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Segment Reporting Disclosures | 3 Months Ended
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Mar. 31, 2025
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. The Insurance segment includes all direct business 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. The Company's other insurance operations primarily consist of the results of the Company's program services and insurance-linked securities (ILS) operations. Other insurance operations also include results for equity method and other investments managed within the Company's insurance operations and for lines of business discontinued prior to, or in conjunction with, acquisitions. These discontinued lines include 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 Investing segment includes investing activities related to invested assets within the Company's insurance operations, as well as investing activities at Markel Group. Invested assets managed through the Investing segment include the Company's portfolio of publicly traded fixed maturity and equity securities, as well as cash and short-term investments. The Markel Ventures segment primarily consists of controlling interests in a diverse portfolio of businesses that operate in various industries. The Company's chief operating decision maker reviews and assesses Markel Ventures' performance in the aggregate, as a single operating segment. Segment profit for all of the Company's segments is measured by operating income. Segment operating income excludes amortization of intangible assets, which arises from purchase accounting for acquisitions. The chief operating decision maker does not consider amortization of acquired intangible assets in assessing the financial performance of, or allocating resources to, operating segments. Amortization of acquired intangible assets is considered a corporate expense because it is not a cost of operating the underlying businesses. For the Company's Insurance and Reinsurance segments, segment operating income is typically consistent with underwriting profit, which the property and casualty insurance industry commonly defines as earned premiums net of losses and loss adjustment expenses and underwriting, acquisition and insurance expenses. Segment operating income for these two segments may also include other revenues and expenses that are not captured in underwriting profit. 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 insurance operations, including its program services business and insurance-linked securities business. 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 insurance 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.
| Three Months Ended March 31, 2025
(dollars in thousands) | Insurance |  | Reinsurance |  | Investing |  | Markel Ventures |  | Other insurance operations |  | Corporate |  | Consolidated
Earned premiums | $ | 1,817,851 |  |  | $ | 271,549 |  |  | $ | — |  |  | $ | — |  |  | $ | (26) |  |  | $ | — |  |  | $ | 2,089,374 |
Net investment income | — |  |  | — |  |  | 235,601 |  |  | 1,494 |  |  | — |  |  | — |  |  | 237,095 |
Net investment losses | — |  |  | — |  |  | (149,071) |  |  | — |  |  | — |  |  | — |  |  | (149,071) |
Products revenues | — |  |  | — |  |  | — |  |  | 561,124 |  |  | — |  |  | — |  |  | 561,124 |
Services and other revenues | — |  |  | — |  |  | (4,610) |  |  | 566,754 |  |  | 98,439 |  |  | — |  |  | 660,583 |
Total operating revenues | 1,817,851 |  |  | 271,549 |  |  | 81,920 |  |  | 1,129,372 |  |  | 98,413 |  |  | — |  |  | 3,399,105 |
Losses and loss adjustment expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Current accident year - attritional | (1,156,956) |  |  | (181,753) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,338,709) |
Current accident year - catastrophe | (64,113) |  |  | (1,950) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (66,063) |
Prior accident years | 126,452 |  |  | 14,258 |  |  | — |  |  | — |  |  | 9,397 |  |  | — |  |  | 150,107 |
