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Leadership Transition at Markel Group: A New Era Begins

On March 17, 2025, Markel Group Inc. (NYSE: MKL) officially announced that Anthony F. (Tony) Markel, its Vice Chairman, would retire from the company's Board of Directors at the conclusion of the annual shareholder meeting in May 2025. In a move to ensure continuity and progress, Jon Michael has been appointed to the Board effective March 15, 2025.

Tony Markel: A Legacy of Leadership

Tony Markel’s tenure at the company has been extraordinary, spanning over six decades. He began his journey at Markel after graduating from the University of Virginia in 1964, taking on various roles that culminated in his position as President and Chief Operating Officer in 1992. Joining the Board in 1978, he has contributed crucially to the company’s evolution. Under Tony’s leadership, Markel became a publicly traded company in 1986 and has grown exponentially, advancing from $60 million in total assets to a staggering $25 billion by 2016.

Steve Markel, the current Chairman of the Board, expressed profound appreciation for Tony's contributions, stating: “Tony is larger than life... He was the heartbeat of Markel with an unmatched ability to motivate and connect with people.” Reflecting on his remarkable journey, Tony expressed pride in the unique culture he helped cultivate at Markel, known as the “Markel Style,” which has continued to attract a wealth of talent in the insurance industry.

Welcoming Jon Michael to the Board

Jon Michael brings over 40 years of invaluable experience in the specialty insurance sector, most notably serving as Chairman and CEO of RLI Corp., where he successfully expanded the company’s market capitalization tenfold during his leadership. His extensive background also includes various leadership roles at RLI, further solidifying his reputation as a capable executive in the industry.

In addition to his accolades in the insurance field, Michael held a brief stint as the interim President of Bradley University in June 2024, showcasing his versatility beyond corporate circles. As he joins Markel Group, Michael is set to leverage his expansive knowledge within the specialty insurance space for the future success of the company.

Tony Markel shared his enthusiasm about Jon's appointment, stating, “Jon brings experienced leadership... that I think will prove to be invaluable in the next chapter of the Markel story.”

Steve Markel echoed this sentiment, noting, “His deep financial and operational expertise will be very useful through the remainder of our Board-led business review, and his insights will serve us well as we grow Markel Group in the years ahead.”

Looking Ahead

In his own words, Jon Michael reflected on the opportunity ahead: “Markel Group is a company that feels like home. Great people, strong values, and so much opportunity for continued growth.” As he embarks on this new journey, the combination of his leadership and Markel's established culture signals optimism and promise for the future.

Markel Group Inc. represents a diverse family of companies ranging from insurance to baking equipment and beyond, operating with independence while adhering to the principles that define the Markel Style. This unique framework has enabled Markel to sustain its growth and adapt to dynamic market conditions, thus enhancing its position in multiple industries.

To learn more about Markel Group and its offerings, visit mklgroup.com.