Markel Group's 2025 letter to shareholders

About this letter

Thomas S. Gayner, chief executive of Markel Group, wrote this letter on the company's 2025 results. Markel posted it on 26 February 2026 and furnished a copy to the SEC the same day. Addressed to business partners rather than only shareholders, it is built around the idea of Markel as a home for customers, associates and owners.

Gayner reports that, by Markel's consistent method, intrinsic value per share grew 12% in 2025, at 15% a year over five years and 16% a year since the IPO. He then reviews each part of the group: Markel Insurance, where Simon Wilson was promoted to chief executive in March 2025; the Financials businesses State National and Nephila; the Industrials and the Consumer and Other businesses; and public equities and capital allocation, including share repurchases and the redemption of all $600 million of preferred stock.

What to notice

1. 1

   Gayner concedes the insurance operations became too centralised, with weaker accountability and decisions too far from the front line; the reorganisation gives each P&L one, and only one, accountable owner.

“Conservative reserving is like building a home on bedrock, rather than shifting sands.”