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Segment Reporting Disclosures (Tables) | 6 Months Ended
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Jun. 30, 2020
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] |
Company's Segment Disclosures | The following tables summarize the Company's segment disclosures.
| Quarter Ended June 30, 2020 |  |  |  |  |  |  |  |  |  |
(dollars in thousands) | Insurance |  | Reinsurance |  | Investing |  | Markel Ventures (1) |  | Other (2) |  | Consolidated
Gross premium volume | $ | 1,553,436 |  |  | $ | 223,277 |  |  | $ | — |  |  | $ | — |  |  | $ | 596,479 |  |  | $ | 2,373,192 |
Net written premiums | 1,267,976 |  |  | 188,830 |  |  | — |  |  | — |  |  | (411) |  |  | 1,456,395 |
Earned premiums | 1,120,151 |  |  | 240,555 |  |  | — |  |  | — |  |  | (532) |  |  | 1,360,174 |
Losses and loss adjustment expenses: |  |  |  |  |  |  |  |  |  |  |
Current accident year | (730,201) |  |  | (147,163) |  |  | — |  |  | — |  |  | — |  |  | (877,364) |
Prior accident years | 151,205 |  |  | 12,280 |  |  | — |  |  | — |  |  | 663 |  |  | 164,148 |
Amortization of policy acquisition costs | (238,784) |  |  | (63,411) |  |  | — |  |  | — |  |  | — |  |  | (302,195) |
Other operating expenses | (167,298) |  |  | (17,506) |  |  | — |  |  | — |  |  | (2,363) |  |  | (187,167) |
Underwriting profit (loss) | 135,073 |  |  | 24,755 |  |  | — |  |  | — |  |  | (2,232) |  |  | 157,596 |
Net investment income | — |  |  | — |  |  | 95,561 |  |  | 54 |  |  | — |  |  | 95,615 |
Net investment gains | — |  |  | — |  |  | 911,243 |  |  | — |  |  | — |  |  | 911,243 |
Products revenues | — |  |  | — |  |  | — |  |  | 423,581 |  |  | — |  |  | 423,581 |
Services and other revenues | — |  |  | — |  |  | — |  |  | 254,504 |  |  | 86,898 |  |  | 341,402 |
Products expenses | — |  |  | — |  |  | — |  |  | (364,483) |  |  | — |  |  | (364,483) |
Services and other expenses | — |  |  | — |  |  | — |  |  | (222,656) |  |  | (62,284) |  |  | (284,940) |
Amortization of intangible assets (3) | — |  |  | — |  |  | — |  |  | (11,596) |  |  | (26,158) |  |  | (37,754) |
Segment profit (loss) | $ | 135,073 |  |  | $ | 24,755 |  |  | $ | 1,006,804 |  |  | $ | 79,404 |  |  | $ | (3,776) |  |  | $ | 1,242,260 |
Interest expense |  |  |  |  |  |  |  |  |  |  | (45,427) |
Net foreign exchange losses |  |  |  |  |  |  |  |  |  |  | (21,460) |
Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 1,175,373 |
U.S. GAAP combined ratio (4) | 88 | % |  | 90 | % |  |  |  |  |  | NM | (5) | 88 | %
(1)Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $14.3 million for the quarter ended June 30, 2020. (2)Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment as well as any amortization of intangible assets that is not allocated to a reportable segment. Amortization of intangible assets attributable to the Company's underwriting segments was $10.7 million for the quarter ended June 30, 2020, however, the Company does not allocate amortization of intangible assets between the Insurance and Reinsurance segments. (3)Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's Insurance and Reinsurance segments. (4)The U.S. GAAP combined ratio is a measure of underwriting performance and represents the relationship of incurred losses, loss adjustment expenses and underwriting, acquisition and insurance expenses to earned premiums. (5)NM - Ratio is not meaningful
| Quarter Ended June 30, 2019 |  |  |  |  |  |  |  |  |  |
(dollars in thousands) | Insurance |  | Reinsurance |  | Investing |  | Markel Ventures (1) |  | Other (2) |  | Consolidated
Gross premium volume | $ | 1,368,348 |  |  | $ | 223,381 |  |  | $ | — |  |  | $ | — |  |  | $ | 655,418 |  |  | $ | 2,247,147 |
Net written premiums | 1,126,170 |  |  | 178,802 |  |  | — |  |  | — |  |  | 666 |  |  | 1,305,638 |
Earned premiums | 991,269 |  |  | 207,728 |  |  | — |  |  | — |  |  | 464 |  |  | 1,199,461 |
Losses and loss adjustment expenses: |  |  |  |  |  |  |  |  |  |  |
Current accident year | (657,372) |  |  | (139,340) |  |  | — |  |  | — |  |  | — |  |  | (796,712) |
Prior accident years | 101,721 |  |  | 18,190 |  |  | — |  |  | — |  |  | (1,319) |  |  | 118,592 |
Amortization of policy acquisition costs | (208,609) |  |  | (54,456) |  |  | — |  |  | — |  |  | — |  |  | (263,065) |
Other operating expenses | (179,432) |  |  | (23,306) |  |  | — |  |  | — |  |  | 3,487 |  |  | (199,251) |
