Markel Group has elevated Simon Wilson (pictured above) and Andrew Crowley to executive vice president, while expanding its leadership team in a restructuring that underscores the US specialty insurer's push to streamline its insurance and Markel Ventures operations.

Wilson, CEO of Markel Insurance, and Crowley, president of Markel Ventures, will retain their current responsibilities and report to group CEO Tom Gayner. The appointments are effective immediately.

Gayner said the changes reflected the company's "ongoing evolution" and its drive to simplify. Wilson and Crowley were focused on "serving the operations, customers, and markets they know best", he added.

Separately, Amy McCann has been promoted to chief administrative officer, also reporting to Gayner. McCann has served as general counsel of Markel Ventures since 2022. As part of the reshuffle, Mike Heaton, executive vice president and chief operating officer, will depart the company.

Established in 2005, Markel Ventures owns a diversified portfolio spanning manufacturing, building products, consumer goods and financial services. The unit targets companies with enterprise values between US$100 million and US$1 billion, holding them with permanent capital and no planned exit.

Reinsurance exit reshapes the book

The leadership changes follow a year of significant restructuring. In July 2025, Markel agreed to sell the renewal rights for its Global Reinsurance division to Nationwide, with the transaction closing the following month.

The division, which wrote US$1 billion in gross premium volume in 2025, has since entered run-off, with premiums expected to earn out over two to three years.

Simon Wilson was candid about the rationale at the time. "Our scale has held us back from being a leader in the reinsurance market," he said. Nationwide has delegated underwriting of renewal policies to Ryan Re Underwriting Managers, a managing general underwriter of Ryan Specialty.

Markel's own filings showed the division posted a full-year combined ratio of 105.9%, with a two percentage point unfavourable impact on the insurance segment's overall ratio.

The restructuring has not dented Markel's financial trajectory. Full-year 2025 operating revenues reached US$15.51 billion, up 5% year on year, while adjusted operating income rose 10% to US$2.3 billion.

The insurance segment posted a combined ratio of 94.6%, improving from 95.9% in 2024, with the international division a standout – growing gross written premium 14% and delivering an 83% combined ratio.

Q4 operating revenues climbed 8% versus the prior-year period. Invested assets totalled US$37.4 billion at year-end, up from US$34.2 billion a year earlier. Share repurchases amounted to US$429.5 million, with US$1.5 billion remaining under the buyback authorisation.