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Segment Reporting Disclosures (Tables) | 12 Months Ended
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Dec. 31, 2023
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] |
Company's Segment Disclosures | The following tables summarize the Company's segment disclosures.
| Year Ended December 31, 2023
(dollars in thousands) | Insurance |  | Reinsurance |  | Investing |  | Markel Ventures |  | Other (1) |  | Consolidated
Earned premiums | $ | 7,282,705 |  |  | $ | 1,014,294 |  |  | $ | — |  |  | $ | — |  |  | $ | (1,520) |  |  | $ | 8,295,479 |
Net investment income | — |  |  | — |  |  | 729,219 |  |  | 5,313 |  |  | — |  |  | 734,532 |
Net investment gains | — |  |  | — |  |  | 1,524,054 |  |  | — |  |  | — |  |  | 1,524,054 |
Products revenues | — |  |  | — |  |  | — |  |  | 2,545,053 |  |  | — |  |  | 2,545,053 |
Services and other revenues | — |  |  | — |  |  | (11,854) |  |  | 2,434,715 |  |  | 281,651 |  |  | 2,704,512 |
Total operating revenues | 7,282,705 |  |  | 1,014,294 |  |  | 2,241,419 |  |  | 4,985,081 |  |  | 280,131 |  |  | 15,803,630 |
Losses and loss adjustment expenses: |  |  |  |  |  |  |  |  |  |  |
Current accident year | (4,690,745) |  |  | (669,814) |  |  | — |  |  | — |  |  | — |  |  | (5,360,559) |
Prior accident years | 104,743 |  |  | (57,081) |  |  | — |  |  | — |  |  | (9,112) |  |  | 38,550 |
Underwriting, acquisition and insurance expenses: |  |  |  |  |  |  |  |  |  |  |
Amortization of policy acquisition costs | (1,508,169) |  |  | (255,501) |  |  | — |  |  | — |  |  | — |  |  | (1,763,670) |
Other underwriting expenses | (1,026,358) |  |  | (51,163) |  |  | — |  |  | — |  |  | 457 |  |  | (1,077,064) |
Products expenses | — |  |  | — |  |  | — |  |  | (2,220,676) |  |  | — |  |  | (2,220,676) |
Services and other expenses | — |  |  | — |  |  | — |  |  | (2,244,527) |  |  | (66,242) |  |  | (2,310,769) |
Amortization of intangible assets (2) | — |  |  | — |  |  | — |  |  | (82,370) |  |  | (98,244) |  |  | (180,614) |
Segment profit (loss) | $ | 162,176 |  |  | $ | (19,265) |  |  | $ | 2,241,419 |  |  | $ | 437,508 |  |  | $ | 106,990 |  |  | $ | 2,928,828 |
Interest expense |  |  |  |  |  |  |  |  |  |  | (185,077) |
Net foreign exchange losses |  |  |  |  |  |  |  |  |  |  | (90,045) |
Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 2,653,706 |
(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 the 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 $37.1 million for the year ended December 31, 2023.
| Year Ended December 31, 2022
(dollars in thousands) | Insurance |  | Reinsurance |  | Investing |  | Markel Ventures |  | Other (1) |  | Consolidated
Earned premiums | $ | 6,528,263 |  |  | $ | 1,063,347 |  |  | $ | — |  |  | $ | — |  |  | $ | (3,818) |  |  | $ | 7,587,792 |
Net investment income | — |  |  | — |  |  | 445,846 |  |  | 909 |  |  | — |  |  | 446,755 |
Net investment losses | — |  |  | — |  |  | (1,595,733) |  |  | — |  |  | — |  |  | (1,595,733) |
Products revenues | — |  |  | — |  |  | — |  |  | 2,427,096 |  |  | — |  |  | 2,427,096 |
Services and other revenues | — |  |  | — |  |  | (17,661) |  |  | 2,329,522 |  |  | 497,564 |  |  | 2,809,425 |
Total operating revenues | 6,528,263 |  |  | 1,063,347 |  |  | (1,167,548) |  |  | 4,757,527 |  |  | 493,746 |  |  | 11,675,335 |
Losses and loss adjustment expenses: |  |  |  |  |  |  |  |  |  |  |
Current accident year | (3,936,425) |  |  | (676,610) |  |  | — |  |  | — |  |  | — |  |  | (4,613,035) |
