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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Balances Of Assets Measured At Fair Value On A Recurring Basis

The following tables present the balances of assets measured at fair value on a recurring basis by level within the fair value hierarchy.

			June 30, 2020
(dollars in thousands)			Level 1						Level 2						Level 3						Total
Assets:
Investments:
Fixed maturity securities, available-for-sale:
U.S. Treasury securities			$	—					$	354,895					$	—					$	354,895
U.S. government-sponsored enterprises			—						374,808						—						374,808
Obligations of states, municipalities and political subdivisions			—						4,205,455						—						4,205,455
Foreign governments			—						1,515,396						—						1,515,396
Commercial mortgage-backed securities			—						1,878,978						—						1,878,978
Residential mortgage-backed securities			—						907,330						—						907,330
Asset-backed securities			—						8,281						—						8,281
Corporate bonds			—						815,329						—						815,329
Total fixed maturity securities, available-for-sale			—						10,060,472						—						10,060,472
Equity securities:
Insurance, banks and other financial institutions			2,014,514						—						115,648						2,130,162
Industrial, consumer and all other			3,534,085						—						—						3,534,085
Total equity securities			5,548,599						—						115,648						5,664,247
Short-term investments, available-for-sale			823,932						105,340						—						929,272
Total investments			$	6,372,531					$	10,165,812					$	115,648					$	16,653,991

			December 31, 2019
(dollars in thousands)			Level 1						Level 2						Level 3						Total
Assets:
Investments:
Fixed maturity securities, available-for-sale:
U.S. Treasury securities			$	—					$	284,786					$	—					$	284,786
U.S. government-sponsored enterprises			—						342,580						—						342,580
Obligations of states, municipalities and political subdivisions			—						4,189,882						—						4,189,882
Foreign governments			—						1,542,004						—						1,542,004
Commercial mortgage-backed securities			—						1,817,845						—						1,817,845
Residential mortgage-backed securities			—						888,073						—						888,073
Asset-backed securities			—						11,048						—						11,048
Corporate bonds			—						894,691						—						894,691
Total fixed maturity securities, available-for-sale			—						9,970,909						—						9,970,909
Equity securities:
Insurance, banks and other financial institutions			2,463,190						—						45,992						2,509,182
Industrial, consumer and all other			5,081,573						—						—						5,081,573
Total equity securities			7,544,763						—						45,992						7,590,755
Short-term investments, available-for-sale			1,093,799						102,449						—						1,196,248
Total investments			$	8,638,562					$	10,073,358					$	45,992					$	18,757,912

Summary Of Changes In Level 3 Investments Measured At Fair Value On A Recurring Basis

The following table summarizes changes in Level 3 investments measured at fair value on a recurring basis.

			Quarter Ended June 30,																		Six Months Ended June 30,
(dollars in thousands)			2020						2019						2020						2019
Equity securities, beginning of period			$	131,307					$	44,812					$	45,992					$	53,728
Purchases			—						500						90,000						500
Sales			(16,529)						—						(17,893)						(6,869)
Net investment gains (losses) on Level 3 investments			870						(7,324)						(2,451)						(9,371)
Transfers into Level 3			—						—						—						—
Transfers out of Level 3			—						—						—						—
Equity securities, end of period			$	115,648					$	37,988					$	115,648					$	37,988

In connection with the run-off of one of the Markel CATCo Funds and to facilitate the return of capital to third party investors, the Company invested $90.0 million in that fund effective January 1, 2020. This investment replaces collateral previously provided by other investors for risk exposures within the underlying reinsurance contracts in which the fund is invested related to loss events that occur after December 31, 2019 and through the expiration of the reinsurance contracts, all of which either had expired or were commuted as of June 30, 2020. Underwriting results for the 2020 loss exposures on these contracts are attributed to the Company through its investment in the fund.

X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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