Jeremy Noble will lead Markel’s global insurance platform and Tom Gayner will become sole chief executive
Markel Corporation has announced that its co-CEO Richard Whitt plans to retire by 31 March 2023.
Upon his retirement, Jeremy Noble, senior vice president and chief financial officer, will assume responsibility for leading Markel’s global insurance platform, consisting of insurance, reinsurance, program services and insurance linked securities businesses.
“Richie and I have been working side by side for over thirty years to build Markel into one of the world’s great companies, and I join with the rest of the Markel family in thanking him for his partnership,” said Tom Gayner, Co-CEO.
Gayner becomes sole CEO
Gayner will become chief executive responsible for holding company strategy and oversight of Markel’s three profit producing engines of insurance, investments and Markel Ventures. He also will continue in his role as the chief investment officer of Markel.
“Tom’s appointment as sole CEO upon Richie’s retirement next year reflects his excellent leadership and stewardship of Markel over the past six years as Co-CEO,” said Steve Markel.
Whitt and Noble will be working closely together to ensure a smooth transition of insurance engine responsibilities. Noble will retain the duties of principal financial officer of the Company until these duties are transitioned to his successor. A recruitment process for this position is underway.
After stepping down, Whitt will remain with the Company in a consulting role to ensure a seamless transition.
Whitt has served as co-CEO of Markel since 2016. Since joining the Company in 1991, he has held numerous senior leadership roles, including as president and chief operating officer from 2010 to 2015.
Whitt led Markel in a variety of acquisitions including Alterra, Nephila and State National. He was also involved in the ill-fated acquisition of retro ILS fund CATCo in 2015.
Steven Markel, chairman of the Board of Markel, commented: “Throughout his career at Markel, Richie has represented Markel’s culture and values, especially honesty, fairness, and the zealous pursuit of excellence, which has led to the transformation of the insurance business into a global leader.”