Prior accident years | 142,924 |  |  | 26,052 |  |  | — |  |  | — |  |  | (1,530) |  |  | 167,446 |
Underwriting, acquisition and insurance expenses: |  |  |  |  |  |  |  |  |  |  |
Amortization of policy acquisition costs | (1,375,539) |  |  | (279,567) |  |  | — |  |  | — |  |  | — |  |  | (1,655,106) |
Other underwriting expenses | (809,352) |  |  | (49,363) |  |  | — |  |  | — |  |  | (1,762) |  |  | (860,477) |
Products expenses | — |  |  | — |  |  | — |  |  | (2,241,736) |  |  | — |  |  | (2,241,736) |
Services and other expenses | — |  |  | — |  |  | — |  |  | (2,111,510) |  |  | (195,475) |  |  | (2,306,985) |
Amortization of intangible assets (2) | — |  |  | — |  |  | — |  |  | (79,043) |  |  | (99,735) |  |  | (178,778) |
Impairment of goodwill | — |  |  | — |  |  | — |  |  | — |  |  | (80,000) |  |  | (80,000) |
Segment profit (loss) | $ | 549,871 |  |  | $ | 83,859 |  |  | $ | (1,167,548) |  |  | $ | 325,238 |  |  | $ | 115,244 |  |  | $ | (93,336) |
Interest expense |  |  |  |  |  |  |  |  |  |  | (196,062) |
Net foreign exchange gains |  |  |  |  |  |  |  |  |  |  | 137,832 |
Loss before income taxes |  |  |  |  |  |  |  |  |  |  | $ | (151,566) |
(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 the 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 $38.5 million for the year ended December 31, 2022.
| Year Ended December 31, 2021
(dollars in thousands) | Insurance |  | Reinsurance |  | Investing |  | Markel Ventures |  | Other (1) |  | Consolidated
Earned premiums | $ | 5,465,284 |  |  | $ | 1,042,048 |  |  | $ | — |  |  | $ | — |  |  | $ | (4,303) |  |  | $ | 6,503,029 |
Net investment income | — |  |  | — |  |  | 367,406 |  |  | 11 |  |  | — |  |  | 367,417 |
Net investment gains | — |  |  | — |  |  | 1,978,534 |  |  | — |  |  | — |  |  | 1,978,534 |
Products revenues | — |  |  | — |  |  | — |  |  | 1,712,120 |  |  | — |  |  | 1,712,120 |
Services and other revenues | — |  |  | — |  |  | 7,184 |  |  | 1,931,696 |  |  | 346,445 |  |  | 2,285,325 |
Total operating revenues | 5,465,284 |  |  | 1,042,048 |  |  | 2,353,124 |  |  | 3,643,827 |  |  | 342,142 |  |  | 12,846,425 |
Losses and loss adjustment expenses: |  |  |  |  |  |  |  |  |  |  |
Current accident year | (3,311,185) |  |  | (749,815) |  |  | — |  |  | — |  |  | — |  |  | (4,061,000) |
Prior accident years | 506,292 |  |  | (19,928) |  |  | — |  |  | — |  |  | (6,569) |  |  | 479,795 |
Underwriting, acquisition and insurance expenses: |  |  |  |  |  |  |  |  |  |  |
Amortization of policy acquisition costs | (1,153,049) |  |  | (266,217) |  |  | — |  |  | — |  |  | — |  |  | (1,419,266) |
Other underwriting expenses | (810,929) |  |  | (61,326) |  |  | — |  |  | — |  |  | (2,218) |  |  | (874,473) |
Products expenses | — |  |  | — |  |  | — |  |  | (1,544,506) |  |  | — |  |  | (1,544,506) |
Services and other expenses | — |  |  | 109 |  |  | — |  |  | (1,769,201) |  |  | (255,839) |  |  | (2,024,931) |
Amortization of intangible assets (2) | — |  |  | — |  |  | — |  |  | (57,568) |  |  | (102,971) |  |  | (160,539) |
Segment profit (loss) | $ | 696,413 |  |  | $ | (55,129) |  |  | $ | 2,353,124 |  |  | $ | 272,552 |  |  | $ | (25,455) |  |  | $ | 3,241,505 |
Interest expense |  |  |  |  |  |  |  |  |  |  | (183,579) |
Net foreign exchange gains |  |  |  |  |  |  |  |  |  |  | 71,902 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 3,129,828 |
(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 the 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 $41.2 million for the year ended December 31, 2021.