Underwriting profit | 47,577 |  |  | 8,816 |  |  | — |  |  | — |  |  | 2,632 |  |  | 59,025 |
Net investment income | — |  |  | — |  |  | 111,633 |  |  | 198 |  |  | — |  |  | 111,831 |
Net investment gains | — |  |  | — |  |  | 425,653 |  |  | — |  |  | — |  |  | 425,653 |
Products revenues | — |  |  | — |  |  | — |  |  | 501,676 |  |  | — |  |  | 501,676 |
Services and other revenues | — |  |  | — |  |  | — |  |  | 115,311 |  |  | 85,184 |  |  | 200,495 |
Products expenses | — |  |  | — |  |  | — |  |  | (425,138) |  |  | — |  |  | (425,138) |
Services and other expenses | — |  |  | — |  |  | — |  |  | (99,860) |  |  | (70,936) |  |  | (170,796) |
Amortization of intangible assets (3) | — |  |  | — |  |  | — |  |  | (10,510) |  |  | (25,790) |  |  | (36,300) |
Segment profit (loss) | $ | 47,577 |  |  | $ | 8,816 |  |  | $ | 537,286 |  |  | $ | 81,677 |  |  | $ | (8,910) |  |  | $ | 666,446 |
Interest expense |  |  |  |  |  |  |  |  |  |  | (41,267) |
Net foreign exchange gains |  |  |  |  |  |  |  |  |  |  | 25,015 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 650,194 |
U.S. GAAP combined ratio (4) | 95 | % |  | 96 | % |  |  |  |  |  | NM | (5) | 95 | %
(1)Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $13.5 million for the quarter ended June 30, 2019. (2)Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment as well as any amortization of intangible assets that is not allocated to a reportable segment. Amortization of intangible assets attributable to the Company's underwriting segments was $9.8 million for the quarter ended June 30, 2019, however, the Company does not allocate amortization of intangible assets between the Insurance and Reinsurance segments. (3)Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's Insurance and Reinsurance segments. (4)The U.S. GAAP combined ratio is a measure of underwriting performance and represents the relationship of incurred losses, loss adjustment expenses and underwriting, acquisition and insurance expenses to earned premiums. (5)NM - Ratio is not meaningful
| Six Months Ended June 30, 2020 |  |  |  |  |  |  |  |  |  |
(dollars in thousands) | Insurance |  | Reinsurance |  | Investing |  | Markel Ventures (1) |  | Other (2) |  | Consolidated
Gross premium volume | $ | 2,968,147 |  |  | $ | 736,463 |  |  | $ | — |  |  | $ | — |  |  | $ | 991,406 |  |  | $ | 4,696,016 |
Net written premiums | 2,463,713 |  |  | 641,579 |  |  | — |  |  | — |  |  | (2,419) |  |  | 3,102,873 |
Earned premiums | 2,227,002 |  |  | 466,515 |  |  | — |  |  | — |  |  | (2,634) |  |  | 2,690,883 |
Losses and loss adjustment expenses: |  |  |  |  |  |  |  |  |  |  |
Current accident year | (1,736,836) |  |  | (320,893) |  |  | — |  |  | — |  |  | — |  |  | (2,057,729) |
Prior accident years | 267,337 |  |  | (1,632) |  |  | — |  |  | — |  |  | 2,460 |  |  | 268,165 |
Amortization of policy acquisition costs | (478,204) |  |  | (119,802) |  |  | — |  |  | — |  |  | — |  |  | (598,006) |
Other operating expenses | (350,600) |  |  | (33,392) |  |  | — |  |  | — |  |  | (2,527) |  |  | (386,519) |
Underwriting loss | (71,301) |  |  | (9,204) |  |  | — |  |  | — |  |  | (2,701) |  |  | (83,206) |
Net investment income | — |  |  | — |  |  | 183,620 |  |  | 238 |  |  | — |  |  | 183,858 |
Net investment losses | — |  |  | — |  |  | (770,198) |  |  | — |  |  | — |  |  | (770,198) |
Products revenues | — |  |  | — |  |  | — |  |  | 775,742 |  |  | — |  |  | 775,742 |
Services and other revenues | — |  |  | — |  |  | — |  |  | 413,380 |  |  | 174,016 |  |  | 587,396 |
Products expenses | — |  |  | — |  |  | — |  |  | (678,554) |  |  | — |  |  | (678,554) |
Services and other expenses | — |  |  | — |  |  | — |  |  | (366,208) |  |  | (136,288) |  |  | (502,496) |
Amortization of intangible assets (3) | — |  |  | — |  |  | — |  |  | (23,437) |  |  | (52,175) |  |  | (75,612) |
Segment profit (loss) | $ | (71,301) |  |  | $ | (9,204) |  |  | $ | (586,578) |  |  | $ | 121,161 |  |  | $ | (17,148) |  |  | $ | (563,070) |
Interest expense |  |  |  |  |  |  |  |  |  |  | (90,457) |
Net foreign exchange gains |  |  |  |  |  |  |  |  |  |  | 56,841 |
Loss before income taxes |  |  |  |  |  |  |  |  |  |  | $ | (596,686) |
U.S. GAAP combined ratio (4) | 103 | % |  | 102 | % |  |  |  |  |  | NM | (5) | 103 | %
