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Segment Reporting Disclosures (Tables)
 6 Months Ended
Jun. 30, 2023
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, 2023
(dollars in thousands)InsuranceReinsuranceInvestingMarkel Ventures
Other (1)
Consolidated
Gross premium volume$2,455,403 $281,100 $— $— $1,051,682 $3,788,185 
Net written premiums1,946,528 261,496 — — (331)2,207,693 
Earned premiums1,763,186 268,288 — — (331)2,031,143 
Losses and loss adjustment expenses:
Current accident year(1,079,450)(176,317)— — — (1,255,767)
Prior accident years61,562 7,974 — — (1,645)67,891 
Underwriting, acquisition and insurance expenses:
Amortization of policy acquisition costs(367,145)(71,574)— — — (438,719)
Other underwriting expenses(243,502)(13,187)— — (2,479)(259,168)
Underwriting profit (loss)134,651 15,184 — — (4,455)145,380 
Net investment income— — 168,927 766 — 169,693 
Net investment gains— — 484,527 — — 484,527 
Products revenues— — — 784,882 — 784,882 
Services and other revenues— — (6,378)600,931 77,738 672,291 
Products expenses— — — (651,469)— (651,469)
Services and other expenses— — — (565,060)(25,757)(590,817)
Amortization of intangible assets (2)
— — — (19,859)(24,564)(44,423)
Segment profit$134,651 $15,184 $647,076 $150,191 $22,962 $970,064 
Interest expense(47,221)
Net foreign exchange losses(14,976)
Income before income taxes$907,867 
(1)    Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment, as well as amortization of intangible assets attributable to underwriting segments, which is not allocated between the Insurance and Reinsurance segments.
(2)    Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets attributable to the Company's underwriting segments, included in Other, was $9.3 million for the quarter ended June 30, 2023.
Quarter Ended June 30, 2022
(dollars in thousands)InsuranceReinsuranceInvestingMarkel Ventures
Other (1)
Consolidated
Gross premium volume$2,237,158 $289,056 $— $— $753,835 $3,280,049 
Net written premiums1,828,162 273,838 — — (2,205)2,099,795 
Earned premiums1,570,001 264,154 — — (1,051)1,833,104 
Losses and loss adjustment expenses:
Current accident year(919,283)(165,932)— — — (1,085,215)
Prior accident years43,693 (13,577)— — (3,711)26,405 
Underwriting, acquisition and insurance expenses:
Amortization of policy acquisition costs(323,826)(69,125)— — (32)(392,983)
Other underwriting expenses(204,171)(11,681)— — (634)(216,486)
Underwriting profit (loss)166,414 3,839 — — (5,428)164,825 
Net investment income— — 96,695 100 — 96,795 
Net investment losses— — (1,554,643)— — (1,554,643)
Products revenues— — — 776,959 — 776,959 
Services and other revenues— — (3,137)584,339 58,790 639,992 
Products expenses— — — (697,718)— (697,718)
Services and other expenses— — — (536,057)(21,424)(557,481)
Amortization of intangible assets (2)
— — — (20,577)(24,946)(45,523)
Segment profit (loss)$166,414 $3,839 $(1,461,085)$107,046 $6,992 $(1,176,794)
Interest expense(50,050)
Net foreign exchange gains105,067 
Loss before income taxes$(1,121,777)
(1)     Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment, as well as amortization of intangible assets attributable to underwriting segments, which is not allocated between the Insurance and Reinsurance segments.
(2)     Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets attributable to the Company's underwriting segments, included in Other, was $9.6 million for the quarter ended June 30, 2022.
