Markel (MKL) 10-Q 5 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 29, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Entity Registrant Name	MARKEL CORP
Entity Central Index Key	1,096,343
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		13,953,311

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
ASSETS
Fixed maturities (amortized cost of $9,209,632 in 2015 and $9,929,137 in 2014)	$ 9,523,164	$ 10,422,882
Equity securities (cost of $2,195,690 in 2015 and $1,951,658 in 2014)	4,375,161	4,137,576
Short-term investments (estimated fair value approximates cost)	2,185,249	1,594,849
Total Investments	16,083,574	16,155,307
Cash and cash equivalents	1,852,944	1,960,169
Restricted cash and cash equivalents	522,171	522,225
Receivables	1,329,743	1,135,217
Reinsurance recoverable on unpaid losses	2,031,722	1,868,669
Reinsurance recoverable on paid losses	75,068	102,206
Deferred policy acquisition costs	380,808	353,410
Prepaid reinsurance premiums	375,965	365,458
Goodwill	1,044,232	1,049,115
Intangible assets	669,664	702,747
Other assets	1,000,249	985,834
Total Assets	25,366,140	25,200,357
LIABILITIES AND EQUITY
Unpaid losses and loss adjustment expenses	10,478,575	10,404,152
Life and annuity benefits	1,164,860	1,305,818
Unearned premiums	2,413,217	2,245,690
Payables to insurance and reinsurance companies	316,477	276,122
Senior long-term debt and other debt (estimated fair value of $2,427,000 in 2015 and $2,493,000 in 2014)	2,246,875	2,253,594
Other liabilities	944,368	1,051,931
Total Liabilities	17,564,372	17,537,307
Redeemable noncontrolling interests	$ 51,892	$ 61,048
Commitments and contingencies
Shareholders' equity:
Common stock	$ 3,327,489	$ 3,308,395
Retained earnings	2,843,303	2,581,866
Accumulated other comprehensive income	1,571,078	1,704,557
Total Shareholders' Equity	7,741,870	7,594,818
Noncontrolling interests	8,006	7,184
Total Equity	7,749,876	7,602,002
Total Liabilities and Equity	$ 25,366,140	$ 25,200,357

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Fixed maturities, amortized cost	$ 9,209,632	$ 9,929,137
Equity securities, cost	2,195,690	1,951,658
Senior long-term debt and other debt, estimated fair value	$ 2,427,000	$ 2,493,000

Consolidated Statements Of Inco

Consolidated Statements Of Income And Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
OPERATING REVENUES
Earned premiums	$ 957,557	$ 965,599	$ 1,901,207	$ 1,914,974
Net investment income	90,586	92,169	183,461	178,884
Other-than-temporary impairment losses	0	(1,007)	(5,092)	(1,007)
Net realized investment gains, excluding other-than-temporary impairment losses	6,105	8,127	16,768	25,521
Net realized investment gains	6,105	7,120	11,676	24,514
Other revenues	250,357	194,083	510,415	380,254
Total Operating Revenues	1,304,605	1,258,971	2,606,759	2,498,626
OPERATING EXPENSES
Losses and loss adjustment expenses	536,194	610,406	983,189	1,152,709
Underwriting, acquisition and insurance expenses	379,652	365,987	720,337	721,492
Amortization of intangible assets	16,949	13,488	31,589	27,487
Other expenses	242,236	184,942	473,237	367,110
Total Operating Expenses	1,175,031	1,174,823	2,208,352	2,268,798
Operating Income	129,574	84,148	398,407	229,828
Interest expense	29,288	29,789	58,600	59,488
Income Before Income Taxes	100,286	54,359	339,807	170,340
Income tax expense	7,833	13,218	53,348	41,698
Net Income	92,453	41,141	286,459	128,642
Net income attributable to noncontrolling interests	1,084	1,073	4,098	858
Net Income to Shareholders	91,369	40,068	282,361	127,784
OTHER COMPREHENSIVE INCOME (LOSS)
Net holding gains (losses) arising during the period	(230,142)	208,332	(109,120)	355,628
Change in unrealized other-than-temporary impairment losses on fixed maturities arising during the period	(48)	15	119	(5)
Reclassification adjustments for net gains included in net income	(4,984)	(4,818)	(14,037)	(10,762)
Change in net unrealized gains on investments, net of taxes	(235,174)	203,529	(123,038)	344,861
Change in foreign currency translation adjustments, net of taxes	10,385	6,671	(11,429)	7,584
Change in net actuarial pension loss, net of taxes	469	325	932	644
Total Other Comprehensive Income (Loss)	(224,320)	210,525	(133,535)	353,089
Comprehensive Income (Loss)	(131,867)	251,666	152,924	481,731
Comprehensive income attributable to noncontrolling interests	1,058	1,078	4,042	870
Comprehensive Income (Loss) to Shareholders	$ (132,925)	$ 250,588	$ 148,882	$ 480,861
NET INCOME PER SHARE
Basic (in dollars per share)	$ 6.76	$ 2.67	$ 20.33	$ 8.95
Diluted (in dollars per share)	$ 6.72	$ 2.66	$ 20.21	$ 8.91

Consolidated Statements Of Chan

Consolidated Statements Of Changes In Equity - USD ($) shares in Thousands, $ in Thousands	Total	Total Equity [Member]	Total Shareholders' Equity [Member]	Common Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]	Noncontrolling Interests [Member]	Redeemable Noncontrolling Interests [Member]
Balance at Dec. 31, 2013		$ 6,678,010	$ 6,673,577	$ 3,288,863	$ 2,294,909	$ 1,089,805	$ 4,433
Balance, shares at Dec. 31, 2013				13,986
Balance, redeemable noncontrolling interests at Dec. 31, 2013								$ 72,183
Net income (loss)	$ 128,642	127,141	127,784		127,784	0	(643)	1,501
Other comprehensive income (loss)	353,089	353,077	353,077		0	353,077	0	12
Comprehensive Income (Loss)	481,731	480,218	480,861				(643)	1,513
Issuance of common stock		4,722	4,722	$ 4,722	0	0	0	0
Issuance of common stock, shares				15
Repurchase of common stock		(17,407)	(17,407)	$ 0	(17,407)	0	0	0
Repurchase of common stock, shares				(30)
Restricted stock units expensed		13,390	13,390	$ 13,390	0	0	0	0
Restricted stock units expensed, shares				0
Adjustment of redeemable noncontrolling interests		(2,584)	(2,584)	$ 0	(2,584)	0	0	2,584
Adjustment of redeemable noncontrolling interests, shares				0
Purchase of noncontrolling interest		(9,352)	(10,257)	$ (10,257)	0	0	905	(18,566)
Purchase of noncontrolling interest, shares				0
Other		4,657	755	$ 744	11	0	3,902	(2,230)
Other, shares				0
Balance at Jun. 30, 2014		7,151,654	7,143,057	$ 3,297,462	2,402,713	1,442,882	8,597
Balance, shares at Jun. 30, 2014				13,971
Balance, redeemable noncontrolling interests at Jun. 30, 2014								55,484
Balance at Dec. 31, 2014	7,602,002	7,602,002	7,594,818	$ 3,308,395	2,581,866	1,704,557	7,184
Balance, shares at Dec. 31, 2014				13,962
Balance, redeemable noncontrolling interests at Dec. 31, 2014	61,048							61,048
Net income (loss)	286,459	283,138	282,361		282,361	0	777	3,321
Other comprehensive income (loss)	(133,535)	(133,479)	(133,479)		0	(133,479)	0	(56)
Comprehensive Income (Loss)	152,924	149,659	148,882				777	3,265
Issuance of common stock		3,609	3,609	$ 3,609	0	0	0	0
Issuance of common stock, shares				15
Repurchase of common stock		(22,670)	(22,670)	$ 0	(22,670)	0	0	0
Repurchase of common stock, shares				(27)
Restricted stock units expensed		14,968	14,968	$ 14,968	0	0	0	0
Restricted stock units expensed, shares				0
Adjustment of redeemable noncontrolling interests		1,715	1,715	$ 0	1,715	0	0	(1,715)
Adjustment of redeemable noncontrolling interests, shares				0
Purchase of noncontrolling interest		(1,447)	(1,447)	$ (1,447)	0	0	0	(8,224)
Purchase of noncontrolling interest, shares				0
Other		2,040	1,995	$ 1,964	31	0	45	(2,482)
Other, shares				0
Balance at Jun. 30, 2015	7,749,876	$ 7,749,876	$ 7,741,870	$ 3,327,489	$ 2,843,303	$ 1,571,078	$ 8,006
Balance, shares at Jun. 30, 2015				13,950
Balance, redeemable noncontrolling interests at Jun. 30, 2015	$ 51,892							$ 51,892

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
OPERATING ACTIVITIES
Net income	$ 286,459	$ 128,642
Adjustments to reconcile net income to net cash provided by operating activities	(48,424)	108,423
Net Cash Provided By Operating Activities	238,035	237,065
INVESTING ACTIVITIES
Proceeds from sales of fixed maturities and equity securities	99,908	1,041,575
Proceeds from maturities, calls and prepayments of fixed maturities	810,934	783,146
Cost of fixed maturities and equity securities purchased	(556,934)	(1,898,747)
Net change in short-term investments	(595,971)	(268,375)
Proceeds from sales of equity method investments	21,365	90,228
Cost of equity method investments	(19,424)	(9,083)
Change in restricted cash and cash equivalents	(9,748)	204,302
Additions to property and equipment	(38,942)	(17,954)
Acquisitions, net of cash acquired	0	(168,811)
Other	489	202
Net Cash Used By Investing Activities	(288,323)	(243,517)
FINANCING ACTIVITIES
Additions to senior long-term debt and other debt	41,230	29,149
Repayment of senior long-term debt and other debt	(43,044)	(22,956)
Repurchases of common stock	(22,670)	(17,407)
Issuance of common stock	3,609	4,722
Purchase of noncontrolling interests	(12,474)	(25,918)
Distributions to noncontrolling interests	(2,490)	(2,532)
Other	(12,454)	(3,855)
Net Cash Used By Financing Activities	(48,293)	(38,797)
Effect of foreign currency rate changes on cash and cash equivalents	(8,644)	10,857
Decrease in cash and cash equivalents	(107,225)	(34,392)
Cash and cash equivalents at beginning of period	1,960,169	1,978,526
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 1,852,944	$ 1,944,134

Basis Of Presentation

Basis Of Presentation	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis Of Presentation	Basis of Presentation Markel Corporation is a diverse financial holding company serving a variety of niche markets. Markel Corporation's principal business markets and underwrites specialty insurance products and programs. Through its wholly-owned subsidiary, Markel Ventures, Inc. (Markel Ventures), Markel Corporation also owns interests in various industrial and service businesses that operate outside of the specialty insurance marketplace. The consolidated balance sheet as of June 30, 2015 , the related consolidated statements of income and comprehensive income (loss) for the quarters and six months ended June 30, 2015 and 2014 , and the consolidated statements of changes in equity and cash flows for the six months ended June 30, 2015 and 2014 are unaudited. In the opinion of management, all adjustments necessary for fair presentation of such consolidated financial statements have been included. Such adjustments consist only of normal, recurring items. Interim results are not necessarily indicative of results of operations for the entire year. The consolidated balance sheet as of December 31, 2014 was derived from Markel Corporation's audited annual consolidated financial statements. The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and include the accounts of Markel Corporation and its subsidiaries (the Company). All significant intercompany balances and transactions have been eliminated in consolidation. The Company consolidates the results of its Markel Ventures subsidiaries on a one-month lag. Certain prior year amounts have been reclassified to conform to the current presentation. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Actual results may differ materially from the estimates and assumptions used in preparing the consolidated financial statements. The consolidated financial statements and notes are presented as permitted by Form 10-Q and do not contain certain information included in the Company's annual consolidated financial statements and notes. Readers are urged to review the Company's 2014 Annual Report on Form 10-K for a more complete description of the Company's business and accounting policies.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which creates a new comprehensive revenue recognition standard that will serve as a single source of revenue guidance for all companies in all industries. The guidance applies to all companies that either enter into contracts with customers to transfer goods or services or enter into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards, such as insurance contracts. ASU No. 2014-09's core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under the current guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. ASU No. 2014-09 becomes effective for the Company during the first quarter of 2017 and may be applied retrospectively or under a modified retrospective method where the cumulative effect is recognized at the date of initial application. Early application is not permitted. In July 2015, the FASB approved a proposed one-year deferral of the effective date for ASU 2014-09. Under the final ASU, which has not yet been issued, early application would be permitted for all entities, but not before the original effective date for public business entities. The Company is currently evaluating ASU No. 2014-09 to determine the potential impact that adopting this standard will have on its consolidated financial statements. Adoption of this ASU is not expected to have a significant impact on the Company's insurance operations, but will impact the Company's non-insurance operations. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which changes the way reporting enterprises evaluate whether (a) they should consolidate limited partnerships and similar entities, (b) fees paid to a decision maker or service provider are variable interests in a variable interest entity (VIE), and (c) variable interests in a VIE held by related parties of the reporting enterprise require the reporting enterprise to consolidate the VIE. It also eliminates the VIE consolidation model based on majority exposure to variability that applied to certain investment companies and similar entities. The ASU also significantly changes how to evaluate voting rights for entities that are not similar to limited partnerships when determining whether the entity is a VIE, which may affect entities for which the decision making rights are conveyed through a contractual arrangement. ASU No. 2015-02 becomes effective for the Company during the first quarter of 2016 and may be applied retrospectively or under a modified retrospective method where the cumulative-effect adjustment to retained earnings is recognized as of the beginning of the fiscal year of adoption. Reporting enterprises may also restate previously issued financial statements for one or more years with a cumulative-effect adjustment to retained earnings as of the beginning of the first year restated. Early adoption is allowed. The Company is currently evaluating ASU No. 2015-02 but does not expect adoption of this ASU will have a material impact on the Company's financial position, results of operations or cash flows. In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): S implifying the Presentation of Debt Issuance Costs . The ASU requires that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the debt liability, similar to the presentation of debt discounts. The cost of issuing debt will no longer be recorded as a separate asset on the balance sheet. The amortization of debt issuance costs will continue to be included in interest expense. ASU No. 2015-03 becomes effective for the Company during the first quarter of 2016 and will be applied retrospectively to all prior periods presented. Early application is permitted. The adoption of this ASU is not expected to have a material impact on the Company’s financial position, results of operations or cash flows. In April 2015, the FASB issued ASU No. 2015-05, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement , which clarifies that software licenses contained in a cloud computing arrangement should be capitalized if the customer has the right to take possession of the software and the ability to run the software outside of the cloud computing arrangement. ASU No. 2015-05 becomes effective for the Company during the first quarter of 2016 and may be applied prospectively or retrospectively. Early application is permitted. The adoption of this ASU is not expected to have a material impact on the Company’s financial position, results of operations or cash flows. In May 2015, the FASB issued ASU No. 2015-09, Financial Services-Insurance (Topic 944): Disclosures about Short-Duration Contracts . The ASU requires significant new disclosures for insurers relating to short-duration insurance contract claims and the unpaid claims liability rollforward for long and short-duration contracts. The guidance requires annual tabular disclosure, on a disaggregated basis, of undiscounted incurred and paid claim and allocated claim adjustment expense development by accident year, on a net basis after reinsurance, for up to 10 years. Tables must also include the total incurred but not reported claims liabilities, plus expected development on reported claims, and claims frequency for each accident year. A description of estimation methodologies and any significant changes in methodologies and assumptions used to calculate the liability and frequency is also required. Based on the disaggregated claims information in the tables, disclosure of historical average annual percentage payout of incurred claims is also required. Interim period disclosures must include a tabular rollforward and related qualitative information for the liability for unpaid losses and loss adjustment expenses for both long-duration and short-duration contracts. ASU No. 2015-09 becomes effective for the Company during 2016, with interim disclosures required beginning in the first quarter of 2017. The ASU must be applied retrospectively by providing comparative disclosures for each period presented. Early application is permitted. The adoption of this ASU is not expected to have a material impact on the Company’s financial position, results of operations or cash flows, but will expand the nature and extent of its insurance contract disclosures as described above.

