The disclosure below supplements risk factors previously disclosed in our 2025 Annual Report on Form 10-K. These risks and uncertainties, along with those previously disclosed, could materially adversely affect our businesses, results of operations, or financial condition. Our adoption and use of artificial intelligence (AI), which is an evolving and rapidly developing technology, and the use of AI by third parties, may expose us to additional risks. We use, and expect to increasingly use, artificial intelligence, machine-learning, predictive analytics, and automated decision-making tools, including generative artificial intelligence, across many parts of our business, including underwriting, pricing, claims handling, fraud detection, and customer engagement. These technologies may not perform as intended and may produce inaccurate, incomplete, biased, or otherwise flawed outputs or analytics, or may be misinterpreted or misused by our employees, which could result in mispricing of risks, under-reserving or over-reserving of claims, assumption of unintended risks, operational disruption, inconsistent or unintended outcomes, or other adverse effects on our business and financial condition. The Company may also be exposed to additional operational, technological, security, reputational, legal, and regulatory risks related to its use, or third-party use, of artificial intelligence. These risks may arise from the misuse or inadvertent disclosure of personal data or sensitive or confidential information; unforeseen exposures or coverage issues under the policies we write; AI-related ethical considerations including the potential for algorithmic bias or unfair discrimination; failures or limitations in oversight, governance, or controls relating to AI systems; or potential intellectual property, contractual, or other legal issues associated with AI use. In addition, artificial intelligence may be used by threat actors to identify vulnerabilities, facilitate fraud, including insurance claims fraud, or to conduct more sophisticated cyberattacks, which could result in unauthorized access to or disclosure of data, litigation, regulatory action, or reputational harm. Artificial intelligence also presents competitive and strategic risks. Competitors, technology companies, or other market participants may adopt artificial intelligence more quickly or effectively than we do, may be able to reverse-engineer or replicate our AI capabilities, or may have access to data or capabilities that we do not. The rapid pace of AI development may also require us to make significant and ongoing investments in technology, talent, and infrastructure to remain competitive. Questions regarding ownership of AI-generated content or inventions could create legal uncertainties. If we are unable to appropriately develop, deploy, or govern these technologies, attract and retain personnel with the necessary AI expertise, protect our AI-generated content or inventions, or if we adopt these technologies without sufficient controls, we may fail to achieve expected benefits, incur increased costs, or be placed at a competitive disadvantage, any of which could have a material adverse effect on our business, results of operations, or financial condition. 50 Table of Contents Any of these risks or other unanticipated AI-related risks could materially adversely affect the Company's business, financial condition, or results of operations. See also, "Third-party providers may perform poorly, breach their obligations to us, or expose us to enhanced risks," "Our efforts to develop new products, expand in targeted markets, or improve business processes and workflows may not be successful and may increase or create new risks" and "Information technology systems that we use could fail or suffer a security breach or cyberattack, which could have a material adverse effect on us or result in the loss of regulated or sensitive information" in our 2025 Annual Report on Form 10-K in Item 1A Risk Factors. Our businesses, results of operations, and financial condition could be adversely affected by ongoing regional or military conflicts and related disruptions in the global economy. The global economy has been, and may in the future be, negatively impacted by regional or military conflicts, for example, the on-going conflicts between Russia and Ukraine and in the Middle East, following U.S. and Israeli airstrikes on Iran. We may have operations in areas affected by a conflict, and some of our businesses may be adversely affected by a conflict and its effects. Within our underwriting operations, we have, and may continue to have, insurance contracts with exposure to losses attributed or corollary to a conflict, such as losses related to our coverage of ships, cargo, trade credit, and inventory. For example, we underwrite insurance policies covering risks in the Middle East and have incurred losses from the Middle East conflict attributed to terrorism, energy, and marine war coverages written by the Markel Insurance International division, which we discuss under Item 2 Management's Discussion & Analysis of Financial Condition and Results of Operations. Additionally, our investment portfolio has experienced, and may continue to experience, adverse market value movements attributable to market reactions to developments in the Middle East, including fluctuations in energy prices, and broader equity and fixed income market volatility. Our other operations also may have direct exposure to customers and vendors in an affected area. Certain of our businesses may experience shortages in materials and increased costs for transportation, energy, and raw materials due in part to the negative impact of a conflict on the global economy. Furthermore, governments in the U.S., U.K., and E.U., among others, may impose export controls on certain products and financial and economic sanctions on certain industry sectors and parties in affected areas. These export controls and sanctions, or our failure to comply with them, could result in restrictions on our ability to do business in one or more of the jurisdictions in which we conduct business or have the other adverse effects previously discussed in our 2025 Annual Report on Form 10-K in Item 1A Risk Factors under "We are subject to laws and regulations relating to economic and trade sanctions and bribery and corruption, the violation of which could have a material adverse effect on us." We are unable to predict the impact an ongoing conflict may have on our businesses or the global economy. The impact of geopolitical tensions related to these conflicts, including increased trade barriers or restrictions on global trade, is unknown and could result in, among other things, heightened cybersecurity threats, supply disruptions, disruptions to our operations, protracted or increased inflation, increased energy costs, lower consumer demand, fluctuations in interest and foreign exchange rates, and increased volatility in financial markets, any of which could adversely affect our businesses, results of operations, and financial condition. In addition, an ongoing conflict may have the effect of triggering or intensifying many of the risks described in Part I, Item 1A Risk Factors of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.