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.
| Years Ended December 31,
(dollars in thousands) | 2023 |  | 2022 |  | 2021
Depreciation expense | $ | 108,605 |  |  | $ | 102,055 |  |  | $ | 72,580 |
Interest expense (1) | $ | 47,227 |  |  | $ | 46,780 |  |  | $ | 35,031 |
Income tax expense | $ | 85,295 |  |  | $ | 61,588 |  |  | $ | 43,626 |
Capital expenditures | $ | 221,036 |  |  | $ | 225,230 |  |  | $ | 124,451 |
(1) Interest expense for the years ended December 31, 2023, 2022 and 2021 included intercompany interest expense of $26.5 million, $27.4 million and $25.8 million, respectively, which was eliminated in consolidation.
Summary Of Revenues By Segment And By Product | The following table summarizes earned premiums by major product grouping within each underwriting segment.
| Years Ended December 31,
(dollars in thousands) | 2023 |  | 2022 |  | 2021
Insurance segment: |  |  |  |  |
General liability | $ | 2,128,317 |  |  | $ | 1,927,721 |  |  | $ | 1,564,221 |
Professional liability | 1,798,882 |  |  | 1,739,983 |  |  | 1,523,536 |
Property | 532,337 |  |  | 428,563 |  |  | 362,637 |
Marine and energy | 688,591 |  |  | 585,885 |  |  | 495,897 |
Personal lines | 538,816 |  |  | 489,648 |  |  | 451,095 |
Programs | 509,866 |  |  | 384,952 |  |  | 222,410 |
Workers' compensation | 393,011 |  |  | 385,054 |  |  | 354,337 |
Credit and surety | 219,542 |  |  | 193,701 |  |  | 161,155 |
Other products | 473,343 |  |  | 392,756 |  |  | 329,996 |
Total Insurance | 7,282,705 |  |  | 6,528,263 |  |  | 5,465,284 |
Reinsurance segment: |  |  |  |  |
Professional liability | 388,610 |  |  | 398,839 |  |  | 320,646 |
General liability | 368,376 |  |  | 382,482 |  |  | 314,699 |
Specialty | 245,126 |  |  | 275,033 |  |  | 276,943 |
Property | 12,182 |  |  | 6,993 |  |  | 129,760 |
Total Reinsurance | 1,014,294 |  |  | 1,063,347 |  |  | 1,042,048 |
Other | (1,520) |  |  | (3,818) |  |  | (4,303) |
Total earned premiums | $ | 8,295,479 |  |  | $ | 7,587,792 |  |  | $ | 6,503,029 |
The Company does not manage products at this level of aggregation as it offers a diverse portfolio of products and manages these products in logical groupings within each underwriting segment. The following table summarizes total products revenues and services and other revenues by major product and service grouping within the Company's Markel Ventures segment.
| Years Ended December 31,
(dollars in thousands) | 2023 |  | 2022 |  | 2021
Products: |  |  |  |  |
Consumer and building | $ | 1,474,499 |  |  | $ | 1,510,130 |  |  | $ | 911,422 |
Transportation-related | 667,040 |  |  | 612,467 |  |  | 474,839 |
Equipment manufacturing | 403,514 |  |  | 304,499 |  |  | 325,859 |
Total products revenues | 2,545,053 |  |  | 2,427,096 |  |  | 1,712,120 |
Services and other: |  |  |  |  |
Construction | 2,042,326 |  |  | 1,910,403 |  |  | 1,554,592 |
Consulting | 297,115 |  |  | 326,549 |  |  | 277,902 |
Other | 95,274 |  |  | 92,570 |  |  | 99,202 |
Total services and other revenues | 2,434,715 |  |  | 2,329,522 |  |  | 1,931,696 |
Total products revenues and services and other revenues | $ | 4,979,768 |  |  | $ | 4,756,618 |  |  | $ | 3,643,816 |
The Company does not manage the Markel Ventures portfolio of businesses at this level of aggregation due to the distinct characteristics of each business and the autonomy with which each business operates. Management reviews and assesses the performance of the Markel Ventures businesses in the aggregate at the Markel Ventures segment level, while individual management teams are responsible for developing strategic initiatives, managing day-to-day operations and making investment and capital allocation decisions for their respective companies.
Summary of Top Five Independent Brokers Concentration | The following table summarizes the percentage of gross written premiums placed by the top five independent brokers within the Company's underwriting operations, Insurance segment and Reinsurance segment. The top five independent brokers may vary among the segments and from year to year.
