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Segment Reporting Disclosures (Tables)

9 Months Ended

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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Summary of Additional Segment Measures

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Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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