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Markel Group Executive Compensation (FY25)

MKL · Executive and director compensation, fiscal 2023 to 2025
Data as of September 7, 2026Latest filing (8-K): May 22, 2026
213 figures on this page: 203 cited to the filing that reported them, 10 calculated from figures it prints. See the citations
Thomas Gayner, Chief Executive Officer, received $14,124,065 in total compensation for fiscal 2025, and Gayner's total was 45.0% higher than the $9,737,887 reported for fiscal 2024. The company reported a chief executive pay ratio of 194.5:1 for fiscal 2025, against median employee compensation of $72,765. The say-on-pay proposal drew 97.0% of votes cast for or against in favor at the meeting held May 22, 2026 for fiscal 2025. Companies named in the disclosed peer group include American Financial Group, Aon, Arch Capital Group, Chubb Ltd. and Danaher Corp., among others.
Chief executive, fiscal 2025
◇
Thomas Gayner
Latest say-on-pay support
=
May 22, 2026
Chief executive pay ratio
◇
To the median employee
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Thomas Gayner: $9,737,887 → $14,124,065 (45.0% higher)
Say-on-pay support: 97.9% → 97.0% (0.9 points lower)
CEO pay ratio: 116.4:1 → 194.5:1 (67.1% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is Markel Group's chief executive and what were they paid?
Thomas Gayner, Chief Executive Officer, received $14,124,065 in total compensation for fiscal 2025. Gayner's total was 45.0% higher than the $9,737,887 reported for fiscal 2024.
What was Markel Group's say-on-pay result?
The say-on-pay proposal drew 97.0% of votes cast for or against in favor at the meeting held May 22, 2026 for fiscal 2025.
Which companies are in Markel Group's peer group?
Companies named in the disclosed peer group include American Financial Group, Aon, Arch Capital Group, Chubb Ltd. and Danaher Corp., among others.
What is Markel Group's chief executive pay ratio?
The company reported a chief executive pay ratio of 194.5:1 for fiscal 2025, against median employee compensation of $72,765.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Thomas Gayner
Chief Executive Officer
◇—◇—◇—◇◇
Michael Heaton
former Executive Vice President and Chief Operating Officer
◇—◇—◇—◇◇
Richard Grinnan
Senior Vice President, Chief Legal Officer and Secretary
◇—◇—◇—◇◇
Brian Costanzo
Chief Financial Officer
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Thomas Gayner
Chief Executive Officer
◇—◇—◇—◇◇
Jeremy Noble
President, Insurance
◇—◇—◇—◇◇
Michael Heaton
Executive Vice President and Chief Operating Officer
◇—◇—◇—◇◇
Richard Grinnan
Senior Vice President, Chief Legal Officer and Secretary
◇—◇—◇—◇◇
Brian Costanzo
Chief Financial Officer
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Thomas Gayner
Chief Executive Officer
◇—◇—◇—◇◇
Michael Heaton
former Executive Vice President and Chief Operating Officer
Departed during or after this year
◇—◇—◇—◇◇
Simon Wilson
Executive Vice President and Chief Executive Officer, Markel Insurance
◇◇◇—◇—◇◇
Richard Grinnan
Senior Vice President, Chief Legal Officer and Secretary
◇—◇—◇—◇◇
Brian Costanzo
Chief Financial Officer
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Brian J. CostanzoPSU◇——◇——◇
Brian J. CostanzoPSU◇◇◇—◇—◇
Brian J. CostanzoRSU◇——◇——◇
Michael R. HeatonRSU◇——◇——◇
Michael R. HeatonPSU◇——◇——◇
Richard R. GrinnanRSU◇——◇——◇
Richard R. GrinnanPSU◇——◇——◇
Richard R. GrinnanPSU◇◇◇—◇—◇
Simon WilsonPSU◇——◇——◇
Simon WilsonRSU◇——◇——◇
Simon WilsonPSU◇◇◇—◇—◇
Thomas S. GaynerPSU◇——◇——◇
Thomas S. GaynerPSU◇◇◇—◇—◇
Thomas S. GaynerRSU◇——◇——◇
Fiscal 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Thomas GaynerRSU◇◇——
Michael HeatonRSU◇◇——
Richard GrinnanRSU◇◇——
Simon WilsonRSU◇◇——
Brian CostanzoRSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Michael O'Reilly
Lead independent director
◇◇———◇◇
Morgan E. Housel
◇◇———◇◇
Jonathan E. Michael
◇◇———◇◇
Diane Leopold
◇◇———◇◇
A. Lynne Puckett
◇◇———◇◇
Lawrence A. Cunningham
◇◇———◇◇
Harold L. Morrison, Jr
◇◇———◇◇
Greta J. Harris
◇◇———◇◇
Mark M. Besca
◇◇———◇◇
Steven A. Markel and Thomas S. Gayner served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • American Financial Group AFG
  • Aon AON
  • Arch Capital Group ACGL
  • Chubb Ltd. CB
  • Danaher Corp. DHR
  • Dover Corp. DOV
  • Everest Re Group EG
  • Fairfax Financial Holdings FFH
  • Fidelity National Financial FNF
  • Hartford Financial Services HIG
  • Illinois Tool Works ITW
  • KKR & Co. KKR
  • Loews Corp. L
  • Marsh & McLennan MRSH
  • The Carlyle Group CG
  • W. R. Berkley Corp. WRB

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 22, 2026=◇◇◇
2024May 21, 2025=◇◇◇
2023April 4, 2024=◇◇◇
2022May 17, 2023=◇◇◇
2021May 11, 2022=◇◇◇
2020May 10, 2021=◇◇◇
2019May 11, 2020=◇◇◇
2018May 13, 2019=◇◇◇
2017May 14, 2018=◇◇◇
2016May 15, 2017=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact Markel Group disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Markel Group sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
213 figures on this page: 203 cited to the filing that reported them, 10 calculated from figures it prints.
203 cited to the filing
10 calculated from the filing

Documents cited

  1. 0001096343-26-000050
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001096343-26-000033
    ADVISORY VOTE ON APPROVAL OF EXECUTIVE COMPENSATION · Compensation of Non-employee Directors · GRANTS OF PLAN-BASED AWARDS · Grants of Plan-Based Awards · and 3 more sections
  3. 0001096343-25-000084
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001096343-25-000051
    SUMMARY COMPENSATION TABLE
  5. 0001096343-24-000076
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001096343-24-000049
    SUMMARY COMPENSATION TABLE
  7. 0001096343-23-000122
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001096343-22-000077
    Item 5.07 Submission of Matters to a Vote of Security Holders
  9. 0001096343-21-000102
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0001096343-20-000089
    Item 5.07 Submission of Matters to a Vote of Security Holders
  11. 0001096343-19-000144
    Item 5.07 Submission of Matters to a Vote of Security Holders
  12. 0001096343-18-000119
    Item 5.07 Submission of Matters to a Vote of Security Holders
  13. 0001096343-17-000095
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Markel Group executive compensation, FY2023–FY2025.” https://intel.velarion.ai/comp/MKL (accessed 2026).
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Insurance rankings

Chief executive pay — InsuranceCEO pay ratio — InsuranceSay-on-pay support — Insurance

Peers Markel Group discloses

The companies named in MKL's own disclosed peer group.

American Financial GroupAonArch Capital GroupChubb Ltd.Everest Re GroupHartford Financial ServicesKKR & Co.Loews Corp.Marsh & McLennanThe Carlyle GroupW. R. Berkley Corp.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
For informational purposes only. Not investment, legal, or compensation advice.  The Pay Desk · Methodology · Terms · Privacy