Markel Group Inc. announced that Steve Markel, chairman of the board of directors, will be retiring after more than 50 years with the company. He said he will retire as chairman and will not seek re-election to the board at Markel’s 2027 Annual Meeting of Shareholders.

Effective immediately, the board has appointed Chief Executive Officer Tom Gayner to the additional role of chairman. 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 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.”

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, Wilson and 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 Gayner in a statement. “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.”