XML 49 R38.htm IDEA: XBRL DOCUMENT v3.23.2
Segment Reporting Disclosures (Company's Segment Disclosures) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Segment Reporting Information [Line Items]        
Gross premium volume $ 3,788,185 $ 3,280,049 $ 7,224,197 $ 6,678,336
Net written premiums 2,207,693 2,099,795 4,425,471 4,264,529
Earned premiums 2,031,143 1,833,104 3,998,847 3,592,874
Losses and loss adjustment expenses, current accident year (1,255,767) (1,085,215) (2,500,098) (2,153,910)
Losses and loss adjustment expenses, prior accident year 67,891 26,405 139,208 122,728
Amortization of policy acquisition costs (438,719) (392,983) (860,851) (775,143)
Other underwriting expenses (259,168) (216,486) (512,741) (424,691)
Underwriting profit (loss) 145,380 164,825 264,365 361,858
Net investment income 169,693 96,795 329,028 189,099
Net investment gains (losses) 484,527 (1,554,643) 857,090 (1,913,042)
Products revenues 784,882 776,959 1,362,808 1,258,580
Services and other revenues 672,291 639,992 1,238,152 1,270,932
Products expenses (651,469) (697,718) (1,167,225) (1,145,537)
Services and other expenses (590,817) (557,481) (1,071,436) (1,147,372)
Amortization of intangible assets (44,423) [1] (45,523) [2] (88,822) [3] (91,572) [4]
Segment profit (loss) 970,064 (1,176,794) 1,723,960 (1,217,054)
Interest expense (47,221) (50,050) (96,659) (99,742)
Net foreign exchange gains (losses) (14,976) 105,067 (47,904) 128,071
Income (Loss) before income taxes 907,867 (1,121,777) 1,579,397 (1,188,725)
Insurance [Member]        
Segment Reporting Information [Line Items]        
Gross premium volume 2,455,403 2,237,158 4,553,341 4,180,464
Net written premiums 1,946,528 1,828,162 3,648,669 3,439,182
Earned premiums 1,763,186 1,570,001 3,474,110 3,047,149
Losses and loss adjustment expenses, current accident year (1,079,450) (919,283) (2,156,996) (1,805,520)
Losses and loss adjustment expenses, prior accident year 61,562 43,693 124,190 142,333
Amortization of policy acquisition costs (367,145) (323,826) (727,499) (634,232)
Other underwriting expenses (243,502) (204,171) (482,650) (395,822)
Underwriting profit (loss) 134,651 166,414 231,155 353,908
Net investment income 0 0 0 0
Net investment gains (losses) 0 0 0 0
Products revenues 0 0 0 0
Services and other revenues 0 0 0 0
Products expenses 0 0 0 0
Services and other expenses 0 0 0 0
Amortization of intangible assets 0 [1] 0 [2] 0 [3] 0 [4]
Segment profit (loss) 134,651 166,414 231,155 353,908
Reinsurance [Member]        
Segment Reporting Information [Line Items]        
Gross premium volume 281,100 289,056 833,161 865,372
Net written premiums 261,496 273,838 777,587 829,058
Earned premiums 268,288 264,154 525,522 548,121
Losses and loss adjustment expenses, current accident year (176,317) (165,932) (343,102) (348,390)
Losses and loss adjustment expenses, prior accident year 7,974 (13,577) 16,678 (15,660)
Amortization of policy acquisition costs (71,574) (69,125) (133,352) (140,879)
Other underwriting expenses (13,187) (11,681) (26,328) (26,070)
Underwriting profit (loss) 15,184 3,839 39,418 17,122
Net investment income 0 0 0 0
Net investment gains (losses) 0 0 0 0
Products revenues 0 0 0 0
Services and other revenues 0 0 0 0
Products expenses 0 0 0 0
Services and other expenses 0 0 0 0
Amortization of intangible assets 0 [1] 0 [2] 0 [3] 0 [4]
Segment profit (loss) 15,184 3,839 39,418 17,122
Investing [Member]        
Segment Reporting Information [Line Items]        
Gross premium volume 0 0 0 0
