Markel Group CEO named chair as Steve Markel to retire
Markel Group reconfigures top leadership, raises key executives’ salaries, and forms a Leadership Council to coordinate board and management oversight.
Rhea-AI Filing Summary
Markel Group Inc. (MKL) announced a planned leadership transition and related executive promotions. Steve Markel informed the company on September 3, 2026 that he will retire as Chairman and will not stand for re-election at the 2027 Annual Meeting of Shareholders.
Effective September 8, 2026, CEO Thomas S. Gayner was appointed to the additional role of Chairman, Simon Wilson became Co-President and Chief Executive Officer, Markel Insurance, and Andrew G. Crowley became Co-President and Chief Executive Officer, Markel Ventures. On the same date, the Compensation Committee increased base salaries to $1,210,000 for Mr. Gayner, $1,083,520 for Mr. Wilson, and $700,000 for Mr. Crowley.
The Board also established a Leadership Council consisting of the Chairman and CEO, the Lead Independent Director, and the Co-Presidents, designed to support coordination between independent Board leadership and senior management and to enhance oversight of strategy, performance, and capital allocation.
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8-K Event Classification
3 items: 5.02, 8.01, 9.01
3 items
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Service tenure of Steve Markel: More than 50 years
Base salary – Thomas S. Gayner (new): $1,210,000
Base salary – Thomas S. Gayner (prior): $1,100,000
+5 more
8 metrics
Service tenure of Steve Markel
More than 50 years
Length of service to Markel Group before planned retirement as Chairman
Base salary – Thomas S. Gayner (new)
$1,210,000
Effective September 8, 2026
Base salary – Thomas S. Gayner (prior)
$1,100,000
Before increase approved effective September 8, 2026
Base salary – Simon Wilson (new, USD equivalent)
$1,083,520
Effective September 8, 2026, paid in GBP but disclosed in USD
Base salary – Simon Wilson (prior, USD equivalent)
$897,967
Before increase approved effective September 8, 2026
FX rate for Simon Wilson salary conversion
1.3544
USD per GBP as of September 7, 2026
Base salary – Andrew G. Crowley (new)
$700,000
Effective September 8, 2026
Base salary – Andrew G. Crowley (prior)
$530,000
Before increase approved effective September 8, 2026
Key Terms
Lead Independent Director, Co-Presidents, Leadership Council, capital allocation, +1 more
5 terms
Lead Independent Director regulatory
"Michael O’Reilly ... will remain Lead Independent Director."
A lead independent director is a board member who is not part of company management and is chosen to coordinate and represent the other independent directors, often running sessions without the CEO, helping set meeting agendas, and serving as a liaison between shareholders and the board. For investors, this role signals stronger, more balanced oversight—like a neutral referee who helps ensure decisions are fair, transparent and focused on protecting shareholder interests.
Co-Presidents financial
"Simon Wilson and Andrew Crowley ... have been promoted to the roles of Co-Presidents"
Leadership Council financial
"the Board announced the establishment of a Leadership Council, consisting of the Lead Independent Director"
capital allocation financial
"enhance the Board and management’s review of the Company’s strategy, performance, and capital allocation."
Capital allocation is the process of deciding how a company or individual uses their money to grow, pay bills, save, or invest. It matters because good decisions can help build wealth and ensure resources are used wisely, while poor choices can limit growth or cause financial problems. Think of it like managing your allowance—deciding whether to spend, save, or invest to meet your goals.
specialty insurance financial
"Our specialty insurance business sits at the core of our company."
Insurance written for unusual, high-risk, or highly specialized exposures that standard policies won’t cover, often designed case-by-case for industries, events or assets with unique risks. Think of it as a tailor-made safety net rather than an off-the-rack policy; it matters to investors because these products carry different pricing, profit margins and loss volatility, so they can significantly affect an insurer’s earnings, capital needs and growth prospects.
FAQ
What leadership changes did Markel Group Inc. (MKL) announce on September 8, 2026?
Markel Group announced that CEO Thomas S. Gayner was appointed to the additional role of Chairman, while Simon Wilson and Andrew G. Crowley were promoted to Co-Presidents, serving as CEOs of Markel Insurance and Markel Ventures, respectively, effective September 8, 2026.
When will Steve Markel retire from the Markel Group (MKL) Board?
Steve Markel informed the Board that he will retire as Chairman and will not seek re-election as a director at Markel’s 2027 Annual Meeting of Shareholders, after more than 50 years of service to the company.
How did Markel Group (MKL) change executive base salaries on September 8, 2026?
Effective September 8, 2026, base salaries increased to $1,210,000 for Thomas S. Gayner, $1,083,520 for Simon Wilson, and $700,000 for Andrew G. Crowley. Mr. Wilson’s salary is paid in GBP and converted to USD using a 1.3544 exchange rate.
What were the previous base salaries for the key executives at Markel Group (MKL)?
Before the increases, base salaries were $1,100,000 for Thomas S. Gayner, $897,967 (USD equivalent) for Simon Wilson, and $530,000 for Andrew G. Crowley. The new salaries took effect on September 8, 2026.
What is the new Leadership Council at Markel Group (MKL)?
Markel Group’s Board established a Leadership Council consisting of the Chairman and CEO, the Lead Independent Director, and the Co-Presidents. It is designed to facilitate regular coordination and to enhance review of strategy, performance, and capital allocation.
