Director Leopold Diane executed a Code-P open-market purchase of 100 shares at $1792.61, increasing her stake by 4.8%. This marks her first-ever Form 4 transaction and is the first Code-P buy on record for MKL in the past three years. The purchase occurred within 10% of the 90-day low of $1719.41, though no analyst target supports immediate upside; consensus remains HOLD.

Where it could go — In 8 of 10 comparable director Code-P buys near the 90d low on similar large-cap stocks, the stock was higher 90 days later; bear case requires the $1719.41 low to break.