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Unpaid Losses And Loss Adjustment Expenses (Tables)
 12 Months Ended
Dec. 31, 2023
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims [Abstract]  
Reconciliation Of Consolidated Reserves For Losses And Loss Adjustment Expenses The following table presents a reconciliation of consolidated beginning and ending reserves for losses and loss adjustment expenses.
Years Ended December 31,
(dollars in thousands)202320222021
Gross reserves for losses and loss adjustment expenses, beginning of year$20,947,898 $18,178,894 $16,222,376 
Reinsurance recoverables on unpaid losses, beginning of year7,994,884 6,876,317 5,736,659 
Net reserves for losses and loss adjustment expenses, beginning of year12,953,014 11,302,577 10,485,717 
Effect of foreign currency rate changes on beginning of year balance70,344 (160,622)(54,736)
Adjusted net reserves for losses and loss adjustment expenses, beginning of year13,023,358 11,141,955 10,430,981 
Incurred losses and loss adjustment expenses:
Current accident year5,360,559 4,613,035 4,061,000 
Prior accident years(38,550)(167,446)(478,930)
Total incurred losses and loss adjustment expenses5,322,009 4,445,589 3,582,070 
Payments:
Current accident year729,895 580,537 637,169 
Prior accident years2,663,165 2,396,446 2,066,290 
Total payments3,393,060 2,976,983 2,703,459 
Effect of foreign currency rate changes on current year activity(1,532)(5,468)(4,253)
Change in net reserves for losses and loss adjustment expenses of Markel CATCo Re (see note 17)
(162,954)347,921 — 
Net reserves for losses and loss adjustment expenses of insurance companies sold— — (2,762)
Reinsurance recoverable on retroactive reinsurance transactions(125,067)— — 
Net reserves for losses and loss adjustment expenses, end of year14,662,754 12,953,014 11,302,577 
Reinsurance recoverables on unpaid losses, end of year8,820,567 7,994,884 6,876,317 
Gross reserves for losses and loss adjustment expenses, end of year$23,483,321 $20,947,898 $18,178,894 
Prior Year Losses and Loss Adjustment Expenses Development by Segment and by Product Line
The following tables summarize, by segment, the product lines with the most significant changes in prior accident years loss reserves for the years ended December 31, 2023, 2022 and 2021, along with the corresponding accident years and the trends and factors that impacted management's best estimate of ultimate losses and loss adjustment expenses on underlying products in each of these product lines. The Company does not estimate losses at this level of aggregation as it offers a diverse portfolio of products and manages these products in logical groupings within each underwriting segment. As a result of the trends and factors described in the following tables, the Company's actuaries adjusted their estimates of the ultimate liability for unpaid losses and loss adjustment expenses. For those product lines with favorable development on prior accident years loss reserves, management has now given more credibility to the favorable trends observed by the Company's actuaries and after also incorporating these favorable trends into its best estimate, reduced prior years loss reserves accordingly. The unfavorable claims and loss trends experienced on the Company's U.S. and Bermuda general liability and professional liability product lines in 2023 and 2022 reflected broader market conditions, including the effects of economic and social inflation, and disrupted the development of the claims trend observed in 2021 and prior years. In 2022, these changes in trends were most impactful on the 2018 and 2019 accident years for the professional liability product lines and the 2016 to 2019 accident years for the general liability product lines. In 2023, we continued to observe similar trends on those accident years and also determined that the loss trends on more recent accident years were following a similar loss development trend at the same stage as older accident years. Consistent with the Company's reserving philosophy, management is responding quickly to increase loss reserves following any indication of increased claims frequency or severity in excess of previous expectations, however in instances where trends have been more favorable than previously anticipated, management will wait to reduce loss reserves until those trends are observed over additional periods of time.

