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Segment Reporting Disclosures (Tables)

9 Months Ended

Sep. 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 September 30, 2023
(dollars in thousands)			Insurance						Reinsurance						Investing						Markel Ventures						Other (1)						Consolidated
Earned premiums			$	1,848,267					$	274,161					$	—					$	—					$	(683)					$	2,121,745
Net investment income			—						—						191,015						1,192						—						192,207
Net investment losses			—						—						(265,917)						—						—						(265,917)
Products revenues			—						—						—						601,524						—						601,524
Services and other revenues			—						—						(5,033)						644,053						86,607						725,627
Total operating revenues			1,848,267						274,161						(79,935)						1,246,769						85,924						3,375,186
Losses and loss adjustment expenses:
Current accident year			(1,258,864)						(176,007)						—						—						—						(1,434,871)
Prior accident years			55,374						(23,262)						—						—						(1,566)						30,546
Underwriting, acquisition and insurance expenses:
Amortization of policy acquisition costs			(369,001)						(68,919)						—						—						—						(437,920)
Other underwriting expenses			(250,684)						(11,785)						—						—						2,260						(260,209)
Products expenses			—						—						—						(545,567)						—						(545,567)
Services and other expenses			—						—						—						(570,782)						(36,028)						(606,810)
Amortization of intangible assets (2)			—						—						—						(23,118)						(24,427)						(47,545)
Segment profit (loss)			$	25,092					$	(5,812)					$	(79,935)					$	107,302					$	26,163					$	72,810
Interest expense																																	(44,553)
Net foreign exchange gains																																	39,246
Income before income taxes																																	$	67,503

(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 $9.1 million for the quarter ended September 30, 2023.

			Quarter Ended September 30, 2022
(dollars in thousands)			Insurance						Reinsurance						Investing						Markel Ventures						Other (1)						Consolidated
Earned premiums			$	1,695,029					$	260,535					$	—					$	—					$	1,266					$	1,956,830
Net investment income			—						—						112,297						317						—						112,614
Net investment losses			—						—						(281,483)						—						—						(281,483)
Products revenues			—						—						—						586,531						—						586,531
Services and other revenues			—						—						(4,883)						629,215						67,321						691,653
Total operating revenues			1,695,029						260,535						(174,069)						1,216,063						68,587						3,066,145
Losses and loss adjustment expenses:
Current accident year			(1,100,511)						(166,485)						—						—						—						(1,266,996)
Prior accident years			53,760						29,505						—						—						(1,582)						81,683
Underwriting, acquisition and insurance expenses:
Amortization of policy acquisition costs			(362,137)						(68,662)						—						—						(383)						(431,182)
Other underwriting expenses			(200,604)						(11,638)						—						—						152						(212,090)
Products expenses			—						—						—						(580,830)						—						(580,830)
Services and other expenses			—						—						—						(556,207)						9,823						(546,384)
Amortization of intangible assets (2)			—						—						—						(18,567)						(24,851)						(43,418)
Segment profit (loss)			$	85,537					$	43,255					$	(174,069)					$	60,459					$	51,746					$	66,928
Interest expense																																	(47,348)
Net foreign exchange gains																																	113,635
Income before income taxes																																	$	133,215

(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 September 30, 2022.

			Nine Months Ended September 30, 2023
(dollars in thousands)			Insurance						Reinsurance						Investing						Markel Ventures						Other (1)						Consolidated
Earned premiums			$	5,322,377					$	799,683					$	—					$	—					$	(1,468)					$	6,120,592
Net investment income			—						—						518,536						2,699						—						521,235
Net investment gains			—						—						591,173						—						—						591,173
Products revenues			—						—						—						1,964,332						—						1,964,332
Services and other revenues			—						—						(13,791)						1,770,997						206,573						1,963,779
Total operating revenues			5,322,377						799,683						1,095,918						3,738,028						205,105						11,161,111
Losses and loss adjustment expenses:
Current accident year			(3,415,860)						(519,109)						—						—						—						(3,934,969)
Prior accident years			179,564						(6,584)						—						—						(3,226)						169,754
Underwriting, acquisition and insurance expenses:
Amortization of policy acquisition costs			(1,096,500)						(202,271)						—						—						—						(1,298,771)
Other underwriting expenses			(733,334)						(38,113)						—						—						(1,503)						(772,950)
Products expenses			—						—						—						(1,712,792)						—						(1,712,792)
Services and other expenses			—						—						—						(1,632,588)						(45,658)						(1,678,246)
Amortization of intangible assets (2)			—						—						—						(62,528)						(73,839)						(136,367)
Segment profit			$	256,247					$	33,606					$	1,095,918					$	330,120					$	80,879					$	1,796,770
Interest expense																																	(141,212)
Net foreign exchange losses																																	(8,658)
Income before income taxes																																	$	1,646,900

(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 $28.0 million for the nine months ended September 30, 2023.

			Nine Months Ended September 30, 2022
(dollars in thousands)			Insurance						Reinsurance						Investing						Markel Ventures						Other (1)						Consolidated
Earned premiums			$	4,742,178					$	808,656					$	—					$	—					$	(1,130)					$	5,549,704
Net investment income			—						—						301,289						424						—						301,713
Net investment losses			—						—						(2,194,525)						—						—						(2,194,525)
Products revenues			—						—						—						1,845,111						—						1,845,111
Services and other revenues			—						—						(27,590)						1,682,318						307,857						1,962,585
Total operating revenues			4,742,178						808,656						(1,920,826)						3,527,853						306,727						7,464,588
Losses and loss adjustment expenses:
Current accident year			(2,906,031)						(514,875)						—						—						—						(3,420,906)
Prior accident years			196,093						13,845						—						—						(5,527)						204,411
Underwriting, acquisition and insurance expenses:
Amortization of policy acquisition costs			(996,369)						(209,541)						—						—						(415)						(1,206,325)
Other underwriting expenses			(596,426)						(37,708)						—						—						(2,647)						(636,781)
Products expenses			—						—						—						(1,726,367)						—						(1,726,367)
Services and other expenses			—						—						—						(1,524,167)						(169,589)						(1,693,756)
Amortization of intangible assets (2)			—						—						—						(60,077)						(74,913)						(134,990)
Segment profit (loss)			$	439,445					$	60,377					$	(1,920,826)					$	217,242					$	53,636					$	(1,150,126)
Interest expense																																	(147,090)
Net foreign exchange gains																																	241,706
Loss before income taxes																																	$	(1,055,510)

(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 $29.0 million for the nine months ended September 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 September 30,												Nine Months Ended September 30,
(dollars in thousands)			2023						2022						2023						2022
Depreciation expense			$	26,857					$	23,738					$	81,639					$	75,304
Interest expense (1)			$	10,663					$	11,921					$	36,485					$	34,124
Income tax expense			$	22,253					$	12,603					$	66,022					$	43,682
Capital expenditures			$	65,616					$	48,294					$	135,159					$	144,974

(1)    Interest expense for the quarter and nine months ended September 30, 2023 included intercompany interest expense of $6.6 million and $19.9 million, respectively. Interest expense for the quarter and nine months ended September 30, 2022 included intercompany interest expense of $6.6 million and $20.7 million, respectively. 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)			September 30, 2023						December 31, 2022
Segment assets:
Investing			$	28,522,052					$	26,982,280
Underwriting			9,884,553						8,853,559
Markel Ventures			5,444,105						5,315,677
Total segment assets			43,850,710						41,151,516
Other operations			8,898,006						8,639,743
Total assets			$	52,748,716					$	49,791,259

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Summary of Additional Measures for Markel Ventures

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

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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

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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.

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