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RICHMOND, Va., March 17, 2025 /PRNewswire/ -- Markel Group Inc. (NYSE: MKL) announced today that Anthony F. (Tony) Markel, Vice Chairman of the Board, informed the company that he will not stand for re-election at the company's annual meeting of shareholders in May. Mr. Markel will retire as a director of the company at the end of the meeting, at which time he will assume the honorary position of Chairman Emeritus of the Board.
Markel Group also announced the appointment of Jon Michael to its Board of Directors, effective March 15, 2025. Mr. Michael is a proven specialty insurance leader with more than 40 years of experience in the industry.
Tony Markel to retire from the Board of Directors
Mr. Markel joined the company in 1964 after graduating from the University of Virginia, eventually becoming President and Chief Operating Officer in 1992. He joined the Board in 1978 and became Vice Chairman of the Board in 2009. Mr. Markel, together with Alan Kirshner and Steve Markel, led the effort to take the company public in 1986. Under their leadership, Markel grew from approximately $60 million in total assets in 1986 to roughly $25 billion in 2016 when they turned over the reins to the next generation of Markel leaders.
"Tony is larger than life and it would be hard to overstate his impact on this company," said Steve Markel, Chairman of the Board. "He was not just a highly effective operator and leader, he was the heartbeat of Markel with an unmatched ability to motivate and connect with people. I'm grateful to have had the chance to work alongside Tony for so many years."
"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," said Tony Markel. "I am equally proud of the Markel Style, a unique and distinct culture that has, and continues, to attract and guide some of the finest people in the insurance industry and the various industries served by our other Markel Group companies. It truly has been an honor and privilege to have worked with you and number you as friends."
Jon Michael appointed to Board
Mr. Michael is a seasoned industry executive with a strong track record in the specialty insurance industry. He was the Chairman of RLI Corp., a publicly traded specialty insurance company, from 2011 to 2024 and he was President and CEO of RLI from 2001 to 2021—during which time RLI's market capitalization increased by a factor of ten. Mr. Michael held various positions at RLI after joining in 1982, including President and Chief Operating Officer, Executive Vice President, and Chief Financial Officer. Prior to joining RLI, he worked at the accounting firm Coopers & Lybrand.