Is the Markel (MKL) CFO’s share acquisition an open-market purchase?

No, the acquisition reported is not an open-market purchase. The shares were obtained through the qualified component of the MKL 2020 Employee Stock Purchase Plan and through the MKL 401(k) plan, both of which are compensation-related, plan-based mechanisms rather than discretionary market trades.

Markel (NYSE: MKL) CFO acquires shares through ESPP and 401(k) plans

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

MARKEL GROUP INC. Chief Financial Officer Brian J. Costanzo reported routine share acquisitions tied to employee benefit plans. He acquired 1.8439 shares of common stock at $1,626.96 per share under the qualified component of the MKL 2020 Employee Stock Purchase Plan in a transaction exempt under Exchange Act Rule 16b-3(c). Between December 31, 2025 and March 31, 2026, he also acquired 2.487 shares through the MKL 401(k) plan, with a resulting indirect plan balance of 226.3230 shares as of March 31, 2026. Following these changes, he directly holds 1,613.0275 shares.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Costanzo Brian J.

Role Chief Financial Officer

Type	Security	Shares	Price	Value
Other	Common Stock	1.844	$1,626.96	$3K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 1,613.028 shares (Direct); Common Stock — 226.323 shares (Indirect, 401(k) Plan)

Footnotes (1)

Shares acquired under the qualified component of the MKL 2020 Employee Stock Purchase Plan in a transaction exempt under Exchange Act Rule 16b-3(c). Between December 31, 2025 and March 31, 2026, the reporting person acquired 2.487 shares under the MKL 401(k) plan. The information reported herein is based on the plan balance as of March 31, 2026.

Key Figures

ESPP shares acquired: 1.8439 shares ESPP price per share: $1,626.96 per share 401(k) shares acquired: 2.487 shares +2 more

5 metrics

ESPP shares acquired 1.8439 shares Qualified component of MKL 2020 Employee Stock Purchase Plan on March 31, 2026

ESPP price per share $1,626.96 per share Price for ESPP acquisition of common stock

401(k) shares acquired 2.487 shares Accumulated between December 31, 2025 and March 31, 2026 under MKL 401(k) plan

Direct holdings after transaction 1,613.0275 shares Total direct Markel common shares following March 31, 2026 transaction

Indirect 401(k) holdings 226.3230 shares MKL 401(k) plan balance as of March 31, 2026

Key Terms

MKL 2020 Employee Stock Purchase Plan, Exchange Act Rule 16b-3(c), 401(k) plan

3 terms

MKL 2020 Employee Stock Purchase Plan financial

"Shares acquired under the qualified component of the MKL 2020 Employee Stock Purchase Plan"

Exchange Act Rule 16b-3(c) regulatory

"in a transaction exempt under Exchange Act Rule 16b-3(c)"

401(k) plan financial

"acquired 2.487 shares under the MKL 401(k) plan"

A 401(k) plan is a workplace retirement account that lets employees set aside part of their pay into a tax-advantaged savings pot, often with employers adding matching contributions — like a workplace piggy bank for future income. It matters to investors because the amount people save and how employers fund these plans influence consumer spending, corporate payroll costs and the flow of money into financial markets, which can affect stock prices and company valuations.

Form 4 Insider Transactions: What Each Field Means →

04/15/2026 - 04:32 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Costanzo Brian J.

(Last)

(First)

(Middle)

C/O MARKEL GROUP INC.

4521 HIGHWOODS PARKWAY

(Street)

GLEN ALLEN

VIRGINIA

23060

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
MARKEL GROUP INC. [ MKL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Financial Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	03/31/2026		J	V	1.8439⁽¹⁾	A	$1,626.96	1,613.0275	D
Common Stock								226.323	I	401(k) Plan⁽²⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Shares acquired under the qualified component of the MKL 2020 Employee Stock Purchase Plan in a transaction exempt under Exchange Act Rule 16b-3(c).

2. Between December 31, 2025 and March 31, 2026, the reporting person acquired 2.487 shares under the MKL 401(k) plan. The information reported herein is based on the plan balance as of March 31, 2026.

Remarks:

	/s/ Karen O. Earls, Attorney-in-fact for Brian J. Costanzo	04/15/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Markel (MKL) report for CFO Brian J. Costanzo?

Markel reported that CFO Brian J. Costanzo acquired a small number of common shares through company benefit plans. The filing shows plan-based purchases under the 2020 Employee Stock Purchase Plan and additional shares accumulated in the MKL 401(k) plan over a recent period.

How many Markel (MKL) shares did the CFO acquire under the ESPP?

The CFO acquired 1.8439 shares of Markel common stock under the qualified component of the MKL 2020 Employee Stock Purchase Plan. These shares were obtained at a price of $1,626.96 per share in a transaction described as exempt under Exchange Act Rule 16b-3(c).

What does the Markel (MKL) Form 4 reveal about the CFO’s 401(k) holdings?

The Form 4 notes that between December 31, 2025 and March 31, 2026, the CFO acquired 2.487 Markel shares through the MKL 401(k) plan. The reported information reflects a plan balance of 226.3230 shares as of March 31, 2026.

How many Markel (MKL) shares does the CFO hold directly after this filing?

After the reported transaction, the CFO directly holds 1,613.0275 shares of Markel common stock. This figure comes from the non-derivative holding line in the Form 4, which lists the total direct shares following the plan-related acquisition on March 31, 2026.

What regulatory exemption is cited for the Markel (MKL) ESPP transaction?

The ESPP transaction is described as exempt under Exchange Act Rule 16b-3(c). This rule generally provides an exemption for certain transactions under employee benefit plans approved by a company’s board or shareholders, helping streamline reporting for routine compensation-related equity awards.