JANA Partners sent a letter to Markel Group Inc. (NYSE: MKL) requesting the divestiture of Markel Ventures and a $2 billion share repurchase program, according to a statement released by the activist investment firm.

The investment firm cited what it described as persistent underperformance relative to peer companies over the past decade. JANA stated that Markel ranked last in returns among 16 proxy peers and five insurance peers over a 10-year period.

In the letter dated April 30, 2026, JANA Managing Partner Scott Ostfeld and Managing Director Jimmy Ganas wrote that Markel's strategy of combining insurance operations with its Ventures business unit has not delivered expected returns to shareholders. The firm argued that the Ventures division holds back the company's specialty insurance operations.

"The market understands it perfectly and has instead decided, today and nearly every day over the past decade, that the current structure produces sub-peer shareholder returns, creates no unique value and warrants a discounted multiple," the letter stated.

JANA proposed that Markel conduct a $2 billion tender offer to repurchase shares alongside the divestiture of Markel Ventures. The firm noted that while Markel has been buying back shares through open market purchases, this approach is limited by the company's low trading liquidity.

The activist investor stated that Markel's diversification strategy has not provided the promised benefits and has prevented the company from attracting strategic interest in its specialty insurance business. JANA acknowledged improvements in Markel's insurance operations under new leadership but said these changes have not been sufficient to address the company's valuation discount.

JANA Partners, founded in 2001, focuses on investing in undervalued public companies and engaging with management to unlock shareholder value.