Markel Group Management

Management criteria checks 2/4

Markel Group's CEO is Tom Gayner, appointed in Jan 2023, has a tenure of 1.83 years. total yearly compensation is $8.07M, comprised of 13% salary and 87% bonuses, including company stock and options. directly owns 0.42% of the company’s shares, worth $91.70M. The average tenure of the management team and the board of directors is 3.3 years and 4.7 years respectively.

Key information

Tom Gayner

Chief executive officer

US$8.1m

Total compensation

CEO salary percentage	13.0%
CEO tenure	1.8yrs
CEO ownership	0.4%
Management average tenure	3.3yrs
Board average tenure	4.7yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Tom Gayner's remuneration changed compared to Markel Group's earnings?
Date	Total Compensation	Salary	Company Earnings
Sep 30 2024	n/a	n/a	US$3b
Jun 30 2024	n/a	n/a	US$2b
Mar 31 2024	n/a	n/a	US$2b
Dec 31 2023	US$8m	US$1m	US$2b
Sep 30 2023	n/a	n/a	US$2b
Jun 30 2023	n/a	n/a	US$2b
Mar 31 2023	n/a	n/a	US$269m
Dec 31 2022	US$4m	US$1m	-US$322m
Sep 30 2022	n/a	n/a	-US$130m
Jun 30 2022	n/a	n/a	US$36m
Mar 31 2022	n/a	n/a	US$2b
Dec 31 2021	US$5m	US$1m	US$2b
Sep 30 2021	n/a	n/a	US$2b
Jun 30 2021	n/a	n/a	US$3b
Mar 31 2021	n/a	n/a	US$3b
Dec 31 2020	US$4m	US$1m	US$769m
Sep 30 2020	n/a	n/a	US$451m
Jun 30 2020	n/a	n/a	US$215m
Mar 31 2020	n/a	n/a	-US$193m
Dec 31 2019	US$5m	US$1m	US$2b
Sep 30 2019	n/a	n/a	US$539m
Jun 30 2019	n/a	n/a	US$743m
Mar 31 2019	n/a	n/a	US$521m
Dec 31 2018	US$4m	US$981k	-US$133m
Sep 30 2018	n/a	n/a	US$1b
Jun 30 2018	n/a	n/a	US$382m
Mar 31 2018	n/a	n/a	US$248m
Dec 31 2017	US$3m	US$950k	US$362m

Compensation vs Market: Tom's total compensation ($USD8.07M) is above average for companies of similar size in the UK market ($USD5.72M).

Compensation vs Earnings: Tom's compensation has increased by more than 20% in the past year.

CEO

Tom Gayner (63 yo)

1.8yrs

Tenure

US$8,068,291

Compensation

Mr. Thomas Sinnickson Gayner, also known as Tom, is Independent Director of Graham Holdings Company from January 18, 2007. He is Member of the Investment Advisory Committee of Virginia Retirement System. H...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Thomas Gayner	Chief Investment Officer	1.8yrs	US$8.07m	0.42% $ 91.7m
Brian Costanzo	CFO & Chief Financial Officer of Markel Insurance Operations	less than a year	US$915.94k	0.0037% $ 797.5k
Michael Heaton	Executive VP & COO	less than a year	US$3.35m	0.014% $ 3.0m
Richard Grinnan	Senior VP	10.4yrs	US$2.12m	0.013% $ 2.9m
Jeremy Noble	President of Markel Insurance Operations & President of Global Insurance Engine	1.8yrs	US$3.35m	0.013% $ 2.7m
Meade Grandis	Chief Accounting Officer & Controller	less than a year	no data	0.023% $ 4.9m
Jennifer Blackwell	Deputy Chief Communications Officer	4.8yrs	no data	no data
Paul Broughton	Managing Director of Marketing	no data	no data	no data
Frederick May	Vice President of Sales & Business Development	5.8yrs	no data	no data
Jeff Lamb	Executive Director of Programs and Alliances - Markel Specialty	no data	no data	no data
Sarah Gavlick	Chief Retail Officer	4.7yrs	no data	no data
Wendy Houser	Chief Wholesale Officer	4.7yrs	no data	no data

