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Segment Reporting Disclosures (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] |
Company's Segment Disclosures | a) The following tables summarize the Company's segment disclosures.
| Year Ended December 31, 2024
(dollars in thousands) | Insurance |  | Reinsurance |  | Investing |  | Markel Ventures |  | Other insurance operations |  | Corporate |  | Consolidated
Earned premiums | $ | 7,407,643 |  |  | $ | 1,028,201 |  |  | $ | — |  |  | $ | — |  |  | $ | (3,432) |  |  | $ | — |  |  | $ | 8,432,412 |
Net investment income | — |  |  | — |  |  | 913,478 |  |  | 7,018 |  |  | — |  |  | — |  |  | 920,496 |
Net investment gains | — |  |  | — |  |  | 1,807,219 |  |  | — |  |  | — |  |  | — |  |  | 1,807,219 |
Products revenues | — |  |  | — |  |  | — |  |  | 2,635,659 |  |  | — |  |  | — |  |  | 2,635,659 |
Services and other revenues | — |  |  | — |  |  | 52,253 |  |  | 2,477,419 |  |  | 295,305 |  |  | — |  |  | 2,824,977 |
Total operating revenues | 7,407,643 |  |  | 1,028,201 |  |  | 2,772,950 |  |  | 5,120,096 |  |  | 291,873 |  |  | — |  |  | 16,620,763 |
Losses and loss adjustment expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Current accident year - attritional | (4,704,219) |  |  | (733,191) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (5,437,410) |
Current accident year - catastrophe | (67,169) |  |  | (3,480) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (70,649) |
Prior accident years | 451,016 |  |  | 12,344 |  |  | — |  |  | — |  |  | (8,050) |  |  | — |  |  | 455,310 |
Underwriting, acquisition and insurance expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of policy acquisition costs | (1,501,829) |  |  | (252,312) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,754,141) |
Other underwriting expenses | (1,163,557) |  |  | (56,925) |  |  | — |  |  | — |  |  | (2,766) |  |  | — |  |  | (1,223,248) |
Products expenses | — |  |  | — |  |  | — |  |  | (2,272,219) |  |  | — |  |  | — |  |  | (2,272,219) |
Services and other expenses | — |  |  | — |  |  | — |  |  | (2,327,795) |  |  | (96,577) |  |  | — |  |  | (2,424,372) |
Amortization of acquired intangible assets |  |  |  |  |  |  |  |  |  |  | (181,472) |  |  | (181,472) |
Operating income (loss) | $ | 421,885 |  |  | $ | (5,363) |  |  | $ | 2,772,950 |  |  | $ | 520,082 |  |  | $ | 184,480 |  |  | $ | (181,472) |  |  | $ | 3,712,562 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | (204,300) |
Net foreign exchange gains |  |  |  |  |  |  |  |  |  |  |  |  | 129,438 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,637,700 |
| Year Ended December 31, 2023
(dollars in thousands) | Insurance |  | Reinsurance |  | Investing |  | Markel Ventures |  | Other insurance operations |  | Corporate |  | 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 - attritional | (4,651,173) |  |  | (669,314) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (5,320,487) |
Current accident year - catastrophe | (39,572) |  |  | (500) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (40,072) |
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 acquired intangible assets |  |  |  |  |  |  |  |  |  |  | (180,614) |  |  | (180,614) |
Operating income (loss) | $ | 162,176 |  |  | $ | (19,265) |  |  | $ | 2,241,419 |  |  | $ | 519,878 |  |  | $ | 205,234 |  |  | $ | (180,614) |  |  | $ | 2,928,828 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | (185,077) |
Net foreign exchange losses |  |  |  |  |  |  |  |  |  |  |  |  | (90,045) |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,653,706 |
| Year Ended December 31, 2022
(dollars in thousands) | Insurance |  | Reinsurance |  | Investing |  | Markel Ventures |  | Other insurance operations |  | Corporate |  | 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 - attritional | (3,867,195) |  |  | (663,903) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (4,531,098) |
Current accident year - events (1) | (69,230) |  |  | (12,707) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (81,937) |
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 acquired intangible assets |  |  |  |  |  |  |  |  |  |  | (178,778) |  |  | (178,778) |
Impairment of goodwill |  |  |  |  |  |  |  |  |  |  | (80,000) |  |  | (80,000) |
Operating income (loss) | $ | 549,871 |  |  | $ | 83,859 |  |  | $ | (1,167,548) |  |  | $ | 404,281 |  |  | $ | 294,979 |  |  | $ | (258,778) |  |  | $ | (93,336) |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | (196,062) |
Net foreign exchange gains |  |  |  |  |  |  |  |  |  |  |  |  | 137,832 |
Loss before income taxes |  |  |  |  |  |  |  |  |  |  |  |  | $ | (151,566) |
(1) Includes losses and loss adjustment expenses attributed to catastrophes and the Russia-Ukraine conflict.
