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Transition of Leadership at Markel Group

In a significant announcement on March 17, 2025, Markel Group Inc. (NYSE: MKL) confirmed that Anthony F. Markel, the Vice Chairman of the Board, will officially retire from his position in May 2025. As part of this transition, Markel will step down from his role at the annual shareholders' meeting and will assume an honorary title as Chairman Emeritus.

Impact of Tony Markel's Leadership

Tony Markel's association with Markel Group traces back to 1964, shortly after he graduated from the University of Virginia. Over his extensive career, he has held several high-ranking positions, including President and Chief Operating Officer from 1992, before joining the Board in 1978. His leadership was instrumental in the company's transformation from a regional player into a globally recognized organization, particularly noted for its specialty insurance.

Under his guidance, Markel Group successfully transitioned to a publicly traded entity in 1986, witnessing exponential growth from approximately $60 million in total assets to around $25 billion by 2016. Steve Markel, current Chairman of the Board, stated, "Tony is larger than life and it would be hard to overstate his impact on this company." His fervent commitment to the Markel Style, an ethos that embodies the company's values and culture, has left an indelible mark on the organization.

Reflecting on his upcoming retirement, Tony Markel noted, "In spite of the fact that my meteoric rise to the top of Markel was a blatant example of nepotism, I am extremely proud to have been a part of the growth and success of this organization over the last 61 years." His acknowledgment of the Markel Style as a unique cultural asset showcases his appreciation for the people and values that have crafted the company's identity.

Welcoming Jon Michael to the Board

With Tony Markel's departure, Markel Group has appointed Jon Michael as a new member of the Board of Directors effective March 15, 2025. Jon Michael brings over 40 years of experience in the specialty insurance sector, having previously led RLI Corp. as Chairman from 2011 until 2024, and served as President and CEO from 2001 to 2021. During his tenure, RLI's market capitalization grew significantly, underscoring his capabilities in driving business success.

Tony Markel expressed enthusiasm about Jon Michael joining the Board, stating, "Jon brings experienced leadership in the specialty insurance sector that I think will prove to be invaluable in the next chapter of the Markel story." Steve Markel echoed these sentiments, highlighting Jon's financial and operational expertise as critical assets to the Board's initiatives and long-term strategy.

Jon Michael expressed his commitment to the company, stating, "Markel Group is a company that feels like home. Great people, strong values, and so much opportunity for continued growth. I look forward to working with the Board and management team to define the next chapter of Markel Group's success." His dedication to fostering the Markel culture and leveraging his expertise is pivotal as the company looks towards the future.

About Markel Group

Markel Group Inc. operates a diverse array of companies, encompassing everything from specialty insurance to bakery equipment and building supplies. The leadership across these divisions operates with a significant level of autonomy, all while adhering to the core values encapsulated in the Markel Style. At the heart of the company lies its specialty insurance operations, which have consistently provided a strong foundation for subsequent business ventures, enhancing Markel's resilience and capacity for growth.

Markel Group continues to thrive on its unique structure that supports a variety of income streams and investment opportunities. This adaptability not only allows efficient capital movement across ventures but also plays a critical role in achieving long-term success for its customers and stakeholders. Interested parties can learn more about Markel's diverse offerings by visiting mklgroup.com.