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Markel Group (Parent Company Only) Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Schedule Of Condensed Balance Sheets | CONDENSED BALANCE SHEETS
| December 31,
| 2023 |  | 2022
| (dollars in thousands)
ASSETS |  |  |
Investments, at estimated fair value: |  |  |
Fixed maturity securities, available-for-sale (amortized cost of $139,766 in 2023 and $164,100 in 2022) | $ | 131,544 |  |  | $ | 154,039 |
Equity securities (cost of $1,089,332 in 2023 and $1,107,796 in 2022) | 1,731,839 |  |  | 1,473,116 |
Short-term investments, available-for-sale (estimated fair value approximates cost) | 1,032,118 |  |  | 1,436,387 |
Total Investments | 2,895,501 |  |  | 3,063,542 |
Cash and cash equivalents | 635,047 |  |  | 594,101 |
Restricted cash and cash equivalents | 15,908 |  |  | 21,146 |
Investments in consolidated subsidiaries | 14,928,756 |  |  | 12,990,913 |
Notes receivable from subsidiaries | — |  |  | 60,111 |
Other assets | 441,977 |  |  | 458,945 |
Total Assets | $ | 18,917,189 |  |  | $ | 17,188,758 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |
Senior long-term debt | $ | 3,439,197 |  |  | $ | 3,686,892 |
Income taxes payable | 213,770 |  |  | 120,616 |
Net deferred tax liability | 201,140 |  |  | 148,365 |
Other liabilities | 79,154 |  |  | 81,791 |
Total Liabilities | 3,933,261 |  |  | 4,037,664 |
Shareholders' equity: |  |  |
Preferred stock | 591,891 |  |  | 591,891 |
Common stock | 3,517,146 |  |  | 3,493,893 |
Retained earnings | 11,353,101 |  |  | 9,832,804 |
Accumulated other comprehensive loss | (478,210) |  |  | (767,494) |
Total Shareholders' Equity | 14,983,928 |  |  | 13,151,094 |
Total Liabilities and Shareholders' Equity | $ | 18,917,189 |  |  | $ | 17,188,758 |
Schedule Of Condensed Statements Of Income (Loss) And Comprehensive Income (Loss) | CONDENSED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (dollars in thousands)
REVENUES |  |  |  |  |
Net investment income | $ | 92,080 |  |  | $ | 34,781 |  |  | $ | 9,099 |
Dividends on common stock of consolidated subsidiaries | 310,000 |  |  | 278,557 |  |  | 1,081,988 |
Net investment gains (losses): |  |  |  |  |
Net realized investment gains (losses) | (515) |  |  | 7,620 |  |  | 23,652 |
Change in fair value of equity securities | 275,048 |  |  | (397,906) |  |  | 514,727 |
Net investment gains (losses) | 274,533 |  |  | (390,286) |  |  | 538,379 |
Gain on sale of subsidiary | — |  |  | 107,293 |  |  | — |
Other revenues (losses) | (28,718) |  |  | (29,487) |  |  | 11,078 |
Total Revenues | 647,895 |  |  | 858 |  |  | 1,640,544 |
EXPENSES |  |  |  |  |
Services and other expenses | 19,716 |  |  | 111,848 |  |  | 22,379 |
Interest expense | 156,953 |  |  | 172,125 |  |  | 185,568 |
Net foreign exchange losses (gains) | 9,038 |  |  | (13,143) |  |  | (6,236) |
Total Expenses | 185,707 |  |  | 270,830 |  |  | 201,711 |
Income (Loss) Before Equity in Undistributed Earnings (Losses) of Consolidated Subsidiaries and Income Taxes | 462,188 |  |  | (269,972) |  |  | 1,438,833 |
Equity in undistributed earnings (losses) of consolidated subsidiaries | 1,580,347 |  |  | (72,125) |  |  | 1,080,108 |
Income tax (expense) benefit | (46,475) |  |  | 125,820 |  |  | (95,806) |
Net Income (Loss) to Shareholders | 1,996,060 |  |  | (216,277) |  |  | 2,423,135 |
Preferred stock dividends | (36,000) |  |  | (36,000) |  |  | (36,000) |
Net Income (Loss) to Common Shareholders | $ | 1,960,060 |  |  | $ | (252,277) |  |  | $ | 2,387,135 |
OTHER COMPREHENSIVE INCOME (LOSS) TO SHAREHOLDERS |  |  |  |  |
Change in net unrealized gains (losses) on available-for-sale investments, net of taxes: |  |  |  |  |
Net holding gains (losses) arising during the period | $ | 1,453 |  |  | $ | (24,465) |  |  | $ | (5,885) |
