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Segment Reporting Disclosures (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] |
Company's Segment Disclosures | The following tables summarize the Company's segment disclosures.
| Quarter Ended June 30, 2025
(dollars in thousands) | Markel Insurance |  | Investing |  | Markel Ventures |  | Other insurance operations |  | Corporate |  | Consolidated
Earned premiums | $ | 2,063,622 |  |  | $ | — |  |  | $ | — |  |  | $ | 78,069 |  |  | $ | — |  |  | $ | 2,141,691 |
Net investment income | — |  |  | 228,126 |  |  | 1,883 |  |  | — |  |  | — |  |  | 230,009 |
Net investment gains | — |  |  | 580,223 |  |  | — |  |  | — |  |  | — |  |  | 580,223 |
Products revenues | — |  |  | — |  |  | 846,925 |  |  | — |  |  | — |  |  | 846,925 |
Services and other revenues | 6,593 |  |  | 14,064 |  |  | 699,478 |  |  | 83,783 |  |  | — |  |  | 803,918 |
Total operating revenues | 2,070,215 |  |  | 822,413 |  |  | 1,548,286 |  |  | 161,852 |  |  | — |  |  | 4,602,766 |
Losses and loss adjustment expenses: |  |  |  |  |  |  |  |  |  |  |
Current accident year - attritional | (1,335,801) |  |  | — |  |  | — |  |  | (36,152) |  |  | — |  |  | (1,371,953) |
Current accident year - catastrophe | 5,187 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,187 |
Prior accident years | 78,934 |  |  | — |  |  | — |  |  | (202) |  |  | — |  |  | 78,732 |
Underwriting, acquisition and insurance expenses: |  |  |  |  |  |  |  |  |  |  |
Amortization of policy acquisition costs | (429,109) |  |  | — |  |  | — |  |  | (6,256) |  |  | — |  |  | (435,365) |
Other underwriting expenses | (319,633) |  |  | — |  |  | — |  |  | (19,213) |  |  | — |  |  | (338,846) |
Products expenses | — |  |  | — |  |  | (707,381) |  |  | — |  |  | — |  |  | (707,381) |
Services and other expenses | (9,456) |  |  | — |  |  | (633,177) |  |  | (31,954) |  |  | — |  |  | (674,587) |
Amortization of acquired intangible assets |  |  |  |  |  |  |  |  | (51,213) |  |  | (51,213) |
Operating income | $ | 60,337 |  |  | $ | 822,413 |  |  | $ | 207,728 |  |  | $ | 68,075 |  |  | $ | (51,213) |  |  | $ | 1,107,340 |
Interest expense |  |  |  |  |  |  |  |  |  |  | (53,076) |
Net foreign exchange losses |  |  |  |  |  |  |  |  |  |  | (191,909) |
Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 862,355 |
| Quarter Ended June 30, 2024
(dollars in thousands) | Markel Insurance |  | Investing |  | Markel Ventures |  | Other insurance operations |  | Corporate |  | Consolidated
Earned premiums | $ | 2,004,166 |  |  | $ | — |  |  | $ | — |  |  | $ | 72,933 |  |  | $ | — |  |  | $ | 2,077,099 |
Net investment income | — |  |  | 220,454 |  |  | 2,607 |  |  | — |  |  | — |  |  | 223,061 |
Net investment losses | — |  |  | (130,017) |  |  | — |  |  | — |  |  | — |  |  | (130,017) |
Products revenues | — |  |  | — |  |  | 847,219 |  |  | — |  |  | — |  |  | 847,219 |
Services and other revenues | 6,311 |  |  | 9,357 |  |  | 603,955 |  |  | 64,858 |  |  | — |  |  | 684,481 |
Total operating revenues | 2,010,477 |  |  | 99,794 |  |  | 1,453,781 |  |  | 137,791 |  |  | — |  |  | 3,701,843 |
Losses and loss adjustment expenses: |  |  |  |  |  |  |  |  |  |  |
