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Segment Reporting Disclosures (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] |
Company's Segment Disclosures | The following tables summarize the Company's segment disclosures. The Company's chief operating decision maker reviews net investment gains and losses by segment separately from the Company's segment profit.
| Quarter Ended September 30, 2025
(dollars in thousands) | Markel Insurance |  | Industrial |  | Financial |  | Consumer and Other |  | Corporate and eliminations |  | Consolidated
Earned premiums | $ | 2,127,648 |  |  | $ | — |  |  | $ | 78,125 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,205,773 |
Net investment income | 223,409 |  |  | — |  |  | 10,020 |  |  | — |  |  | 12,246 |  |  | 245,675 |
Products revenues | — |  |  | 425,714 |  |  | — |  |  | 181,779 |  |  | — |  |  | 607,493 |
Services and other revenues | 47,349 |  |  | 624,247 |  |  | 73,356 |  |  | 109,635 |  |  | 21,021 |  |  | 875,608 |
Total operating revenues | 2,398,406 |  |  | 1,049,961 |  |  | 161,501 |  |  | 291,414 |  |  | 33,267 |  |  | 3,934,549 |
Losses and loss adjustment expenses: |  |  |  |  |  |  |  |  |  |  |
Current accident year - attritional | (1,346,411) |  |  | — |  |  | (43,364) |  |  | — |  |  | — |  |  | (1,389,775) |
Current accident year - catastrophe | 4,315 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,315 |
Prior accident years | 129,100 |  |  | — |  |  | 2,534 |  |  | — |  |  | — |  |  | 131,634 |
Underwriting, acquisition, and insurance expenses: |  |  |  |  |  |  |  |  |  |  |
Amortization of policy acquisition costs | (440,568) |  |  | — |  |  | (5,489) |  |  | — |  |  | — |  |  | (446,057) |
Other underwriting expenses | (318,605) |  |  | — |  |  | (17,839) |  |  | — |  |  | — |  |  | (336,444) |
Products expenses | — |  |  | (365,957) |  |  | — |  |  | (189,536) |  |  | — |  |  | (555,493) |
Services and other expenses | 2,238 |  |  | (582,702) |  |  | (35,936) |  |  | (84,506) |  |  | (20,806) |  |  | (721,712) |
Adjusted operating income | $ | 428,475 |  |  | $ | 101,302 |  |  | $ | 61,407 |  |  | $ | 17,372 |  |  | $ | 12,461 |  |  | $ | 621,017 |
Net investment gains |  |  |  |  |  |  |  |  |  |  | 432,886 |
Amortization of acquired intangible assets |  |  |  |  |  |  |  |  |  |  | (44,061) |
Interest expense |  |  |  |  |  |  |  |  |  |  | (50,678) |
Net foreign exchange gains |  |  |  |  |  |  |  |  |  |  | 19,279 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 978,443 |
| Quarter Ended September 30, 2025
(dollars in thousands) | Markel Insurance |  | Industrial |  | Financial |  | Consumer and Other |  | Corporate |  | Consolidated
Net investment gains | $ | 389,438 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 43,448 |  |  | $ | 432,886 |
| Quarter Ended September 30, 2024
(dollars in thousands) | Markel Insurance |  | Industrial |  | Financial |  | Consumer and Other |  | Corporate and eliminations |  | Consolidated
Earned premiums | $ | 2,035,773 |  |  | $ | — |  |  | $ | 74,335 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,110,108 |
Net investment income | 203,767 |  |  | — |  |  | 10,012 |  |  | — |  |  | 21,698 |  |  | 235,477 |
Products revenues | — |  |  | 438,858 |  |  | — |  |  | 173,419 |  |  | — |  |  | 612,277 |
Services and other revenues | 18,085 |  |  | 559,450 |  |  | 54,503 |  |  | 91,880 |  |  | 11,954 |  |  | 735,872 |
Total operating revenues | 2,257,625 |  |  | 998,308 |  |  | 138,850 |  |  | 265,299 |  |  | 33,652 |  |  | 3,693,734 |
Losses and loss adjustment expenses: |  |  |  |  |  |  |  |  |  |  |
Current accident year - attritional | (1,310,108) |  |  | — |  |  | (41,418) |  |  | — |  |  | — |  |  | (1,351,526) |