What roles will Simon Wilson and Andrew G. Crowley hold at Markel Group (MKL)?
Simon Wilson will serve as Co-President and Chief Executive Officer, Markel Insurance, and Andrew G. Crowley will serve as Co-President and Chief Executive Officer, Markel Ventures. Both roles became effective on September 8, 2026.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_______________________________________________
FORM 8-K
_______________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 3, 2026
_______________________________________________
(Exact name of registrant as specified in its charter)
_______________________________________________
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (804 ) 747-0136
Not Applicable
(Former name or former address, if changed since last report)
_______________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. | ||||
Retirement of Steven A. Markel as Chairman of the Board; Appointment of Thomas S. Gayner as Chairman of the Board; Appointment of Simon Wilson and Andrew G. Crowley as Co-Presidents
On September 8, 2026, Markel Group Inc. (the Company) issued a press release announcing that Steven A. Markel, the Company's Chairman of the Board of Directors, provided notice to the Company on September 3, 2026, that (i) he will not stand for re-election as a member of the Board at the 2027 Annual Meeting of Shareholders; and (ii) he will retire as Chairman of the Board (Chairman) upon appointment of his successor.
The Company also announced in the press release that the Board appointed, on and effective September 8, 2026:
•Thomas S. Gayner, current Director and Chief Executive Officer of the Company, to the additional role of Chairman, succeeding Mr. Markel.
•Simon Wilson, current Executive Vice President and Chief Executive Officer, Markel Insurance, as Co-President and Chief Executive Officer, Markel Insurance; and
•Andrew G. Crowley, current Executive Vice President and President, Markel Ventures, as Co-President and Chief Executive Officer, Markel Ventures.
A copy of the press release making these announcements is furnished as Exhibit 99.1 to this Form 8-K.
Compensation Changes for Certain Executive Officers
On and effective September 8, 2026, the Compensation Committee of the Board approved increases in base salary for:
•Mr. Gayner, from $1,100,000 to $1,210,000;
•Mr. Wilson, from $897,967 to $1,083,5201; and
•Mr. Crowley, from $530,000 to $700,000.
1 Mr. Wilson is paid in Great British Pounds (GBP). Base salary disclosed for Mr. Wilson in United States Dollars (USD) is based on the conversion rate at September 7, 2026 of 1 GBP to 1.3544 USD.
2
| Item 8.01 | Other Events. | ||||
The Board established a Leadership Council, consisting of the Chairman and CEO, the Lead Independent Director, and the Co-Presidents, which 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.
| Item 9.01 | Financial Statements and Exhibits. | |||||||
| Exhibit No. | Description | |||||||
99.1 | Press Release issued September 8, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MARKEL GROUP INC. | |||||||||||
| September 8, 2026 | By: | /s/ Richard R. Grinnan | |||||||||
| Name: | Richard R. Grinnan | ||||||||||
| Title: | Senior Vice President, Chief Legal Officer and Secretary | ||||||||||
3
EXHIBIT 99.1
 | For more information contact: Investor Relations Markel Group Inc. IR@markel.com | ||||
FOR IMMEDIATE RELEASE
Markel Chairman Steve Markel to Retire and Will Be Succeeded by Tom Gayner
•Simon Wilson and Andrew Crowley Promoted to Co-Presidents
•Establishes Leadership Council Consisting of Lead Independent Director, Chairman, and Co-Presidents
RICHMOND, Va., September 8, 2026 – Markel Group Inc. (NYSE: MKL) today announced that Steve Markel, Chairman of the Board of Directors, informed the Board on Thursday, September 3, 2026 that after more than 50 years of distinguished service to Markel, he will retire as Chairman and will not seek re-election to the Board at Markel’s 2027 Annual Meeting of Shareholders. Effective today, the Board has appointed Chief Executive Officer Tom Gayner to the additional role of Chairman, succeeding Mr. Markel. Michael O’Reilly, Markel Board member and former Vice Chairman and Chief Financial Officer at Chubb, as well as former Chairman of Alterra Capital Holdings Limited, will remain Lead Independent Director.
“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.”
Mr. Markel said, "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."
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. The promotions reflect their successful efforts to further strengthen and drive focus across Markel’s principal businesses. As Co-Presidents, Mr. Wilson and Mr. Crowley will serve as CEO of Markel Insurance and CEO of Markel Ventures, respectively.
Additionally, the Board announced the establishment of a Leadership Council, consisting of the Lead Independent Director, Chairman and CEO, and Co-Presidents. 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 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.”
About Markel Group
Markel Group Inc. is a diverse family of companies that includes everything from insurance to bakery equipment, building supplies, houseplants, and more. The leadership teams of these businesses operate with a high degree of independence, while at the same time living the values that we call the Markel Style. Our specialty insurance business sits at the core of our company. Through decades of sound underwriting, the Markel Insurance team has provided the capital base from which we built a system of businesses and investments that collectively increase Markel Group's durability and adaptability. It's a system that provides diverse income streams, access to a wide range of investment opportunities, and the ability to efficiently move capital to the best ideas across the company. Most importantly though, this system enables each of our businesses to advance our shared goal of helping our customers, associates, and shareholders win over the long term. Visit mklgroup.com to learn more.