The president and chief operating officer of Virginia-based Markel Corporation is selling 25% of his shares in the company.
Tony Markel will make an estimated $18m (£12.3m) to $20m (£13.6m) from the sale of around 90,000 shares, but he will still retain approximately 270,000 shares.
President of UK branch Markel International Jeremy Cooke confirmed the transaction. He said Markel was selling the shares as he had turned 60 in February and wanted to diverse his portfolio.
"He is reducing his holding by 25% but will still own a massive amount of shares in the company,² Cooke said. "This does not signify a lack of interest or commitment to Markel or the business."
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