Markel Group has appointed CEO Tom Gayner to the additional role of Chairman, succeeding Steve Markel as the company also promotes Simon Wilson and Andrew Crowley to Co-Presidents.
Steve Markel informed the Board on September 3 that, following more than 50 years of service, he would retire as Chairman and not seek re-election to the Board at Markel’s 2027 Annual Meeting.
Gayner’s appointment as Chairman is effective immediately.
Michael O’Reilly will remain Lead Independent Director.
O’Reilly is a former Vice Chairman and CFO of Chubb and former Chairman of Alterra Capital Holdings.
Markel also promoted Simon Wilson and Andrew Crowley from Executive Vice Presidents to Co-Presidents, effective immediately.
Wilson will continue to lead Markel Insurance as CEO, while Crowley will serve as CEO of Markel Ventures.
The company is also creating a Leadership Council consisting of its Lead Independent Director, Chairman and CEO, and Co-Presidents.
The council is intended to increase coordination between independent Board leadership and senior management around strategy, performance and capital allocation.
Markel operates a diversified group of businesses centered on specialty insurance but extending into companies across multiple industrial and consumer sectors.
Its model combines independently operated businesses with investment activities and capital allocation across the broader Markel Group.
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“On behalf of the Board, we thank Steve for his many contributions and expert counsel throughout his decades of service to Markel and its customers, employees, and shareholders,” said Mr. O’Reilly. “Steve’s leadership, wisdom, expertise, and commitment to Markel are unmatched and we look forward to continuing to benefit from his insights until he completes his board service next year. As we prepare for that transition, we have the utmost confidence that Tom brings the right mix of expertise, proven leadership and commitment and will seamlessly step into this new role and continue to drive substantial long-term value for our shareholders.”
Michael O’Reilly, Lead Independent Director of Markel Group
“It has been an honor to work alongside so many talented people across Markel’s businesses over the years. Markel has always been guided by a strong set of values — a long-term orientation, an ownership mindset and a commitment to doing things the right way — and I am proud of the culture we have cultivated. I am deeply grateful to our employees, customers, and shareholders for their trust and support, and I have every confidence that Markel is in the hands of tremendous leaders who will ensure it continues to thrive for years to come.”
Steve Markel
“Markel has a distinctive collection of businesses, strong franchises, and significant opportunities to continue to create value for shareholders, customers, and employees,” said Mr. Gayner. “Our Company has always operated with a long-term orientation toward value generation, combining disciplined capital allocation with an ownership mindset. As we prepare for Steve’s well-earned retirement, we will benefit from even greater connectivity between our Board and executive leaders as we continue to evolve and execute our strategy in alignment with those priorities. I look forward to collaborating with Mike, Simon, and Andrew as well as the full Board as we deliver on the many opportunities ahead for Markel.”
Tom Gayner, Chairman and CEO of Markel Group