Underwriting, acquisition and insurance expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of policy acquisition costs | (354,507) |  |  | (62,502) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (417,009) |
Other underwriting expenses | (315,511) |  |  | (14,569) |  |  | — |  |  | — |  |  | (349) |  |  | — |  |  | (330,429) |
Products expenses | — |  |  | — |  |  | — |  |  | (499,908) |  |  | — |  |  | — |  |  | (499,908) |
Services and other expenses | — |  |  | — |  |  | — |  |  | (526,954) |  |  | (40,674) |  |  | — |  |  | (567,628) |
Amortization of acquired intangible assets |  |  |  |  |  |  |  |  |  |  | (46,942) |  |  | (46,942) |
Operating income | $ | 53,216 |  |  | $ | 25,033 |  |  | $ | 81,920 |  |  | $ | 102,510 |  |  | $ | 66,787 |  |  | $ | (46,942) |  |  | $ | 282,524 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | (52,140) |
Net foreign exchange losses |  |  |  |  |  |  |  |  |  |  |  |  | (72,633) |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  | $ | 157,751 |
| Three Months Ended March 31, 2024
(dollars in thousands) | Insurance |  | Reinsurance |  | Investing |  | Markel Ventures |  | Other insurance operations |  | Corporate |  | Consolidated
Earned premiums | $ | 1,874,461 |  |  | $ | 253,339 |  |  | $ | — |  |  | $ | — |  |  | $ | (173) |  |  | $ | — |  |  | $ | 2,127,627 |
Net investment income | — |  |  | — |  |  | 217,204 |  |  | 1,065 |  |  | — |  |  | — |  |  | 218,269 |
Net investment gains | — |  |  | — |  |  | 902,281 |  |  | — |  |  | — |  |  | — |  |  | 902,281 |
Products revenues | — |  |  | — |  |  | — |  |  | 600,840 |  |  | — |  |  | — |  |  | 600,840 |
Services and other revenues | — |  |  | — |  |  | 20,846 |  |  | 538,701 |  |  | 58,091 |  |  | — |  |  | 617,638 |
Total operating revenues | 1,874,461 |  |  | 253,339 |  |  | 1,140,331 |  |  | 1,140,606 |  |  | 57,918 |  |  | — |  |  | 4,466,655 |
Losses and loss adjustment expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Current accident year - attritional | (1,201,555) |  |  | (163,215) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,364,770) |
Current accident year - catastrophe | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Prior accident years | 97,181 |  |  | (3,398) |  |  | — |  |  | — |  |  | (16,760) |  |  | — |  |  | 77,023 |
Underwriting, acquisition and insurance expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of policy acquisition costs | (373,778) |  |  | (60,809) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (434,587) |
Other underwriting expenses | (288,999) |  |  | (13,907) |  |  | — |  |  | — |  |  | (1,259) |  |  | — |  |  | (304,165) |
Products expenses | — |  |  | — |  |  | — |  |  | (523,247) |  |  | — |  |  | — |  |  | (523,247) |
Services and other expenses | — |  |  | — |  |  | — |  |  | (513,444) |  |  | (23,394) |  |  | — |  |  | (536,838) |
Amortization of acquired intangible assets |  |  |  |  |  |  |  |  |  |  | (44,285) |  |  | (44,285) |
Operating income | $ | 107,310 |  |  | $ | 12,010 |  |  | $ | 1,140,331 |  |  | $ | 103,915 |  |  | $ | 16,505 |  |  | $ | (44,285) |  |  | $ | 1,335,786 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | (45,548) |
Net foreign exchange gains |  |  |  |  |  |  |  |  |  |  |  |  | 51,500 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,341,738 |
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.
|  |  | Three Months Ended March 31,
(dollars in thousands) |  |  |  |  | 2025 |  | 2024
Depreciation expense |  |  |  |  | $ | 32,235 |  |  | $ | 29,730 |
Capital expenditures |  |  |  |  | $ | 27,955 |  |  | $ | 62,509 |
c) The following table reconciles segment assets to the Company's consolidated balance sheets.
(dollars in thousands) | March 31, 2025 |  | December 31, 2024
Segment assets: |  |  |
Investing | $ | 34,663,214 |  |  | $ | 34,272,049 |
Underwriting | 11,260,596 |  |  | 10,784,528 |
Markel Ventures | 6,029,326 |  |  | 5,824,229 |
Total segment assets | 51,953,136 |  |  | 50,880,806 |
Other insurance operations | 12,645,919 |  |  | 11,017,176 |
Total assets | $ | 64,599,055 |  |  | $ | 61,897,982 |

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