Summary of Additional Measures for Markel Ventures | 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) | 2024 |  | 2023 |  | 2022
Depreciation expense | $ | 122,125 |  |  | $ | 108,605 |  |  | $ | 102,055 |
Capital expenditures | $ | 177,075 |  |  | $ | 221,036 |  |  | $ | 225,230 |
Reconciliation Of Segment Assets To The Company's Consolidated Balance Sheets | c) The following table reconciles segment assets to the Company's consolidated balance sheets.
| December 31,
(dollars in thousands) | 2024 |  | 2023
Segment assets: |  |  |
Investing | $ | 34,272,049 |  |  | $ | 30,542,282 |
Underwriting | 10,784,528 |  |  | 9,897,689 |
Markel Ventures | 5,824,229 |  |  | 5,519,542 |
Total segment assets | 50,880,806 |  |  | 45,959,513 |
Other insurance operations | 11,017,176 |  |  | 9,086,197 |
Total assets | $ | 61,897,982 |  |  | $ | 55,045,710 |
Underwriting Schedule Of Product Information | d) The following table summarizes earned premiums by major product grouping within each underwriting segment.
| Years Ended December 31,
(dollars in thousands) | 2024 |  | 2023 |  | 2022
Insurance segment: |  |  |  |  |
General liability | $ | 2,063,827 |  |  | $ | 2,128,317 |  |  | $ | 1,927,721 |
Professional liability | 1,655,848 |  |  | 1,798,882 |  |  | 1,739,983 |
Marine and energy | 747,004 |  |  | 688,591 |  |  | 585,885 |
Personal lines | 625,542 |  |  | 538,816 |  |  | 489,648 |
Property | 609,453 |  |  | 532,337 |  |  | 428,563 |
Programs | 576,444 |  |  | 509,866 |  |  | 384,952 |
Workers' compensation | 374,371 |  |  | 393,011 |  |  | 385,054 |
Credit and surety | 248,001 |  |  | 219,542 |  |  | 193,701 |
Other products | 507,153 |  |  | 473,343 |  |  | 392,756 |
Total Insurance | 7,407,643 |  |  | 7,282,705 |  |  | 6,528,263 |
Reinsurance segment: |  |  |  |  |
General liability | 382,151 |  |  | 368,376 |  |  | 382,482 |
Professional liability | 371,198 |  |  | 388,610 |  |  | 398,839 |
Specialty | 269,021 |  |  | 245,126 |  |  | 275,033 |
Property | 5,831 |  |  | 12,182 |  |  | 6,993 |
Total Reinsurance | 1,028,201 |  |  | 1,014,294 |  |  | 1,063,347 |
Other | (3,432) |  |  | (1,520) |  |  | (3,818) |
Total earned premiums | $ | 8,432,412 |  |  | $ | 8,295,479 |  |  | $ | 7,587,792 |
The Company does not manage products at this level of aggregation as it offers a diverse portfolio of products and manages these products in more disaggregated groupings within each underwriting segment.