Current accident year - attritional | (1,334,540) |  |  | — |  |  | — |  |  | (42,310) |  |  | — |  |  | (1,376,850) |
Current accident year - catastrophe | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Prior accident years | 145,135 |  |  | — |  |  | — |  |  | (860) |  |  | — |  |  | 144,275 |
Underwriting, acquisition and insurance expenses: |  |  |  |  |  |  |  |  |  |  |
Amortization of policy acquisition costs | (415,982) |  |  | — |  |  | — |  |  | (5,657) |  |  | — |  |  | (421,639) |
Other underwriting expenses | (274,645) |  |  | — |  |  | — |  |  | (14,011) |  |  | — |  |  | (288,656) |
Products expenses | — |  |  | — |  |  | (693,693) |  |  | — |  |  | — |  |  | (693,693) |
Services and other expenses | (6,549) |  |  | — |  |  | (582,590) |  |  | (21,924) |  |  | — |  |  | (611,063) |
Amortization of acquired intangible assets |  |  |  |  |  |  |  |  | (44,237) |  |  | (44,237) |
Operating income | $ | 123,896 |  |  | $ | 99,794 |  |  | $ | 177,498 |  |  | $ | 53,029 |  |  | $ | (44,237) |  |  | $ | 409,980 |
Interest expense |  |  |  |  |  |  |  |  |  |  | (52,597) |
Net foreign exchange gains |  |  |  |  |  |  |  |  |  |  | 8,711 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 366,094 |
| Six Months Ended June 30, 2025
(dollars in thousands) | Markel Insurance |  | Investing |  | Markel Ventures |  | Other insurance operations |  | Corporate |  | Consolidated
Earned premiums | $ | 4,080,161 |  |  | $ | — |  |  | $ | — |  |  | $ | 150,904 |  |  | $ | — |  |  | $ | 4,231,065 |
Net investment income | — |  |  | 463,727 |  |  | 3,377 |  |  | — |  |  | — |  |  | 467,104 |
Net investment gains | — |  |  | 431,152 |  |  | — |  |  | — |  |  | — |  |  | 431,152 |
Products revenues | — |  |  | — |  |  | 1,408,049 |  |  | — |  |  | — |  |  | 1,408,049 |
Services and other revenues | 10,897 |  |  | 9,454 |  |  | 1,266,232 |  |  | 177,918 |  |  | — |  |  | 1,464,501 |
Total operating revenues | 4,091,058 |  |  | 904,333 |  |  | 2,677,658 |  |  | 328,822 |  |  | — |  |  | 8,001,871 |
Losses and loss adjustment expenses: |  |  |  |  |  |  |  |  |  |  |
Current accident year - attritional | (2,631,324) |  |  | — |  |  | — |  |  | (79,337) |  |  | — |  |  | (2,710,661) |
Current accident year - catastrophe | (60,877) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (60,877) |
Prior accident years | 227,771 |  |  | — |  |  | — |  |  | 1,068 |  |  | — |  |  | 228,839 |
Underwriting, acquisition and insurance expenses: |  |  |  |  |  |  |  |  |  |  |
Amortization of policy acquisition costs | (840,385) |  |  | — |  |  | — |  |  | (12,002) |  |  | — |  |  | (852,387) |
Other underwriting expenses | (631,984) |  |  | — |  |  | — |  |  | (37,278) |  |  | — |  |  | (669,262) |
Products expenses | — |  |  | — |  |  | (1,207,289) |  |  | — |  |  | — |  |  | (1,207,289) |
Services and other expenses | (17,640) |  |  | — |  |  | (1,160,131) |  |  | (64,444) |  |  | — |  |  | (1,242,215) |
Amortization of acquired intangible assets |  |  |  |  |  |  |  |  | (98,155) |  |  | (98,155) |
Operating income | $ | 136,619 |  |  | $ | 904,333 |  |  | $ | 310,238 |  |  | $ | 136,829 |  |  | $ | (98,155) |  |  | $ | 1,389,864 |
Interest expense |  |  |  |  |  |  |  |  |  |  | (105,216) |
