US re/insurer Markel Corporation has announced that Thomas S. Gayner, currently Co-Chief Executive Officer (CEO) at the company, is set to take over as its sole CEO upon the retirement of Co-CEO Richard R. Whitt on January 1st, 2023.
Also effective on that date, Jeremy A. Noble, Senior Vice President and Chief Financial Officer, will become President of Markel’s global insurance engine.
Markel had previously announced back in May of 2022 that Whitt planned to retire by March next year after 31 years with the company, but has now confirmed the January date.
As sole CEO going forward, Gayner will be tasked with leading the continued growth of Markel’s group of businesses and investments, which are organized as three engines of insurance, investments, and Markel Ventures.
“This is an exciting time for Markel,” said Gayner. “Since our founding in 1930, each evolution and every leadership transition has reinforced the role that culture plays in our success. We applaud Richie for his role in upholding the Style throughout his time at Markel. We are going to deeply miss him and what he has meant to this organization, and we wish him well in his retirement.”
As President, Insurance, Noble will be responsible for the strategy, oversight, and operation of Markel’s global insurance engine, which includes the company’s insurance and reinsurance operations, State National, and Nephila.
Noble has been working closely with Whitt and leaders across the insurance business over the past several month to ensure a smooth transition of leadership.
“I am humbled and excited to take on this role and build on the strong foundation Richie created for Markel’s global insurance operations,” said Noble.
“We aspire to be the leading global specialty insurer, and thanks to Richie’s leadership, we have an incredibly talented team with deep industry expertise and a broad array of capabilities to effectively meet our brokers and clients risk management needs. Looking ahead, we are eager to unlock even greater value by embracing opportunity and striving for even better solutions for our customers.”
Markel continues its search for a successor to Noble as Senior Vice President and Chief Financial Officer, and interim plans are in place should a candidate not be selected by January 1, 2023.