Current accident year - catastrophe | (62,000) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (62,000) |
Prior accident years | 119,408 |  |  | — |  |  | 3,506 |  |  | — |  |  | — |  |  | 122,914 |
Underwriting, acquisition, and insurance expenses: |  |  |  |  |  |  |  |  |  |  |
Amortization of policy acquisition costs | (426,149) |  |  | — |  |  | (5,525) |  |  | — |  |  | — |  |  | (431,674) |
Other underwriting expenses | (294,768) |  |  | — |  |  | (17,114) |  |  | — |  |  | — |  |  | (311,882) |
Products expenses | — |  |  | (364,923) |  |  | — |  |  | (185,067) |  |  | — |  |  | (549,990) |
Services and other expenses | (8,405) |  |  | (521,612) |  |  | 1,353 |  |  | (80,657) |  |  | — |  |  | (609,321) |
Adjusted operating income (loss) | $ | 275,603 |  |  | $ | 111,773 |  |  | $ | 79,652 |  |  | $ | (425) |  |  | $ | 33,652 |  |  | $ | 500,255 |
Net investment gains |  |  |  |  |  |  |  |  |  |  | 917,530 |
Amortization of acquired intangible assets |  |  |  |  |  |  |  |  |  |  | (46,459) |
Interest expense |  |  |  |  |  |  |  |  |  |  | (53,361) |
Net foreign exchange losses |  |  |  |  |  |  |  |  |  |  | (111,612) |
Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 1,206,353 |
| Quarter Ended September 30, 2024
(dollars in thousands) | Markel Insurance |  | Industrial |  | Financial |  | Consumer and Other |  | Corporate |  | Consolidated
Net investment gains | $ | 709,130 |  |  | $ | — |  |  | $ | 10 |  |  | $ | — |  |  | $ | 208,390 |  |  | $ | 917,530 |
| Nine Months Ended September 30, 2025
(dollars in thousands) | Markel Insurance |  | Industrial |  | Financial |  | Consumer and Other |  | Corporate and eliminations |  | Consolidated
Earned premiums | $ | 6,207,809 |  |  | $ | — |  |  | $ | 229,029 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,436,838 |
Net investment income | 638,654 |  |  | — |  |  | 28,578 |  |  | — |  |  | 45,547 |  |  | 712,779 |
Products revenues | — |  |  | 1,219,532 |  |  | — |  |  | 796,010 |  |  | — |  |  | 2,015,542 |
Services and other revenues | 58,252 |  |  | 1,675,718 |  |  | 255,227 |  |  | 312,416 |  |  | 38,496 |  |  | 2,340,109 |
Total operating revenues | 6,904,715 |  |  | 2,895,250 |  |  | 512,834 |  |  | 1,108,426 |  |  | 84,043 |  |  | 11,505,268 |
Losses and loss adjustment expenses: |  |  |  |  |  |  |  |  |  |  |
Current accident year - attritional | (3,977,735) |  |  | — |  |  | (122,701) |  |  | — |  |  | — |  |  | (4,100,436) |
Current accident year - catastrophe | (56,562) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (56,562) |
Prior accident years | 356,871 |  |  | — |  |  | 3,602 |  |  | — |  |  | — |  |  | 360,473 |
Underwriting, acquisition, and insurance expenses: |  |  |  |  |  |  |  |  |  |  |
Amortization of policy acquisition costs | (1,280,953) |  |  | — |  |  | (17,491) |  |  | — |  |  | — |  |  | (1,298,444) |
Other underwriting expenses | (950,589) |  |  | — |  |  | (55,117) |  |  | — |  |  | — |  |  | (1,005,706) |
Products expenses | — |  |  | (1,058,275) |  |  | — |  |  | (704,507) |  |  | — |  |  | (1,762,782) |
Services and other expenses | (15,402) |  |  | (1,573,396) |  |  | (101,687) |  |  | (252,636) |  |  | (20,806) |  |  | (1,963,927) |
Adjusted operating income | $ | 980,345 |  |  | $ | 263,579 |  |  | $ | 219,440 |  |  | $ | 151,283 |  |  | $ | 63,237 |  |  | $ | 1,677,884 |
Net investment gains |  |  |  |  |  |  |  |  |  |  | 864,038 |
Amortization of acquired intangible assets |  |  |  |  |  |  |  |  |  |  | (142,216) |
Interest expense |  |  |  |  |  |  |  |  |  |  | (155,894) |
Net foreign exchange losses |  |  |  |  |  |  |  |  |  |  | (245,263) |
Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 1,998,549 |
| Nine Months Ended September 30, 2025
