Tony Markel to retire as Vice Chairman of Markel Group in May 2025 and Jon Michael joins Board of Directors

Company Leadership Changes - Anthony F. Markel, Vice Chairman of the Board, will not stand for re-election at the annual meeting in May and will retire as a director, assuming the honorary position of Chairman Emeritus [1][3] - Jon Michael has been appointed to the Board of Directors, effective March 15, 2025, bringing over 40 years of experience in the specialty insurance industry [2][5] Historical Context - Tony Markel joined the company in 1964 and became President and COO in 1992, joining the Board in 1978 and becoming Vice Chairman in 2009 [3] - Under the leadership of Tony Markel and others, Markel Group grew from approximately $60 million in total assets in 1986 to roughly$25 billion in 2016 [3] Leadership Impact - Steve Markel, Chairman of the Board, emphasized Tony Markel's significant impact on the company, describing him as the "heartbeat of Markel" with unmatched motivational abilities [4] - Tony Markel expressed pride in the company's growth and the unique culture known as the "Markel Style," which has attracted top talent in the insurance industry [4] Jon Michael's Background - Jon Michael previously served as Chairman and CEO of RLI Corp., where he oversaw a tenfold increase in market capitalization during his tenure [5] - He has also held various leadership roles at RLI and served as interim President of Bradley University [6] Future Outlook - Tony Markel expressed enthusiasm for Jon Michael's addition to the Board, highlighting his leadership experience in the specialty insurance sector as invaluable for the company's future [7] - Jon Michael stated his commitment to working with the Board and management team to define the next chapter of Markel Group's success [7]