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,
| 2024 |  | 2023 |  | 2022
Insurance segment | 32 | % |  | 33 | % |  | 34 | %
Reinsurance segment | 90 | % |  | 95 | % |  | 99 | %
Total underwriting | 38 | % |  | 37 | % |  | 40 | %
Schedule of Gross Premium Volume and Net Written Premiums, by Segment | e) The following table summarizes gross and net written premiums by segment, including a reconciliation to total underwriting and consolidated amounts.
| Years Ended December 31,
(dollars in thousands) | 2024 |  | 2023 |  | 2022
Gross written premium: |  |  |  |  |
Insurance segment | $ | 9,400,316 |  |  | $ | 9,217,150 |  |  | $ | 8,606,700 |
Reinsurance segment | 1,150,780 |  |  | 1,046,539 |  |  | 1,229,851 |
Other underwriting | 777 |  |  | 13,943 |  |  | 10,987 |
Total underwriting | 10,551,873 |  |  | 10,277,632 |  |  | 9,847,538 |
Program services and ILS fronting | 4,942,758 |  |  | 3,724,605 |  |  | 3,354,144 |
Total | $ | 15,494,631 |  |  | $ | 14,002,237 |  |  | $ | 13,201,682 |
Net written premium: |  |  |  |  |
Insurance segment | $ | 7,260,089 |  |  | $ | 7,432,062 |  |  | $ | 7,040,176 |
Reinsurance segment | 1,039,372 |  |  | 967,799 |  |  | 1,167,312 |
Other underwriting | 290 |  |  | (1,073) |  |  | (115) |
Total underwriting | 8,299,751 |  |  | 8,398,788 |  |  | 8,207,373 |
Program services and ILS fronting | (3,576) |  |  | (1,213) |  |  | (3,983) |
Total | $ | 8,296,175 |  |  | $ | 8,397,575 |  |  | $ | 8,203,390 |
Summary Of Deferred Policy Acquisition Costs, Unearned Premiums And Unpaid Losses And Loss Adjustment Expenses | f) The following table summarizes deferred policy acquisition costs, unearned premiums and unpaid losses and loss adjustment expenses by segment, including a reconciliation to total underwriting and consolidated amounts.
(dollars in thousands) | Deferred Policy Acquisition Costs |  | Unearned Premiums |  | Unpaid Losses and Loss Adjustment Expenses
December 31, 2024 |  |  |  |  |
Insurance segment | $ | 648,969 |  |  | $ | 4,283,879 |  |  | $ | 16,073,355 |
Reinsurance segment | 226,741 |  |  | 933,329 |  |  | 3,870,059 |
Other underwriting | — |  |  | 1,558 |  |  | 149,522 |
Total underwriting | 875,710 |  |  | 5,218,766 |  |  | 20,092,936 |
Program services and ILS fronting | — |  |  | 1,845,190 |  |  | 6,515,153 |
Markel CATCo Re (see note 17) | — |  |  | — |  |  | 25,005 |
Total | $ | 875,710 |  |  | $ | 7,063,956 |  |  | $ | 26,633,094 |
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 ILS fronting | — |  |  | 1,426,096 |  |  | 5,185,553 |
Markel CATCo Re (see note 17) | — |  |  | — |  |  | 184,967 |
Total | $ | 931,344 |  |  | $ | 6,642,426 |  |  | $ | 23,483,321 |
Markel Ventures Schedule Of Product Information | g) 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) | 2024 |  | 2023 |  | 2022
Products: |  |  |  |  |
Consumer and building | $ | 1,606,353 |  |  | $ | 1,474,499 |  |  | $ | 1,510,130 |
Transportation-related | 584,200 |  |  | 667,040 |  |  | 612,467 |
Equipment manufacturing | 445,106 |  |  | 403,514 |  |  | 304,499 |
Total products revenues | 2,635,659 |  |  | 2,545,053 |  |  | 2,427,096 |
Services and other: |  |  |  |  |
Construction | 2,089,280 |  |  | 2,042,326 |  |  | 1,910,403 |
Consulting | 283,343 |  |  | 297,115 |  |  | 326,549 |
Other | 104,796 |  |  | 95,274 |  |  | 92,570 |
Total services and other revenues | 2,477,419 |  |  | 2,434,715 |  |  | 2,329,522 |
Total products revenues and services and other revenues | $ | 5,113,078 |  |  | $ | 4,979,768 |  |  | $ | 4,756,618 |

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