Markel Group Inc.
Leadership History
4 leaders · 1986 to present
Thomas Gayner is the CEO of Markel, in the role since 2016. The first chief executive was Alan I. Kirshner, from 1986.
| Name | Role | From | To | Years in role |
|---|---|---|---|---|
| Simon Wilson | Chief Executive Officer, Markel Insurance | 2025 | Present | 1 |
| Thomas S. Gayner | Chief Executive Officer | 2016 | Present | 10 |
| Richard R. Whitt III | Co-Chief Executive Officer | 2016 | 2022 | 6 |
| Alan I. Kirshner | Chairman and Chief Executive Officer | 1986 | 2015 | 29 |
Markel Group is a specialty insurer and holding company based in Glen Allen, Virginia, near Richmond. Investors often call it a 'baby Berkshire' because it pairs insurance float with long-term equity investing and the ownership of non-insurance businesses. Insurance is still the largest engine, generating about 60% of 2025 operating revenue. Industrial, Financial and Consumer and Other businesses supply the rest, alongside a public equity portfolio worth about $13 billion. The company is headquartered in Richmond, Virginia.
Markel makes money in three ways. First, Markel Insurance underwrites specialty property, casualty, professional liability, marine and other hard-to-place risks, earning underwriting profit when its combined ratio stays below 100% (94.6% in 2025). Second, the premiums it holds before claims are paid (float) are invested in bonds and a long-term public equity portfolio, producing net investment income and gains. Third, the group owns non-insurance businesses, reported as the Industrial, Financial and Consumer and Other segments, which add product, service and fee revenue. In 2025 Markel Insurance produced $9.35 billion of operating revenue, Industrial $3.93 billion, Consumer and Other $1.38 billion and Financial $737 million.
Chief Executive Officer, Markel Insurance
2025 – Present
1 year (current)
Previously President of Markel International; appointed in March 2025 to lead Markel Specialty, Markel International and Global Reinsurance as Markel Insurance.
Chief Executive Officer
2016 – Present
10 years (current)
Kept a long-term equity portfolio funded by insurance float, grew Markel Ventures, renamed the company Markel Group in 2023 and led the 2025 insurance simplification.
Joined Markel in 1990 and ran its public equity investments for decades. He was Co-CEO from 2016 to 2022 and has been sole CEO since 2023, overseeing insurance, investments and the operating businesses.
Co-Chief Executive Officer
2016 – 2022
6 years
Shared the CEO role with Tom Gayner until the end of 2022.
Chairman and Chief Executive Officer
1986 – 2015
29 years
Kirshner became chief executive when Markel went public in 1986.
He led its growth into a specialty insurer with an investment-led model. Tom Gayner and Richie Whitt became co-chief executives at the start of 2016 and Kirshner stayed as executive chairman.
Markel's main challenges in 2025-2026 are underwriting consistency and execution. The company exited its Global Reinsurance business in 2025 by selling the renewal rights to Nationwide, and the runoff book still weighed on results: it added about two points to Markel Insurance's 93% combined ratio in Q2 2026, alongside two points of losses tied to the Middle East conflict. Long-tail casualty lines remain exposed to U.S. social inflation and reserve development, catastrophe losses can swing results, and reported earnings move with the equity portfolio. Adjusted operating income fell to $436 million in Q2 2026 from $578 million a year earlier, and the share price touched a 52-week low near $1,712 on October 1, 2026. In April 2026 activist investor JANA Partners publicly called for Markel to divest Markel Ventures and fund a $2 billion tender offer, and Q1 2026 brought a reported net loss of about $212 million as equity markets fell. Over the long term, the company also has to show that its compounding model does not depend on Tom Gayner's personal investment record.
Key leaders include founder Samuel A. Markel, Milton Markel, Steve Markel (Vice Chairman), Alan I. Kirshner (Chairman/CEO, 1986 to 2016), Anthony F. (Tony) Markel (Vice Chairman/CEO, 1992 to 2008), Richard R. Whitt III (Co-CEO, 2016 to 2022), and Thomas S. Gayner (Co-CEO 2016 to 2022, sole CEO since 2023).
Alan Kirshner led Markel from its 1986 IPO through 2016, authoring the 'Markel Style' in 1986, creating the three-engine business model, recruiting Tom Gayner in 1990, and orchestrating transformational acquisitions like Terra Nova and Alterra.
From 2016 to 2022 Tom Gayner and Richie Whitt were Co-CEOs, with Whitt focused on insurance and Gayner on investments and Markel Ventures. Annual revenue grew from about $5.6 billion in 2016 to $11.7 billion in 2022.
Tom Gayner joined Markel in 1990 to manage its investments after working at Davenport & Co. He was Co-CEO from 2016 to 2022 and became sole CEO in January 2023.
Simon Wilson, previously President of Markel International, became CEO of Markel Insurance in March 2025, overseeing Markel Specialty, Markel International and the Global Reinsurance runoff.
Brian J. Costanzo is Markel Group's Chief Financial Officer and presented the company's 2026 quarterly results.
In May 2023, the holding company officially rebranded from 'Markel Corporation' to 'Markel Group Inc.', clarifying the distinction between the parent holding company and its specialized insurance and industrial operating subsidiaries.
Tom Gayner serves as the sole CEO of Markel Group (following the retirement of co-CEO Richie Whitt). Gayner is an absolute legend on Wall Street. He joined Markel in 1990 and completely engineered their highly successful "value investing" strategy. Under his leadership, Markel aggressively expanded "Markel Ventures," using massive insurance cash flows to buy up highly profitable bakeries, homebuilders, and manufacturing plants.
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