Six Months Ended June 30, 2023
(dollars in thousands)InsuranceReinsuranceInvestingMarkel Ventures
Other (1)
Consolidated
Gross premium volume$4,553,341 $833,161 $— $— $1,837,695 $7,224,197 
Net written premiums3,648,669 777,587 — — (785)4,425,471 
Earned premiums3,474,110 525,522 — — (785)3,998,847 
Losses and loss adjustment expenses:
Current accident year(2,156,996)(343,102)— — — (2,500,098)
Prior accident years124,190 16,678 — — (1,660)139,208 
Underwriting, acquisition and insurance expenses:
Amortization of policy acquisition costs(727,499)(133,352)— — — (860,851)
Other underwriting expenses(482,650)(26,328)— — (3,763)(512,741)
Underwriting profit (loss)231,155 39,418 — — (6,208)264,365 
Net investment income— — 327,521 1,507 — 329,028 
Net investment gains— — 857,090 — — 857,090 
Products revenues— — — 1,362,808 — 1,362,808 
Services and other revenues— — (8,758)1,126,944 119,966 1,238,152 
Products expenses— — — (1,167,225)— (1,167,225)
Services and other expenses— — — (1,061,806)(9,630)(1,071,436)
Amortization of intangible assets (2)
— — — (39,410)(49,412)(88,822)
Segment profit$231,155 $39,418 $1,175,853 $222,818 $54,716 $1,723,960 
Interest expense(96,659)
Net foreign exchange losses(47,904)
Income before income taxes$1,579,397 
(1)    Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment, as well as amortization of intangible assets attributable to underwriting segments, which is not allocated between the Insurance and Reinsurance segments.
(2)    Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets attributable to the Company's underwriting segments, included in Other, was $18.8 million for the six months ended June 30, 2023.
Six Months Ended June 30, 2022
(dollars in thousands)InsuranceReinsuranceInvestingMarkel Ventures
Other (1)
Consolidated
Gross premium volume$4,180,464 $865,372 $— $— $1,632,500 $6,678,336 
Net written premiums3,439,182 829,058 — — (3,711)4,264,529 
Earned premiums3,047,149 548,121 — — (2,396)3,592,874 
Losses and loss adjustment expenses:
Current accident year(1,805,520)(348,390)— — — (2,153,910)
Prior accident years142,333 (15,660)— — (3,945)122,728 
Underwriting, acquisition and insurance expenses:
Amortization of policy acquisition costs(634,232)(140,879)— — (32)(775,143)
Other underwriting expenses(395,822)(26,070)— — (2,799)(424,691)
Underwriting profit (loss)353,908 17,122 — — (9,172)361,858 
Net investment income— — 188,992 107 — 189,099 
Net investment losses— — (1,913,042)— — (1,913,042)
Products revenues— — — 1,258,580 — 1,258,580 
Services and other revenues— — (22,707)1,053,103 240,536 1,270,932 
Products expenses— — — (1,145,537)— (1,145,537)
Services and other expenses— — — (967,960)(179,412)(1,147,372)
Amortization of intangible assets (2)
— — — (41,510)(50,062)(91,572)
Segment profit (loss)$353,908 $17,122 $(1,746,757)$156,783 $1,890 $(1,217,054)
Interest expense(99,742)
Net foreign exchange gains128,071 
Loss before income taxes$(1,188,725)
(1)     Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment, as well as amortization of intangible assets attributable to underwriting segments, which is not allocated between the Insurance and Reinsurance segments.
(2)     Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets attributable to the Company's underwriting segments, included in Other, was $19.4 million for the six months ended June 30, 2022.
Summary of Additional Measures for Markel Ventures The following amounts attributable to the Markel Ventures segment are also reviewed, or included in measures reviewed, by the Company's chief operating decision maker.
Quarter Ended June 30, Six Months Ended June 30,
(dollars in thousands)2023202220232022
Depreciation expense$27,419 $26,531 $54,782 $51,566 
Interest expense (1)
$12,899 $11,025 $25,822 $22,203 
Income tax expense$30,583 $22,419 $43,769 $31,079 
Capital expenditures$38,045 $50,667 $69,543 $96,680 
(1)    Interest expense for the quarter and six months ended June 30, 2023 included intercompany interest expense of $6.6 million and $13.3 million, respectively. Interest expense for the quarter and six months ended June 30, 2022 included intercompany interest expense of $7.0 million and $14.1 million. Intercompany interest expense was eliminated in consolidation.
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, 2023December 31, 2022
Segment assets:
Investing$28,332,303 $26,982,280 
Underwriting9,865,674 8,853,559 
Markel Ventures5,416,860 5,315,677 
Total segment assets43,614,837 41,151,516 
Other operations8,569,296 8,639,743 
Total assets$52,184,133 $49,791,259