Investments

Investments	6 Months Ended
	Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Investments	Investments a) The following tables summarize the Company's available-for-sale investments. June 30, 2015 (dollars in thousands) Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Unrealized Other-Than- Temporary Impairment Losses Estimated Fair Value Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ 638,848 $ 10,695 $ (3,855 ) $ — $ 645,688 Obligations of states, municipalities and political subdivisions 3,862,159 165,902 (17,030 ) — 4,011,031 Foreign governments 1,343,152 113,536 (1,056 ) — 1,455,632 Commercial mortgage-backed securities 427,372 3,530 (1,865 ) — 429,037 Residential mortgage-backed securities 890,612 23,564 (4,273 ) (2,258 ) 907,645 Asset-backed securities 65,752 58 (510 ) — 65,300 Corporate bonds 1,981,737 45,276 (16,520 ) (1,662 ) 2,008,831 Total fixed maturities 9,209,632 362,561 (45,109 ) (3,920 ) 9,523,164 Equity securities: Insurance, banks and other financial institutions 617,618 735,581 (1,350 ) — 1,351,849 Industrial, consumer and all other 1,578,072 1,458,669 (13,429 ) — 3,023,312 Total equity securities 2,195,690 2,194,250 (14,779 ) — 4,375,161 Short-term investments 2,185,228 26 (5 ) — 2,185,249 Investments, available-for-sale $ 13,590,550 $ 2,556,837 $ (59,893 ) $ (3,920 ) $ 16,083,574 December 31, 2014 (dollars in thousands) Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Unrealized Other-Than- Temporary Impairment Losses Estimated Fair Value Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ 662,462 $ 12,963 $ (2,163 ) $ — $ 673,262 Obligations of states, municipalities and political subdivisions 4,075,748 245,158 (3,359 ) — 4,317,547 Foreign governments 1,458,255 154,707 (1,041 ) — 1,611,921 Commercial mortgage-backed securities 427,904 5,325 (2,602 ) — 430,627 Residential mortgage-backed securities 954,263 34,324 (3,482 ) (2,258 ) 982,847 Asset-backed securities 100,073 99 (682 ) — 99,490 Corporate bonds 2,250,432 69,016 (10,441 ) (1,819 ) 2,307,188 Total fixed maturities 9,929,137 521,592 (23,770 ) (4,077 ) 10,422,882 Equity securities: Insurance, banks and other financial institutions 523,739 789,717 (1,531 ) — 1,311,925 Industrial, consumer and all other 1,427,919 1,403,566 (5,834 ) — 2,825,651 Total equity securities 1,951,658 2,193,283 (7,365 ) — 4,137,576 Short-term investments 1,594,819 36 (6 ) — 1,594,849 Investments, available-for-sale $ 13,475,614 $ 2,714,911 $ (31,141 ) $ (4,077 ) $ 16,155,307 b) The following tables summarize gross unrealized investment losses by the length of time that securities have continuously been in an unrealized loss position. June 30, 2015 Less than 12 months 12 months or longer Total (dollars in thousands) Estimated Fair Value Gross Unrealized Holding and Other-Than- Temporary Impairment Losses Estimated Fair Value Gross Unrealized Holding and Other-Than- Temporary Impairment Losses Estimated Fair Value Gross Unrealized Holding and Other-Than- Temporary Impairment Losses Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ 97,844 $ (2,842 ) $ 114,198 $ (1,013 ) $ 212,042 $ (3,855 ) Obligations of states, municipalities and political subdivisions 654,959 (12,765 ) 63,885 (4,265 ) 718,844 (17,030 ) Foreign governments 31,312 (542 ) 44,756 (514 ) 76,068 (1,056 ) Commercial mortgage-backed securities 124,536 (703 ) 97,983 (1,162 ) 222,519 (1,865 ) Residential mortgage-backed securities 112,947 (2,832 ) 156,760 (3,699 ) 269,707 (6,531 ) Asset-backed securities 12,146 (11 ) 46,122 (499 ) 58,268 (510 ) Corporate bonds 433,329 (9,696 ) 356,992 (8,486 ) 790,321 (18,182 ) Total fixed maturities 1,467,073 (29,391 ) 880,696 (19,638 ) 2,347,769 (49,029 ) Equity securities: Insurance, banks and other financial institutions 13,307 (578 ) 8,040 (772 ) 21,347 (1,350 ) Industrial, consumer and all other 84,162 (11,641 ) 18,108 (1,788 ) 102,270 (13,429 ) Total equity securities 97,469 (12,219 ) 26,148 (2,560 ) 123,617 (14,779 ) Short-term investments 159,963 (5 ) — — 159,963 (5 ) Total $ 1,724,505 $ (41,615 ) $ 906,844 $ (22,198 ) $ 2,631,349 $ (63,813 ) At June 30, 2015 , the Company held 666 securities with a total estimated fair value of $2.6 billion and gross unrealized losses of $63.8 million . Of these 666 securities, 275 securities had been in a continuous unrealized loss position for one year or longer and had a total estimated fair value of $906.8 million and gross unrealized losses of $22.2 million . Of these securities, 271 securities were fixed maturities and four were equity securities. The Company does not intend to sell or believe it will be required to sell these fixed maturities before recovery of their amortized cost. The Company has the ability and intent to hold these equity securities for a period of time sufficient to allow for the anticipated recovery of their fair value. December 31, 2014 Less than 12 months 12 months or longer Total (dollars in thousands) Estimated Fair Value Gross Unrealized Holding and Other-Than- Temporary Impairment Losses Estimated Fair Value Gross Unrealized Holding and Other-Than- Temporary Impairment Losses Estimated Fair Value Gross Unrealized Holding and Other-Than- Temporary Impairment Losses Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ 108,250 $ (62 ) $ 163,359 $ (2,101 ) $ 271,609 $ (2,163 ) Obligations of states, municipalities and political subdivisions 58,583 (542 ) 92,441 (2,817 ) 151,024 (3,359 ) Foreign governments 18,856 (386 ) 56,217 (655 ) 75,073 (1,041 ) Commercial mortgage-backed securities 45,931 (210 ) 147,558 (2,392 ) 193,489 (2,602 ) Residential mortgage-backed securities 9,613 (2,285 ) 207,374 (3,455 ) 216,987 (5,740 ) Asset-backed securities 30,448 (20 ) 45,160 (662 ) 75,608 (682 ) Corporate bonds 141,176 (2,263 ) 621,821 (9,997 ) 762,997 (12,260 ) Total fixed maturities 412,857 (5,768 ) 1,333,930 (22,079 ) 1,746,787 (27,847 ) Equity securities: Insurance, banks and other financial institutions 16,219 (1,531 ) — — 16,219 (1,531 ) Industrial, consumer and all other 86,062 (5,834 ) — — 86,062 (5,834 ) Total equity securities 102,281 (7,365 ) — — 102,281 (7,365 ) Short-term investments 181,964 (6 ) — — 181,964 (6 ) Total $ 697,102 $ (13,139 ) $ 1,333,930 $ (22,079 ) $ 2,031,032 $ (35,218 ) At December 31, 2014 , the Company held 552 securities with a total estimated fair value of $2.0 billion and gross unrealized losses of $35.2 million . Of these 552 securities, 396 securities had been in a continuous unrealized loss position for one year or longer and had a total estimated fair value of $1.3 billion and gross unrealized losses of $22.1 million . All 396 securities were fixed maturities. The Company completes a detailed analysis each quarter to assess whether the decline in the fair value of any investment below its cost basis is deemed other-than-temporary. All securities with unrealized losses are reviewed. The Company considers many factors in completing its quarterly review of securities with unrealized losses for other-than-temporary impairment, including the length of time and the extent to which fair value has been below cost and the financial condition and near-term prospects of the issuer. For equity securities, the ability and intent to hold the security for a period of time sufficient to allow for anticipated recovery is considered. For fixed maturities, the Company considers whether it intends to sell the security or if it is more likely than not that it will be required to sell the security before recovery, the implied yield-to-maturity, the credit quality of the issuer and the ability to recover all amounts outstanding when contractually due. For equity securities, a decline in fair value that is considered to be other-than-temporary is recognized in net income based on the fair value of the security at the time of assessment, resulting in a new cost basis for the security. For fixed maturities where the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost, a decline in fair value is considered to be other-than-temporary and is recognized in net income based on the fair value of the security at the time of assessment, resulting in a new cost basis for the security. If the decline in fair value of a fixed maturity below its amortized cost is considered to be other-than-temporary based upon other considerations, the Company compares the estimated present value of the cash flows expected to be collected to the amortized cost of the security. The extent to which the estimated present value of the cash flows expected to be collected is less than the amortized cost of the security represents the credit-related portion of the other-than-temporary impairment, which is recognized in net income, resulting in a new cost basis for the security. Any remaining decline in fair value represents the non-credit portion of the other-than-temporary impairment, which is recognized in other comprehensive income (loss). The discount rate used to calculate the estimated present value of the cash flows expected to be collected is the effective interest rate implicit for the security at the date of purchase. When assessing whether it intends to sell a fixed maturity or if it is likely to be required to sell a fixed maturity before recovery of its amortized cost, the Company evaluates facts and circumstances including decisions to reposition the investment portfolio, potential sales of investments to meet cash flow needs and, ultimately, current market prices. c) The amortized cost and estimated fair value of fixed maturities at June 30, 2015 are shown below by contractual maturity. (dollars in thousands) Amortized Cost Estimated Fair Value Due in one year or less $ 599,532 $ 603,525 Due after one year through five years 1,874,619 1,923,716 Due after five years through ten years 1,785,413 1,871,155 Due after ten years 3,566,332 3,722,786 7,825,896 8,121,182 Commercial mortgage-backed securities 427,372 429,037 Residential mortgage-backed securities 890,612 907,645 Asset-backed securities 65,752 65,300 Total fixed maturities $ 9,209,632 $ 9,523,164 d) The following table presents the components of net investment income. Quarter Ended June 30, Six Months Ended June 30, (dollars in thousands) 2015 2014 2015 2014 Interest: Municipal bonds (tax-exempt) $ 24,293 $ 25,187 $ 50,145 $ 48,291 Municipal bonds (taxable) 14,150 12,614 28,250 21,610 Other taxable bonds 34,013 40,109 69,151 75,853 Short-term investments, including overnight deposits 1,116 1,608 2,367 3,082 Dividends on equity securities 18,633 14,508 37,657 31,364 Income from equity method investments 1,712 1,458 3,056 5,041 Other 479 523 540 1,702 94,396 96,007 191,166 186,943 Investment expenses (3,810 ) (3,838 ) (7,705 ) (8,059 ) Net investment income $ 90,586 $ 92,169 $ 183,461 $ 178,884 e) Cumulative credit losses recognized in net income on fixed maturities where other-than-temporary impairment was identified and a portion of the other-than-temporary impairment was included in other comprehensive income (loss) were $10.7 million at June 30, 2015 and $12.7 million at December 31, 2014 . f) The following table presents net realized investment gains and the change in net unrealized gains on investments. Quarter Ended June 30, Six Months Ended June 30, (dollars in thousands) 2015 2014 2015 2014 Realized gains: Sales of fixed maturities $ 770 $ 1,642 $ 2,338 $ 5,643 Sales of equity securities 7,000 14,051 22,956 26,094 Other 1,739 4,405 2,413 14,315 Total realized gains 9,509 20,098 27,707 46,052 Realized losses: Sales of fixed maturities (97 ) (8,246 ) (221 ) (16,148 ) Sales of equity securities (113 ) (99 ) (272 ) (143 ) Other-than-temporary impairments — (1,007 ) (5,092 ) (1,007 ) Other (3,194 ) (3,626 ) (10,446 ) (4,240 ) Total realized losses (3,404 ) (12,978 ) (16,031 ) (21,538 ) Net realized investment gains $ 6,105 $ 7,120 $ 11,676 $ 24,514 Change in net unrealized gains on investments: Fixed maturities $ (286,551 ) $ 147,439 $ (180,213 ) $ 296,250 Equity securities (64,792 ) 152,256 (6,447 ) 218,709 Short-term investments 11 (3 ) (9 ) (2 ) Net increase (decrease) $ (351,332 ) $ 299,692 $ (186,669 ) $ 514,957 For the six months ended June 30, 2015, all of the other-than-temporary impairment losses recognized in net income and included in net realized investment gains were attributable to equity securities. For both the quarter and six months ended June 30, 2014, other-than-temporary impairment losses recognized in net income and included in net realized investment gains included losses attributable to fixed maturities totaling $0.2 million and losses attributable to equity securities totaling $0.8 million .