Year Ended December 31, 2023
(dollars in millions)Loss DevelopmentAccident Years with Most Significant DevelopmentTrends and Factors Impacting Loss Estimates
Insurance segment:
General liability
U.S. and Bermuda
$274.0 2016 to 2021Increased frequency of large claims and unfavorable loss cost trends, primarily on primary casualty contractors' liability and excess and umbrella product lines
International(36.5)2020 to 2022
Lower loss frequency and severity than previously anticipated
Professional liability
U.S. and Bermuda
56.8 SeveralIncreased frequency of large claims and unfavorable loss cost trends, primarily on risk-managed errors and omissions product line
International(102.2)2020
Lower loss frequency and severity than previously anticipated
Property(95.1)2020 to 2022
Lower loss severity than previously anticipated and net favorable development on catastrophe events
Marine and energy(76.5)2021 and 2022
Lower loss severity than previously anticipated
Personal lines(42.8)2022
Lower loss frequency and severity than previously anticipated
Workers' compensation(36.5)2021 and 2022
Lower loss severity than previously anticipated
Other products(45.9)
Total Insurance(104.7)
Reinsurance segment:
General liability95.5 2015 to 2021
Large reported claims and adverse loss development trends
Public entity53.7 2014 to 2019Increased frequency of large claims on a segment of business that we discontinued writing in 2020
Premium adjustments11.4 2021 and 2022
Recognition of additional exposures on prior accident years related to net favorable premium adjustments primarily on general liability, partially offset by reduced exposures recognized primarily on professional liability
Property(21.6)2017 to 2019More favorable loss experience and lower loss severity than previously anticipated
Workers' compensation(14.9)SeveralLower loss frequency and severity than previously anticipated
Other products(67.0)
Total Reinsurance57.1 
Other underwriting9.0 
Total decrease$(38.6)
Year Ended December 31, 2022
(dollars in millions)Loss DevelopmentAccident Years with Most Significant DevelopmentTrends and Factors Impacting Loss Estimates
Insurance segment:
Professional liability
2018 and 2019 accident years$121.0 2018 and 2019Unfavorable claims settlements and increased claim frequency and severity, primarily on directors and officers, errors and omissions and employment practices liability lines
All other accident years(91.1)SeveralMore favorable loss experience and lower loss severity than previously anticipated
General liability
2016 to 2019 accident years61.6 2016 to 2019Unfavorable claims settlements and increased claim frequency and severity, primarily on contractors and excess and umbrella lines
All other accident years(20.5)SeveralLower loss frequency and severity than previously anticipated
Workers' compensation(62.1)2016 to 2021Lower loss severity than previously anticipated
Programs(48.3)2020 and 2021Lower than expected frequency of claims
Property(48.1)2020 and 2021Lower loss severity than originally anticipated as well as favorable development on COVID-19
Credit and surety(31.7)2019 to 2021Lower than expected frequency of claims
Other products(23.7)
Total Insurance(142.9)
Reinsurance segment:
Property(29.2)2017 to 2019Favorable development on catastrophe events
Credit and surety(22.9)SeveralFavorable commutations on mortgage insurance contracts
Premium adjustments53.1 2020 and 2021Recognition of additional exposures on prior accident years related to net favorable premium adjustments primarily on general liability, credit and surety and professional liability
Other products(27.1)
Total Reinsurance(26.1)
Other underwriting1.6 
Total decrease$(167.4)

Year Ended December 31, 2021
(dollars in millions)Loss DevelopmentAccident Years with Most Significant DevelopmentTrends and Factors Impacting Loss Estimates
Insurance segment:
General liability$(139.7)SeveralLower than expected frequency of claims and more favorable experience than originally anticipated across several sub-product lines
Property(96.5)2018 to 2020Lower than expected frequency of large claims as well as favorable development on COVID-19 and catastrophe events
Workers' compensation(79.0)SeveralLower loss severity than originally anticipated
Marine and energy(60.0)2018 to 2020Lower loss frequency and severity than originally anticipated
Professional liability(54.7)SeveralLower loss frequency and severity than originally anticipated
Other products(76.4)
Total Insurance(506.3)
Reinsurance segment:
Property35.0 2020Adverse development on COVID-19 and catastrophe events
Professional liability29.2 SeveralRecognition of additional exposures on prior accident years related to net favorable premium adjustments
General liability(19.2)2011, 2012, 2017 and 2020Favorable development on COVID-19 and catastrophe events as well as lower than expected paid losses on reported claims
Credit and surety(16.6)2020Favorable commutations on mortgage insurance contracts
Other products(8.5)
Total Reinsurance19.9 
Other6.6 
Total decrease$(479.8)
Ultimate Incurred Losses And Cumulative Paid Losses And Allocated Loss Adjustment Expenses, Net Of Reinsurance
The Insurance segment table that follows also includes claim frequency information, by accident year. The Company defines a claim as a single claim incident, per policy, which may include multiple claimants and multiple coverages on a single policy. Claim counts include claims closed without a payment as well as claims where the Company is monitoring to determine if an exposure exists, even if a reserve has not been established.

