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Unpaid Losses And Loss Adjustment Expenses (Tables) | 12 Months Ended
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Dec. 31, 2024
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims [Abstract] |
Reconciliation Of Consolidated Reserves For Losses And Loss Adjustment Expenses | a) 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) | 2024 |  | 2023 |  | 2022
Gross reserves for losses and loss adjustment expenses, beginning of year | $ | 23,483,321 |  |  | $ | 20,947,898 |  |  | $ | 18,178,894 |
Reinsurance recoverables on unpaid losses, beginning of year | 8,820,567 |  |  | 7,994,884 |  |  | 6,876,317 |
Net reserves for losses and loss adjustment expenses, beginning of year | 14,662,754 |  |  | 12,953,014 |  |  | 11,302,577 |
Effect of foreign currency rate changes on beginning of year balance | (78,702) |  |  | 70,344 |  |  | (160,622) |
Adjusted net reserves for losses and loss adjustment expenses, beginning of year | 14,584,052 |  |  | 13,023,358 |  |  | 11,141,955 |
Incurred losses and loss adjustment expenses: |  |  |  |  |
Current accident year | 5,508,059 |  |  | 5,360,559 |  |  | 4,613,035 |
Prior accident years | (455,310) |  |  | (38,550) |  |  | (167,446) |
Total incurred losses and loss adjustment expenses | 5,052,749 |  |  | 5,322,009 |  |  | 4,445,589 |
Payments: |  |  |  |  |
Current accident year | 720,178 |  |  | 729,895 |  |  | 580,537 |
Prior accident years | 3,239,999 |  |  | 2,663,165 |  |  | 2,396,446 |
Total payments | 3,960,177 |  |  | 3,393,060 |  |  | 2,976,983 |
Effect of foreign currency rate changes on current year activity | (3,934) |  |  | (1,532) |  |  | (5,468) |
Change in net reserves for losses and loss adjustment expenses of Markel CATCo Re (see note 17) | (159,963) |  |  | (162,954) |  |  | 347,921 |
Reinsurance recoverable on retroactive reinsurance transactions | — |  |  | (125,067) |  |  | — |
Net reserves for losses and loss adjustment expenses, end of year | 15,512,727 |  |  | 14,662,754 |  |  | 12,953,014 |
Reinsurance recoverables on unpaid losses, end of year | 11,120,367 |  |  | 8,820,567 |  |  | 7,994,884 |
Gross reserves for losses and loss adjustment expenses, end of year | $ | 26,633,094 |  |  | $ | 23,483,321 |  |  | $ | 20,947,898 |
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, 2024, 2023 and 2022, 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 more disaggregated 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 greater credibility to the favorable trends observed by the Company's actuaries and, upon incorporating these favorable trends into its best estimate, reduced prior years loss reserves accordingly. In 2023 and 2022, the unfavorable claims and loss trends experienced on the Company's U.S. general liability and professional liability product lines disrupted the development of the claims trend observed prior to 2022, reflecting broader market conditions, including the effects of economic and social inflation. In 2024, the Company's U.S. professional liability product lines continued to experience many of these same trends, while the U.S. general liability product lines began to stabilize, resulting in modest favorable development as management gave more credibility to the favorable trends observed by the Company's actuaries. 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, 2024
(dollars in millions) | Loss Development |  | Accident Years with Most Significant Development |  | Trends and Factors Impacting Loss Estimates
Insurance segment: |  |  |  |  |
Professional liability |  |  |  |  |
International | $ | (152.6) |  |  | 2021 to 2023 |  | Lower loss frequency and severity than previously anticipated, including on the cyber portfolio and middle market accounts