(1)Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $28.1 million for the six months ended June 30, 2020. (2)Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment as well as any amortization of intangible assets that is not allocated to a reportable segment. Amortization of intangible assets attributable to the Company's underwriting segments was $21.1 million for the six months ended June 30, 2020, however, the Company does not allocate amortization of intangible assets between the Insurance and Reinsurance segments. (3)Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's Insurance and Reinsurance segments. (4)The U.S. GAAP combined ratio is a measure of underwriting performance and represents the relationship of incurred losses, loss adjustment expenses and underwriting, acquisition and insurance expenses to earned premiums. (5)NM - Ratio is not meaningful
| Six Months Ended June 30, 2019 |  |  |  |  |  |  |  |  |  |
(dollars in thousands) | Insurance |  | Reinsurance |  | Investing |  | Markel Ventures (1) |  | Other (2) |  | Consolidated
Gross premium volume | $ | 2,561,196 |  |  | $ | 736,758 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,204,235 |  |  | $ | 4,502,189 |
Net written premiums | 2,124,528 |  |  | 657,769 |  |  | — |  |  | — |  |  | 434 |  |  | 2,782,731 |
Earned premiums | 1,964,996 |  |  | 438,238 |  |  | — |  |  | — |  |  | 204 |  |  | 2,403,438 |
Losses and loss adjustment expenses: |  |  |  |  |  |  |  |  |  |  |
Current accident year | (1,275,870) |  |  | (278,812) |  |  | — |  |  | — |  |  | — |  |  | (1,554,682) |
Prior accident years | 174,295 |  |  | 6,895 |  |  | — |  |  | — |  |  | 7,626 |  |  | 188,816 |
Amortization of policy acquisition costs | (408,608) |  |  | (116,284) |  |  | — |  |  | — |  |  | — |  |  | (524,892) |
Other operating expenses | (355,153) |  |  | (37,865) |  |  | — |  |  | — |  |  | 382 |  |  | (392,636) |
Underwriting profit | 99,660 |  |  | 12,172 |  |  | — |  |  | — |  |  | 8,212 |  |  | 120,044 |
Net investment income | — |  |  | — |  |  | 225,563 |  |  | 450 |  |  | — |  |  | 226,013 |
Net investment gains | — |  |  | — |  |  | 1,037,844 |  |  | — |  |  | — |  |  | 1,037,844 |
Products revenues | — |  |  | — |  |  | — |  |  | 850,470 |  |  | — |  |  | 850,470 |
Services and other revenues | — |  |  | — |  |  | — |  |  | 221,280 |  |  | 172,559 |  |  | 393,839 |
Products expenses | — |  |  | — |  |  | — |  |  | (744,564) |  |  | — |  |  | (744,564) |
Services and other expenses | — |  |  | — |  |  | — |  |  | (194,730) |  |  | (150,672) |  |  | (345,402) |
Amortization of intangible assets (3) | — |  |  | — |  |  | — |  |  | (21,317) |  |  | (55,651) |  |  | (76,968) |
Segment profit (loss) | $ | 99,660 |  |  | $ | 12,172 |  |  | $ | 1,263,407 |  |  | $ | 111,589 |  |  | $ | (25,552) |  |  | $ | 1,461,276 |
Interest expense |  |  |  |  |  |  |  |  |  |  | (81,557) |
Net foreign exchange gains |  |  |  |  |  |  |  |  |  |  | 3,151 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 1,382,870 |
U.S. GAAP combined ratio (4) | 95 | % |  | 97 | % |  |  |  |  |  | NM | (5) | 95 | %
(1)Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $27.5 million for the six months ended June 30, 2019. (2)Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment as well as any amortization of intangible assets that is not allocated to a reportable segment. Amortization of intangible assets attributable to the Company's underwriting segments was $19.7 million for the six months ended June 30, 2019, however, the Company does not allocate amortization of intangible assets between the Insurance and Reinsurance segments. (3)Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's Insurance and Reinsurance segments. (4)The U.S. GAAP combined ratio is a measure of underwriting performance and represents the relationship of incurred losses, loss adjustment expenses and underwriting, acquisition and insurance expenses to earned premiums. (5)NM - Ratio is not meaningful
Reconciliation Of Segment Assets To The Company's Consolidated Balance Sheets | The following table reconciles segment assets to the Company's consolidated balance sheets.
(dollars in thousands) | June 30, 2020 |  | December 31, 2019
Segment assets: |  |  |
Investing | $ | 22,097,531 |  |  | $ | 22,129,633 |
Underwriting | 7,229,312 |  |  | 6,621,639 |
Markel Ventures | 3,741,583 |  |  | 2,550,835 |
Total segment assets | 33,068,426 |  |  | 31,302,107 |
Other operations | 5,999,200 |  |  | 6,171,708 |
Total assets | $ | 39,067,626 |  |  | $ | 37,473,815 |

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