Markel Group Inc. (NYSE: MKL) announced that Steve Markel, Chairman of the Board of Directors, will retire after more than 50 years of service and will not seek re-election to the Board at Markel's 2027 Annual Meeting of Shareholders.

Effective Sept. 8, 2026, the Board appointed Chief Executive Officer Tom Gayner to the additional role of Chairman, succeeding Mr. Markel. Michael O'Reilly, a Markel Board member and former Vice Chairman and Chief Financial Officer at Chubb, will remain Lead Independent Director.

Markel also announced that Simon Wilson and Andrew Crowley, previously Executive Vice Presidents of Markel Group, have been promoted to Co-Presidents, effective immediately. Mr. Wilson will serve as CEO of Markel Insurance, and Mr. Crowley will serve as CEO of Markel Ventures.

The Board additionally established a Leadership Council consisting of the Lead Independent Director, Chairman and CEO, and Co-Presidents. The council is designed to facilitate coordination between independent Board leadership and senior management, and to support 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," Gayner said in a statement.