How Gayner was paid
$14.1M in total for 2025, as reported in the Summary Compensation Table. Equity awards are valued at grant, not at what they turned out to be worth.
Named executive officers
| Executive | Salary | Bonus | Stock | Incentive | Other | Total |
|---|---|---|---|---|---|---|
| Thomas S. GaynerChief Executive Officer | $1,100,000 | — | $9,226,081 | $3,740,000 | $57,984 | $14,124,065 |
| Michael R. Heatonformer Executive Vice President and Chief Operating Officer | $815,000 | — | $2,796,822 | $2,078,250 | $206,951 | $5,897,023 |
| Simon WilsonExecutive Vice President and Chief Executive Officer, Markel Insurance | $859,896 | $300,000 | $1,650,715 | $1,857,505 | $104,655 | $4,772,772 |
| Richard R. GrinnanSenior Vice President, Chief Legal Officer and Secretary | $620,000 | — | $1,654,503 | $1,054,000 | $51,660 | $3,380,163 |
| Brian J. CostanzoChief Financial Officer | $500,000 | — | $1,335,397 | $850,000 | $33,910 | $2,719,307 |
What changed and why
- $14.1MThomas S. Gayner received total compensation of $14,124,065 in 2025, an increase from $9,737,887 in 2024.
- Performance-based cash awards and equity awards were based on five-year average operating income and total shareholder return CAGR.
- $300KSimon Wilson received a one-time discretionary cash award of $300,000 upon promotion.
- 97%Shareholders approved executive compensation with over 97% support at the prior annual meeting.
About this page
Figures are automated and can be wrong; check the filing for the exact numbers. Totals follow SEC rules, which value stock and option awards at grant. Read the DEF 14A proxy statement for footnotes and the compensation committee's full reasoning.