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements FASB ASC 820-10, Fair Value Measurements and Disclosures, establishes a three-level hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the assets or liabilities fall within different levels of the hierarchy, the classification is based on the lowest level input that is significant to the fair value measurement of the asset or liability. Classification of assets and liabilities within the hierarchy considers the markets in which the assets and liabilities are traded and the reliability and transparency of the assumptions used to determine fair value. The hierarchy requires the use of observable market data when available. The levels of the hierarchy are defined as follows: Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities traded in active markets. Level 2 – Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and market-corroborated inputs. Level 3 – Inputs to the valuation methodology are unobservable for the asset or liability and are significant to the fair value measurement. In accordance with FASB ASC 820, the Company determines fair value based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various methods, including the market, income and cost approaches. The Company uses valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The following section describes the valuation methodologies used by the Company to measure assets and liabilities at fair value, including an indication of the level within the fair value hierarchy in which each asset or liability is generally classified. Investments available-for-sale. Investments available-for-sale are recorded at fair value on a recurring basis and include fixed maturities, equity securities and short-term investments. Short-term investments include certificates of deposit, commercial paper, discount notes and treasury bills with original maturities of one year or less. Fair value for investments available-for-sale is determined by the Company after considering various sources of information, including information provided by a third party pricing service. The pricing service provides prices for substantially all of the Company's fixed maturities and equity securities. In determining fair value, the Company generally does not adjust the prices obtained from the pricing service. The Company obtains an understanding of the pricing service's valuation methodologies and related inputs, which include, but are not limited to, reported trades, benchmark yields, issuer spreads, bids, offers, duration, credit ratings, estimated cash flows and prepayment speeds. The Company validates prices provided by the pricing service by reviewing prices from other pricing sources and analyzing pricing data in certain instances. The Company has evaluated the various types of securities in its investment portfolio to determine an appropriate fair value hierarchy level based upon trading activity and the observability of market inputs. Level 1 investments include those traded on an active exchange, such as the New York Stock Exchange. Level 2 investments include U.S. Treasury securities and obligations of U.S. government agencies, municipal bonds, foreign government bonds, commercial mortgage-backed securities, residential mortgage-backed securities, asset-backed securities and corporate debt securities. Fair value for investments available-for-sale is measured based upon quoted prices in active markets, if available. Due to variations in trading volumes and the lack of quoted market prices, fixed maturities are classified as Level 2 investments. The fair value of fixed maturities is normally derived through recent reported trades for identical or similar securities, making adjustments through the reporting date based upon available market observable data described above. If there are no recent reported trades, the fair value of fixed maturities may be derived through the use of matrix pricing or model processes, where future cash flow expectations are developed based upon collateral performance and discounted at an estimated market rate. Significant inputs used to determine the fair value of obligations of states, municipalities and political subdivisions, corporate bonds and obligations of foreign governments include reported trades, benchmark yields, issuer spreads, bids, offers, credit information and estimated cash flows. Significant inputs used to determine the fair value of commercial mortgage-backed securities, residential mortgage-backed securities and asset-backed securities include the type of underlying assets, benchmark yields, prepayment speeds, collateral information, tranche type and volatility, estimated cash flows, credit information, default rates, recovery rates, issuer spreads and the year of issue. Senior long-term debt and other debt. Senior long-term debt and other debt is carried at amortized cost with the estimated fair value disclosed on the consolidated balance sheets. Senior long-term debt and other debt is classified as Level 2 within the fair value hierarchy due to variations in trading volumes and the lack of quoted market prices. Fair value for senior long-term debt and other debt is generally derived through recent reported trades for identical securities, making adjustments through the reporting date, if necessary, based upon available market observable data including U.S. Treasury securities and implied credit spreads. Significant inputs used to determine the fair value of senior long-term debt and other debt include reported trades, benchmark yields, issuer spreads, bids and offers. The following tables present the balances of assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy. June 30, 2015 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Investments available-for-sale: Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ — $ 645,688 $ — $ 645,688 Obligations of states, municipalities and political subdivisions — 4,011,031 — 4,011,031 Foreign governments — 1,455,632 — 1,455,632 Commercial mortgage-backed securities — 429,037 — 429,037 Residential mortgage-backed securities — 907,645 — 907,645 Asset-backed securities — 65,300 — 65,300 Corporate bonds — 2,008,831 — 2,008,831 Total fixed maturities — 9,523,164 — 9,523,164 Equity securities: Insurance, banks and other financial institutions 1,351,849 — — 1,351,849 Industrial, consumer and all other 3,023,312 — — 3,023,312 Total equity securities 4,375,161 — — 4,375,161 Short-term investments 2,075,473 109,776 — 2,185,249 Total investments available-for-sale $ 6,450,634 $ 9,632,940 $ — $ 16,083,574 December 31, 2014 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Investments available-for-sale: Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ — $ 673,262 $ — $ 673,262 Obligations of states, municipalities and political subdivisions — 4,317,547 — 4,317,547 Foreign governments — 1,611,921 — 1,611,921 Commercial mortgage-backed securities — 430,627 — 430,627 Residential mortgage-backed securities — 982,847 — 982,847 Asset-backed securities — 99,490 — 99,490 Corporate bonds — 2,307,188 — 2,307,188 Total fixed maturities — 10,422,882 — 10,422,882 Equity securities: Insurance, banks and other financial institutions 1,311,925 — — 1,311,925 Industrial, consumer and all other 2,825,651 — — 2,825,651 Total equity securities 4,137,576 — — 4,137,576 Short-term investments 1,469,975 124,874 — 1,594,849 Total investments available-for-sale $ 5,607,551 $ 10,547,756 $ — $ 16,155,307 There were no transfers into or out of Level 1 and Level 2 during the six months ended June 30, 2015 and 2014 . The Company did not have any assets or liabilities measured at fair value on a non-recurring basis during the six months ended June 30, 2015 and 2014 .

Segment Reporting Disclosures

Segment Reporting Disclosures	6 Months Ended
	Jun. 30, 2015
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Segment Reporting Disclosures	Segment Reporting Disclosures The Company monitors and reports its ongoing underwriting operations in the following three segments: U.S. Insurance, International Insurance and Reinsurance. In determining how to aggregate and monitor its underwriting results, the Company considers many factors, including the geographic location and regulatory environment of the insurance entity underwriting the risk, the nature of the insurance product sold, the type of account written and the type of customer served. The U.S. Insurance segment includes all direct business and facultative placements written by the Company's insurance subsidiaries domiciled in the United States. The International Insurance segment includes all direct business and facultative placements written by the Company's insurance subsidiaries domiciled outside of the United States, including the Company's syndicate at Lloyd's of London. The Reinsurance segment includes all treaty reinsurance written across the Company. Results for lines of business discontinued prior to, or in conjunction with, acquisitions, including the results attributable to the run-off of life and annuity reinsurance business, are reported in the Other Insurance (Discontinued Lines) segment. All investing activities related to the Company's insurance operations are included in the Investing segment. The Company's non-insurance operations include the Company's Markel Ventures operations, which primarily consist of controlling interests in various industrial and service businesses. The Company's non-insurance operations also include the results of the Company's legal and professional consulting services. For purposes of segment reporting, the Company's non-insurance operations are not considered to be a reportable segment. Segment profit for the Investing segment is measured by net investment income and net realized investment gains or losses. Segment profit or loss for each of the Company's underwriting segments is measured by underwriting profit or loss. The property and casualty insurance industry commonly defines underwriting profit or loss as earned premiums net of losses and loss adjustment expenses and underwriting, acquisition and insurance expenses. Underwriting profit or loss does not replace operating income or net income computed in accordance with U.S. GAAP as a measure of profitability. Underwriting profit or loss provides a basis for management to evaluate the Company's underwriting performance. Segment profit or loss for the Company's underwriting segments also includes other revenues and other expenses, primarily related to the run-off of managing general agent operations that were discontinued in conjunction with acquisitions. Other revenues and other expenses in the Other Insurance (Discontinued Lines) segment are comprised of the results attributable to the run-off of life and annuity reinsurance business. For management reporting purposes, the Company allocates assets to its underwriting, investing and non-insurance operations. Underwriting assets are all assets not specifically allocated to the Investing segment or to the Company's non-insurance operations. Underwriting and investing assets are not allocated to the U.S. Insurance, International Insurance, Reinsurance or Other Insurance (Discontinued Lines) segments since the Company does not manage its assets by underwriting segment. The Company does not allocate capital expenditures for long-lived assets to any of its underwriting segments for management reporting purposes. a) The following tables summarize the Company's segment disclosures. Quarter Ended June 30, 2015 (dollars in thousands) U.S. Insurance International Insurance Reinsurance Other Insurance (Discontinued Lines) Investing Consolidated Gross premium volume $ 668,853 $ 338,159 $ 258,745 $ 29 $ — $ 1,265,786 Net written premiums 554,638 264,129 215,520 57 — 1,034,344 Earned premiums 520,446 223,941 213,140 30 — 957,557 Losses and loss adjustment expenses: Current accident year (341,335 ) (168,896 ) (154,623 ) — — (664,854 ) Prior accident years 68,620 43,373 15,118 1,549 — 128,660 Underwriting, acquisition and insurance expenses (211,856 ) (94,617 ) (73,170 ) (9 ) — (379,652 ) Underwriting profit 35,875 3,801 465 1,570 — 41,711 Net investment income — — — — 90,586 90,586 Net realized investment gains — — — — 6,105 6,105 Other revenues (insurance) 2,203 915 469 350 — 3,937 Other expenses (insurance) (1,284 ) (1,318 ) — (3,348 ) — (5,950 ) Segment profit (loss) $ 36,794 $ 3,398 $ 934 $ (1,428 ) $ 96,691 $ 136,389 Other revenues (non-insurance) 246,420 Other expenses (non-insurance) (236,286 ) Amortization of intangible assets (16,949 ) Interest expense (29,288 ) Income before income taxes $ 100,286 U.S. GAAP combined ratio (1) 93 % 98 % 100 % NM (2) 96 % Quarter Ended June 30, 2014 (dollars in thousands) U.S. Insurance International Insurance Reinsurance Other Insurance (Discontinued Lines) Investing Consolidated Gross premium volume $ 681,371 $ 359,120 $ 302,950 $ (63 ) $ — $ 1,343,378 Net written premiums 560,282 270,552 253,085 412 — 1,084,331 Earned premiums 499,083 239,861 226,289 366 — 965,599 Losses and loss adjustment expenses: Current accident year (336,514 ) (171,930 ) (161,466 ) — — (669,910 ) Prior accident years 37,883 29,570 13,353 (21,302 ) — 59,504 Underwriting, acquisition and insurance expenses (198,914 ) (88,442 ) (78,263 ) (368 ) — (365,987 ) Underwriting profit (loss) 1,538 9,059 (87 ) (21,304 ) — (10,794 ) Net investment income — — — — 92,169 92,169 Net realized investment gains — — — — 7,120 7,120 Other revenues (insurance) 660 4,357 1,032 143 — 6,192 Other expenses (insurance) (1,464 ) (4,113 ) (1,097 ) (8,670 ) — (15,344 ) Segment profit (loss) $ 734 $ 9,303 $ (152 ) $ (29,831 ) $ 99,289 $ 79,343 Other revenues (non-insurance) 187,891 Other expenses (non-insurance) (169,598 ) Amortization of intangible assets (13,488 ) Interest expense (29,789 ) Income before income taxes $ 54,359 U.S. GAAP combined ratio (1) 100 % 96 % 100 % NM (2) 101 % (1) The U.S. GAAP combined ratio is a measure of underwriting performance and represents the relationship of incurred losses, loss adjustment expenses and underwriting, acquisition and insurance expenses to earned premiums. (2) NM – Ratio is not meaningful. Six Months Ended June 30, 2015 (dollars in thousands) U.S. Insurance International Insurance Reinsurance Other Insurance (Discontinued Lines) Investing Consolidated Gross premium volume $ 1,254,218 $ 627,386 $ 636,582 $ 73 $ — $ 2,518,259 Net written premiums 1,050,807 486,837 531,732 398 — 2,069,774 Earned premiums 1,035,000 429,902 435,894 411 — 1,901,207 Losses and loss adjustment expenses: Current accident year (658,092 ) (317,740 ) (303,363 ) — — (1,279,195 ) Prior accident years 136,201 120,023 41,505 (1,723 ) — 296,006 Underwriting, acquisition and insurance expenses (397,116 ) (173,411 ) (149,723 ) (87 ) — (720,337 ) Underwriting profit (loss) 115,993 58,774 24,313 (1,399 ) — 197,681 Net investment income — — — — 183,461 183,461 Net realized investment gains — — — — 11,676 11,676 Other revenues (insurance) 3,605 6,302 892 327 — 11,126 Other expenses (insurance) (2,189 ) (2,722 ) — (10,697 ) — (15,608 ) Segment profit (loss) $ 117,409 $ 62,354 $ 25,205 $ (11,769 ) $ 195,137 $ 388,336 Other revenues (non-insurance) 499,289 Other expenses (non-insurance) (457,629 ) Amortization of intangible assets (31,589 ) Interest expense (58,600 ) Income before income taxes $ 339,807 U.S. GAAP combined ratio (1) 89 % 86 % 94 % NM (2) 90 % Six Months Ended June 30, 2014 (dollars in thousands) U.S. Insurance International Insurance Reinsurance Other Insurance (Discontinued Lines) Investing Consolidated Gross premium volume $ 1,256,604 $ 653,356 $ 792,911 $ 264 $ — $ 2,703,135 Net written premiums 1,034,336 499,672 689,082 552 — 2,223,642 Earned premiums 982,818 462,008 469,604 544 — 1,914,974 Losses and loss adjustment expenses: Current accident year (648,927 ) (335,309 ) (335,366 ) — — (1,319,602 ) Prior accident years 81,437 71,867 41,553 (27,964 ) — 166,893 Underwriting, acquisition and insurance expenses (392,443 ) (168,451 ) (160,235 ) (363 ) — (721,492 ) Underwriting profit (loss) 22,885 30,115 15,556 (27,783 ) — 40,773 Net investment income — — — — 178,884 178,884 Net realized investment gains — — — — 24,514 24,514 Other revenues (insurance) 2,770 11,705 3,168 186 — 17,829 Other expenses (insurance) (3,111 ) (7,708 ) (1,097 ) (17,285 ) — (29,201 ) Segment profit (loss) $ 22,544 $ 34,112 $ 17,627 $ (44,882 ) $ 203,398 $ 232,799 Other revenues (non-insurance) 362,425 Other expenses (non-insurance) (337,909 ) Amortization of intangible assets (27,487 ) Interest expense (59,488 ) Income before income taxes $ 170,340 U.S. GAAP combined ratio (1) 98 % 93 % 97 % NM (2) 98 % (1) The U.S. GAAP combined ratio is a measure of underwriting performance and represents the relationship of incurred losses, loss adjustment expenses and underwriting, acquisition and insurance expenses to earned premiums. (2) NM – Ratio is not meaningful. b) The following table reconciles segment assets to the Company's consolidated balance sheets. (dollars in thousands) June 30, 2015 December 31, 2014 Segment assets: Investing $ 18,335,222 $ 18,531,150 Underwriting 5,800,178 5,422,445 Total segment assets 24,135,400 23,953,595 Non-insurance operations 1,230,740 1,246,762 Total assets $ 25,366,140 $ 25,200,357

Senior Long-Term Debt And Other

Senior Long-Term Debt And Other Debt	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Senior Long-Term Debt And Other Debt	Senior Long-Term Debt and Other Debt Alterra Capital Holdings Limited and Markel Bermuda Limited are party to a secured credit facility, which expires on December 15, 2015. On May 19, 2015, the Company reduced the capacity of the secured credit facility from $650 million to $550 million .

