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Markel announces final results of tender offer

Markel Corp.on April 26 announced the final results of its cash tender offer for up to $250 million combined aggregate principalamount of its 7.350% senior notes due 2034 and 7.125% senior notes due 2019.

Approximately $179.0 million in combined aggregate principalamount of the notes was validly tendered and not validly withdrawn at or prior tothe expiration of the tender offer at midnight ET at the end of April 25.

The principal amount tendered for the 7.35% senior notes due2034 was approximately $70.2 million, and the principal amount tendered for 7.125%senior notes due 2019 was approximately $108.8 million.

Holders of notes accepted for purchase that were validly tenderedand not validly withdrawn at or prior to 5 p.m. ET on April 11, the early tenderdate for the tender offer, received the applicable total consideration, which included an early tender premiumof $30 per $1,000 principal amount of notes accepted for purchase. The company purchasedthe notes tendered at or prior to the early tender date April 13.

Holders of notes accepted for purchase that were validly tenderedafter the early tender date, but at or prior to the expiration date, received onlythe applicable tender offer consideration, which is an amount equal to the applicabletotal consideration minus the early tender premium.

Markel accepted for purchase all of the notes validly tenderedafter the early tender date and at or prior to the expiration date. Settlement forthe notes that were tendered following the early tender date but on or prior tothe expiration date occurred April 26.

In addition to the tender offer consideration or the total consideration,as applicable, holders of notes accepted for purchase also received accrued andunpaid interest, rounded to the nearest cent, on such $1,000 principal amount ofnotes from the last applicable interest payment date up to, but not including, theapplicable settlement date.

Markel retained Citigroup Global Markets Inc. and Wells FargoSecurities LLC as the joint lead dealer managers. Global Bondholder Services Corp.is the information agent and depositary.