3.3yrs

Average Tenure

48yo

Average Age

Experienced Management: 0JYM's management team is considered experienced (3.3 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Thomas Gayner	Chief Investment Officer	8.3yrs	US$8.07m	0.42% $ 91.7m
Michael O'Reilly	Lead Independent Director	11.5yrs	US$335.02k	0.028% $ 6.1m
Alan Kirshner	Chairman Emeritus	4.5yrs	US$1.47m	no data
Steven Markel	Chairman of the Board	46.8yrs	US$1.24m	0.64% $ 140.1m
Anthony Markel	Vice Chairman	46.8yrs	US$689.67k	0.58% $ 126.2m
Mark Besca	Independent Director	4yrs	US$301.69k	0.0075% $ 1.6m
Harold Morrison	Independent Director	4.8yrs	US$280.58k	0.0069% $ 1.5m
Greta Harris	Independent Director	3.5yrs	US$289.47k	0.0049% $ 1.1m
Diane Leopold	Independent Director	6.5yrs	US$299.61k	0.019% $ 4.1m
Anne Puckett	Independent Director	4.3yrs	US$301.69k	0.012% $ 2.7m
Morgan Housel	Independent Director	3yrs	US$301.69k	0.0056% $ 1.2m
Lawrence Cunningham	Independent Director	1.5yrs	US$289.19k	0.0058% $ 1.3m

4.7yrs

Average Tenure

63.5yo

Average Age

Experienced Board: 0JYM's board of directors are considered experienced (4.7 years average tenure).

Markel Group Management

Management criteria checks 2/4

Key information

Recent management updates

Markel Group Inc. Appoints Jim Hinchley as Chief Retail Officer

Markel Group Inc. Appoints Stacey Hinton as Senior Underwriter, Head of Jewellers Block, Specie

Markel Appoints April Tam as Senior Underwriter, Professional Financial Risk & Cyber and Head of Financial Institutions in Asia

Markel Appoints Rhys O'neill as Senior Underwriter, Marine & Energy Liability in International Specialty

Markel Group Inc. Announces the Appointment of Grant Smith as Director, Marine & Energy Liability, International Specialty

Markel Enhances Singapore and Hong Kong Presence with Strategic Hires

Recent updates

Markel Group Inc. (NYSE:MKL) announces an Equity Buyback for $2,000 million worth of its shares.

Third quarter 2024 earnings released: EPS: US$66.40 (vs US$3.15 in 3Q 2023)

Markel Group Inc. Appoints Jim Hinchley as Chief Retail Officer

Markel Group Inc. Appoints Stacey Hinton as Senior Underwriter, Head of Jewellers Block, Specie

Markel Appoints April Tam as Senior Underwriter, Professional Financial Risk & Cyber and Head of Financial Institutions in Asia

Markel Appoints Rhys O'neill as Senior Underwriter, Marine & Energy Liability in International Specialty

Markel Group Inc. Announces the Appointment of Grant Smith as Director, Marine & Energy Liability, International Specialty

Markel Enhances Singapore and Hong Kong Presence with Strategic Hires

Second quarter 2024 earnings released: EPS: US$18.66 (vs US$50.20 in 2Q 2023)

Markel, Insurance Operations Within Markel Group Inc., Appoints Jennifer Devereaux as Executive Underwriting Officer, Casualty, Effective September 3, 2024

Markel Appoints Jennifer Gebran as Head of Casualty for MENA

Markel Group Inc. Appoints Phil Schmidt as Chief Strategy Officer

Markel Group Inc. (NYSE:MKL) entered into a definitive agreement to acquire unknown majority stake in Valor Environmental.

