The chief operating decision maker reviews the Company's ongoing underwriting operations on a global basis in the following two segments: Insurance and Reinsurance. In determining how to allocate resources and assess the performance of its underwriting results, management considers many factors, including the nature of the insurance product sold, the type of account written and the type of customer served. The Insurance segment includes all direct business and facultative placements written within the Company's underwriting operations. The Reinsurance segment includes all treaty reinsurance written within the Company's underwriting operations. All investing activities related to the Company's insurance operations are included in the Investing segment.

The chief operating decision maker reviews and assesses Markel Ventures’ performance in the aggregate, as a single operating segment. The Markel Ventures segment primarily consists of controlling interests in a diverse portfolio of businesses that operate in various industries.

The Company's other operations include the results of the Company's insurance-linked securities operations and program services business, as well as the results of its legal and professional consulting services. Other operations also include results for lines of business discontinued prior to, or in conjunction with, acquisitions, including development on asbestos and environmental loss reserves and results attributable to the run-off of life and annuity reinsurance business, which are monitored separately from the Company's ongoing underwriting operations. For purposes of segment reporting, none of these other operations are considered to be reportable segments.

Segment profit for each of the Company's underwriting segments is measured by underwriting profit. The property and casualty insurance industry commonly defines underwriting profit as earned premiums net of losses and loss adjustment expenses and underwriting, acquisition and insurance expenses. Underwriting profit does not replace operating income or net income computed in accordance with U.S. GAAP as a measure of profitability. Underwriting profit or loss provides a basis for management to evaluate the Company's underwriting performance. Segment profit for the Investing segment is measured by net investment income and net investment gains. Segment profit for the Markel Ventures segment is measured by operating income.

For management reporting purposes, the Company allocates assets to its underwriting operations and to its Investing and Markel Ventures segments and certain of its other operations, including its program services and insurance-linked securities operations. Underwriting assets include assets attributed to the Company's Insurance and Reinsurance segments, discontinued underwriting lines of business, as well as assets that are not specifically allocated to the Company's other operations. Underwriting and investing assets are not allocated to the Company's underwriting segments since the Company does not manage its assets by underwriting segment. The Company does not allocate capital expenditures for long-lived assets to either of its underwriting segments for management reporting purposes.



	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		%

⁽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.



	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		%

⁽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.


	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		%

⁽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.


	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		%

⁽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.


(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