Other Revenues And Other Expens

Other Revenues And Other Expenses	6 Months Ended
	Jun. 30, 2015
Other Income and Expenses [Abstract]
Other Revenues And Other Expenses	Other Revenues and Other Expenses The following tables summarize the components of other revenues and other expenses. Quarter Ended June 30, 2015 2014 (dollars in thousands) Other Revenues Other Expenses Other Revenues Other Expenses Insurance: Managing general agent operations $ 3,118 $ 2,602 $ 4,774 $ 5,218 Life and annuity 350 3,348 143 8,670 Other 469 — 1,275 1,456 3,937 5,950 6,192 15,344 Non-Insurance: Markel Ventures: Manufacturing 174,141 168,580 125,083 110,901 Markel Ventures: Non-Manufacturing 65,412 63,013 58,559 55,409 Other 6,867 4,693 4,249 3,288 246,420 236,286 187,891 169,598 Total $ 250,357 $ 242,236 $ 194,083 $ 184,942 Six Months Ended June 30, 2015 2014 (dollars in thousands) Other Revenues Other Expenses Other Revenues Other Expenses Insurance: Managing general agent operations $ 8,988 $ 4,911 $ 13,952 $ 10,099 Life and annuity 327 10,697 186 17,285 Other 1,811 — 3,691 1,817 11,126 15,608 17,829 29,201 Non-Insurance: Markel Ventures: Manufacturing 351,903 320,380 225,694 206,790 Markel Ventures: Non-Manufacturing 133,093 126,843 129,154 120,920 Other 14,293 10,406 7,577 10,199 499,289 457,629 362,425 337,909 Total $ 510,415 $ 473,237 $ 380,254 $ 367,110 The Company's Markel Ventures operations primarily consist of controlling interests in various industrial and service businesses and are viewed by management as separate and distinct from the Company's insurance operations. While each of the companies is operated independently from one another, management aggregates financial results into two industry groups: manufacturing and non-manufacturing. On April 24, 2015, the Company completed a novation that transferred its obligations under a reinsurance contract for life and annuity benefit policies to a third party in exchange for cash payments totaling $29.0 million , net of commissions. At the time of the transaction, reserves for life and annuity benefits on the novated reinsurance contract totaled $32.6 million , resulting in a gain of $3.6 million that was recorded as an offset to other expenses.

Reinsurance

Reinsurance	6 Months Ended
	Jun. 30, 2015
Reinsurance Disclosures [Abstract]
Reinsurance	Reinsurance The following tables summarize the effect of reinsurance and retrocessional reinsurance on premiums written and earned. Quarter Ended June 30, 2015 2014 (dollars in thousands) Written Earned Written Earned Direct $ 951,885 $ 875,376 $ 976,446 $ 852,867 Assumed 313,901 304,324 366,932 336,617 Ceded (231,442 ) (222,143 ) (259,047 ) (223,885 ) Net premiums $ 1,034,344 $ 957,557 $ 1,084,331 $ 965,599 Six Months Ended June 30, 2015 2014 (dollars in thousands) Written Earned Written Earned Direct $ 1,753,465 $ 1,719,946 $ 1,771,757 $ 1,681,159 Assumed 764,794 617,159 931,378 684,316 Ceded (448,485 ) (435,898 ) (479,493 ) (450,501 ) Net premiums $ 2,069,774 $ 1,901,207 $ 2,223,642 $ 1,914,974 The percentage of ceded earned premiums to gross earned premiums was 19% for the quarters and six months ended June 30, 2015 and 2014. The percentage of assumed earned premiums to net earned premiums was 32% and 35% , respectively for the quarters ended June 30, 2015 and 2014 and 32% and 36% , respectively, for the six months ended June 30, 2015 and 2014 . Incurred losses and loss adjustment expenses were net of reinsurance recoverables (ceded incurred losses and loss adjustment expenses) of $143.3 million and $141.3 million , respectively, for the quarters ended June 30, 2015 and 2014 and $232.1 million and $238.9 million , respectively, for the six months ended June 30, 2015 and 2014 . On March 9, 2015, the Company completed a retrospective reinsurance transaction to cede a portfolio of policies comprised of liabilities arising from asbestos and environmental exposures that originated before 1992 in exchange for payments totaling $89.0 million , which included cash paid at closing of $69.9 million . At the time of the transaction, reserves for unpaid losses and loss adjustment expenses on the policies ceded totaled $94.1 million , resulting in a deferred gain of $5.1 million which will be recognized in earnings in future periods in proportion to actual reinsurance recoveries received pursuant to the transaction. The ceded reserves represented approximately 35% of our net asbestos and environmental reserves for losses and loss adjustment expenses as of December 31, 2014.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rate was 16% and 24% for the six months ended June 30, 2015 and 2014 , respectively. For the six months ended June 30, 2015 , the effective tax rate differs from the U.S. statutory tax rate of 35% primarily as a result of tax-exempt investment income and foreign tax credits for foreign taxes paid. In previous periods, foreign taxes paid were not available for use as tax credits against the Company's U.S. provision for income taxes. Based on the Company's estimated earnings from foreign operations in 2015, the Company expects that significant foreign taxes paid, both in the current period and prior periods, will be available for use as credits against its U.S. provision for income taxes in 2015. These projected tax credits will expire in 2025. For the six months ended June 30, 2014 , the effective tax rate differs from the U.S. statutory tax rate of 35% primarily as a result of tax-exempt investment income. The decrease in the effective tax rate in 2015 compared to 2014 was primarily due to the impact of the foreign tax credits described above. This decrease was partially offset by the impact of anticipating a smaller tax benefit related to tax-exempt investment income, which resulted from having higher estimated income before income taxes in 2015 compared to 2014. The effective tax rate for the quarter ended June 30, 2015 was 8% . The difference in the effective tax rate for the quarter ended June 30, 2015 compared to the effective tax rate for the six months ended June 30, 2015 is due to a decrease in the 2015 estimated annual effective tax rate as of June 30, 2015 compared to the estimated annual effective tax rate as of March 31, 2015. The decrease in the estimated annual effective tax rate as of June 30, 2015 compared to that estimated as of March 31, 2015 was primarily due to a decrease in the Company's estimate of projected foreign income that is subject to U.S. tax for 2015.

Net Income Per Share

Net Income Per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Net Income Per Share	Net Income per Share Net income per share was determined by dividing adjusted net income to shareholders by the applicable weighted average shares outstanding. Diluted net income per share is computed by dividing adjusted net income to shareholders by the weighted average number of common shares and dilutive potential common shares outstanding during the period. Quarter Ended June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2015 2014 2015 2014 Net income to shareholders $ 91,369 $ 40,068 $ 282,361 $ 127,784 Adjustment of redeemable noncontrolling interests 3,062 (2,701 ) 1,715 (2,584 ) Adjusted net income to shareholders $ 94,431 $ 37,367 $ 284,076 $ 125,200 Basic common shares outstanding 13,975 13,984 13,973 13,989 Dilutive potential common shares from conversion of options 9 10 10 11 Dilutive potential common shares from conversion of restricted stock 68 61 74 56 Diluted shares outstanding 14,052 14,055 14,057 14,056 Basic net income per share $ 6.76 $ 2.67 $ 20.33 $ 8.95 Diluted net income per share $ 6.72 $ 2.66 $ 20.21 $ 8.91

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2015
Other Comprehensive Income (Loss), Tax [Abstract]
Other Comprehensive Income (Loss)	Other Comprehensive Income (Loss) Other comprehensive income (loss) includes net holding gains (losses) arising during the period, changes in unrealized other-than-temporary impairment losses on fixed maturities arising during the period and reclassification adjustments for net gains included in net income. Other comprehensive income (loss) also includes changes in foreign currency translation adjustments and changes in net actuarial pension loss. The following table presents the change in accumulated other comprehensive income by component, net of taxes and noncontrolling interests, for the six months ended June 30, 2015 and 2014 . (dollars in thousands) Unrealized Holding Gains on Available-for-Sale Securities Foreign Currency Net Actuarial Pension Loss Total December 31, 2013 $ 1,131,507 $ (11,246 ) $ (30,456 ) $ 1,089,805 Other comprehensive income before reclassifications 355,623 7,572 — 363,195 Amounts reclassified from accumulated other comprehensive income (10,762 ) — 644 (10,118 ) Total other comprehensive income 344,861 7,572 644 353,077 June 30, 2014 $ 1,476,368 $ (3,674 ) $ (29,812 ) $ 1,442,882 December 31, 2014 $ 1,793,254 $ (43,491 ) $ (45,206 ) $ 1,704,557 Other comprehensive loss before reclassifications (109,001 ) (11,373 ) — (120,374 ) Amounts reclassified from accumulated other comprehensive income (14,037 ) — 932 (13,105 ) Total other comprehensive income (loss) (123,038 ) (11,373 ) 932 (133,479 ) June 30, 2015 $ 1,670,216 $ (54,864 ) $ (44,274 ) $ 1,571,078 The following table summarizes the tax expense (benefit) associated with each component of other comprehensive income (loss). Quarter Ended June 30, Six Months Ended June 30, (dollars in thousands) 2015 2014 2015 2014 Change in net unrealized gains on investments: Net holding gains (losses) arising during the period $ (113,579 ) $ 97,681 $ (57,997 ) $ 173,204 Change in unrealized other-than-temporary impairment losses on fixed maturities arising during the period (3 ) 5 38 569 Reclassification adjustments for net gains included in net income (2,576 ) (1,523 ) (5,672 ) (3,677 ) Change in net unrealized gains on investments (116,158 ) 96,163 (63,631 ) 170,096 Change in foreign currency translation adjustments 1,872 1,124 833 1,466 Change in net actuarial pension loss 117 81 233 161 Total $ (114,169 ) $ 97,368 $ (62,565 ) $ 171,723 The following table presents the details of amounts reclassified from accumulated other comprehensive income into income, by component. Quarter Ended June 30, Six Months Ended June 30, (dollars in thousands) 2015 2014 2015 2014 Unrealized holding gains on available-for-sale securities: Other-than-temporary impairment losses $ — $ (1,007 ) $ (5,092 ) $ (1,007 ) Net realized investment gains, excluding other-than-temporary impairment losses 7,560 7,348 24,801 15,446 Total before taxes 7,560 6,341 19,709 14,439 Income taxes (2,576 ) (1,523 ) (5,672 ) (3,677 ) Reclassification of unrealized holding gains, net of taxes $ 4,984 $ 4,818 $ 14,037 $ 10,762 Net actuarial pension loss: Underwriting, acquisition and insurance expenses $ (586 ) $ (406 ) $ (1,165 ) $ (805 ) Income taxes 117 81 233 161 Reclassification of net actuarial pension loss, net of taxes $ (469 ) $ (325 ) $ (932 ) $ (644 )

