Markel Corporation reported net income of $4.97 per diluted share for the quarter ended December 31, 2004 compared to a net income of $4.44 per diluted share for the same period of 2003.  Net income for the year ended December 31, 2004 was $16.41 per diluted share compared to $12.31 per diluted share in 2003. The combined ratio was 94% and 96%, respectively, for the quarter and year ended December 31, 2004 compared to 96% and 99%, respectively, for the same periods in 2003. Book value per common share increased 20% to $168.22 at December 31, 2004.   Alan I. Kirshner, Chairman and Chief Executive Officer, commented, “While this year’s results include losses for the 2004 hurricanes and development of prior year losses on business we no longer write, strong underwriting profits on our core business and exceptional investment returns have resulted in another year of record earnings. These results demonstrate our continued commitment and ability to grow book value per share at a high rate of return for our shareholders.”

Markel International represents Markel’s London operations and writes specialty property and casualty insurance through Markel International Insurance Company and Markel Syndicate 3000.

For 2004, Markel International reduced gross written premium to $700 million from $738 million reflecting the company’s commitment to profitable underwriting in preference to volume growth.

An increase in the combined operating ratio for the year to 117% from 104% reflects a number of special considerations including hurricane losses in the third quarter, additional reserving for legacy issues in the first quarter, and the weakening dollar throughout the year. Together these factors had an impact of 13 points on the COR, bringing the 2004 figure to 104%, in line with that for 2003.

Richie Whitt, executive vice president said: " 2004 was a year that showed the strength of our London based business. In markets, which are becoming more competitive, we have been prepared to walk away from business that doesn't meet our underwriting standards. We are comfortable that gross written premium has fallen and we are pleased with the underwriting performance of our core books of business. With its unique global franchise, London is an important base for us to continue to grow our international business."

Ends

For further information:
Derah McCall
Markel International
020 7953 6732

Notes to editors:

1. Markel International Limited is a specialty property and casualty insurer. Based in London and comprising the international operations of Markel Corporation, it wrote gross premiums in 2003 of $ 738.4 million. It has five operating divisions writing business either through Markel Syndicate 3000 or through Markel International Insurance Company Limited. Markel Corporation is a US listed business, capitalised at around $3.5 billion, which in 2003 wrote gross premiums of $2.6 billion. www.markelintl.com

2. Markel Corporation results release for the fourth quarter and full year period is attached.