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Segment Reporting Disclosures
 12 Months Ended
Dec. 31, 2023
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]  
Segment Reporting Disclosures Segment Reporting Disclosures
The Company has four reportable segments: Insurance, Reinsurance, Investing and Markel Ventures.

The chief operating decision maker reviews the Company's ongoing underwriting operations on a global basis in the following two segments: Insurance and Reinsurance. In determining how to allocate resources and assess the performance of the Company's underwriting results, management considers many factors, including the nature of the insurance product sold, the type of account written and the type of customer served. The Insurance segment includes all direct business and facultative reinsurance placements written on a risk-bearing basis within the Company's underwriting operations. The Reinsurance segment includes all treaty reinsurance written on a risk-bearing basis within the Company's underwriting operations. All investing activities related to the Company's insurance operations are included in the Investing segment.

The Company's other insurance operations primarily consist of the results of the Company's program services and other fronting business and insurance-linked securities operations. Other insurance operations also include results for lines of business discontinued prior to, or in conjunction with, acquisitions, including development on asbestos and environmental loss reserves and results attributable to the run-off of life and annuity reinsurance business, which are monitored separately from the Company's ongoing underwriting operations. For purposes of segment reporting, none of these other insurance operations are considered to be reportable segments.

The Company's chief operating decision maker reviews and assesses Markel Ventures' performance in the aggregate, as a single operating segment. The Markel Ventures segment primarily consists of controlling interests in a diverse portfolio of businesses that operate in various industries.

Segment profit for each of the Company's underwriting segments is measured by underwriting profit. The property and casualty insurance industry commonly defines underwriting profit as earned premiums net of losses and loss adjustment expenses and underwriting, acquisition and insurance expenses. Underwriting profit does not replace operating income or net income computed in accordance with U.S. GAAP as a measure of profitability. Underwriting profit or loss provides a basis for management to evaluate the Company's underwriting performance. Segment profit for the Company's underwriting segments may also include other revenues and expenses that are attributable to the Company's underwriting operations that are not captured in underwriting profit. Segment profit for the Investing segment is measured by income from the Company's investment portfolio, which is comprised of net investment income and net investment gains. Segment profit for the Investing segment also includes income from equity method investments, which is included within services and other revenues. Segment profit for the Markel Ventures segment is measured by operating income.

For management reporting purposes, the Company allocates assets to its underwriting operations and to its Investing and Markel Ventures segments and certain of its other operations, including its program services and other fronting and insurance-linked securities operations. Underwriting assets include assets attributed to the Company's Insurance and Reinsurance segments, discontinued underwriting lines of business, as well as assets that are not specifically allocated to the Company's other operations. Generally, the Company manages its underwriting assets in the aggregate and therefore does not allocate assets to individual underwriting segments.
a) The following tables summarize the Company's segment disclosures.
Year Ended December 31, 2023
(dollars in thousands)InsuranceReinsuranceInvestingMarkel 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 revenues7,282,705 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 years104,743 (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)InsuranceReinsuranceInvestingMarkel 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 revenues6,528,263 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 years142,924 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 $(93,336)
Interest expense(196,062)
Net foreign exchange gains137,832 
Loss before income taxes$(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)InsuranceReinsuranceInvestingMarkel 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 revenues5,465,284 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 years506,292 (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 gains71,902 
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.

b) 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)202320222021
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.
c) The following table summarizes earned premiums by major product grouping within each underwriting segment.

Years Ended December 31,
(dollars in thousands)202320222021
Insurance segment:
General liability$2,128,317 $1,927,721 $1,564,221 
Professional liability1,798,882 1,739,983 1,523,536 
Property532,337 428,563 362,637 
Marine and energy688,591 585,885 495,897 
Personal lines538,816 489,648 451,095 
Programs509,866 384,952 222,410 
Workers' compensation393,011 385,054 354,337 
Credit and surety219,542 193,701 161,155 
Other products473,343 392,756 329,996 
Total Insurance7,282,705 6,528,263 5,465,284 
Reinsurance segment:
Professional liability388,610 398,839 320,646 
General liability368,376 382,482 314,699 
Specialty245,126 275,033 276,943 
Property12,182 6,993 129,760 
Total Reinsurance1,014,294 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.

During the years ended December 31, 2023, 2022 and 2021, 80% of gross premiums written in the Company's underwriting segments were attributed to risks or cedents located in the United States. Substantially all of the gross premiums written in the Company's program services and other fronting businesses during 2023, 2022 and 2021 were attributed to risks located in the United States.

Most of the gross written premiums in the Company's underwriting operations are placed through insurance and reinsurance brokers. 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,
202320222021
Insurance segment
33 %34 %32 %
Reinsurance segment
95 %99 %90 %
Total underwriting
37 %40 %38 %
d) 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)202320222021
Products:
Consumer and building$1,474,499 $1,510,130 $911,422 
Transportation-related667,040 612,467 474,839 
Equipment manufacturing403,514 304,499 325,859 
Total products revenues2,545,053 2,427,096 1,712,120 
Services and other:
Construction2,042,326 1,910,403 1,554,592 
Consulting297,115 326,549 277,902 
Other95,274 92,570 99,202 
Total services and other revenues2,434,715 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.

During the years ended December 31, 2023, 2022 and 2021, 95%, 96%, and 95%, respectively, of Markel Ventures segment revenues were attributable to U.S. operations.

e) The following table reconciles segment assets to the Company's consolidated balance sheets.

December 31,
(dollars in thousands)20232022
Segment assets:
Investing$30,542,282 $26,982,280 
Underwriting9,897,689 8,853,559 
Markel Ventures5,519,542 5,315,677 
Total segment assets 45,959,513 41,151,516 
Other operations9,086,197 8,639,743 
Total assets$55,045,710 $49,791,259 
f) The following table summarizes gross and net written premiums by segment.

Years Ended December 31,
(dollars in thousands)202320222021
Gross written premium:
Insurance segment$9,217,150 $8,606,700 $7,239,676 
Reinsurance segment1,046,539 1,229,851 1,246,143 
Other underwriting13,943 10,987 110 
Total underwriting10,277,632 9,847,538 8,485,929 
Program services and other fronting3,724,605 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 segment967,799 1,167,312 1,126,167 
Other underwriting(1,073)(115)109 
Total underwriting8,398,788 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 

g) 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 segment223,216 901,138 3,726,472 
Other underwriting— 7,488 165,071 
Total underwriting931,344 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 segment247,562 921,541 3,581,699 
Other underwriting— 9,473 197,602 
Total underwriting925,483 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