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2015
Loss Contingency [Abstract]
Contingencies	Contingencies Contingencies arise in the normal course of the Company's operations and are not expected to have a material impact on the Company's financial condition or results of operations.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Available-For-Sale Investments	The following tables summarize the Company's available-for-sale investments. June 30, 2015 (dollars in thousands) Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Unrealized Other-Than- Temporary Impairment Losses Estimated Fair Value Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ 638,848 $ 10,695 $ (3,855 ) $ — $ 645,688 Obligations of states, municipalities and political subdivisions 3,862,159 165,902 (17,030 ) — 4,011,031 Foreign governments 1,343,152 113,536 (1,056 ) — 1,455,632 Commercial mortgage-backed securities 427,372 3,530 (1,865 ) — 429,037 Residential mortgage-backed securities 890,612 23,564 (4,273 ) (2,258 ) 907,645 Asset-backed securities 65,752 58 (510 ) — 65,300 Corporate bonds 1,981,737 45,276 (16,520 ) (1,662 ) 2,008,831 Total fixed maturities 9,209,632 362,561 (45,109 ) (3,920 ) 9,523,164 Equity securities: Insurance, banks and other financial institutions 617,618 735,581 (1,350 ) — 1,351,849 Industrial, consumer and all other 1,578,072 1,458,669 (13,429 ) — 3,023,312 Total equity securities 2,195,690 2,194,250 (14,779 ) — 4,375,161 Short-term investments 2,185,228 26 (5 ) — 2,185,249 Investments, available-for-sale $ 13,590,550 $ 2,556,837 $ (59,893 ) $ (3,920 ) $ 16,083,574 December 31, 2014 (dollars in thousands) Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Unrealized Other-Than- Temporary Impairment Losses Estimated Fair Value Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ 662,462 $ 12,963 $ (2,163 ) $ — $ 673,262 Obligations of states, municipalities and political subdivisions 4,075,748 245,158 (3,359 ) — 4,317,547 Foreign governments 1,458,255 154,707 (1,041 ) — 1,611,921 Commercial mortgage-backed securities 427,904 5,325 (2,602 ) — 430,627 Residential mortgage-backed securities 954,263 34,324 (3,482 ) (2,258 ) 982,847 Asset-backed securities 100,073 99 (682 ) — 99,490 Corporate bonds 2,250,432 69,016 (10,441 ) (1,819 ) 2,307,188 Total fixed maturities 9,929,137 521,592 (23,770 ) (4,077 ) 10,422,882 Equity securities: Insurance, banks and other financial institutions 523,739 789,717 (1,531 ) — 1,311,925 Industrial, consumer and all other 1,427,919 1,403,566 (5,834 ) — 2,825,651 Total equity securities 1,951,658 2,193,283 (7,365 ) — 4,137,576 Short-term investments 1,594,819 36 (6 ) — 1,594,849 Investments, available-for-sale $ 13,475,614 $ 2,714,911 $ (31,141 ) $ (4,077 ) $ 16,155,307
Summary Of Gross Unrealized Investment Losses By Length Of Time That Securities Have Continuously Been In An Unrealized Loss Position	The following tables summarize gross unrealized investment losses by the length of time that securities have continuously been in an unrealized loss position. June 30, 2015 Less than 12 months 12 months or longer Total (dollars in thousands) Estimated Fair Value Gross Unrealized Holding and Other-Than- Temporary Impairment Losses Estimated Fair Value Gross Unrealized Holding and Other-Than- Temporary Impairment Losses Estimated Fair Value Gross Unrealized Holding and Other-Than- Temporary Impairment Losses Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ 97,844 $ (2,842 ) $ 114,198 $ (1,013 ) $ 212,042 $ (3,855 ) Obligations of states, municipalities and political subdivisions 654,959 (12,765 ) 63,885 (4,265 ) 718,844 (17,030 ) Foreign governments 31,312 (542 ) 44,756 (514 ) 76,068 (1,056 ) Commercial mortgage-backed securities 124,536 (703 ) 97,983 (1,162 ) 222,519 (1,865 ) Residential mortgage-backed securities 112,947 (2,832 ) 156,760 (3,699 ) 269,707 (6,531 ) Asset-backed securities 12,146 (11 ) 46,122 (499 ) 58,268 (510 ) Corporate bonds 433,329 (9,696 ) 356,992 (8,486 ) 790,321 (18,182 ) Total fixed maturities 1,467,073 (29,391 ) 880,696 (19,638 ) 2,347,769 (49,029 ) Equity securities: Insurance, banks and other financial institutions 13,307 (578 ) 8,040 (772 ) 21,347 (1,350 ) Industrial, consumer and all other 84,162 (11,641 ) 18,108 (1,788 ) 102,270 (13,429 ) Total equity securities 97,469 (12,219 ) 26,148 (2,560 ) 123,617 (14,779 ) Short-term investments 159,963 (5 ) — — 159,963 (5 ) Total $ 1,724,505 $ (41,615 ) $ 906,844 $ (22,198 ) $ 2,631,349 $ (63,813 ) December 31, 2014 Less than 12 months 12 months or longer Total (dollars in thousands) Estimated Fair Value Gross Unrealized Holding and Other-Than- Temporary Impairment Losses Estimated Fair Value Gross Unrealized Holding and Other-Than- Temporary Impairment Losses Estimated Fair Value Gross Unrealized Holding and Other-Than- Temporary Impairment Losses Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ 108,250 $ (62 ) $ 163,359 $ (2,101 ) $ 271,609 $ (2,163 ) Obligations of states, municipalities and political subdivisions 58,583 (542 ) 92,441 (2,817 ) 151,024 (3,359 ) Foreign governments 18,856 (386 ) 56,217 (655 ) 75,073 (1,041 ) Commercial mortgage-backed securities 45,931 (210 ) 147,558 (2,392 ) 193,489 (2,602 ) Residential mortgage-backed securities 9,613 (2,285 ) 207,374 (3,455 ) 216,987 (5,740 ) Asset-backed securities 30,448 (20 ) 45,160 (662 ) 75,608 (682 ) Corporate bonds 141,176 (2,263 ) 621,821 (9,997 ) 762,997 (12,260 ) Total fixed maturities 412,857 (5,768 ) 1,333,930 (22,079 ) 1,746,787 (27,847 ) Equity securities: Insurance, banks and other financial institutions 16,219 (1,531 ) — — 16,219 (1,531 ) Industrial, consumer and all other 86,062 (5,834 ) — — 86,062 (5,834 ) Total equity securities 102,281 (7,365 ) — — 102,281 (7,365 ) Short-term investments 181,964 (6 ) — — 181,964 (6 ) Total $ 697,102 $ (13,139 ) $ 1,333,930 $ (22,079 ) $ 2,031,032 $ (35,218 )
Schedule Of Amortized Cost And Estimated Fair Value Of Fixed Maturities By Contractual Maturity Date	The amortized cost and estimated fair value of fixed maturities at June 30, 2015 are shown below by contractual maturity. (dollars in thousands) Amortized Cost Estimated Fair Value Due in one year or less $ 599,532 $ 603,525 Due after one year through five years 1,874,619 1,923,716 Due after five years through ten years 1,785,413 1,871,155 Due after ten years 3,566,332 3,722,786 7,825,896 8,121,182 Commercial mortgage-backed securities 427,372 429,037 Residential mortgage-backed securities 890,612 907,645 Asset-backed securities 65,752 65,300 Total fixed maturities $ 9,209,632 $ 9,523,164
Components Of Net Investment Income	The following table presents the components of net investment income. Quarter Ended June 30, Six Months Ended June 30, (dollars in thousands) 2015 2014 2015 2014 Interest: Municipal bonds (tax-exempt) $ 24,293 $ 25,187 $ 50,145 $ 48,291 Municipal bonds (taxable) 14,150 12,614 28,250 21,610 Other taxable bonds 34,013 40,109 69,151 75,853 Short-term investments, including overnight deposits 1,116 1,608 2,367 3,082 Dividends on equity securities 18,633 14,508 37,657 31,364 Income from equity method investments 1,712 1,458 3,056 5,041 Other 479 523 540 1,702 94,396 96,007 191,166 186,943 Investment expenses (3,810 ) (3,838 ) (7,705 ) (8,059 ) Net investment income $ 90,586 $ 92,169 $ 183,461 $ 178,884
Summary Of Net Realized Investment Gains And The Change In Net Unrealized Gains On Investments	The following table presents net realized investment gains and the change in net unrealized gains on investments. Quarter Ended June 30, Six Months Ended June 30, (dollars in thousands) 2015 2014 2015 2014 Realized gains: Sales of fixed maturities $ 770 $ 1,642 $ 2,338 $ 5,643 Sales of equity securities 7,000 14,051 22,956 26,094 Other 1,739 4,405 2,413 14,315 Total realized gains 9,509 20,098 27,707 46,052 Realized losses: Sales of fixed maturities (97 ) (8,246 ) (221 ) (16,148 ) Sales of equity securities (113 ) (99 ) (272 ) (143 ) Other-than-temporary impairments — (1,007 ) (5,092 ) (1,007 ) Other (3,194 ) (3,626 ) (10,446 ) (4,240 ) Total realized losses (3,404 ) (12,978 ) (16,031 ) (21,538 ) Net realized investment gains $ 6,105 $ 7,120 $ 11,676 $ 24,514 Change in net unrealized gains on investments: Fixed maturities $ (286,551 ) $ 147,439 $ (180,213 ) $ 296,250 Equity securities (64,792 ) 152,256 (6,447 ) 218,709 Short-term investments 11 (3 ) (9 ) (2 ) Net increase (decrease) $ (351,332 ) $ 299,692 $ (186,669 ) $ 514,957

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Balances Of Assets And Liabilities Measured At Fair Value On A Recurring Basis	The following tables present the balances of assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy. June 30, 2015 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Investments available-for-sale: Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ — $ 645,688 $ — $ 645,688 Obligations of states, municipalities and political subdivisions — 4,011,031 — 4,011,031 Foreign governments — 1,455,632 — 1,455,632 Commercial mortgage-backed securities — 429,037 — 429,037 Residential mortgage-backed securities — 907,645 — 907,645 Asset-backed securities — 65,300 — 65,300 Corporate bonds — 2,008,831 — 2,008,831 Total fixed maturities — 9,523,164 — 9,523,164 Equity securities: Insurance, banks and other financial institutions 1,351,849 — — 1,351,849 Industrial, consumer and all other 3,023,312 — — 3,023,312 Total equity securities 4,375,161 — — 4,375,161 Short-term investments 2,075,473 109,776 — 2,185,249 Total investments available-for-sale $ 6,450,634 $ 9,632,940 $ — $ 16,083,574 December 31, 2014 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Investments available-for-sale: Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ — $ 673,262 $ — $ 673,262 Obligations of states, municipalities and political subdivisions — 4,317,547 — 4,317,547 Foreign governments — 1,611,921 — 1,611,921 Commercial mortgage-backed securities — 430,627 — 430,627 Residential mortgage-backed securities — 982,847 — 982,847 Asset-backed securities — 99,490 — 99,490 Corporate bonds — 2,307,188 — 2,307,188 Total fixed maturities — 10,422,882 — 10,422,882 Equity securities: Insurance, banks and other financial institutions 1,311,925 — — 1,311,925 Industrial, consumer and all other 2,825,651 — — 2,825,651 Total equity securities 4,137,576 — — 4,137,576 Short-term investments 1,469,975 124,874 — 1,594,849 Total investments available-for-sale $ 5,607,551 $ 10,547,756 $ — $ 16,155,307

Segment Reporting Disclosures (

Segment Reporting Disclosures (Tables)	6 Months Ended
	Jun. 30, 2015
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, 2015 (dollars in thousands) U.S. Insurance International Insurance Reinsurance Other Insurance (Discontinued Lines) Investing Consolidated Gross premium volume $ 668,853 $ 338,159 $ 258,745 $ 29 $ — $ 1,265,786 Net written premiums 554,638 264,129 215,520 57 — 1,034,344 Earned premiums 520,446 223,941 213,140 30 — 957,557 Losses and loss adjustment expenses: Current accident year (341,335 ) (168,896 ) (154,623 ) — — (664,854 ) Prior accident years 68,620 43,373 15,118 1,549 — 128,660 Underwriting, acquisition and insurance expenses (211,856 ) (94,617 ) (73,170 ) (9 ) — (379,652 ) Underwriting profit 35,875 3,801 465 1,570 — 41,711 Net investment income — — — — 90,586 90,586 Net realized investment gains — — — — 6,105 6,105 Other revenues (insurance) 2,203 915 469 350 — 3,937 Other expenses (insurance) (1,284 ) (1,318 ) — (3,348 ) — (5,950 ) Segment profit (loss) $ 36,794 $ 3,398 $ 934 $ (1,428 ) $ 96,691 $ 136,389 Other revenues (non-insurance) 246,420 Other expenses (non-insurance) (236,286 ) Amortization of intangible assets (16,949 ) Interest expense (29,288 ) Income before income taxes $ 100,286 U.S. GAAP combined ratio (1) 93 % 98 % 100 % NM (2) 96 % Quarter Ended June 30, 2014 (dollars in thousands) U.S. Insurance International Insurance Reinsurance Other Insurance (Discontinued Lines) Investing Consolidated Gross premium volume $ 681,371 $ 359,120 $ 302,950 $ (63 ) $ — $ 1,343,378 Net written premiums 560,282 270,552 253,085 412 — 1,084,331 Earned premiums 499,083 239,861 226,289 366 — 965,599 Losses and loss adjustment expenses: Current accident year (336,514 ) (171,930 ) (161,466 ) — — (669,910 ) Prior accident years 37,883 29,570 13,353 (21,302 ) — 59,504 Underwriting, acquisition and insurance expenses (198,914 ) (88,442 ) (78,263 ) (368 ) — (365,987 ) Underwriting profit (loss) 1,538 9,059 (87 ) (21,304 ) — (10,794 ) Net investment income — — — — 92,169 92,169 Net realized investment gains — — — — 7,120 7,120 Other revenues (insurance) 660 4,357 1,032 143 — 6,192 Other expenses (insurance) (1,464 ) (4,113 ) (1,097 ) (8,670 ) — (15,344 ) Segment profit (loss) $ 734 $ 9,303 $ (152 ) $ (29,831 ) $ 99,289 $ 79,343 Other revenues (non-insurance) 187,891 Other expenses (non-insurance) (169,598 ) Amortization of intangible assets (13,488 ) Interest expense (29,789 ) Income before income taxes $ 54,359 U.S. GAAP combined ratio (1) 100 % 96 % 100 % NM (2) 101 % (1) The U.S. GAAP combined ratio is a measure of underwriting performance and represents the relationship of incurred losses, loss adjustment expenses and underwriting, acquisition and insurance expenses to earned premiums. (2) NM – Ratio is not meaningful. Six Months Ended June 30, 2015 (dollars in thousands) U.S. Insurance International Insurance Reinsurance Other Insurance (Discontinued Lines) Investing Consolidated Gross premium volume $ 1,254,218 $ 627,386 $ 636,582 $ 73 $ — $ 2,518,259 Net written premiums 1,050,807 486,837 531,732 398 — 2,069,774 Earned premiums 1,035,000 429,902 435,894 411 — 1,901,207 Losses and loss adjustment expenses: Current accident year (658,092 ) (317,740 ) (303,363 ) — — (1,279,195 ) Prior accident years 136,201 120,023 41,505 (1,723 ) — 296,006 Underwriting, acquisition and insurance expenses (397,116 ) (173,411 ) (149,723 ) (87 ) — (720,337 ) Underwriting profit (loss) 115,993 58,774 24,313 (1,399 ) — 197,681 Net investment income — — — — 183,461 183,461 Net realized investment gains — — — — 11,676 11,676 Other revenues (insurance) 3,605 6,302 892 327 — 11,126 Other expenses (insurance) (2,189 ) (2,722 ) — (10,697 ) — (15,608 ) Segment profit (loss) $ 117,409 $ 62,354 $ 25,205 $ (11,769 ) $ 195,137 $ 388,336 Other revenues (non-insurance) 499,289 Other expenses (non-insurance) (457,629 ) Amortization of intangible assets (31,589 ) Interest expense (58,600 ) Income before income taxes $ 339,807 U.S. GAAP combined ratio (1) 89 % 86 % 94 % NM (2) 90 % Six Months Ended June 30, 2014 (dollars in thousands) U.S. Insurance International Insurance Reinsurance Other Insurance (Discontinued Lines) Investing Consolidated Gross premium volume $ 1,256,604 $ 653,356 $ 792,911 $ 264 $ — $ 2,703,135 Net written premiums 1,034,336 499,672 689,082 552 — 2,223,642 Earned premiums 982,818 462,008 469,604 544 — 1,914,974 Losses and loss adjustment expenses: Current accident year (648,927 ) (335,309 ) (335,366 ) — — (1,319,602 ) Prior accident years 81,437 71,867 41,553 (27,964 ) — 166,893 Underwriting, acquisition and insurance expenses (392,443 ) (168,451 ) (160,235 ) (363 ) — (721,492 ) Underwriting profit (loss) 22,885 30,115 15,556 (27,783 ) — 40,773 Net investment income — — — — 178,884 178,884 Net realized investment gains — — — — 24,514 24,514 Other revenues (insurance) 2,770 11,705 3,168 186 — 17,829 Other expenses (insurance) (3,111 ) (7,708 ) (1,097 ) (17,285 ) — (29,201 ) Segment profit (loss) $ 22,544 $ 34,112 $ 17,627 $ (44,882 ) $ 203,398 $ 232,799 Other revenues (non-insurance) 362,425 Other expenses (non-insurance) (337,909 ) Amortization of intangible assets (27,487 ) Interest expense (59,488 ) Income before income taxes $ 170,340 U.S. GAAP combined ratio (1) 98 % 93 % 97 % NM (2) 98 % (1) The U.S. GAAP combined ratio is a measure of underwriting performance and represents the relationship of incurred losses, loss adjustment expenses and underwriting, acquisition and insurance expenses to earned premiums. (2) NM – Ratio is not meaningful.
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, 2015 December 31, 2014 Segment assets: Investing $ 18,335,222 $ 18,531,150 Underwriting 5,800,178 5,422,445 Total segment assets 24,135,400 23,953,595 Non-insurance operations 1,230,740 1,246,762 Total assets $ 25,366,140 $ 25,200,357

