XML 81 R60.htm IDEA: XBRL DOCUMENT v3.24.0.1
Segment Reporting Disclosures (Company's Segment Disclosures) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]      
Earned premiums $ 8,295,479 $ 7,587,792 $ 6,503,029
Net investment income 734,532 446,755 367,417
Net investment gains (losses) 1,524,054 (1,595,733) 1,978,534
Products revenues 2,545,053 2,427,096 1,712,120
Services and other revenues 2,704,512 2,809,425 2,285,325
Total operating revenues 15,803,630 11,675,335 12,846,425
Losses and loss adjustment expenses, current accident year (5,360,559) (4,613,035) (4,061,000)
Losses and loss adjustment expenses, prior accident years 38,550 167,446 479,795
Amortization of policy acquisition costs (1,763,670) (1,655,106) (1,419,266)
Other underwriting expenses (1,077,064) (860,477) (874,473)
Products expenses (2,220,676) (2,241,736) (1,544,506)
Services and other expenses (2,310,769) (2,306,985) (2,024,931)
Amortization of intangible assets (180,614) [1] (178,778) [2] (160,539) [3]
Goodwill, Impairment Loss 0 (80,000) 0
Segment profit (loss) 2,928,828 (93,336) 3,241,505
Interest expense (185,077) (196,062) (183,579)
Net foreign exchange gains (losses) (90,045) 137,832 71,902
Income (Loss) Before Income Taxes 2,653,706 (151,566) 3,129,828
Insurance [Member]      
Segment Reporting Information [Line Items]      
Earned premiums 7,282,705 6,528,263 5,465,284
Net investment income 0 0 0
Net investment gains (losses) 0 0 0
Products revenues 0   0
Services and other revenues 0 0 0
Total operating revenues 7,282,705 6,528,263 5,465,284
Losses and loss adjustment expenses, current accident year (4,690,745) (3,936,425) (3,311,185)
Losses and loss adjustment expenses, prior accident years 104,743 142,924 506,292
Amortization of policy acquisition costs (1,508,169) (1,375,539) (1,153,049)
Other underwriting expenses (1,026,358) (809,352) (810,929)
Products expenses 0 0 0
Services and other expenses 0 0 0
Amortization of intangible assets 0 [1] 0 [2] 0 [3]
Goodwill, Impairment Loss   0  
Segment profit (loss) 162,176 549,871 696,413
Reinsurance [Member]      
Segment Reporting Information [Line Items]      
Earned premiums 1,014,294 1,063,347 1,042,048
Net investment income 0 0 0
Net investment gains (losses) 0 0 0
Products revenues 0   0
Services and other revenues 0 0 0
Total operating revenues 1,014,294 1,063,347 1,042,048
Losses and loss adjustment expenses, current accident year (669,814) (676,610) (749,815)
Losses and loss adjustment expenses, prior accident years (57,081) 26,052 (19,928)
Amortization of policy acquisition costs (255,501) (279,567) (266,217)
Other underwriting expenses (51,163) (49,363) (61,326)
Products expenses 0 0 0
Services and other expenses 0 0 109
Amortization of intangible assets 0 [1] 0 [2] 0 [3]
Goodwill, Impairment Loss   0  
Segment profit (loss) (19,265) 83,859 (55,129)
Investing [Member]      
Segment Reporting Information [Line Items]      
Earned premiums 0 0 0
Net investment income 729,219 445,846 367,406
Net investment gains (losses) 1,524,054 (1,595,733) 1,978,534
Products revenues 0   0
Services and other revenues (11,854) (17,661) 7,184
Total operating revenues 2,241,419 (1,167,548) 2,353,124
Losses and loss adjustment expenses, current accident year 0 0 0
Losses and loss adjustment expenses, prior accident years 0 0 0
Amortization of policy acquisition costs 0 0 0
Other underwriting expenses 0 0 0
Products expenses 0 0 0
Services and other expenses 0 0 0
Amortization of intangible assets 0 [1] 0 [2] 0 [3]
Goodwill, Impairment Loss   0  
Segment profit (loss) 2,241,419 (1,167,548) 2,353,124
Markel Ventures [Member]      
Segment Reporting Information [Line Items]      
Earned premiums 0 0 0
Net investment income 5,313 909 11
Net investment gains (losses) 0 0 0
Products revenues 2,545,053 2,427,096 1,712,120
Services and other revenues 2,434,715 2,329,522 1,931,696
Total operating revenues 4,985,081 4,757,527 3,643,827
Losses and loss adjustment expenses, current accident year 0 0 0
Losses and loss adjustment expenses, prior accident years 0 0 0
Amortization of policy acquisition costs 0 0 0
Other underwriting expenses 0 0 0
Products expenses (2,220,676) (2,241,736) (1,544,506)
Services and other expenses (2,244,527) (2,111,510) (1,769,201)
Amortization of intangible assets (82,370) [1] (79,043) [2] (57,568) [3]
Goodwill, Impairment Loss   0  
Segment profit (loss) 437,508 325,238 272,552
Interest expense [4] (47,227) (46,780) (35,031)
Other [Member]      
Segment Reporting Information [Line Items]      
Earned premiums (1,520) [5] (3,818) [6] (4,303) [7]
Net investment income 0 [5] 0 [6] 0 [7]
Net investment gains (losses) 0 [5] 0 [6] 0 [7]
Products revenues 0 [5]   0 [7]
Services and other revenues 281,651 [5] 497,564 [6] 346,445 [7]
Total operating revenues 280,131 493,746 342,142
Losses and loss adjustment expenses, current accident year 0 [5] 0 [6] 0 [7]
Losses and loss adjustment expenses, prior accident years (9,112) [5] (1,530) [6] (6,569) [7]
Amortization of policy acquisition costs 0 [5] 0 [6] 0 [7]
Other underwriting expenses 457 [5] (1,762) [6] (2,218) [7]
Products expenses 0 [5] 0 [6] 0 [7]
Services and other expenses (66,242) [5] (195,475) [6] (255,839) [7]
Amortization of intangible assets (98,244) [1],[5] (99,735) [2],[6] (102,971) [3],[7]
Goodwill, Impairment Loss   (80,000)  
Segment profit (loss) 106,990 [5] 115,244 [6] (25,455) [7]
Underwriting [Member]      
Segment Reporting Information [Line Items]      
Amortization of intangible assets $ 37,076 [8] $ 38,533 [8] $ 41,200
[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 $37.1 million for the year ended December 31, 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 $38.5 million for the year ended December 31, 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 $41.2 million for the year ended December 31, 2021.
[4] 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.
[5] 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.
[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 the 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 the underwriting segments, which is not allocated between the Insurance and Reinsurance segments.
[8] Amounts included in Underwriting reflect the intangible assets associated with the Company's underwriting segments, which are not allocated between the Insurance and Reinsurance segments.