MKL: Material agreement · Company disclosure

Item 1.01 Entry into a Material Definitive Agreement On October 27, 2026, Markel Global Reinsurance Company, Markel Insurance Company, Evanston Insurance Company, Markel American Insurance Company, and Markel Bermuda Limited (collectively, the Ceding Companies), each a subsidiary of Markel Group Inc. (the Company), and solely for limited purposes, Markel Insurance Group, LLC and Markel Services, Inc., entered into an Adverse Development Cover Agreement (the Agreement) with Cavello Bay Reinsurance Limited (the Reinsurer), a wholly owned subsidiary of Enstar Group Limited. The Agreement covers a portfolio of the run-off Global Reinsurance business and certain exited lines within its insurance operations (the Subject Business) and net reserves of $4.8 billion (the Reserves). Pursuant to the Agreement, the Reinsurer will reinsure, on an indemnity basis, 100% of covered losses paid by the Ceding Companies on or after April 1, 2026 (the Effective Date) in respect of the Subject Business exceeding an aggregate retention of $2.6 billion. After giving effect to the retention, the Agreement provides coverage for $2.3 billion of the Reserves and $1.2 billion of additional coverage for adverse development above the Reserves. Under the Agreement: (a) the Ceding Companies will pay the Reinsurer a reinsurance premium of $2.4 billion; (b) the reinsurance premium, less an amount equal to applicable federal excise tax, will be satisfied through a transfer of assets at closing, inclusive of any earnings, gains, or losses on such assets between signing and closing (the Transferred Assets); (c) $500 million of the Transferred Assets will be transferred to the Reinsurer outright and the balance will be deposited into a trust account for the benefit of the Ceding Companies to secure the Reins