Other Revenues And Other Expe22

Other Revenues And Other Expenses (Tables)	6 Months Ended
	Jun. 30, 2015
Other Income and Expenses [Abstract]
Summary Of Other Revenues And Other Expenses By Component	The following tables summarize the components of other revenues and other expenses. Quarter Ended June 30, 2015 2014 (dollars in thousands) Other Revenues Other Expenses Other Revenues Other Expenses Insurance: Managing general agent operations $ 3,118 $ 2,602 $ 4,774 $ 5,218 Life and annuity 350 3,348 143 8,670 Other 469 — 1,275 1,456 3,937 5,950 6,192 15,344 Non-Insurance: Markel Ventures: Manufacturing 174,141 168,580 125,083 110,901 Markel Ventures: Non-Manufacturing 65,412 63,013 58,559 55,409 Other 6,867 4,693 4,249 3,288 246,420 236,286 187,891 169,598 Total $ 250,357 $ 242,236 $ 194,083 $ 184,942 Six Months Ended June 30, 2015 2014 (dollars in thousands) Other Revenues Other Expenses Other Revenues Other Expenses Insurance: Managing general agent operations $ 8,988 $ 4,911 $ 13,952 $ 10,099 Life and annuity 327 10,697 186 17,285 Other 1,811 — 3,691 1,817 11,126 15,608 17,829 29,201 Non-Insurance: Markel Ventures: Manufacturing 351,903 320,380 225,694 206,790 Markel Ventures: Non-Manufacturing 133,093 126,843 129,154 120,920 Other 14,293 10,406 7,577 10,199 499,289 457,629 362,425 337,909 Total $ 510,415 $ 473,237 $ 380,254 $ 367,110

Reinsurance (Tables)

Reinsurance (Tables)	6 Months Ended
	Jun. 30, 2015
Reinsurance Disclosures [Abstract]
Effect Of Reinsurance And Retrocessional Reinsurance On Premiums Written And Earned	The following tables summarize the effect of reinsurance and retrocessional reinsurance on premiums written and earned. Quarter Ended June 30, 2015 2014 (dollars in thousands) Written Earned Written Earned Direct $ 951,885 $ 875,376 $ 976,446 $ 852,867 Assumed 313,901 304,324 366,932 336,617 Ceded (231,442 ) (222,143 ) (259,047 ) (223,885 ) Net premiums $ 1,034,344 $ 957,557 $ 1,084,331 $ 965,599 Six Months Ended June 30, 2015 2014 (dollars in thousands) Written Earned Written Earned Direct $ 1,753,465 $ 1,719,946 $ 1,771,757 $ 1,681,159 Assumed 764,794 617,159 931,378 684,316 Ceded (448,485 ) (435,898 ) (479,493 ) (450,501 ) Net premiums $ 2,069,774 $ 1,901,207 $ 2,223,642 $ 1,914,974

Net Income Per Share (Tables)

Net Income Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Schedule Of Net Income Per Share	Net income per share was determined by dividing adjusted net income to shareholders by the applicable weighted average shares outstanding. Diluted net income per share is computed by dividing adjusted net income to shareholders by the weighted average number of common shares and dilutive potential common shares outstanding during the period. Quarter Ended June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2015 2014 2015 2014 Net income to shareholders $ 91,369 $ 40,068 $ 282,361 $ 127,784 Adjustment of redeemable noncontrolling interests 3,062 (2,701 ) 1,715 (2,584 ) Adjusted net income to shareholders $ 94,431 $ 37,367 $ 284,076 $ 125,200 Basic common shares outstanding 13,975 13,984 13,973 13,989 Dilutive potential common shares from conversion of options 9 10 10 11 Dilutive potential common shares from conversion of restricted stock 68 61 74 56 Diluted shares outstanding 14,052 14,055 14,057 14,056 Basic net income per share $ 6.76 $ 2.67 $ 20.33 $ 8.95 Diluted net income per share $ 6.72 $ 2.66 $ 20.21 $ 8.91

Other Comprehensive Income (L25

Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2015
Other Comprehensive Income (Loss), Tax [Abstract]
Change In Accumulated Other Comprehensive Income By Component, Net Of Taxes And Noncontrolling Interest	The following table presents the change in accumulated other comprehensive income by component, net of taxes and noncontrolling interests, for the six months ended June 30, 2015 and 2014 . (dollars in thousands) Unrealized Holding Gains on Available-for-Sale Securities Foreign Currency Net Actuarial Pension Loss Total December 31, 2013 $ 1,131,507 $ (11,246 ) $ (30,456 ) $ 1,089,805 Other comprehensive income before reclassifications 355,623 7,572 — 363,195 Amounts reclassified from accumulated other comprehensive income (10,762 ) — 644 (10,118 ) Total other comprehensive income 344,861 7,572 644 353,077 June 30, 2014 $ 1,476,368 $ (3,674 ) $ (29,812 ) $ 1,442,882 December 31, 2014 $ 1,793,254 $ (43,491 ) $ (45,206 ) $ 1,704,557 Other comprehensive loss before reclassifications (109,001 ) (11,373 ) — (120,374 ) Amounts reclassified from accumulated other comprehensive income (14,037 ) — 932 (13,105 ) Total other comprehensive income (loss) (123,038 ) (11,373 ) 932 (133,479 ) June 30, 2015 $ 1,670,216 $ (54,864 ) $ (44,274 ) $ 1,571,078
Summary Of Tax Expense (Benefit) Of Other Comprehensive Income (Loss)	The following table summarizes the tax expense (benefit) associated with each component of other comprehensive income (loss). Quarter Ended June 30, Six Months Ended June 30, (dollars in thousands) 2015 2014 2015 2014 Change in net unrealized gains on investments: Net holding gains (losses) arising during the period $ (113,579 ) $ 97,681 $ (57,997 ) $ 173,204 Change in unrealized other-than-temporary impairment losses on fixed maturities arising during the period (3 ) 5 38 569 Reclassification adjustments for net gains included in net income (2,576 ) (1,523 ) (5,672 ) (3,677 ) Change in net unrealized gains on investments (116,158 ) 96,163 (63,631 ) 170,096 Change in foreign currency translation adjustments 1,872 1,124 833 1,466 Change in net actuarial pension loss 117 81 233 161 Total $ (114,169 ) $ 97,368 $ (62,565 ) $ 171,723
Reclassifications From Accumulated Other Comprehensive Income Into Income, By Component	The following table presents the details of amounts reclassified from accumulated other comprehensive income into income, by component. Quarter Ended June 30, Six Months Ended June 30, (dollars in thousands) 2015 2014 2015 2014 Unrealized holding gains on available-for-sale securities: Other-than-temporary impairment losses $ — $ (1,007 ) $ (5,092 ) $ (1,007 ) Net realized investment gains, excluding other-than-temporary impairment losses 7,560 7,348 24,801 15,446 Total before taxes 7,560 6,341 19,709 14,439 Income taxes (2,576 ) (1,523 ) (5,672 ) (3,677 ) Reclassification of unrealized holding gains, net of taxes $ 4,984 $ 4,818 $ 14,037 $ 10,762 Net actuarial pension loss: Underwriting, acquisition and insurance expenses $ (586 ) $ (406 ) $ (1,165 ) $ (805 ) Income taxes 117 81 233 161 Reclassification of net actuarial pension loss, net of taxes $ (469 ) $ (325 ) $ (932 ) $ (644 )

Investments (Narrative) (Detail

Investments (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)securities	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)securities	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)securities
Schedule of Investments [Line Items]
Available-for-sale securities in unrealized loss position, number of positions | securities	666		666		552
Available-for-sale securities, estimated fair value	$ 2,631,349		$ 2,631,349		$ 2,031,032
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses	$ (63,813)		$ (63,813)		$ (35,218)
Number of available-for-sale securities positions in a continuous unrealized loss position for one year or longer at period end | securities	275		275		396
Available-for-sale securities, estimated fair value, 12 months or longer	$ 906,844		$ 906,844		$ 1,333,930
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, 12 months or longer	(22,198)		(22,198)		(22,079)
Cumulative credit losses recognized in net income	10,700		10,700		12,700
Other-than-temporary impairment losses recognized in net income	0	$ (1,007)	(5,092)	$ (1,007)
Fixed Maturities [Member]
Schedule of Investments [Line Items]
Available-for-sale securities, estimated fair value	2,347,769		2,347,769		1,746,787
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses	$ (49,029)		$ (49,029)		$ (27,847)
Number of available-for-sale securities positions in a continuous unrealized loss position for one year or longer at period end | securities	271		271		396
Available-for-sale securities, estimated fair value, 12 months or longer	$ 880,696		$ 880,696		$ 1,333,930
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, 12 months or longer	(19,638)		(19,638)		(22,079)
Other-than-temporary impairment losses recognized in net income	0	(197)	0	(200)
Equity Securities [Member]
Schedule of Investments [Line Items]
Available-for-sale securities, estimated fair value	123,617		123,617		102,281
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses	$ (14,779)		$ (14,779)		(7,365)
Number of available-for-sale securities positions in a continuous unrealized loss position for one year or longer at period end | securities	4		4
Available-for-sale securities, estimated fair value, 12 months or longer	$ 26,148		$ 26,148		0
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, 12 months or longer	(2,560)		(2,560)		$ 0
Other-than-temporary impairment losses recognized in net income	$ 0	$ (810)	$ (5,092)	$ (800)

Investments (Available-For-Sale

Investments (Available-For-Sale Investments) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale investments, amortized cost	$ 13,590,550	$ 13,475,614
Available-for-sale investments, gross unrealized holding gains	2,556,837	2,714,911
Available-for-sale investments, gross unrealized holding losses	(59,893)	(31,141)
Available-for-sale investments, unrealized other-than-temporary impairment losses	(3,920)	(4,077)
Available-for-sale investments, estimated fair value	16,083,574	16,155,307
U.S. Treasury Securities And Obligations Of U.S. Government Agencies [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale investments, amortized cost	638,848	662,462
Available-for-sale investments, gross unrealized holding gains	10,695	12,963
Available-for-sale investments, gross unrealized holding losses	(3,855)	(2,163)
Available-for-sale investments, unrealized other-than-temporary impairment losses	0	0
Available-for-sale investments, estimated fair value	645,688	673,262
Obligations Of States, Municipalities And Political Subdivisions [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale investments, amortized cost	3,862,159	4,075,748
Available-for-sale investments, gross unrealized holding gains	165,902	245,158
Available-for-sale investments, gross unrealized holding losses	(17,030)	(3,359)
Available-for-sale investments, unrealized other-than-temporary impairment losses	0	0
Available-for-sale investments, estimated fair value	4,011,031	4,317,547
Foreign Governments [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale investments, amortized cost	1,343,152	1,458,255
Available-for-sale investments, gross unrealized holding gains	113,536	154,707
Available-for-sale investments, gross unrealized holding losses	(1,056)	(1,041)
Available-for-sale investments, unrealized other-than-temporary impairment losses	0	0
Available-for-sale investments, estimated fair value	1,455,632	1,611,921
Commercial Mortgage-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale investments, amortized cost	427,372	427,904
Available-for-sale investments, gross unrealized holding gains	3,530	5,325
Available-for-sale investments, gross unrealized holding losses	(1,865)	(2,602)
Available-for-sale investments, unrealized other-than-temporary impairment losses	0	0
Available-for-sale investments, estimated fair value	429,037	430,627
Residential Mortgage-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale investments, amortized cost	890,612	954,263
Available-for-sale investments, gross unrealized holding gains	23,564	34,324
Available-for-sale investments, gross unrealized holding losses	(4,273)	(3,482)
Available-for-sale investments, unrealized other-than-temporary impairment losses	(2,258)	(2,258)
Available-for-sale investments, estimated fair value	907,645	982,847
Asset-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale investments, amortized cost	65,752	100,073
Available-for-sale investments, gross unrealized holding gains	58	99
Available-for-sale investments, gross unrealized holding losses	(510)	(682)
Available-for-sale investments, unrealized other-than-temporary impairment losses	0	0
Available-for-sale investments, estimated fair value	65,300	99,490
Corporate Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale investments, amortized cost	1,981,737	2,250,432
Available-for-sale investments, gross unrealized holding gains	45,276	69,016
Available-for-sale investments, gross unrealized holding losses	(16,520)	(10,441)
Available-for-sale investments, unrealized other-than-temporary impairment losses	(1,662)	(1,819)
Available-for-sale investments, estimated fair value	2,008,831	2,307,188
Total Fixed Maturities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale investments, amortized cost	9,209,632	9,929,137
Available-for-sale investments, gross unrealized holding gains	362,561	521,592
Available-for-sale investments, gross unrealized holding losses	(45,109)	(23,770)
Available-for-sale investments, unrealized other-than-temporary impairment losses	(3,920)	(4,077)
Available-for-sale investments, estimated fair value	9,523,164	10,422,882
Insurance, Banks And Other Financial Institutions [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale investments, amortized cost	617,618	523,739
Available-for-sale investments, gross unrealized holding gains	735,581	789,717
Available-for-sale investments, gross unrealized holding losses	(1,350)	(1,531)
Available-for-sale investments, unrealized other-than-temporary impairment losses	0	0
Available-for-sale investments, estimated fair value	1,351,849	1,311,925
Industrial, Consumer And All Other [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale investments, amortized cost	1,578,072	1,427,919
Available-for-sale investments, gross unrealized holding gains	1,458,669	1,403,566
Available-for-sale investments, gross unrealized holding losses	(13,429)	(5,834)
Available-for-sale investments, unrealized other-than-temporary impairment losses	0	0
Available-for-sale investments, estimated fair value	3,023,312	2,825,651
Total Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale investments, amortized cost	2,195,690	1,951,658
Available-for-sale investments, gross unrealized holding gains	2,194,250	2,193,283
Available-for-sale investments, gross unrealized holding losses	(14,779)	(7,365)
Available-for-sale investments, unrealized other-than-temporary impairment losses	0	0
Available-for-sale investments, estimated fair value	4,375,161	4,137,576
Short-Term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale investments, amortized cost	2,185,228	1,594,819
Available-for-sale investments, gross unrealized holding gains	26	36
Available-for-sale investments, gross unrealized holding losses	(5)	(6)
Available-for-sale investments, unrealized other-than-temporary impairment losses	0	0
Available-for-sale investments, estimated fair value	$ 2,185,249	$ 1,594,849

