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Cary Street Partners Raises Capital from Markel to Support Strategic Initiatives

July 1, 2006 – Cary Street Partners announced today that it has raised capital from Markel Corporation to support future strategic initiatives.  Details of the transaction were not disclosed.

“We are excited about the future of Cary Street Partners as they grow their investment banking and wealth management businesses,” stated Tom Gayner, Chief Investment Officer and Executive Vice President for Markel. “We believe Cary Street has an excellent team in place and has built a solid foundation for continued expansion throughout the Southeast.”

“Having a strong financial partner behind the firm will enable us to accelerate our growth,” said Mark Gambill, Managing Partner of Cary Street Partners. “We are enthusiastic about partnering with Markel as their financial support will allow us to continue to build a firm that gives the best advice to our corporate and individual clients.”

Markel Corporation (MKL-NYSE) is an international property and casualty insurance holding company headquartered in Richmond, Virginia. It sells specialty insurance products and programs to a variety of niche markets and believes that the company’s specialty product focus and niche market strategy enable it to develop expertise and specialized market knowledge. Markel seeks to differentiate itself from competitors by reason of expertise, service, continuity and other value-based considerations.