Markel Group has promoted Simon Wilson and Andrew Crowley to executive vice president as part of a broader leadership restructuring aimed at simplifying operations and strengthening its insurance and Markel Ventures businesses.
The move highlights the company’s ongoing strategy to streamline decision-making and sharpen focus across its core business segments.
Leadership Changes at Markel Group
Simon Wilson, CEO of Markel Insurance, and Andrew Crowley, president of Markel Ventures, will retain their current roles while taking on expanded executive vice president titles. Both will continue reporting directly to group CEO Tom Gayner.
According to Gayner, the changes reflect Markel Group’s “ongoing evolution” and its commitment to simplifying the organization. Wilson and Crowley will remain focused on the operations, customers, and markets they know best.
In a related move, Amy McCann has been promoted to chief administrative officer. She has served as general counsel of Markel Ventures since 2022 and will also report to Gayner.
Meanwhile, Mike Heaton, executive vice president and chief operating officer, is departing the company as part of the restructuring.
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Markel Ventures’ Long-Term Investment Strategy
Founded in 2005, Markel Ventures owns a diversified portfolio of businesses across:
- Manufacturing
- Building products
- Consumer goods
- Financial services
Markel Ventures typically acquires companies with enterprise values between US$100 million and US$1 billion. The strategy focuses on permanent capital ownership, meaning there is no planned exit timeline for its investments — a key differentiator from private equity models.
Exit from Global Reinsurance Business
The leadership changes follow a major strategic decision in 2025.
In July 2025, Markel Group agreed to sell the renewal rights of its Global Reinsurance division to Nationwide. The transaction closed the following month.
The reinsurance division, which wrote approximately US$1 billion in gross premium volume in 2025, has now entered run-off. Premiums are expected to earn out over the next two to three years.
Simon Wilson acknowledged that scale challenges limited the division’s competitiveness in the global reinsurance market. Nationwide has delegated the underwriting of renewal policies to Ryan Re Underwriting Managers, a managing general underwriter of Ryan Specialty.
Markel’s financial filings showed the reinsurance unit posted a full-year combined ratio of 105.9%, negatively impacting the insurance segment’s overall performance by approximately two percentage points.
Strong Financial Results Despite Restructuring
Despite exiting reinsurance, Markel Group delivered solid financial performance in 2025.
Key highlights include:
- Full-year operating revenues of US$15.51 billion (up 5% year over year)
- Adjusted operating income of US$2.3 billion (up 10%)
- Insurance segment combined ratio of 94.6%, improving from 95.9% in 2024
- International division gross written premium growth of 14%
- International combined ratio of 83%
Fourth-quarter operating revenues rose 8% compared to the prior year.
Invested assets totaled US$37.4 billion at year-end, up from US$34.2 billion the previous year. The company also repurchased US$429.5 million in shares, with US$1.5 billion remaining under its share buyback authorization.
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What This Means for Markel Group’s Future
The executive promotions and reinsurance exit signal a clearer strategic focus for Markel Group.
By simplifying its structure and concentrating on profitable insurance operations and long-term industrial investments through Markel Ventures, the company aims to strengthen underwriting performance and capital allocation discipline.
With improving combined ratios and steady revenue growth, Markel appears positioned to build on its specialty insurance strengths while maintaining a diversified earnings base.
Company Profile: Markel Group
Markel Group is a US-based specialty insurance holding company headquartered in Glen Allen, Virginia. Often referred to as a “mini Berkshire Hathaway” due to its diversified structure, Markel operates through three primary engines:
- Specialty insurance
- Reinsurance (now in run-off)
- Markel Ventures
The company focuses on disciplined underwriting, long-term investment management, and acquiring businesses with durable competitive advantages. With billions in invested assets and a growing international footprint, Markel Group remains a significant player in the global specialty insurance market.
