Filed by Markel Corporation
Pursuant to Rule 425 under the Securities Act of 1933
Subject Company: Aspen Holdings, Inc.
Exchange Act File Number: 001-15811
The following slides were used by Markel Corporation in a presentation to employees of Aspen Holdings, Inc. on July 15, 2010.
 Confidential - Markel WHO IS MARKEL? |
 Confidential - Markel The Corporate Profile Markel Corporation markets and underwrites Markel Corporation markets and underwrites specialty insurance products and programs to a variety of specialty insurance products and programs to a variety of niche markets. In each of these markets, we seek to niche markets. In each of these markets, we seek to provide quality products and excellent customer service so provide quality products and excellent customer service so that we can be a market leader. Our financial goals are to that we can be a market leader. Our financial goals are to earn consistent underwriting profits and superior investment earn consistent underwriting profits and superior investment returns to build shareholder value. returns to build shareholder value. |
 Confidential - Markel Markel at A Glance • $2 Billion annual gross written premium • 2,100 Associates worldwide • Formed in 1930; IPO in 1986 • NYSE: MKL; market cap $3.3 billion • 3 Admitted and 3 non-admitted insurance carriers • Wholesale, retail and direct distribution • Wide variety of specialty product offerings, but no workers compensation! |
 Confidential - Markel The Markel Style Markel has a Commitment to Success. We believe in hard work and a zealous pursuit of excellence while keeping a sense of humor. Our creed is honesty and fairness in all our dealings. The Markel way is to seek to be a market leader in each of our pursuits. We seek to know our customers' needs and to provide our customers with quality products and service. Our pledge to our shareholders is that we will build the financial value of our Company. We respect our relationship with our suppliers and have a commitment to our communities. We are encouraged to look for a better way to do things...to challenge management. We have the ability to make decisions or alter a course quickly. |
 Confidential - Markel The Markel Style (Cont’d.) The Markel approach is one of spontaneity and flexibility. This requires a respect for authority but a disdain of bureaucracy. At Markel we hold the individual's right to self-determination in the highest light, providing an atmosphere in which people can reach their personal potential. Being results oriented, we are willing to put aside individual concerns in the spirit of team work to achieve success. Above all, we enjoy what we are doing. There is excitement at Markel, one that comes from innovating, creating, striving for a better way, sharing success with others...winning. |
 2007 Markel – A History Still in the Making 1930 Markel Service Formed Essex Insurance Company 1980 Wall Street Shand Morahan & Co. Rhulen Agency Investors Underwriting Managers 1986 American Underwriting Managers Gryphon Terra Nova Acceptance West Brittany Black/White & Assoc. Prairie State Cambridge Specialized Ins., Inc. (Garage) 1987 1989 1996 1999 2000 2006 2008 2009 Elliot Special Risk Agri-Risk Mint Equine Markel Ventures 2010 Aspen Confidential - Markel |
 Confidential - Markel Markel Public Company History Revenues Book Value Per Share Stock Price (in 000’s) 1986 1991 1996 2001 2006 2007 2008 2009 $ 24,542 $ 222,586 $ 366,736 $ 1,397,412 $ 2,519,005 $ 2,550,579 $ 1,976,583 $ 2,069,326 $ 3.42 $ 15.59 $ 49.16 $ 110.50 $ 229.78 $ 265.26 $ 222.20 $ 282.55 $ 8.13 $ 22.00 $ 90.00 $ 179.65 $ 480.10 $ 491.10 $ 299.00 $ 340.00 CAGR since public offering 21.27% 17.62% |
 Confidential - Markel Markel’s Executive Team Tom Gayner – President, Co-Chief Operating Officer Steve Markel – Vice Chairman Alan Kirshner – Chairman & CEO Richie Whitt – President, Co-Chief Operating Officer Tony Markel – Vice Chairman Mike Crowley – President, Co-Chief Operating Officer |
 Markel – Worldwide Spanning the Globe Confidential - Markel |
 Confidential - Markel Markel Organization Structure Markel Corporation Aspen Markel Specialty Markel Wholesale Markel International ---- |
 Confidential - Markel Markel’s Wholesale Product Lines John K. Latham, Managing Director Wholesale • P&C o Contractors, Catastrophe/Special Property, Builders Risk, and Products Liability • Professional o Architects & Engineers, Lawyers, EPLI, D&O, TD, Medical, and E&O • Specialty o Auto, Taxi, Public Entity, E&U, Environmental, Inland Marine, Marine & Energy and Railroad |
 Confidential - Markel Markel Regions: Wholesale Operation WEST MID- SOUTH MID- WEST SOUTHEAST NORTHEAST |
 Confidential - Markel Markel Specialty Division Collector Vehicle Event Cancellation & Liability Excess Flood High Performance Watercraft Mobile Home Motorcycle Nonstandard Property Recreational Marine Small Boat & Yacht Pewaukee Products Direct Marine Retail Specialists Wholesalers Distribution Channels Markel American Insurance Company Markel Insurance Company Timberlee Timberlee Grove, COO Grove, COO |
 Confidential - Markel Amateur Sports B&Bs/Inns Camps/Youth Recreation Child Care/Private Schools Student A&H Equine Health & Fitness Museums & Historic Homes Social Services Special Risk A&H Markel Risk Solutions Richmond Programs Retail focus Distribution Channels Markel Specialty Divison Markel Specialty Divison |
 Confidential - Markel Markel International William Stovin & Jeremy Brazil, Presidents Markel International underwrites a wide range of insurance products which are spread across five business lines: • Marine & Energy • Non-Marine Property • Professional Liability • Retail • Specialty |
 Confidential - Markel Why Did Markel Acquire Aspen 1. Aspen’s business model. 2. Cultural fit. 3. Devotion to underwriting profitability. 4. Potential to grow with capital support. 5. Technology platform. 6. New product segment for Markel. 7. Potential to cross sell other Markel products through Aspen’s agents. 8. Potential to offer workers compensation to Markel customers. 9. We enjoy attending the College World Series. |
 Confidential - Markel QUESTIONS & ANSWERS |