FOR IMMEDIATE RELEASE

12 December 2017

To: SFS, London Stock Exchange and Bermuda Stock Exchange

NET ASSET VALUE ("NAV")

Markel CATCo Investment Management Ltd., as Investment Manager, announces the unaudited net asset value of the Company's Ordinary Shares of $1.0660, as at the close of business on 30 November 2017.

The Investment Manager recorded a loss reserve of c.4.40% of NAV in relation to the wildfires that impacted Northern parts of California, U.S.A. during October 2017.

The NAV is inclusive of an attritional loss reserve of approximately 15bps per month (year-to-date: 165bps).