U.S. | 111.8 |  |  | 2017 to 2023 |  | Unfavorable claims settlements and increased claim severity, primarily on the risk-managed directors and officers product line
General liability | (81.6) |  |  | 2022 and 2023 |  | More favorable loss experience within the U.S. business, as well as lower loss frequency and severity than previously anticipated on the international excess and umbrella product line
Property | (75.0) |  |  | 2020 and 2023 |  | Lower loss frequency and severity than previously anticipated across a number of subclasses in the U.S. and international portfolios
Marine and energy | (58.3) |  |  | 2021 to 2023 |  | More favorable loss experience than previously anticipated
Programs | (53.9) |  |  | 2022 and 2023 |  | Lower loss frequency and severity than previously anticipated on certain programs
Credit and surety | (51.4) |  |  | 2021 to 2023 |  | Lower loss frequency and severity than previously anticipated driven by the international trade credit product line
Other products | (90.0) |  |  |  |  |
Total Insurance | (451.0) |  |  |  |  |
Reinsurance segment: |  |  |  |  |
Property | (23.0) |  |  | 2017 to 2020 |  | Lower loss severity than previously anticipated and net favorable development on catastrophe events
Workers' compensation | (20.3) |  |  | 2019, 2020 and 2023 |  | Lower loss severity than previously anticipated and net favorable development on losses related to the COVID-19 pandemic
Professional liability | (17.1) |  |  | 2021 to 2023 |  | More favorable loss experience than previously anticipated
Public entity | 34.1 |  |  | 2017 to 2023 |  | Increased frequency of large claims across the product line, which was discontinued in late 2024
Other products | 18.0 |  |  |  |  |
Premium adjustments | (4.0) |  |  |  |  |
Total Reinsurance | (12.3) |  |  |  |  |
Other underwriting | 8.0 |  |  |  |  |
Total decrease | $ | (455.3) |  |  |  |  |
| Year Ended December 31, 2023
(dollars in millions) | Loss Development |  | Accident Years with Most Significant Development |  | Trends and Factors Impacting Loss Estimates
Insurance segment: |  |  |  |  |
General liability |  |  |  |  |
U.S. | $ | 274.0 |  |  | 2016 to 2021 |  | Increased 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. | 56.8 |  |  | Several |  | Increased 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 liability | 95.5 |  |  | 2015 to 2021 |  | Large reported claims and adverse loss development trends
Public entity | 53.7 |  |  | 2014 to 2019 |  | Increased frequency of large claims on a segment of business that was discontinued in 2020
Premium adjustments | 11.4 |  |  | 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 2019 |  | More favorable loss experience and lower loss severity than previously anticipated
Workers' compensation | (14.9) |  |  | Several |  | Lower loss frequency and severity than previously anticipated
Other products | (67.0) |  |  |  |  |
Total Reinsurance | 57.1 |  |  |  |  |
Other underwriting | 9.0 |  |  |  |  |
Total decrease | $ | (38.6) |  |  |  |  |
| Year Ended December 31, 2022
(dollars in millions) | Loss Development |  | Accident Years with Most Significant Development |  | Trends and Factors Impacting Loss Estimates
Insurance segment: |  |  |  |  |
Professional liability |  |  |  |  |
2018 and 2019 accident years | $ | 121.0 |  |  | 2018 and 2019 |  | Unfavorable 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) |  |  | Several |  | More favorable loss experience and lower loss severity than previously anticipated
General liability |  |  |  |  |
2016 to 2019 accident years | 61.6 |  |  | 2016 to 2019 |  | Unfavorable claims settlements and increased claim frequency and severity, primarily on contractors and excess and umbrella lines
All other accident years | (20.5) |  |  | Several |  | Lower loss frequency and severity than previously anticipated
Workers' compensation | (62.1) |  |  | 2016 to 2021 |  | Lower loss severity than previously anticipated
Programs | (48.3) |  |  | 2020 and 2021 |  | Lower than expected frequency of claims
Property | (48.1) |  |  | 2020 and 2021 |  | Lower loss severity than originally anticipated as well as favorable development on losses related to the COVID-19 pandemic
Credit and surety | (31.7) |  |  | 2019 to 2021 |  | Lower than expected frequency of claims
Other products | (23.7) |  |  |  |  |
Total Insurance | (142.9) |  |  |  |  |
Reinsurance segment: |  |  |  |  |
Property | (29.2) |  |  | 2017 to 2019 |  | Favorable development on catastrophe events
Credit and surety | (22.9) |  |  | Several |  | Favorable commutations on mortgage insurance contracts
Premium adjustments | 53.1 |  |  | 2020 and 2021 |  | Recognition 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 | 1.6 |  |  |  |  |
Total decrease | $ | (167.4) |  |  |  |  |
Ultimate Incurred Losses And Cumulative Paid Losses And Allocated Loss Adjustment Expenses, Net Of Reinsurance | The Insurance segment table that follows also includes claim count 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 Reinsurance |  | Total of Incurred-but-Not-Reported Liabilities, Net of Reinsurance |  | Cumulative Number of Reported Claims
Unaudited |  | As of December 31, |  |
As of December 31, |  |  |
Accident Year | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | December 31, 2024
2015 | $ | 1,767.5 |  |  | $ | 1,693.8 |  |  | $ | 1,571.0 |  |  | $ | 1,517.0 |  |  | $ | 1,486.5 |  |  | $ | 1,454.7 |  |  | $ | 1,450.6 |  |  | $ | 1,440.9 |  |  | $ | 1,460.0 |  |  | $ | 1,457.1 |  |  | $ | 58.0 |  |  | 88,000 |
2016 |  |  | 1,856.3 |  |  | 1,852.8 |  |  | 1,753.6 |  |  | 1,700.3 |  |  | 1,674.7 |  |  | 1,667.4 |  |  | 1,678.4 |  |  | 1,732.9 |  |  | 1,718.1 |  |  | 77.2 |  |  | 100,000 |
2017 |  |  |  |  | 2,309.0 |  |  | 2,176.7 |  |  | 2,059.3 |  |  | 1,998.7 |  |  | 2,004.5 |  |  | 2,023.9 |  |  | 2,111.2 |  |  | 2,152.3 |  |  | 124.6 |  |  | 140,000 |
2018 |  |  |  |  |  |  | 2,429.0 |  |  | 2,320.8 |  |  | 2,199.2 |  |  | 2,058.8 |  |  | 2,151.2 |  |  | 2,331.6 |  |  | 2,417.1 |  |  | 177.8 |  |  | 193,000 |
2019 |  |  |  |  |  |  |  |  | 2,552.4 |  |  | 2,402.2 |  |  | 2,239.7 |  |  | 2,293.7 |  |  | 2,471.7 |  |  | 2,526.8 |  |  | 206.9 |  |  | 228,000 |
2020 |  |  |  |  |  |  |  |  |  |  | 3,185.1 |  |  | 2,972.1 |  |  | 2,914.2 |  |  | 2,858.5 |  |  | 2,771.6 |  |  | 434.3 |  |  | 183,000 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  | 3,083.5 |  |  | 2,907.1 |  |  | 2,755.4 |  |  | 2,720.1 |  |  | 531.0 |  |  | 149,000 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,746.8 |  |  | 3,365.5 |  |  | 3,342.6 |  |  | 1,098.3 |  |  | 159,000 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,435.9 |  |  | 3,901.7 |  |  | 1,802.5 |  |  | 169,000 |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,532.5 |  |  | 3,271.7 |  |  | 149,000 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 27,539.9 |  |  |  |  |
| Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance |  |  |  |
| Unaudited |  | As of December 31, |  |  |  |
| As of December 31, |  |  |  |  |
Accident Year | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  |  |  |
2015 | $ | 320.7 |  |  | $ | 660.0 |  |  | $ | 870.2 |  |  | $ | 1,032.9 |  |  | $ | 1,141.3 |  |  | $ | 1,208.4 |  |  | $ | 1,259.2 |  |  | $ | 1,291.7 |  |  | $ | 1,327.3 |  |  | $ | 1,344.7 |  |  |  |  |
2016 |  |  | 369.8 |  |  | 746.2 |  |  | 973.7 |  |  | 1,158.2 |  |  | 1,262.8 |  |  | 1,350.3 |  |  | 1,425.5 |  |  | 1,479.6 |  |  | 1,529.8 |  |  |  |  |
2017 |  |  |  |  | 434.9 |  |  | 982.7 |  |  | 1,274.3 |  |  | 1,462.0 |  |  | 1,619.2 |  |  | 1,739.8 |  |  | 1,839.6 |  |  | 1,909.5 |  |  |  |  |
2018 |  |  |  |  |  |  | 490.7 |  |  | 1,017.4 |  |  | 1,281.9 |  |  | 1,494.9 |  |  | 1,671.6 |  |  | 1,856.5 |  |  | 2,017.4 |  |  |  |  |
2019 |  |  |  |  |  |  |  |  | 524.1 |  |  | 991.1 |  |  | 1,262.9 |  |  | 1,576.4 |  |  | 1,910.9 |  |  | 2,104.4 |  |  |  |  |
2020 |  |  |  |  |  |  |  |  |  |  | 568.1 |  |  | 1,148.5 |  |  | 1,515.7 |  |  | 1,772.5 |  |  | 2,033.8 |  |  |  |  |
2021 |  |  |  |  |  |  |  |  |  |  |  |  | 473.4 |  |  | 985.8 |  |  | 1,357.5 |  |  | 1,751.1 |  |  |  |  |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 484.5 |  |  | 1,059.9 |  |  | 1,564.1 |  |  |  |  |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 596.9 |  |  | 1,396.6 |  |  |  |  |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 651.3 |  |  |  |  |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 16,302.7 |  |  |  |  |
All outstanding liabilities for unpaid losses and loss adjustment expenses before 2014, net of reinsurance |  | 313.3 |  |  |  |  |
Total liabilities for unpaid losses and loss adjustment expenses, net of reinsurance |  | $ | 11,550.5 |  |  |  |  |
Reinsurance Segment
| Ultimate Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance |  | Total of Incurred-but-Not-Reported Liabilities, Net of Reinsurance |  |
| Unaudited |  | As of December 31, |  |
(dollars in millions) | As of December 31, |  |  |
Accident Year | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | December 31, 2024 |  |
2015 | $ | 523.0 |  |  | $ | 508.8 |  |  | $ | 524.6 |  |  | $ | 516.0 |  |  | $ | 504.8 |  |  | $ | 499.9 |  |  | $ | 487.8 |  |  | $ | 488.2 |  |  | $ | 500.0 |  |  | $ | 477.7 |  |  | $ | 56.6 |  |  |
2016 |  |  | 506.6 |  |  | 515.2 |  |  | 515.4 |  |  | 513.4 |  |  | 523.4 |  |  | 548.1 |  |  | 551.5 |  |  | 573.3 |  |  | 556.5 |  |  | 30.1 |  |  |
2017 |  |  |  |  | 894.4 |  |  | 927.6 |  |  | 933.2 |  |  | 934.9 |  |  | 907.3 |  |  | 919.7 |  |  | 931.0 |  |  | 931.3 |  |  | 44.2 |  |  |
2018 |  |  |  |  |  |  | 743.0 |  |  | 764.9 |  |  | 757.4 |  |  | 762.5 |  |  | 758.1 |  |  | 821.0 |  |  | 790.1 |  |  | 82.2 |  |  |
2019 |  |  |  |  |  |  |  |  | 654.4 |  |  | 668.4 |  |  | 683.1 |  |  | 691.0 |  |  | 719.0 |  |  | 730.4 |  |  | 129.1 |  |  |
2020 |  |  |  |  |  |  |  |  |  |  | 678.1 |  |  | 730.5 |  |  | 741.0 |  |  | 762.8 |  |  | 765.2 |  |  | 230.1 |  |  |
2021 |  |  |  |  |  |  |  |  |  |  |  |  | 731.9 |  |  | 733.6 |  |  | 754.7 |  |  | 753.9 |  |  | 303.8 |  |  |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 661.1 |  |  | 601.9 |  |  | 616.4 |  |  | 413.4 |  |  |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 658.3 |  |  | 665.3 |  |  | 506.7 |  |  |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 730.3 |  |  | 674.3 |  |  |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 7,017.1 |  |  |  |  |
| Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance |  |  |  |
| Unaudited |  | As of December 31, |  |  |  |
| As of December 31, |  |  |  |  |
Accident Year | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  |  |  |
2015 | $ | 63.3 |  |  | $ | 130.3 |  |  | $ | 201.0 |  |  | $ | 251.6 |  |  | $ | 298.6 |  |  | $ | 323.2 |  |  | $ | 342.8 |  |  | $ | 359.5 |  |  | $ | 375.6 |  |  | $ | 388.6 |  |  |  |  |
2016 |  |  | 78.6 |  |  | 166.7 |  |  | 236.4 |  |  | 292.7 |  |  | 344.4 |  |  | 377.9 |  |  | 418.0 |  |  | 451.6 |  |  | 475.7 |  |  |  |  |
2017 |  |  |  |  | 157.1 |  |  | 357.5 |  |  | 478.6 |  |  | 560.4 |  |  | 623.8 |  |  | 692.8 |  |  | 747.6 |  |  | 796.0 |  |  |  |  |
2018 |  |  |  |  |  |  | 86.9 |  |  | 235.1 |  |  | 334.9 |  |  | 404.4 |  |  | 474.4 |  |  | 543.6 |  |  | 613.9 |  |  |  |  |
2019 |  |  |  |  |  |  |  |  | 53.2 |  |  | 169.1 |  |  | 261.3 |  |  | 351.8 |  |  | 435.6 |  |  | 507.7 |  |  |  |  |
2020 |  |  |  |  |  |  |  |  |  |  | 93.2 |  |  | 202.9 |  |  | 308.7 |  |  | 381.8 |  |  | 463.0 |  |  |  |  |
2021 |  |  |  |  |  |  |  |  |  |  |  |  | 79.2 |  |  | 187.1 |  |  | 281.6 |  |  | 361.0 |  |  |  |  |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 24.1 |  |  | 66.6 |  |  | 138.4 |  |  |  |  |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 27.1 |  |  | 79.5 |  |  |  |  |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 23.9 |  |  |  |  |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,847.7 |  |  |  |  |
All outstanding liabilities for unpaid losses and loss adjustment expenses before 2014, net of reinsurance |  | 273.3 |  |  |  |  |
Total liabilities for unpaid losses and loss adjustment expenses, net of reinsurance |  | $ | 3,442.7 |  |  |  |  |
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, 2024 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
Unaudited | 1 |  | 2 |  | 3 |  | 4 |  | 5 |  | 6 |  | 7 |  | 8 |  | 9 |  | 10
Insurance | 18.7 | % |  | 20.9 | % |  | 13.1 | % |  | 10.8 | % |  | 8.5 | % |  | 6.1 | % |  | 4.8 | % |  | 2.9 | % |  | 2.7 | % |  | 1.2 | %
Reinsurance | 9.6 | % |  | 14.4 | % |  | 12.9 | % |  | 10.1 | % |  | 9.5 | % |  | 7.4 | % |  | 6.5 | % |  | 4.9 | % |  | 3.8 | % |  | 2.7 | %
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, 2024
Net outstanding liabilities |
Insurance segment | $ | 11,550,516 |
Reinsurance segment | 3,442,663 |
Other underwriting | 62,903 |
Program services and ILS fronting | 6,615 |
Markel CATCo Re (see note 17) | 25,005 |
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | 15,087,702 |
Reinsurance recoverable on unpaid losses |
Insurance segment | 4,129,856 |
Reinsurance segment | 397,810 |
Other underwriting | 84,079 |
Program services and ILS fronting | 6,508,622 |
Total reinsurance recoverable on unpaid losses | 11,120,367 |
Unallocated loss adjustment expenses | 425,025 |
Total gross liability for unpaid losses and loss adjustment expenses | $ | 26,633,094 |

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- Definition Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-3 + Details
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- Definition Tabular disclosure of undiscounted information about claims development by accident year for short-duration insurance contracts. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 55 -Paragraph 9E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480046/944-40-55-9E Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 4D -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-4D Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-4E Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-4B + Details
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- Definition Tabular disclosure for the reconciliation of claims development to the liability for unpaid claims and claim adjustment expense for short-duration insurance contracts. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 55 -Paragraph 9E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480046/944-40-55-9E Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-4C + Details
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- Definition Tabular disclosure of average annual percentage payout of incurred claims by age, after reinsurance, for short-duration insurance contracts. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 4G -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-4G Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 55 -Paragraph 9F -Publisher FASB -URI https://asc.fasb.org/1943274/2147480046/944-40-55-9F + Details
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