Investments (Summary Of Gross U

Investments (Summary Of Gross Unrealized Investment Losses By Length Of Time That Securities Have Continuously Been In An Unrealized Loss Position) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, estimated fair value, less than 12 months	$ 1,724,505	$ 697,102
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, less than 12 months	(41,615)	(13,139)
Available-for-sale securities, estimated fair value, 12 months or longer	906,844	1,333,930
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, 12 months or longer	(22,198)	(22,079)
Available-for-sale securities, estimated fair value	2,631,349	2,031,032
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses	(63,813)	(35,218)
U.S. Treasury Securities And Obligations Of U.S. Government Agencies [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, estimated fair value, less than 12 months	97,844	108,250
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, less than 12 months	(2,842)	(62)
Available-for-sale securities, estimated fair value, 12 months or longer	114,198	163,359
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, 12 months or longer	(1,013)	(2,101)
Available-for-sale securities, estimated fair value	212,042	271,609
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses	(3,855)	(2,163)
Obligations Of States, Municipalities And Political Subdivisions [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, estimated fair value, less than 12 months	654,959	58,583
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, less than 12 months	(12,765)	(542)
Available-for-sale securities, estimated fair value, 12 months or longer	63,885	92,441
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, 12 months or longer	(4,265)	(2,817)
Available-for-sale securities, estimated fair value	718,844	151,024
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses	(17,030)	(3,359)
Foreign Governments [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, estimated fair value, less than 12 months	31,312	18,856
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, less than 12 months	(542)	(386)
Available-for-sale securities, estimated fair value, 12 months or longer	44,756	56,217
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, 12 months or longer	(514)	(655)
Available-for-sale securities, estimated fair value	76,068	75,073
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses	(1,056)	(1,041)
Commercial Mortgage-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, estimated fair value, less than 12 months	124,536	45,931
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, less than 12 months	(703)	(210)
Available-for-sale securities, estimated fair value, 12 months or longer	97,983	147,558
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, 12 months or longer	(1,162)	(2,392)
Available-for-sale securities, estimated fair value	222,519	193,489
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses	(1,865)	(2,602)
Residential Mortgage-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, estimated fair value, less than 12 months	112,947	9,613
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, less than 12 months	(2,832)	(2,285)
Available-for-sale securities, estimated fair value, 12 months or longer	156,760	207,374
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, 12 months or longer	(3,699)	(3,455)
Available-for-sale securities, estimated fair value	269,707	216,987
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses	(6,531)	(5,740)
Asset-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, estimated fair value, less than 12 months	12,146	30,448
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, less than 12 months	(11)	(20)
Available-for-sale securities, estimated fair value, 12 months or longer	46,122	45,160
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, 12 months or longer	(499)	(662)
Available-for-sale securities, estimated fair value	58,268	75,608
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses	(510)	(682)
Corporate Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, estimated fair value, less than 12 months	433,329	141,176
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, less than 12 months	(9,696)	(2,263)
Available-for-sale securities, estimated fair value, 12 months or longer	356,992	621,821
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, 12 months or longer	(8,486)	(9,997)
Available-for-sale securities, estimated fair value	790,321	762,997
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses	(18,182)	(12,260)
Total Fixed Maturities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, estimated fair value, less than 12 months	1,467,073	412,857
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, less than 12 months	(29,391)	(5,768)
Available-for-sale securities, estimated fair value, 12 months or longer	880,696	1,333,930
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, 12 months or longer	(19,638)	(22,079)
Available-for-sale securities, estimated fair value	2,347,769	1,746,787
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses	(49,029)	(27,847)
Insurance, Banks And Other Financial Institutions [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, estimated fair value, less than 12 months	13,307	16,219
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, less than 12 months	(578)	(1,531)
Available-for-sale securities, estimated fair value, 12 months or longer	8,040	0
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, 12 months or longer	(772)	0
Available-for-sale securities, estimated fair value	21,347	16,219
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses	(1,350)	(1,531)
Industrial, Consumer And All Other [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, estimated fair value, less than 12 months	84,162	86,062
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, less than 12 months	(11,641)	(5,834)
Available-for-sale securities, estimated fair value, 12 months or longer	18,108	0
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, 12 months or longer	(1,788)	0
Available-for-sale securities, estimated fair value	102,270	86,062
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses	(13,429)	(5,834)
Total Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, estimated fair value, less than 12 months	97,469	102,281
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, less than 12 months	(12,219)	(7,365)
Available-for-sale securities, estimated fair value, 12 months or longer	26,148	0
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, 12 months or longer	(2,560)	0
Available-for-sale securities, estimated fair value	123,617	102,281
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses	(14,779)	(7,365)
Short-Term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, estimated fair value, less than 12 months	159,963	181,964
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, less than 12 months	(5)	(6)
Available-for-sale securities, estimated fair value, 12 months or longer	0	0
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, 12 months or longer	0	0
Available-for-sale securities, estimated fair value	159,963	181,964
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses	$ (5)	$ (6)

Investments (Schedule Of Amorti

Investments (Schedule Of Amortized Cost And Estimated Fair Value Of Fixed Maturities By Contractual Maturity Date) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Due in one year or less, amortized cost	$ 599,532
Due after one year through five years, amortized cost	1,874,619
Due after five years through ten years, amortized cost	1,785,413
Due after ten years, amortized cost	3,566,332
Amortized cost, sub-total	7,825,896
Total fixed maturities, amortized cost	9,209,632	$ 9,929,137
Due in one year or less, estimated fair value	603,525
Due after one year through five years, estimated fair value	1,923,716
Due after five years through ten years, estimated fair value	1,871,155
Due after ten years, estimated fair value	3,722,786
Estimated fair value, sub-total	8,121,182
Total fixed maturities, estimated fair value	9,523,164	$ 10,422,882
Commercial Mortgage-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturities, amortized cost	427,372
Fixed maturities, estimated fair value	429,037
Residential Mortgage-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturities, amortized cost	890,612
Fixed maturities, estimated fair value	907,645
Asset-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturities, amortized cost	65,752
Fixed maturities, estimated fair value	$ 65,300

Investments (Components Of Net

Investments (Components Of Net Investment Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Municipal bonds (tax-exempt)	$ 24,293	$ 25,187	$ 50,145	$ 48,291
Short-term investments, including overnight deposits	1,116	1,608	2,367	3,082
Dividends on equity securities	18,633	14,508	37,657	31,364
Income from equity method investments	1,712	1,458	3,056	5,041
Other	479	523	540	1,702
Total investment income	94,396	96,007	191,166	186,943
Investment expenses	(3,810)	(3,838)	(7,705)	(8,059)
Net investment income	90,586	92,169	183,461	178,884
Taxable Municipal Bonds [Member]
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Taxable bonds	14,150	12,614	28,250	21,610
Other Taxable Bonds [Member]
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Taxable bonds	$ 34,013	$ 40,109	$ 69,151	$ 75,853

Investments (Summary Of Net Rea

Investments (Summary Of Net Realized Investment Gains And The Change In Net Unrealized Gains On Investments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Gain (Loss) on Investments [Line Items]
Realized gains	$ 9,509	$ 20,098	$ 27,707	$ 46,052
Realized losses	(3,404)	(12,978)	(16,031)	(21,538)
Other-than-temporary impairment losses recognized in net income	0	(1,007)	(5,092)	(1,007)
Net realized investment gains	6,105	7,120	11,676	24,514
Change in net unrealized gains on investments	(351,332)	299,692	(186,669)	514,957
Sales Of Fixed Maturities [Member]
Gain (Loss) on Investments [Line Items]
Realized gains	770	1,642	2,338	5,643
Realized losses	(97)	(8,246)	(221)	(16,148)
Sales Of Equity Securities [Member]
Gain (Loss) on Investments [Line Items]
Realized gains	7,000	14,051	22,956	26,094
Realized losses	(113)	(99)	(272)	(143)
Other [Member]
Gain (Loss) on Investments [Line Items]
Realized gains	1,739	4,405	2,413	14,315
Realized losses	(3,194)	(3,626)	(10,446)	(4,240)
Fixed Maturities [Member]
Gain (Loss) on Investments [Line Items]
Other-than-temporary impairment losses recognized in net income	0	(197)	0	(200)
Change in net unrealized gains on investments	(286,551)	147,439	(180,213)	296,250
Equity Securities [Member]
Gain (Loss) on Investments [Line Items]
Other-than-temporary impairment losses recognized in net income	0	(810)	(5,092)	(800)
Change in net unrealized gains on investments	(64,792)	152,256	(6,447)	218,709
Short-Term Investments [Member]
Gain (Loss) on Investments [Line Items]
Change in net unrealized gains on investments	$ 11	$ (3)	$ (9)	$ (2)

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Fair Value Disclosures [Abstract]
Fair value, level 1 to level 2 transfers, amount	$ 0	$ 0	$ 0	$ 0
Fair value, level 2 to level 1 transfers, amount	0	0	0	0
Assets measured at fair value on a nonrecurring basis	0	0	0	0
Liabilities measured at fair value on a nonrecurring basis	$ 0	$ 0	$ 0	$ 0

Fair Value Measurements (Balanc

Fair Value Measurements (Balances Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	$ 9,523,164	$ 10,422,882
Total equity securities	4,375,161	4,137,576
Short-term investments	2,185,249	1,594,849
Available-for-sale investments, estimated fair value	16,083,574	16,155,307
Fixed Maturities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investments, estimated fair value	9,523,164	10,422,882
U.S. Treasury Securities And Obligations Of U.S. Government Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investments, estimated fair value	645,688	673,262
Obligations Of States, Municipalities And Political Subdivisions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investments, estimated fair value	4,011,031	4,317,547
Foreign Governments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investments, estimated fair value	1,455,632	1,611,921
Commercial Mortgage-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investments, estimated fair value	429,037	430,627
Residential Mortgage-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investments, estimated fair value	907,645	982,847
Asset-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investments, estimated fair value	65,300	99,490
Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investments, estimated fair value	2,008,831	2,307,188
Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investments, estimated fair value	4,375,161	4,137,576
Insurance, Banks And Other Financial Institutions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investments, estimated fair value	1,351,849	1,311,925
Industrial, Consumer And All Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investments, estimated fair value	3,023,312	2,825,651
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	9,523,164	10,422,882
Total equity securities	4,375,161	4,137,576
Short-term investments	2,185,249	1,594,849
Available-for-sale investments, estimated fair value	16,083,574	16,155,307
Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	0	0
Total equity securities	4,375,161	4,137,576
Short-term investments	2,075,473	1,469,975
Available-for-sale investments, estimated fair value	6,450,634	5,607,551
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	9,523,164	10,422,882
Total equity securities	0	0
Short-term investments	109,776	124,874
Available-for-sale investments, estimated fair value	9,632,940	10,547,756
Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	0	0
Total equity securities	0	0
Short-term investments	0	0
Available-for-sale investments, estimated fair value	0	0
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities And Obligations Of U.S. Government Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	645,688	673,262
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities And Obligations Of U.S. Government Agencies [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	0	0
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities And Obligations Of U.S. Government Agencies [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	645,688	673,262
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities And Obligations Of U.S. Government Agencies [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	0	0
Fair Value, Measurements, Recurring [Member] | Obligations Of States, Municipalities And Political Subdivisions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	4,011,031	4,317,547
Fair Value, Measurements, Recurring [Member] | Obligations Of States, Municipalities And Political Subdivisions [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	0	0
Fair Value, Measurements, Recurring [Member] | Obligations Of States, Municipalities And Political Subdivisions [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	4,011,031	4,317,547
Fair Value, Measurements, Recurring [Member] | Obligations Of States, Municipalities And Political Subdivisions [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	0	0
Fair Value, Measurements, Recurring [Member] | Foreign Governments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	1,455,632	1,611,921
Fair Value, Measurements, Recurring [Member] | Foreign Governments [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	0	0
Fair Value, Measurements, Recurring [Member] | Foreign Governments [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	1,455,632	1,611,921
Fair Value, Measurements, Recurring [Member] | Foreign Governments [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	0	0
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	429,037	430,627
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage-Backed Securities [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	0	0
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage-Backed Securities [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	429,037	430,627
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage-Backed Securities [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	0	0
Fair Value, Measurements, Recurring [Member] | Residential Mortgage-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	907,645	982,847
Fair Value, Measurements, Recurring [Member] | Residential Mortgage-Backed Securities [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	0	0
Fair Value, Measurements, Recurring [Member] | Residential Mortgage-Backed Securities [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	907,645	982,847
Fair Value, Measurements, Recurring [Member] | Residential Mortgage-Backed Securities [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	0	0
Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	65,300	99,490
Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	0	0
Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	65,300	99,490
Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	0	0
Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	2,008,831	2,307,188
Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	0	0
Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	2,008,831	2,307,188
Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	0	0
Fair Value, Measurements, Recurring [Member] | Insurance, Banks And Other Financial Institutions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total equity securities	1,351,849	1,311,925
Fair Value, Measurements, Recurring [Member] | Insurance, Banks And Other Financial Institutions [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total equity securities	1,351,849	1,311,925
Fair Value, Measurements, Recurring [Member] | Insurance, Banks And Other Financial Institutions [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total equity securities	0	0
Fair Value, Measurements, Recurring [Member] | Insurance, Banks And Other Financial Institutions [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total equity securities	0	0
Fair Value, Measurements, Recurring [Member] | Industrial, Consumer And All Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total equity securities	3,023,312	2,825,651
Fair Value, Measurements, Recurring [Member] | Industrial, Consumer And All Other [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total equity securities	3,023,312	2,825,651
Fair Value, Measurements, Recurring [Member] | Industrial, Consumer And All Other [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total equity securities	0	0
Fair Value, Measurements, Recurring [Member] | Industrial, Consumer And All Other [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total equity securities	$ 0	$ 0

