Insurance company Markel Corp. said Tuesday that Paul Springman, its president and chief operating officer, has resigned.

Springman has been on a leave of absence since late October for personal reasons and is officially resigning Jan. 1 to pursue other interests, according to the company.

Markel did not disclose Springman's age but said he has worked for the company for more than 25 years.

Shares of Markel rose $2.90 to close at $338.40 Tuesday.