(dollars in thousands) | Markel Insurance |  | Industrial |  | Financial |  | Consumer and Other |  | Corporate |  | Consolidated
Net investment gains | $ | 745,816 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 118,222 |  |  | $ | 864,038 |
| Nine Months Ended September 30, 2024
(dollars in thousands) | Markel Insurance |  | Industrial |  | Financial |  | Consumer and Other |  | Corporate and eliminations |  | Consolidated
Earned premiums | $ | 6,086,418 |  |  | $ | — |  |  | $ | 228,416 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,314,834 |
Net investment income | 583,349 |  |  | — |  |  | 29,797 |  |  | — |  |  | 63,661 |  |  | 676,807 |
Products revenues | — |  |  | 1,280,894 |  |  | — |  |  | 779,442 |  |  | — |  |  | 2,060,336 |
Services and other revenues | 35,449 |  |  | 1,503,654 |  |  | 175,798 |  |  | 284,421 |  |  | 38,669 |  |  | 2,037,991 |
Total operating revenues | 6,705,216 |  |  | 2,784,548 |  |  | 434,011 |  |  | 1,063,863 |  |  | 102,330 |  |  | 11,089,968 |
Losses and loss adjustment expenses: |  |  |  |  |  |  |  |  |  |  |
Current accident year - attritional | (3,959,695) |  |  | — |  |  | (133,451) |  |  | — |  |  | — |  |  | (4,093,146) |
Current accident year - catastrophe | (62,000) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (62,000) |
Prior accident years | 343,510 |  |  | — |  |  | 702 |  |  | — |  |  | — |  |  | 344,212 |
Underwriting, acquisition, and insurance expenses: |  |  |  |  |  |  |  |  |  |  |
Amortization of policy acquisition costs | (1,270,322) |  |  | — |  |  | (17,578) |  |  | — |  |  | — |  |  | (1,287,900) |
Other underwriting expenses | (854,661) |  |  | — |  |  | (50,042) |  |  | — |  |  | — |  |  | (904,703) |
Products expenses | — |  |  | (1,073,044) |  |  | — |  |  | (693,886) |  |  | — |  |  | (1,766,930) |
Services and other expenses | (21,567) |  |  | (1,454,278) |  |  | (39,436) |  |  | (241,941) |  |  | — |  |  | (1,757,222) |
Adjusted operating income | $ | 880,481 |  |  | $ | 257,226 |  |  | $ | 194,206 |  |  | $ | 128,036 |  |  | $ | 102,330 |  |  | $ | 1,562,279 |
Net investment gains |  |  |  |  |  |  |  |  |  |  | 1,689,794 |
Amortization of acquired intangible assets |  |  |  |  |  |  |  |  |  |  | (134,981) |
Interest expense |  |  |  |  |  |  |  |  |  |  | (151,506) |
Net foreign exchange losses |  |  |  |  |  |  |  |  |  |  | (51,401) |
Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 2,914,185 |
| Nine Months Ended September 30, 2024
(dollars in thousands) | Markel Insurance |  | Industrial |  | Financial |  | Consumer and Other |  | Corporate |  | Consolidated
Net investment gains (losses) | $ | 1,300,433 |  |  | $ | — |  |  | $ | (158) |  |  | $ | — |  |  | $ | 389,519 |  |  | $ | 1,689,794 |
Summary of Additional Segment Measures | b) The chief operating decision maker also reviews capital expenditures attributable to the Industrial and Consumer and Other segments.
| Quarter Ended September 30, |  | Nine Months Ended September 30,
(dollars in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Industrial | $ | 24,267 |  |  | $ | 24,962 |  |  | $ | 58,136 |  |  | $ | 105,095 |
Consumer and Other | $ | 14,848 |  |  | $ | 9,516 |  |  | $ | 41,471 |  |  | $ | 33,097 |
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) | September 30, 2025 |  | December 31, 2024
Segment assets: |  |  |
Markel Insurance | $ | 44,398,876 |  |  | $ | 40,603,824 |
Industrial | 3,931,643 |  |  | 3,878,918 |
Financial | 12,899,959 |  |  | 11,059,318 |
Consumer and Other | 1,870,391 |  |  | 1,540,514 |
Total segment assets | $ | 63,100,869 |  |  | $ | 57,082,574 |
Corporate and eliminations | 4,290,693 |  |  | 4,815,408 |
Total assets | $ | 67,391,562 |  |  | $ | 61,897,982 |

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