue reliance on these forward looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to update any forward looking statements, whether as a result of new information, future events or otherwise.

SOURCE: Markel Corporation

CONTACT: Bruce A. Kay of Markel Corporation, +1-804-747-0136