Segment Reporting Disclosures34

Segment Reporting Disclosures (Company's Segment Disclosures) (Details) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)segment	Jun. 30, 2014USD ($)
Segment Reporting Information [Line Items]
Number of reportable ongoing underwriting segments | segment				3
Gross premium volume		$ 1,265,786	$ 1,343,378	$ 2,518,259	$ 2,703,135
Net written premiums		1,034,344	1,084,331	2,069,774	2,223,642
Earned premiums		957,557	965,599	1,901,207	1,914,974
Losses and loss adjustment expenses, current accident year		(664,854)	(669,910)	(1,279,195)	(1,319,602)
Losses and loss adjustment expenses, prior accident years		128,660	59,504	296,006	166,893
Underwriting, acquisition and insurance expenses		(379,652)	(365,987)	(720,337)	(721,492)
Underwriting profit (loss)		41,711	(10,794)	197,681	40,773
Net investment income		90,586	92,169	183,461	178,884
Net realized investment gains		6,105	7,120	11,676	24,514
Other revenues (insurance)		3,937	6,192	11,126	17,829
Other expenses (insurance)		(5,950)	(15,344)	(15,608)	(29,201)
Segment profit (loss)		136,389	79,343	388,336	232,799
Other revenues (non-insurance)		246,420	187,891	499,289	362,425
Other expenses (non-insurance)		(236,286)	(169,598)	(457,629)	(337,909)
Amortization of intangible assets		(16,949)	(13,488)	(31,589)	(27,487)
Interest expense		(29,288)	(29,789)	(58,600)	(59,488)
Income Before Income Taxes		$ 100,286	$ 54,359	$ 339,807	$ 170,340
U.S. GAAP combined ratio	[1]	96.00%	101.00%	90.00%	98.00%
U.S. Insurance [Member]
Segment Reporting Information [Line Items]
Gross premium volume		$ 668,853	$ 681,371	$ 1,254,218	$ 1,256,604
Net written premiums		554,638	560,282	1,050,807	1,034,336
Earned premiums		520,446	499,083	1,035,000	982,818
Losses and loss adjustment expenses, current accident year		(341,335)	(336,514)	(658,092)	(648,927)
Losses and loss adjustment expenses, prior accident years		68,620	37,883	136,201	81,437
Underwriting, acquisition and insurance expenses		(211,856)	(198,914)	(397,116)	(392,443)
Underwriting profit (loss)		35,875	1,538	115,993	22,885
Net investment income		0	0	0	0
Net realized investment gains		0	0	0	0
Other revenues (insurance)		2,203	660	3,605	2,770
Other expenses (insurance)		(1,284)	(1,464)	(2,189)	(3,111)
Segment profit (loss)		$ 36,794	$ 734	$ 117,409	$ 22,544
U.S. GAAP combined ratio	[1]	93.00%	100.00%	89.00%	98.00%
International Insurance [Member]
Segment Reporting Information [Line Items]
Gross premium volume		$ 338,159	$ 359,120	$ 627,386	$ 653,356
Net written premiums		264,129	270,552	486,837	499,672
Earned premiums		223,941	239,861	429,902	462,008
Losses and loss adjustment expenses, current accident year		(168,896)	(171,930)	(317,740)	(335,309)
Losses and loss adjustment expenses, prior accident years		43,373	29,570	120,023	71,867
Underwriting, acquisition and insurance expenses		(94,617)	(88,442)	(173,411)	(168,451)
Underwriting profit (loss)		3,801	9,059	58,774	30,115
Net investment income		0	0	0	0
Net realized investment gains		0	0	0	0
Other revenues (insurance)		915	4,357	6,302	11,705
Other expenses (insurance)		(1,318)	(4,113)	(2,722)	(7,708)
Segment profit (loss)		$ 3,398	$ 9,303	$ 62,354	$ 34,112
U.S. GAAP combined ratio	[1]	98.00%	96.00%	86.00%	93.00%
Reinsurance [Member]
Segment Reporting Information [Line Items]
Gross premium volume		$ 258,745	$ 302,950	$ 636,582	$ 792,911
Net written premiums		215,520	253,085	531,732	689,082
Earned premiums		213,140	226,289	435,894	469,604
Losses and loss adjustment expenses, current accident year		(154,623)	(161,466)	(303,363)	(335,366)
Losses and loss adjustment expenses, prior accident years		15,118	13,353	41,505	41,553
Underwriting, acquisition and insurance expenses		(73,170)	(78,263)	(149,723)	(160,235)
Underwriting profit (loss)		465	(87)	24,313	15,556
Net investment income		0	0	0	0
Net realized investment gains		0	0	0	0
Other revenues (insurance)		469	1,032	892	3,168
Other expenses (insurance)		0	(1,097)	0	(1,097)
Segment profit (loss)		$ 934	$ (152)	$ 25,205	$ 17,627
U.S. GAAP combined ratio	[1]	100.00%	100.00%	94.00%	97.00%
Other Insurance (Discontinued Lines) [Member]
Segment Reporting Information [Line Items]
Gross premium volume		$ 29	$ (63)	$ 73	$ 264
Net written premiums		57	412	398	552
Earned premiums		30	366	411	544
Losses and loss adjustment expenses, current accident year		0	0	0	0
Losses and loss adjustment expenses, prior accident years		1,549	(21,302)	(1,723)	(27,964)
Underwriting, acquisition and insurance expenses		(9)	(368)	(87)	(363)
Underwriting profit (loss)		1,570	(21,304)	(1,399)	(27,783)
Net investment income		0	0	0	0
Net realized investment gains		0	0	0	0
Other revenues (insurance)		350	143	327	186
Other expenses (insurance)		(3,348)	(8,670)	(10,697)	(17,285)
Segment profit (loss)		$ (1,428)	$ (29,831)	$ (11,769)	$ (44,882)
U.S. GAAP combined ratio - not meaniningful	[1],[2]	NM	NM	NM	NM
Investing [Member]
Segment Reporting Information [Line Items]
Gross premium volume		$ 0	$ 0	$ 0	$ 0
Net written premiums		0	0	0	0
Earned premiums		0	0	0	0
Losses and loss adjustment expenses, current accident year		0	0	0	0
Losses and loss adjustment expenses, prior accident years		0	0	0	0
Underwriting, acquisition and insurance expenses		0	0	0	0
Underwriting profit (loss)		0	0	0	0
Net investment income		90,586	92,169	183,461	178,884
Net realized investment gains		6,105	7,120	11,676	24,514
Other revenues (insurance)		0	0	0	0
Other expenses (insurance)		0	0	0	0
Segment profit (loss)		$ 96,691	$ 99,289	$ 195,137	$ 203,398
[1]	The U.S. GAAP combined ratio is a measure of underwriting performance and represents the relationship of incurred losses, loss adjustment expenses and underwriting, acquisition and insurance expenses to earned premiums.
[2]	NM – Ratio is not meaningful.

Segment Reporting Disclosures35

Segment Reporting Disclosures (Reconciliation Of Segment Assets To The Company's Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Assets	$ 25,366,140	$ 25,200,357
Non-Insurance Operations [Member]
Segment Reporting Information [Line Items]
Assets	1,230,740	1,246,762
Segment Assets [Member]
Segment Reporting Information [Line Items]
Assets	24,135,400	23,953,595
Segment Assets [Member] | Investing [Member]
Segment Reporting Information [Line Items]
Assets	18,335,222	18,531,150
Segment Assets [Member] | Underwriting [Member]
Segment Reporting Information [Line Items]
Assets	$ 5,800,178	$ 5,422,445

Senior Long-Term Debt And Oth36

Senior Long-Term Debt And Other Debt (Narrative) (Details) - Senior Credit Facility [Member] $ in Millions	May. 19, 2015USD ($)
Line of Credit Facility [Line Items]
Previous line of credit facility, borrowing capacity	$ 650
Credit facility, maximum capacity	$ 550

Other Revenues And Other Expe37

Other Revenues And Other Expenses (Narrative) (Details) $ in Millions	Apr. 24, 2015USD ($)
Other Income and Expenses [Abstract]
Cash payments for life and annuity benefit policies transferred under novated reinsurance contract	$ 29
Reserves on novated life and annuity benefit reinsurance contract	32.6
Gain on novated life and annuity benefit reinsurance contract	$ 3.6

Other Revenues And Other Expe38

Other Revenues And Other Expenses (Summary Of Other Revenues And Other Expenses By Component) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Other Revenues and Other Expenses [Line Items]
Other revenues	$ 250,357	$ 194,083	$ 510,415	$ 380,254
Other expenses	242,236	184,942	473,237	367,110
Insurance Operations [Member]
Other Revenues and Other Expenses [Line Items]
Other revenues	3,937	6,192	11,126	17,829
Other expenses	5,950	15,344	15,608	29,201
Non-Insurance Operations [Member]
Other Revenues and Other Expenses [Line Items]
Other revenues	246,420	187,891	499,289	362,425
Other expenses	236,286	169,598	457,629	337,909
Managing General Agent Operations [Member] | Insurance Operations [Member]
Other Revenues and Other Expenses [Line Items]
Other revenues	3,118	4,774	8,988	13,952
Other expenses	2,602	5,218	4,911	10,099
Life And Annuity [Member] | Insurance Operations [Member]
Other Revenues and Other Expenses [Line Items]
Other revenues	350	143	327	186
Other expenses	3,348	8,670	10,697	17,285
Other Insurance [Member] | Insurance Operations [Member]
Other Revenues and Other Expenses [Line Items]
Other revenues	469	1,275	1,811	3,691
Other expenses	0	1,456	0	1,817
Manufacturing [Member] | Non-Insurance Operations [Member] | Markel Ventures Operations [Member]
Other Revenues and Other Expenses [Line Items]
Other revenues	174,141	125,083	351,903	225,694
Other expenses	168,580	110,901	320,380	206,790
Non-Manufacturing [Member] | Non-Insurance Operations [Member] | Markel Ventures Operations [Member]
Other Revenues and Other Expenses [Line Items]
Other revenues	65,412	58,559	133,093	129,154
Other expenses	63,013	55,409	126,843	120,920
Other Non-Insurance [Member] | Non-Insurance Operations [Member]
Other Revenues and Other Expenses [Line Items]
Other revenues	6,867	4,249	14,293	7,577
Other expenses	$ 4,693	$ 3,288	$ 10,406	$ 10,199

Reinsurance (Narrative) (Detail

Reinsurance (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Mar. 09, 2015	Dec. 31, 2014
Reinsurance Disclosures [Abstract]
Percentage of ceded earned premiums to gross earned premiums	19.00%	19.00%	19.00%	19.00%
Percentage of assumed earned premiums to net earned premiums	32.00%	35.00%	32.00%	36.00%
Reinsurance recoverables	$ 143.3	$ 141.3	$ 232.1	$ 238.9
Total payment under retrospective reinsurance transaction on ceded asbestos and environmental policies					$ 89
Cash paid at closing under retrospective reinsurance transaction on ceded asbestos and environmental policies					69.9
Cumulative amount of reserves for losses and loss adjustment expenses on ceded asbestos and environmental policies					94.1
Deferred gain under retrospective reinsurance transaction on ceded asbestos and environmental policies					$ 5.1
Approximate percentage of ceded reserves under retrospective reinsurance transaction to net asbestos and environmental reserves for losses and loss adjustment expenses						35.00%

Reinsurance (Effect Of Reinsura

Reinsurance (Effect Of Reinsurance And Retrocessional Reinsurance On Premiums Written And Earned) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Reinsurance Disclosures [Abstract]
Direct premiums written	$ 951,885	$ 976,446	$ 1,753,465	$ 1,771,757
Direct premiums earned	875,376	852,867	1,719,946	1,681,159
Assumed premiums written	313,901	366,932	764,794	931,378
Assumed premiums earned	304,324	336,617	617,159	684,316
Ceded premiums written	(231,442)	(259,047)	(448,485)	(479,493)
Ceded premiums earned	(222,143)	(223,885)	(435,898)	(450,501)
Net premiums written	1,034,344	1,084,331	2,069,774	2,223,642
Net premiums earned	$ 957,557	$ 965,599	$ 1,901,207	$ 1,914,974

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Effective tax rate	8.00%	16.00%	24.00%
U.S. statutory tax rate		35.00%	35.00%

Net Income Per Share (Schedule

Net Income Per Share (Schedule Of Net Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Line Items]
Net income to shareholders	$ 91,369	$ 40,068	$ 282,361	$ 127,784
Adjustment of redeemable noncontrolling interests	3,062	(2,701)	1,715	(2,584)
Adjusted net income to shareholders	$ 94,431	$ 37,367	$ 284,076	$ 125,200
Basic common shares outstanding	13,975	13,984	13,973	13,989
Diluted shares outstanding	14,052	14,055	14,057	14,056
Basic net income per share	$ 6.76	$ 2.67	$ 20.33	$ 8.95
Diluted net income per share	$ 6.72	$ 2.66	$ 20.21	$ 8.91
Stock Options [Member]
Earnings Per Share [Line Items]
Dilutive potential common shares	9	10	10	11
Restricted Stock Units (RSUs) [Member]
Earnings Per Share [Line Items]
Dilutive potential common shares	68	61	74	56

Other Comprehensive Income (L43

Other Comprehensive Income (Loss) (Change In Accumulated Other Comprehensive Income By Component, Net Of Taxes And Noncontrolling Interest) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive income, beginning balance	$ 1,704,557	$ 1,089,805
Other comprehensive income (loss) before reclassifications	(120,374)	363,195
Amounts reclassified from accumulated other comprehensive income	(13,105)	(10,118)
Total other comprehensive income (loss)	(133,479)	353,077
Accumulated other comprehensive income, ending balance	1,571,078	1,442,882
Unrealized Holding Gains On Available-For-Sale Securities [Member]
Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive income, beginning balance	1,793,254	1,131,507
Other comprehensive income (loss) before reclassifications	(109,001)	355,623
Amounts reclassified from accumulated other comprehensive income	(14,037)	(10,762)
Total other comprehensive income (loss)	(123,038)	344,861
Accumulated other comprehensive income, ending balance	1,670,216	1,476,368
Foreign Currency [Member]
Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive income, beginning balance	(43,491)	(11,246)
Other comprehensive income (loss) before reclassifications	(11,373)	7,572
Amounts reclassified from accumulated other comprehensive income	0	0
Total other comprehensive income (loss)	(11,373)	7,572
Accumulated other comprehensive income, ending balance	(54,864)	(3,674)
Net Actuarial Pension Loss [Member]
Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive income, beginning balance	(45,206)	(30,456)
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive income	932	644
Total other comprehensive income (loss)	932	644
Accumulated other comprehensive income, ending balance	$ (44,274)	$ (29,812)

Other Comprehensive Income (L44

Other Comprehensive Income (Loss) (Summary Of Tax Expense (Benefit) Of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Other Comprehensive Income (Loss), Tax [Abstract]
Net holding gains (losses) arising during the period	$ (113,579)	$ 97,681	$ (57,997)	$ 173,204
Change in unrealized other-than-temporary impairment losses on fixed maturities arising during the period	(3)	5	38	569
Reclassification adjustments for net gains included in net income	(2,576)	(1,523)	(5,672)	(3,677)
Change in net unrealized gains on investments	(116,158)	96,163	(63,631)	170,096
Change in foreign currency translation adjustments	1,872	1,124	833	1,466
Change in net actuarial pension loss	117	81	233	161
Total	$ (114,169)	$ 97,368	$ (62,565)	$ 171,723

Other Comprehensive Income (L45

Other Comprehensive Income (Loss) (Reclassifications From Accumulated Other Comprehensive Income Into Income, By Component) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Reclassification Out Of Accumulated Other Comprehensive Income [Line Items]
Other-than-temporary impairment losses recognized in net income	$ 0	$ (1,007)	$ (5,092)	$ (1,007)
Net realized investment gains, excluding other-than-temporary impairment losses	6,105	8,127	16,768	25,521
Income Before Income Taxes	100,286	54,359	339,807	170,340
Underwriting, acquisition and insurance expenses	(379,652)	(365,987)	(720,337)	(721,492)
Income taxes	(7,833)	(13,218)	(53,348)	(41,698)
Net Income	92,453	41,141	286,459	128,642
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Unrealized Holding Gains On Available-For-Sale Securities [Member]
Reclassification Out Of Accumulated Other Comprehensive Income [Line Items]
Other-than-temporary impairment losses recognized in net income	0	(1,007)	(5,092)	(1,007)
Net realized investment gains, excluding other-than-temporary impairment losses	7,560	7,348	24,801	15,446
Income Before Income Taxes	7,560	6,341	19,709	14,439
Income taxes	(2,576)	(1,523)	(5,672)	(3,677)
Net Income	4,984	4,818	14,037	10,762
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Net Actuarial Pension Loss [Member]
Reclassification Out Of Accumulated Other Comprehensive Income [Line Items]
Underwriting, acquisition and insurance expenses	(586)	(406)	(1,165)	(805)
Income taxes	117	81	233	161
Net Income	$ (469)	$ (325)	$ (932)	$ (644)