XML 40 R27.htm IDEA: XBRL DOCUMENT v3.20.2

Segment Reporting Disclosures (Tables)

6 Months Ended

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

X

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8924-108599

+ Details

Name:	us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8924-108599

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599

+ Details

Name:	us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_SegmentReportingDisclosureOfEntitysReportableSegmentsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration