XML 59 R34.htm IDEA: XBRL DOCUMENT v3.25.0.1
Segment Reporting Disclosures (Tables)
 12 Months Ended
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)InsuranceReinsuranceInvestingMarkel 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 revenues7,407,643 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 years451,016 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 gains129,438 
Income before income taxes$3,637,700 
Year Ended December 31, 2023
(dollars in thousands)InsuranceReinsuranceInvestingMarkel 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 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 - attritional
(4,651,173)(669,314)— — — — (5,320,487)
Current accident year - catastrophe
(39,572)(500)— — — — (40,072)
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 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)InsuranceReinsuranceInvestingMarkel 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 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 - attritional
(3,867,195)(663,903)— — — — (4,531,098)
Current accident year - events (1)
(69,230)(12,707)— — — — (81,937)
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 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 gains137,832 
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)202420232022
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)20242023
Segment assets:
Investing$34,272,049 $30,542,282 
Underwriting10,784,528 9,897,689 
Markel Ventures5,824,229 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)202420232022
Insurance segment:
General liability$2,063,827 $2,128,317 $1,927,721 
Professional liability1,655,848 1,798,882 1,739,983 
Marine and energy747,004 688,591 585,885 
Personal lines625,542 538,816 489,648 
Property609,453 532,337 428,563 
Programs576,444 509,866 384,952 
Workers' compensation374,371 393,011 385,054 
Credit and surety248,001 219,542 193,701 
Other products507,153 473,343 392,756 
Total Insurance7,407,643 7,282,705 6,528,263 
Reinsurance segment:
General liability382,151 368,376 382,482 
Professional liability371,198 388,610 398,839 
Specialty269,021 245,126 275,033 
Property5,831 12,182 6,993 
Total Reinsurance1,028,201 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,
202420232022
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)202420232022
Gross written premium:
Insurance segment$9,400,316 $9,217,150 $8,606,700 
Reinsurance segment1,150,780 1,046,539 1,229,851 
Other underwriting777 13,943 10,987 
Total underwriting10,551,873 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 segment1,039,372 967,799 1,167,312 
Other underwriting290 (1,073)(115)
Total underwriting8,299,751 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 segment226,741 933,329 3,870,059 
Other underwriting— 1,558 149,522 
Total underwriting875,710 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 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 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)202420232022
Products:
Consumer and building$1,606,353 $1,474,499 $1,510,130 
Transportation-related584,200 667,040 612,467 
Equipment manufacturing445,106 403,514 304,499 
Total products revenues2,635,659 2,545,053 2,427,096 
Services and other:
Construction2,089,280 2,042,326 1,910,403 
Consulting283,343 297,115 326,549 
Other104,796 95,274 92,570 
Total services and other revenues2,477,419 2,434,715 2,329,522 
Total products revenues and services and other revenues$5,113,078 $4,979,768 $4,756,618