New major risk - Revenue and earnings growth

First quarter 2024 earnings released: EPS: US$75.56 (vs US$37.33 in 1Q 2023)

Markel Promotes Chloe Gordge to Head of Terrorism in London

Markel Group Inc. Announces K. Bruce Connell Is Not Standing for Re-Election as Director

Markel Appoints Oliver Atkin to Head of Bloodstock for London Markets

Markel Group Inc. Appoints Mike Heaton as Chief Operating Officer

Full year 2023 earnings released: EPS: US$147 (vs US$23.72 loss in FY 2022)

Full year 2023 earnings released: EPS: US$147 (vs US$23.57 loss in FY 2022)

Markel Appoints Sebastian Rice as a Senior Underwriter and Head of Business Development for Europe

Markel Group Inc. Names Meade Grandis Chief Accounting Officer and Controller of Group

Markel Group Inc. Announces the Departure of Bob Cox as President and Chief Operating Officer, Global Insurance Operations, Effective from December 31, 2023

Third quarter 2023 earnings released: EPS: US$3.15 (vs US$3.51 in 3Q 2022)

Markel Announces Executive Changes

Markel Appoints Stephen Rogers as Head of Queensland

Markel Group Inc. Appoints Brook Styles as Head of Cargo

Markel Group Inc., Annual General Meeting, May 22, 2024

Markel, the Insurance Operation Within Markel Group Inc. Appoints Andrew Umphress as the Head of Terrorism for North America

New major risk - Revenue and earnings growth

Second quarter 2023 earnings released: EPS: US$50.20 (vs US$69.19 loss in 2Q 2022)

Markel Group Inc. Announces Senior Leadership Appointments Within Markel Specialty Division

Now 20% undervalued

Markel Group Inc.(NYSE:MKL) dropped from Russell 1000 Growth Index

MARKEL GROUP INC Promotes Sal Pollaro to Executive Underwriting Officer

Insider recently bought US$67k worth of stock

Now 21% undervalued

Independent Director recently bought US$101k worth of stock

First quarter 2023 earnings released: EPS: US$37.33 (vs US$6.50 loss in 1Q 2022)

High number of new directors

Independent Director recently bought US$531k worth of stock

Markel Corporation Announces Executive Changes

Full year 2022 earnings released: US$23.57 loss per share (vs US$177 profit in FY 2021)

High number of new directors

Markel Corporation, Annual General Meeting, May 17, 2023

Markel Corporation Announces Change in Designation of Jeremy A. Noble from Senior Vice President to President, Effective on January 1, 2023

High number of new directors

Co-CEO & Director recently bought US$62k worth of stock

Third quarter 2022 earnings released: EPS: US$3.51 (vs US$15.12 in 3Q 2021)

Markel Corporation Promotes Sarah Maxwell to Managing Director, Commercial Excess Wholesale

Markel Corporation Announces Jed Rhoads to Retire as President and Chief Underwriting Officer of Global Reinsurance Division

Markel International Appoints Dan Martin as Managing Director of Distribution Strategies and Business Development

Independent Director recently bought US$101k worth of stock

Markel Corporation Announces Retirement of Richard R. Whitt, III, Co-Chief Executive Officer, Effective March 31, 2023

Independent Director recently bought US$100k worth of stock

Second quarter 2022 earnings released: US$69.19 loss per share (vs US$57.12 profit in 2Q 2021)

Markel Corporation Appoints Tim Pasik as Managing Director, Commercial Casualty Product Lines Leader for Markel Specialty's Insurance Operations

Markel Corporation(NYSE:MKL) dropped from Russell 1000 Dynamic Index

Markel Corp International Appoints Bryan Dressler as Head of Warranty and Indemnity

High number of new directors

Independent Director recently bought US$103k worth of stock

Markel Corporation Announces Executive Changes

First quarter 2022 earnings released: US$6.58 loss per share (vs US$42.09 profit in 1Q 2021)

Markel Corporation (NYSE:MKL) announces an Equity Buyback for $750 million worth of its shares.

Director recently sold US$82k worth of stock

Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat

Markel Corporation (NYSE:MKL) entered into a definitive agreement to acquire majority stake in Metromont Corporation.

Third quarter 2021 earnings released: EPS US$15.12 (vs US$31.07 in 3Q 2020)