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The appointments are pending regulatory approval.
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The executive previously spent 15 years in a variety of roles at Zurich.
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She joins from Liberty Mutual, where she spent almost three years in various senior roles.
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Fallon will retire in January 2026 after 30 years at the company.
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The company has also promoted Alex Baker and Tim Duffin.
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Markel is simplifying its structure from six US wholesale and two US retail regions to four integrated US regions.
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The pair joined MMA after the $7.75bn purchase of McGriff in November.
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Holschneider co-founded the firm and is currently executive chairman.
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The executive was formerly head of cyber solutions, North America.
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Scott Pegram had been at Liberty Mutual for over six years in various senior roles.
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The 30-year insurance veteran will be charged with taking on recruitment and M&A.
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The executive brings nearly 30 years of liability experience to the role.