Consolidated subsidiaries' net holding gains (losses) arising during the period | 276,910 |  |  | (1,175,271) |  |  | (392,191) |
Reclassification adjustments for net gains (losses) included in net income (loss) to shareholders | (92) |  |  | 1,965 |  |  | (34) |
Consolidated subsidiaries' reclassification adjustments for net gains (losses) included in net income (loss) to shareholders | 28,632 |  |  | 42,941 |  |  | (6,589) |
Change in net unrealized gains (losses) on available-for-sale investments, net of taxes | 306,903 |  |  | (1,154,830) |  |  | (404,699) |
Consolidated subsidiaries' change in discount rate for life and annuity benefits, net of taxes | (22,343) |  |  | 149,874 |  |  | 49,411 |
Consolidated subsidiaries' change in foreign currency translation adjustments, net of taxes | 4,650 |  |  | (9,276) |  |  | (211) |
Consolidated subsidiaries' change in net actuarial pension loss, net of taxes | 74 |  |  | 24,730 |  |  | 8,390 |
Total Other Comprehensive Income (Loss) to Shareholders | 289,284 |  |  | (989,502) |  |  | (347,109) |
Comprehensive Income (Loss) to Shareholders | $ | 2,285,344 |  |  | $ | (1,205,779) |  |  | $ | 2,076,026 |
Schedule Of Condensed Statements Of Cash Flows | CONDENSED STATEMENTS OF CASH FLOWS
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (dollars in thousands)
OPERATING ACTIVITIES |  |  |  |  |
Net income (loss) to shareholders | $ | 1,996,060 |  |  | $ | (216,277) |  |  | $ | 2,423,135 |
Adjustments to reconcile net income (loss) to shareholders to net cash provided by operating activities | (1,664,382) |  |  | 489,413 |  |  | (2,211,393) |
Net Cash Provided By Operating Activities | 331,678 |  |  | 273,136 |  |  | 211,742 |
INVESTING ACTIVITIES |  |  |  |  |
Proceeds from sales, maturities, calls and prepayments of fixed maturity securities | 72,834 |  |  | 13,047 |  |  | 37,607 |
Cost of fixed maturity securities purchased | (48,501) |  |  | — |  |  | — |
Proceeds from sales of equity securities | 24,237 |  |  | 65,379 |  |  | 105,700 |
Cost of equity securities purchased | (7,731) |  |  | (16,660) |  |  | (73,644) |
Net change in short-term investments | 451,846 |  |  | 58,970 |  |  | (224,646) |
Return of capital from subsidiaries | — |  |  | — |  |  | 17,193 |
Decrease (increase) in notes receivable due from subsidiaries | — |  |  | 75,645 |  |  | (50,000) |
Capital contributions to subsidiaries | (55,575) |  |  | (94,585) |  |  | (271,729) |
Proceeds from sale of subsidiary | 16,090 |  |  | 165,615 |  |  | — |
Cost of equity method investments | (5,000) |  |  | — |  |  | (38,550) |
Other | (12,691) |  |  | 4,779 |  |  | (5,368) |
Net Cash Provided (Used) By Investing Activities | 435,509 |  |  | 272,190 |  |  | (503,437) |
FINANCING ACTIVITIES |  |  |  |  |
Repayment of senior long-term debt | (250,000) |  |  | (350,000) |  |  | — |
Additions to senior long-term debt | — |  |  | — |  |  | 591,354 |
Decrease in notes payable to subsidiaries | — |  |  | (32,753) |  |  | — |
Repurchases of common stock | (445,479) |  |  | (290,796) |  |  | (206,518) |
Dividends paid on preferred stock | (36,000) |  |  | (36,000) |  |  | (36,000) |
Other | — |  |  | — |  |  | (1,181) |
Net Cash Provided (Used) By Financing Activities | (731,479) |  |  | (709,549) |  |  | 347,655 |
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | 35,708 |  |  | (164,223) |  |  | 55,960 |
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year | 615,247 |  |  | 779,470 |  |  | 723,510 |
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS AT END OF YEAR | $ | 650,955 |  |  | $ | 615,247 |  |  | $ | 779,470 |
SUPPLEMENTAL CASH FLOW INFORMATION |  |  |  |  |
Cash dividends received from subsidiaries | $ | 310,000 |  |  | $ | 245,102 |  |  | $ | 270,293 |
Non-cash capital contributions to subsidiaries | $ | 43,111 |  |  | $ | 923,980 |  |  | $ | — |

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