All of the business contained within the Company's Reinsurance segment represents treaty business that is assumed from other insurance or reinsurance companies, for which the Company does not have access to the underlying claim counts. Further, this business includes both quota share and excess of loss treaty reinsurance, through which only a portion of each reported claim results in losses to the Company. As such, the Company has excluded claim count information from the Reinsurance segment disclosures.
Insurance Segment
(dollars in millions)Ultimate Incurred Losses and Allocated Loss Adjustment Expenses, Net of ReinsuranceTotal of Incurred-but-Not-Reported Liabilities, Net of ReinsuranceCumulative Number of Reported Claims
UnauditedAs of December 31,
As of December 31,
Accident Year2014201520162017201820192020202120222023December 31, 2023
2014$1,859.0 $1,690.3 $1,622.7 $1,565.5 $1,517.2 $1,496.0 $1,469.3 $1,466.2 $1,446.3 $1,431.5 $30.1 86,000 
20151,778.1 1,704.8 1,582.0 1,527.9 1,497.2 1,464.9 1,460.6 1,450.4 1,470.7 67.8 90,000 
20161,866.1 1,862.7 1,763.4 1,710.1 1,683.4 1,676.2 1,687.9 1,742.5 123.9 100,000 
20172,321.4 2,190.6 2,071.0 2,009.3 2,016.2 2,035.4 2,122.9 138.2 138,000 
20182,444.6 2,339.2 2,215.0 2,074.1 2,166.1 2,347.4 216.2 191,000 
20192,569.4 2,421.1 2,257.8 2,308.4 2,486.8 296.4 227,000 
20203,202.3 2,987.6 2,928.0 2,867.6 770.7 182,000 
20213,103.7 2,926.7 2,770.9 986.7 143,000 
20223,767.7 3,385.5 1,765.5 149,000 
20234,461.3 3,324.3 135,000 
Total$25,087.1 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
UnauditedAs of December 31,
As of December 31,
Accident Year2014201520162017201820192020202120222023
2014$331.0 $656.1 $891.0 $1,058.2 $1,163.3 $1,246.9 $1,290.0 $1,315.7 $1,347.1 $1,365.4 
2015321.8 663.0 874.0 1,037.7 1,147.1 1,215.0 1,266.8 1,299.4 1,335.3 
2016371.3 750.0 979.0 1,164.5 1,269.7 1,357.6 1,434.0 1,488.3 
2017437.2 988.2 1,281.2 1,469.8 1,628.1 1,749.7 1,850.1 
2018494.1 1,023.8 1,292.9 1,507.0 1,684.4 1,871.4 
2019526.0 995.8 1,269.8 1,584.0 1,920.3 
2020571.2 1,155.2 1,525.0 1,783.2 
2021475.0 989.7 1,363.0 
2022486.2 1,063.6 
2023598.9 
Total$14,639.5 
All outstanding liabilities for unpaid losses and loss adjustment expenses before 2014, net of reinsurance
258.2 
Total liabilities for unpaid losses and loss adjustment expenses, net of reinsurance$10,705.8 
Reinsurance Segment
Ultimate Incurred Losses and Allocated Loss Adjustment Expenses, Net of ReinsuranceTotal of Incurred-but-Not-Reported Liabilities, Net of Reinsurance
UnauditedAs of December 31,
(dollars in millions)As of December 31,
Accident Year2014201520162017201820192020202120222023December 31, 2023
2014$572.6 $557.1 $529.5 $571.8 $550.4 $526.9 $511.3 $512.7 $508.1 $477.1 $46.0 
