Markel Chairman Steve Markel to Retire, CEO Gayner Moves Into Role

Markel Group Inc. said its chairman, Steve Markel, will retire after more than 50 years with the company. He will not seek re-election to the board at the 2027 annual shareholder meeting.

CEO Tom Gayner was elected chairman, effective immediately, said Markel’s board.

Markel, 77, has been with Markel Group since 1975 and has been chairman since 2020. He led Markel’s initial public offering in 1986, and held the positions of vice chairman, executive vice president and treasurer.

Michael O’Reilly, Markel board member and former vice chairman and CFO at Chubb, as well as former chairman of Alterra Capital Holdings, will remain lead independent director.

“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,” said O’Reilly. “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.”

Richmond, Virginia-based Markel also announced that Simon Wilson and Andrew Crowley, previously executive vice presidents of Markel Group, have been promoted to the roles of co-presidents of Markel Group, effective immediately. Wilson and Crowley will serve as CEO of Markel Insurance and CEO of Markel Ventures, respectively.

Markel’s board also announced the formation of a Leadership Council, consisting of the O’Reilly, Gayner, Wilson, and Crowley. The council is designed to facilitate regular coordination among independent board leadership and senior management, and enhance the board and management’s review of the company’s strategy, performance, and capital allocation, Markel said.