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Segment Reporting Disclosures
 9 Months Ended
Sep. 30, 2025
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]  
Segment Reporting Disclosures Segment Reporting Disclosures
The Company has four reportable segments: Markel Insurance, Industrial, Financial, and Consumer and Other.

In the first half of 2025, management made changes to the structure and leadership of its insurance operations, resulting in changes to its operating and reportable segments, primarily the creation of the Markel Insurance segment. Markel Insurance's underwriting operations were previously reported through the Company's Insurance and Reinsurance segments.

Management made additional changes to the Company's operating and reportable segments in the third quarter of 2025 to reflect changes in how the chief operating decision maker assesses the Company's diverse set of businesses and investments. The businesses previously reported under the Markel Ventures segment, as well as the Company's State National and Nephila businesses, which previously were not included in a reportable segment, are now reported in three new reportable segments: Industrial, Financial, and Consumer and Other. Additionally, the results from the Company's investing activities, previously reported in the Investing segment, are now attributed to the Company's segments or corporate operations based on the subsidiary that holds the investments. Markel Insurance's subsidiaries hold the most significant portion of the Company's investments. Prior periods have been recast to conform to the current presentation.

The Markel Insurance segment is the Company's core specialty insurance business, which is comprised of underwriting and other insurance-related activities. The Markel Insurance segment aligns with its network of insurance subsidiaries under the common leadership of the Markel Insurance chief executive officer. In August 2025, Markel Insurance sold the renewal rights for business written in its Global Reinsurance division, and the division entered into run-off. The Global Reinsurance division's gross premium volume in 2024 was $1.2 billion. As many of the contracts previously written within this division are multi-year agreements, the Company expects premiums to continue earning over the next two to three years and loss reserves are expected to take several additional years to run off.

The Industrial segment consists of businesses that distribute building products, provide fire protection and life safety solutions, and manufacture a variety of products, including precast concrete, car hauler equipment, food processing equipment, flooring for dry van trailers, dredges, and wall systems. Other businesses in the Industrial segment provide equipment rental services and erosion control and stormwater management services.

The Financial segment consists of businesses that operate in the insurance services and investment management industries, including the Company's State National and Nephila businesses, as well as certain insurance-linked securities investment management businesses that are in run-off.

The Consumer and Other segment consists of businesses that produce ornamental houseplants, build homes, design leather handbags, and own and operate manufactured housing communities. Other businesses in the Consumer and Other segment provide information technology consulting services, retail intelligence, concierge primary care, and sponsorship of international teachers.

The Company's corporate operations, which are not an operating or reportable segment, are comprised of holding company activities, which include capital allocation, leadership support, and performing the responsibilities consistent with sound governance and required of a public company. Historically, corporate expenses were fully allocated to the Company's segment results, however, beginning in the third quarter of 2025, the Company discontinued allocating corporate expenses that are not integral to operating its underlying businesses.

Intersegment transactions primarily consist of loans from Markel Insurance to a corporate subsidiary to fund certain non-insurance acquisitions and from a corporate subsidiary to certain non-insurance businesses to fund strategic growth investments and projects. The Company's chief operating decision maker considers these loans, and the related interest income, to be similar to invested assets held by the respective segment. Interest income on these intersegment loans is included in the respective segment's profit and is eliminated in consolidation.

Segment profit for all of the Company's segments is measured by adjusted operating income, which does not include net investment gains, amortization of acquired intangible assets, or impairment of goodwill. Net investment gains and losses, which are primarily comprised of unrealized gains and losses on equity securities, are evaluated separately by the chief operating decision maker when assessing periodic segment financial performance due to the inherent volatility of these gains and losses, which can temporarily obscure the underlying segment performance. The chief operating decision maker believes such amounts are more meaningful when evaluated over longer periods of time. Amortization of acquired intangible assets and impairment of goodwill, which arise from purchase accounting for acquisitions, are not considered a cost of operating the underlying businesses.
a) 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 income223,409 — 10,020 — 12,246 245,675 
Products revenues— 425,714 — 181,779 — 607,493 
Services and other revenues47,349 624,247 73,356 109,635 21,021 875,608 
Total operating revenues2,398,406 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 years129,100 — 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 expenses2,238 (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 gains432,886 
Amortization of acquired intangible assets
(44,061)
Interest expense(50,678)
Net foreign exchange gains19,279 
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 income203,767 — 10,012 — 21,698 235,477 
Products revenues— 438,858 — 173,419 — 612,277 
Services and other revenues18,085 559,450 54,503 91,880 11,954 735,872 
Total operating revenues2,257,625 998,308 138,850 265,299 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 years119,408 — 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 gains917,530 
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 income638,654 — 28,578 — 45,547 712,779 
Products revenues— 1,219,532 — 796,010 — 2,015,542 
Services and other revenues58,252 1,675,718 255,227 312,416 38,496 2,340,109 
Total operating revenues6,904,715 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 years356,871 — 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 gains864,038 
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 income583,349 — 29,797 — 63,661 676,807 
Products revenues— 1,280,894 — 779,442 — 2,060,336 
Services and other revenues35,449 1,503,654 175,798 284,421 38,669 2,037,991 
Total operating revenues6,705,216 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 years343,510 — 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 gains1,689,794 
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 

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)2025202420252024
Industrial
$24,267 $24,962 $58,136 $105,095 
Consumer and Other
$14,848 $9,516 $41,471 $33,097 

c) The following table reconciles segment assets to the Company's consolidated balance sheets.

(dollars in thousands)September 30, 2025December 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 
d) As a result of the Company's segment changes, the Company reassessed its reporting units. For any changes in reporting units that required a reallocation of goodwill, the Company tested goodwill for impairment immediately prior to the change in reporting units and determined that there was no impairment of goodwill. The Company expects to complete its annual tests for goodwill impairment in the fourth quarter of 2025.