Net foreign exchange losses |  |  |  |  |  |  |  |  |  |  | (264,542) |
Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 1,020,106 |
| Six Months Ended June 30, 2024
(dollars in thousands) | Markel Insurance |  | Investing |  | Markel Ventures |  | Other insurance operations |  | Corporate |  | Consolidated
Earned premiums | $ | 4,050,645 |  |  | $ | — |  |  | $ | — |  |  | $ | 154,081 |  |  | $ | — |  |  | $ | 4,204,726 |
Net investment income | — |  |  | 437,658 |  |  | 3,672 |  |  | — |  |  | — |  |  | 441,330 |
Net investment gains | — |  |  | 772,264 |  |  | — |  |  | — |  |  | — |  |  | 772,264 |
Products revenues | — |  |  | — |  |  | 1,448,059 |  |  | — |  |  | — |  |  | 1,448,059 |
Services and other revenues | 10,692 |  |  | 30,203 |  |  | 1,142,656 |  |  | 118,568 |  |  | — |  |  | 1,302,119 |
Total operating revenues | 4,061,337 |  |  | 1,240,125 |  |  | 2,594,387 |  |  | 272,649 |  |  | — |  |  | 8,168,498 |
Losses and loss adjustment expenses: |  |  |  |  |  |  |  |  |  |  |
Current accident year - attritional | (2,649,587) |  |  | — |  |  | — |  |  | (92,033) |  |  | — |  |  | (2,741,620) |
Current accident year - catastrophe | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Prior accident years | 224,102 |  |  | — |  |  | — |  |  | (2,804) |  |  | — |  |  | 221,298 |
Underwriting, acquisition and insurance expenses: |  |  |  |  |  |  |  |  |  |  |
Amortization of policy acquisition costs | (844,173) |  |  | — |  |  | — |  |  | (12,053) |  |  | — |  |  | (856,226) |
Other underwriting expenses | (559,893) |  |  | — |  |  | — |  |  | (32,928) |  |  | — |  |  | (592,821) |
Products expenses | — |  |  | — |  |  | (1,216,940) |  |  | — |  |  | — |  |  | (1,216,940) |
Services and other expenses | (13,162) |  |  | — |  |  | (1,096,034) |  |  | (38,705) |  |  | — |  |  | (1,147,901) |
Amortization of acquired intangible assets |  |  |  |  |  |  |  |  | (88,522) |  |  | (88,522) |
Operating income | $ | 218,624 |  |  | $ | 1,240,125 |  |  | $ | 281,413 |  |  | $ | 94,126 |  |  | $ | (88,522) |  |  | $ | 1,745,766 |
Interest expense |  |  |  |  |  |  |  |  |  |  | (98,145) |
Net foreign exchange gains |  |  |  |  |  |  |  |  |  |  | 60,211 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 1,707,832 |
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.
| Quarter Ended June 30, |  | Six Months Ended June 30,
(dollars in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Depreciation expense | $ | 31,909 |  |  | $ | 29,641 |  |  | $ | 64,144 |  |  | $ | 59,371 |
Capital expenditures | $ | 32,222 |  |  | $ | 41,406 |  |  | $ | 60,177 |  |  | $ | 103,915 |
Reconciliation Of Segment Assets To The Company's Consolidated Balance Sheets | The following table reconciles segment assets to the Company's consolidated balance sheets.
(dollars in thousands) | June 30, 2025 |  | December 31, 2024
Segment assets: |  |  |
Investing | $ | 35,365,983 |  |  | $ | 34,272,049 |
Markel Insurance | 13,092,554 |  |  | 10,731,134 |
Markel Ventures | 6,042,482 |  |  | 5,824,229 |
Total segment assets | 54,501,019 |  |  | 50,827,412 |
Other insurance operations | 12,290,158 |  |  | 11,070,570 |
Total assets | $ | 66,791,177 |  |  | $ | 61,897,982 |

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