Net written premiums 0 0 0 0
Earned premiums 0 0 0 0
Losses and loss adjustment expenses, current accident year 0 0 0 0
Losses and loss adjustment expenses, prior accident year 0 0 0 0
Amortization of policy acquisition costs 0 0 0 0
Other underwriting expenses 0 0 0 0
Underwriting profit (loss) 0 0 0 0
Net investment income 168,927 96,695 327,521 188,992
Net investment gains (losses) 484,527 (1,554,643) 857,090 (1,913,042)
Products revenues 0 0 0 0
Services and other revenues (6,378) (3,137) (8,758) (22,707)
Products expenses 0 0 0 0
Services and other expenses 0 0 0 0
Amortization of intangible assets 0 [1] 0 [2] 0 [3] 0 [4]
Segment profit (loss) 647,076 (1,461,085) 1,175,853 (1,746,757)
Markel Ventures [Member]        
Segment Reporting Information [Line Items]        
Gross premium volume 0 0 0 0
Net written premiums 0 0 0 0
Earned premiums 0 0 0 0
Losses and loss adjustment expenses, current accident year 0 0 0 0
Losses and loss adjustment expenses, prior accident year 0 0 0 0
Amortization of policy acquisition costs 0 0 0 0
Other underwriting expenses 0 0 0 0
Underwriting profit (loss) 0 0 0 0
Net investment income 766 100 1,507 107
Net investment gains (losses) 0 0 0 0
Products revenues 784,882 776,959 1,362,808 1,258,580
Services and other revenues 600,931 584,339 1,126,944 1,053,103
Products expenses (651,469) (697,718) (1,167,225) (1,145,537)
Services and other expenses (565,060) (536,057) (1,061,806) (967,960)
Amortization of intangible assets (19,859) [1] (20,577) [2] (39,410) [3] (41,510) [4]
Segment profit (loss) 150,191 107,046 222,818 156,783
Interest expense [5] (12,899) (11,025) (25,822) (22,203)
Other [Member]        
Segment Reporting Information [Line Items]        
Gross premium volume 1,051,682 [6] 753,835 [7] 1,837,695 [8] 1,632,500 [9]
Net written premiums (331) [6] (2,205) [7] (785) [8] (3,711) [9]
Earned premiums (331) [6] (1,051) [7] (785) [8] (2,396) [9]
Losses and loss adjustment expenses, current accident year 0 [6] 0 [7] 0 [8] 0 [9]
Losses and loss adjustment expenses, prior accident year (1,645) [6] (3,711) [7] (1,660) [8] (3,945) [9]
Amortization of policy acquisition costs 0 [6] (32) [7] 0 [8] (32) [9]
Other underwriting expenses (2,479) [6] (634) [7] (3,763) [8] (2,799) [9]
Underwriting profit (loss) (4,455) [6] (5,428) [7] (6,208) [8] (9,172) [9]
Net investment income 0 [6] 0 [7] 0 [8] 0 [9]
Net investment gains (losses) 0 [6] 0 [7] 0 [8] 0 [9]
Products revenues 0 [6] 0 [7] 0 [8] 0 [9]
Services and other revenues 77,738 [6] 58,790 [7] 119,966 [8] 240,536 [9]
Products expenses 0 [6] 0 [7] 0 [8] 0 [9]
Services and other expenses (25,757) [6] (21,424) [7] (9,630) [8] (179,412) [9]
Amortization of intangible assets (24,564) [1],[6] (24,946) [2],[7] (49,412) [3],[8] (50,062) [4],[9]
Segment profit (loss) 22,962 [6] 6,992 [7] 54,716 [8] 1,890 [9]
Underwriting Segments [Member]        
Segment Reporting Information [Line Items]        
Amortization of intangible assets $ 9,300 $ 9,600 [2] $ 18,800 [3] $ 19,400 [4]
[1] 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
[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
[3] 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.
[4] 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.
[5] 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.
[6] 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.
[7] 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.
[8] 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.
[9] 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.