Markel Bermuda Limited appointed to Vesttoo creditors committee; discloses fraudulent $127.75M letters of credit

MARKEL GROUP INC.

MBL appointed to statutory unsecured creditors committee in Vesttoo's chapter 11 bankruptcy in Delaware.
Two collateralized reinsurance transactions with letters of credit totaling $127.75M deemed fraudulent.
The letters of credit ($50M and $77.75M) were provided as collateral backstops; beneficiary is MBL.
MBL exploring remedies against third parties including Vesttoo to mitigate potential losses.
Markel Group currently does not expect material adverse impact on results, financial condition, or liquidity.

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