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Senior Long-Term Debt And Other Debt | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Senior Long-Term Debt And Other Debt | 14. Senior Long-Term Debt and Other Debt The following table summarizes the Company's senior long-term debt and other debt.
| December 31,
(dollars in thousands) | 2024 |  | 2023
3.50% unsecured senior notes, due November 1, 2027, interest payable semi-annually, net of unamortized discount of $592 in 2024 and $876 in 2023 | $ | 299,236 |  |  | $ | 298,869 |
3.35% unsecured senior notes, due September 17, 2029, interest payable semi-annually, net of unamortized discount of $1,174 in 2024 and $1,421 in 2023 | 298,590 |  |  | 298,294 |
7.35% unsecured senior notes, due August 15, 2034, interest payable semi-annually, net of unamortized discount of $663 in 2024 and $731 in 2023 | 129,148 |  |  | 129,076 |
5.0% unsecured senior notes, due March 30, 2043, interest payable semi-annually, net of unamortized discount of $4,087 in 2024 and $4,311 in 2023 | 245,687 |  |  | 245,451 |
5.0% unsecured senior notes, due April 5, 2046, interest payable semi-annually, net of unamortized discount of $5,202 in 2024 and $5,445 in 2023 | 494,135 |  |  | 493,860 |
4.30% unsecured senior notes, due November 1, 2047, interest payable semi-annually, net of unamortized discount of $3,364 in 2024 and $3,516 in 2023 | 296,049 |  |  | 295,870 |
5.0% unsecured senior notes, due May 20, 2049, interest payable semi-annually, net of unamortized discount of $6,378 in 2024 and $6,639 in 2023 | 592,538 |  |  | 592,233 |
4.15% unsecured senior notes, due September 17, 2050, interest payable semi-annually, net of unamortized discount of $4,563 in 2024 and $4,740 in 2023 | 494,749 |  |  | 494,546 |
3.45% unsecured senior notes, due May 7, 2052, interest payable semi-annually, net of unamortized discount of $7,626 in 2024 and $7,904 in 2023 | 591,316 |  |  | 591,000 |
6.00% unsecured senior notes, due May 16, 2054, interest payable semi-annually, net of unamortized discount of $7,240 in 2024 and $0 in 2023 | 591,511 |  |  | — |
Other debt, with a weighted average interest rate of 5.4% in 2024 and 5.0% in 2023 | 297,382 |  |  | 340,597 |
Senior long-term debt and other debt | $ | 4,330,341 |  |  | $ | 3,779,796 |
In May 2024, the Company issued $600 million of 6.0% unsecured senior notes due May 2054. Net proceeds to the Company were $592.6 million, before expenses. The Company intends to use these proceeds for general corporate purposes, which may include the redemption, in whole or in part, of its outstanding Series A preferred shares. See note 19. In March 2023, the Company retired its $250 million 3.625% unsecured senior notes due March 30, 2023. The Company's 7.35% unsecured senior notes due August 15, 2034 are not redeemable. The Company's other unsecured senior notes are redeemable by the Company at any time, subject to payment of a make-whole premium to the noteholders. None of the Company's senior long-term debt is subject to any sinking fund requirements. The Company's other debt is comprised of debt associated with its Markel Ventures subsidiaries. As of December 31, 2024 and 2023, debt at the Company's Markel Ventures subsidiaries was $297.4 million and $339.0 million, respectively, which includes amounts outstanding on their respective credit facilities. The Markel Ventures debt is non-recourse to the holding company and generally is secured by the assets of those subsidiaries. Various of the Company's Markel Ventures subsidiaries maintain revolving credit facilities or lines of credit, which provide up to $692 million of aggregate capacity for working capital and other general operational purposes. A portion of the capacity on certain of these credit facilities may be used as security for letters of credit and other obligations. At December 31, 2024 and 2023, $150.0 million and $169.5 million, respectively, of borrowings were outstanding under these credit facilities. As of December 31, 2024, all of the Company's subsidiaries were in compliance with all covenants contained in their respective credit facilities. The estimated fair value of the Company's senior long-term debt and other debt was $3.8 billion and $3.4 billion at December 31, 2024 and 2023, respectively. The following table summarizes the future principal payments on senior long-term debt and other debt as of December 31, 2024.
(dollars in thousands) | Senior long-term debt |  | Other debt |  | Total
Years Ending December 31, |  |
2025 | $ | — |  |  | $ | 41,843 |  |  | $ | 41,843 |
2026 | — |  |  | 41,902 |  |  | 41,902 |
2027 | 300,000 |  |  | 158,376 |  |  | 458,376 |
2028 | — |  |  | 16,724 |  |  | 16,724 |
2029 | 300,000 |  |  | 15,182 |  |  | 315,182 |
2030 and thereafter | 3,479,846 |  |  | 25,905 |  |  | 3,505,751 |
Total principal payments | 4,079,846 |  |  | 299,932 |  |  | 4,379,778 |
Net unamortized discount | (40,889) |  |  | — |  |  | (40,889) |
Net unamortized debt issuance costs | (5,998) |  |  | (2,550) |  |  | (8,548) |
Total | $ | 4,032,959 |  |  | $ | 297,382 |  |  | $ | 4,330,341 |
Markel Group and certain insurance subsidiaries maintain a corporate revolving credit facility, which provides up to $300 million of capacity for future acquisitions, investments and stock repurchases, and for other working capital and general corporate purposes. At the Company's discretion, up to $200 million of the total capacity may be used for letters of credit. The Company may increase the capacity of the facility by up to $200 million subject to obtaining commitments for the increase and certain other terms and conditions. The Company pays interest on balances outstanding under the facility and a utilization fee for letters of credit issued under the facility. The Company also pays a commitment fee (0.20% at December 31, 2024) on the unused portion of the facility based on the Company's leverage ratio as calculated under the credit agreement. The credit agreement includes financial covenants that require that the Company not exceed a maximum debt to capitalization (leverage) ratio and maintain a minimum amount of consolidated net worth, as well as other customary covenants and events of default. Markel Group guarantees the obligations under the facility of the insurance subsidiaries that are also parties to the credit agreement. This facility expires in June 2028. The credit agreement for this revolving credit facility amended and restated the credit agreement for the Company's previous $300 million revolving credit facility. At December 31, 2024 and 2023, the Company had no borrowings outstanding under this revolving credit facility. As of December 31, 2024, the Company was in compliance with all covenants contained in its corporate revolving credit facility. To the extent that Markel Group or any of its subsidiaries are not in compliance with the covenants under their respective credit facilities, access to such credit facilities could be restricted. The Company paid $197.4 million, $187.8 million and $197.3 million in interest on its senior long-term debt and other debt during the years ended December 31, 2024, 2023 and 2022, respectively.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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