Markel Group Management

Management criteria checks 2/4

Markel Group's CEO is Tom Gayner, appointed in Jan 2023, has a tenure of 1.92 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 MX$1.88B. The average tenure of the management team and the board of directors is 3.3 years and 4.8 years respectively.

Key information

Tom Gayner

Chief executive officer

US$8.1m

Total compensation

CEO salary percentage	13.0%
CEO tenure	1.9yrs
CEO ownership	0.4%
Management average tenure	3.3yrs
Board average tenure	4.8yrs

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 ($USD8.07M) is above average for companies of similar size in the MX market ($USD5.71M).

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

CEO

Tom Gayner (63 yo)

1.9yrs

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	1.9yrs	US$8.07m	0.42% MX$ 1.9b
Brian Costanzo	CFO & Chief Financial Officer of Markel Insurance Operations	less than a year	US$915.94k	0.0035% MX$ 15.6m
Michael Heaton	Executive VP & COO	less than a year	US$3.35m	0.013% MX$ 58.0m
Richard Grinnan	Senior VP	10.5yrs	US$2.12m	0.012% MX$ 55.3m
Jeremy Noble	President of Markel Insurance Operations & President of Global Insurance Engine	1.9yrs	US$3.35m	0.013% MX$ 55.8m
Meade Grandis	Chief Accounting Officer & Controller	less than a year	no data	0.023% MX$ 101.1m
Jennifer Blackwell	Deputy Chief Communications Officer	4.9yrs	no data	no data
Paul Broughton	Managing Director of Marketing	no data	no data	no data
Frederick May	Vice President of Sales & Business Development	5.9yrs	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	4.8yrs	no data	no data
Wendy Houser	Chief Wholesale Officer	4.8yrs	no data	no data

3.3yrs

Average Tenure

48yo

Average Age

Experienced Management: MKL *'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$8.07m	0.42% MX$ 1.9b
Michael O'Reilly	Lead Independent Director	11.6yrs	US$335.02k	0.028% MX$ 124.4m
Alan Kirshner	Chairman Emeritus	4.6yrs	US$1.47m	no data
Steven Markel	Chairman of the Board	46.9yrs	US$1.24m	0.64% MX$ 2.9b
Anthony Markel	Vice Chairman	46.9yrs	US$689.67k	0.58% MX$ 2.6b
Mark Besca	Independent Director	4.1yrs	US$301.69k	0.0075% MX$ 33.4m
Harold Morrison	Independent Director	4.9yrs	US$280.58k	0.0069% MX$ 30.7m
Greta Harris	Independent Director	3.6yrs	US$289.47k	0.0049% MX$ 22.0m
Diane Leopold	Independent Director	6.6yrs	US$299.61k	0.019% MX$ 84.6m
Anne Puckett	Independent Director	4.3yrs	US$301.69k	0.012% MX$ 55.7m
Morgan Housel	Independent Director	3.1yrs	US$301.69k	0.0056% MX$ 25.1m
Lawrence Cunningham	Independent Director	1.6yrs	US$289.19k	0.0058% MX$ 25.8m

4.8yrs

Average Tenure

63.5yo

Average Age

Experienced Board: MKL *'s board of directors are considered experienced (4.8 years average tenure).

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2024/12/21 06:52
End of Day Share Price	2024/10/24 00:00
Earnings	2024/09/30
Annual Earnings	2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Markel Group Inc. is covered by 23 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Jacob Kilstein	Argus Research Company
Robert Farnam	Boenning & Scattergood, Inc.
Jay Cohen	BofA Global Research

Markel Group Management

Management criteria checks 2/4

Key information

Recent management updates

Chief Investment Officer recently bought Mex$3.1m worth of stock

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

Recent updates

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

Chief Investment Officer recently bought Mex$3.1m worth of stock

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

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.

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

Chief Investment Officer recently bought Mex$2.4m worth of stock

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

Chief Investment Officer recently bought Mex$2.3m worth of stock

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

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

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

MARKEL GROUP INC Promotes Sal Pollaro to Executive Underwriting Officer

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

High number of new directors

Markel Corporation Announces Executive Changes

CEO & Director recently bought Mex$622k worth of stock

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

High number of new directors

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

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

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

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

High number of new directors

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

High number of new directors

Independent Director recently bought Mex$2.1m worth of stock

Markel Corporation Announces Executive Changes

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

CEO Compensation Analysis

CEO

Tenure

Compensation

Leadership Team

Average Tenure

Average Age

Board Members

Average Tenure

Average Age

Company Analysis and Financial Data Status

Data Sources

Analysis Model and Snowflake

Industry and Sector Metrics

Analyst Sources