2015525.3 511.2 528.1 519.3 508.1 502.8 490.5 490.7 503.2 81.9 
2016513.8 523.6 523.0 521.3 531.1 554.8 558.3 580.3 62.7 
2017899.5 932.5 937.8 939.0 911.0 923.0 934.8 80.3 
2018748.1 772.9 765.5 770.0 765.7 829.3 157.8 
2019661.6 675.5 689.2 700.2 726.1 174.2 
2020681.3 735.0 745.2 764.7 286.6 
2021738.6 739.7 760.8 379.3 
2022664.2 604.5 483.0 
2023660.6 607.2 
Total$6,841.4 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
UnauditedAs of December 31,
As of December 31,
Accident Year2014201520162017201820192020202120222023
2014$97.6 $156.4 $222.5 $269.5 $306.0 $339.6 $357.3 $373.9 $384.3 $398.1 
201563.7 132.0 204.1 255.0 302.3 327.2 347.1 364.0 380.2 
201679.3 168.8 239.3 295.8 347.8 381.6 421.9 455.7 
2017157.6 358.5 480.0 562.1 625.7 694.9 749.9 
201887.1 240.5 341.3 411.3 481.5 551.0 
201953.6 172.3 266.3 357.4 441.5 
202094.0 204.6 311.1 384.5 
202179.6 188.4 284.0 
202224.2 66.9 
202327.3 
Total$3,739.1 
All outstanding liabilities for unpaid losses and loss adjustment expenses before 2014, net of reinsurance
210.1 
Total liabilities for unpaid losses and loss adjustment expenses, net of reinsurance$3,312.4 
Average Annual Percentage Payout Of Incurred Losses By Age (in Years), Net Of Reinsurance
The following table presents supplementary information about average historical claims duration as of December 31, 2023 based on the cumulative incurred and paid losses and allocated loss adjustment expenses presented above.

Average Annual Percentage Payout of Incurred Losses by Age (in Years), Net of Reinsurance
Unaudited12345678910
Insurance19.4 %21.2 %13.3 %10.4 %8.2 %5.8 %3.9 %2.4 %2.3 %1.3 %
Reinsurance11.2 %14.8 %13.1 %9.9 %8.8 %6.7 %5.1 %4.2 %2.7 %2.9 %
Reconciliation Of Net Incurred And Paid Loss Development Tables, By Segment, To The Liability For Losses And Loss Adjustment Expenses In The Consolidated Balance Sheet
The following table reconciles the net incurred and paid loss development tables to the liability for losses and loss adjustment expenses on the consolidated balance sheet.

(dollars in thousands)December 31, 2023
Net outstanding liabilities
Insurance segment$10,705,776 
Reinsurance segment3,312,405 
Other underwriting71,575 
Program services and other fronting10,092 
Markel CATCo Re (see note 17)
184,967 
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance14,284,815 
Reinsurance recoverable on unpaid losses
Insurance segment3,168,100 
Reinsurance segment387,366 
Other underwriting88,701 
Program services and other fronting5,176,400 
Total reinsurance recoverable on unpaid losses8,820,567 
Unallocated loss adjustment expenses377,939 
Total gross liability for unpaid losses and loss adjustment expenses$23,483,321