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Insurance segment | 33 | % |  | 34 | % |  | 32 | %
Reinsurance segment | 95 | % |  | 99 | % |  | 90 | %
Total underwriting | 37 | % |  | 40 | % |  | 38 | %
Reconciliation Of Segment Assets To The Company's Consolidated Balance Sheets | The following table reconciles segment assets to the Company's consolidated balance sheets.
| December 31,
(dollars in thousands) | 2023 |  | 2022
Segment assets: |  |  |
Investing | $ | 30,542,282 |  |  | $ | 26,982,280 |
Underwriting | 9,897,689 |  |  | 8,853,559 |
Markel Ventures | 5,519,542 |  |  | 5,315,677 |
Total segment assets | 45,959,513 |  |  | 41,151,516 |
Other operations | 9,086,197 |  |  | 8,639,743 |
Total assets | $ | 55,045,710 |  |  | $ | 49,791,259 |
Schedule of Gross Premium Volume and Net Written Premiums, by Segment | The following table summarizes gross and net written premiums by segment.
| Years Ended December 31,
(dollars in thousands) | 2023 |  | 2022 |  | 2021
Gross written premium: |  |  |  |  |
Insurance segment | $ | 9,217,150 |  |  | $ | 8,606,700 |  |  | $ | 7,239,676 |
Reinsurance segment | 1,046,539 |  |  | 1,229,851 |  |  | 1,246,143 |
Other underwriting | 13,943 |  |  | 10,987 |  |  | 110 |
Total underwriting | 10,277,632 |  |  | 9,847,538 |  |  | 8,485,929 |
Program services and other fronting | 3,724,605 |  |  | 3,354,144 |  |  | 2,952,753 |
Total | $ | 14,002,237 |  |  | $ | 13,201,682 |  |  | $ | 11,438,682 |
Net written premium: |  |  |  |  |
Insurance segment | $ | 7,432,062 |  |  | $ | 7,040,176 |  |  | $ | 5,998,890 |
Reinsurance segment | 967,799 |  |  | 1,167,312 |  |  | 1,126,167 |
Other underwriting | (1,073) |  |  | (115) |  |  | 109 |
Total underwriting | 8,398,788 |  |  | 8,207,373 |  |  | 7,125,166 |
Program services and other fronting | (1,213) |  |  | (3,983) |  |  | (5,435) |
Total | $ | 8,397,575 |  |  | $ | 8,203,390 |  |  | $ | 7,119,731 |
Summary Of Deferred Policy Acquisition Costs, Unearned Premiums And Unpaid Losses And Loss Adjustment Expenses | The following table summarizes deferred policy acquisition costs, unearned premiums and unpaid losses and loss adjustment expenses by segment.
(dollars in thousands) | Deferred Policy Acquisition Costs |  | Unearned Premiums |  | Unpaid Losses and Loss Adjustment Expenses
December 31, 2023 |  |  |  |  |
Insurance segment | $ | 708,128 |  |  | $ | 4,307,704 |  |  | $ | 14,221,258 |
Reinsurance segment | 223,216 |  |  | 901,138 |  |  | 3,726,472 |
Other underwriting | — |  |  | 7,488 |  |  | 165,071 |
Total underwriting | 931,344 |  |  | 5,216,330 |  |  | 18,112,801 |
Program services and other fronting | — |  |  | 1,426,096 |  |  | 5,185,553 |
Markel CATCo Re (see note 17) | — |  |  | — |  |  | 184,967 |
Total | $ | 931,344 |  |  | $ | 6,642,426 |  |  | $ | 23,483,321 |
December 31, 2022 |  |  |  |  |
Insurance segment | $ | 677,921 |  |  | $ | 4,015,252 |  |  | $ | 11,616,386 |
Reinsurance segment | 247,562 |  |  | 921,541 |  |  | 3,581,699 |
Other underwriting | — |  |  | 9,473 |  |  | 197,602 |
Total underwriting | 925,483 |  |  | 4,946,266 |  |  | 15,395,687 |
Program services and other fronting | — |  |  | 1,274,482 |  |  | 5,204,290 |
Markel CATCo Re (see note 17) | — |  |  | — |  |  | 347,921 |
Total | $ | 925,483 |  |  | $ | 6,220,748 |  |  | $ | 20,947,898 |

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