XML 47 R38.htm IDEA: XBRL DOCUMENT v3.23.3
Segment Reporting Disclosures (Company's Segment Disclosures) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Segment Reporting Information [Line Items]        
Earned premiums $ 2,121,745 $ 1,956,830 $ 6,120,592 $ 5,549,704
Net investment income 192,207 112,614 521,235 301,713
Net investment gains (losses) (265,917) (281,483) 591,173 (2,194,525)
Products revenues 601,524 586,531 1,964,332 1,845,111
Services and other revenues 725,627 691,653 1,963,779 1,962,585
Operating revenues 3,375,186 3,066,145 11,161,111 7,464,588
Losses and loss adjustment expenses, current accident year (1,434,871) (1,266,996) (3,934,969) (3,420,906)
Losses and loss adjustment expenses, prior accident year 30,546 81,683 169,754 204,411
Amortization of policy acquisition costs (437,920) (431,182) (1,298,771) (1,206,325)
Other underwriting expenses (260,209) (212,090) (772,950) (636,781)
Products expenses (545,567) (580,830) (1,712,792) (1,726,367)
Services and other expenses (606,810) (546,384) (1,678,246) (1,693,756)
Amortization of intangible assets (47,545) [1] (43,418) [2] (136,367) [3] (134,990) [4]
Segment profit (loss) 72,810 66,928 1,796,770 (1,150,126)
Interest expense (44,553) (47,348) (141,212) (147,090)
Net foreign exchange gains (losses) 39,246 113,635 (8,658) 241,706
Income (Loss) before income taxes 67,503 133,215 1,646,900 (1,055,510)
Insurance [Member]        
Segment Reporting Information [Line Items]        
Earned premiums 1,848,267 1,695,029 5,322,377 4,742,178
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
Operating revenues 1,848,267 1,695,029 5,322,377 4,742,178
Losses and loss adjustment expenses, current accident year (1,258,864) (1,100,511) (3,415,860) (2,906,031)
Losses and loss adjustment expenses, prior accident year 55,374 53,760 179,564 196,093
Amortization of policy acquisition costs (369,001) (362,137) (1,096,500) (996,369)
Other underwriting expenses (250,684) (200,604) (733,334) (596,426)
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) 25,092 85,537 256,247 439,445
Reinsurance [Member]        
Segment Reporting Information [Line Items]        
Earned premiums 274,161 260,535 799,683 808,656
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
Operating revenues 274,161 260,535 799,683 808,656
Losses and loss adjustment expenses, current accident year (176,007) (166,485) (519,109) (514,875)
Losses and loss adjustment expenses, prior accident year (23,262) 29,505 (6,584) 13,845
Amortization of policy acquisition costs (68,919) (68,662) (202,271) (209,541)
Other underwriting expenses (11,785) (11,638) (38,113) (37,708)
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) (5,812) 43,255 33,606 60,377
Investing [Member]        
Segment Reporting Information [Line Items]        
Earned premiums 0 0 0 0
Net investment income 191,015 112,297 518,536 301,289
Net investment gains (losses) (265,917) (281,483) 591,173 (2,194,525)
Products revenues 0 0 0 0
Services and other revenues (5,033) (4,883) (13,791) (27,590)
Operating revenues (79,935) (174,069) 1,095,918 (1,920,826)
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
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) (79,935) (174,069) 1,095,918 (1,920,826)
Markel Ventures [Member]        
Segment Reporting Information [Line Items]        
Earned premiums 0 0 0 0
Net investment income 1,192 317 2,699 424
Net investment gains (losses) 0 0 0 0
Products revenues 601,524 586,531 1,964,332 1,845,111
Services and other revenues 644,053 629,215 1,770,997 1,682,318
Operating revenues 1,246,769 1,216,063 3,738,028 3,527,853
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
Products expenses (545,567) (580,830) (1,712,792) (1,726,367)
Services and other expenses (570,782) (556,207) (1,632,588) (1,524,167)
Amortization of intangible assets (23,118) [1] (18,567) [2] (62,528) [3] (60,077) [4]
Segment profit (loss) 107,302 60,459 330,120 217,242
Interest expense [5] (10,663) (11,921) (36,485) (34,124)
Other [Member]        
Segment Reporting Information [Line Items]        
Earned premiums (683) [6] 1,266 [7] (1,468) [8] (1,130) [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 86,607 [6] 67,321 [7] 206,573 [8] 307,857 [9]
Operating revenues 85,924 [6] 68,587 [7] 205,105 [8] 306,727 [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 (1,566) [6] (1,582) [7] (3,226) [8] (5,527) [9]
Amortization of policy acquisition costs 0 [6] (383) [7] 0 [8] (415) [9]
Other underwriting expenses 2,260 [6] 152 [7] (1,503) [8] (2,647) [9]
Products expenses 0 [6] 0 [7] 0 [8] 0 [9]
Services and other expenses (36,028) [6] 9,823 [7] (45,658) [8] (169,589) [9]
Amortization of intangible assets (24,427) [1],[6] (24,851) [2],[7] (73,839) [3],[8] (74,913) [4],[9]
Segment profit (loss) 26,163 [6] 51,746 [7] 80,879 [8] 53,636 [9]
Underwriting Segments [Member]        
Segment Reporting Information [Line Items]        
Amortization of intangible assets $ 9,100 [6] $ 9,600 [2] $ 28,000 [3] $ 29,000 [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 $9.1 million for the quarter ended September 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 September 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 $28.0 million for the nine months ended September 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 $29.0 million for the nine months ended September 30, 2022.
[5] 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.
[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.