Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 26, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
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 | 13,968,710 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Fixed maturities (amortized cost of $9,556,139 in 2016 and $9,038,158 in 2015) | $ 10,152,405 | $ 9,394,468 |
Equity securities (cost of $2,353,941 in 2016 and $2,208,834 in 2015) | 4,316,540 | 4,074,475 |
Short-term investments (estimated fair value approximates cost) | 1,324,393 | 1,642,261 |
Total Investments | 15,793,338 | 15,111,204 |
Cash and cash equivalents | 2,284,165 | 2,630,009 |
Restricted cash and cash equivalents | 454,467 | 440,132 |
Receivables | 1,405,210 | 1,113,703 |
Reinsurance recoverable on unpaid losses | 2,046,301 | 2,016,665 |
Reinsurance recoverable on paid losses | 78,667 | 50,123 |
Deferred policy acquisition costs | 400,052 | 352,756 |
Prepaid reinsurance premiums | 343,107 | 322,362 |
Goodwill | 1,171,809 | 1,167,844 |
Intangible assets | 775,254 | 792,372 |
Other assets | 932,860 | 941,945 |
Total Assets | 25,685,230 | 24,939,115 |
LIABILITIES AND EQUITY | ||
Unpaid losses and loss adjustment expenses | 10,257,506 | 10,251,953 |
Life and annuity benefits | 1,149,932 | 1,123,275 |
Unearned premiums | 2,417,925 | 2,166,105 |
Payables to insurance and reinsurance companies | 298,261 | 224,921 |
Senior long-term debt and other debt (estimated fair value of $2,504,000 in 2016 and $2,403,000 in 2015) | 2,299,756 | 2,239,271 |
Other liabilities | 947,619 | 1,030,023 |
Total Liabilities | 17,370,999 | 17,035,548 |
Redeemable noncontrolling interests | $ 67,668 | $ 62,958 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Common stock | $ 3,354,617 | $ 3,342,357 |
Retained earnings | 3,293,367 | 3,137,285 |
Accumulated other comprehensive income | 1,591,132 | 1,354,508 |
Total Shareholders' Equity | 8,239,116 | 7,834,150 |
Noncontrolling interests | 7,447 | 6,459 |
Total Equity | 8,246,563 | 7,840,609 |
Total Liabilities and Equity | $ 25,685,230 | $ 24,939,115 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Fixed maturities, amortized cost | $ 9,556,139 | $ 9,038,158 |
Equity securities, cost | 2,353,941 | 2,208,834 |
Senior long-term debt and other debt, estimated fair value | $ 2,504,000 | $ 2,403,000 |
Consolidated Statements Of Inco
Consolidated Statements Of Income And Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
OPERATING REVENUES | ||
Earned premiums | $ 957,686 | $ 943,650 |
Net investment income | 91,294 | 92,875 |
Other-than-temporary impairment losses | (8,405) | (5,092) |
Net realized investment gains, excluding other-than-temporary impairment losses | 29,584 | 10,663 |
Net realized investment gains | 21,179 | 5,571 |
Other revenues | 306,023 | 260,058 |
Total Operating Revenues | 1,376,182 | 1,302,154 |
OPERATING EXPENSES | ||
Losses and loss adjustment expenses | 473,964 | 446,995 |
Underwriting, acquisition and insurance expenses | 364,688 | 340,685 |
Amortization of intangible assets | 17,260 | 14,640 |
Other expenses | 275,093 | 231,001 |
Total Operating Expenses | 1,131,005 | 1,033,321 |
Operating Income | 245,177 | 268,833 |
Interest expense | 30,841 | 29,312 |
Income Before Income Taxes | 214,336 | 239,521 |
Income tax expense | 50,690 | 45,515 |
Net Income | 163,646 | 194,006 |
Net income attributable to noncontrolling interests | 3,276 | 3,014 |
Net Income to Shareholders | 160,370 | 190,992 |
OTHER COMPREHENSIVE INCOME | ||
Net holding gains arising during the period | 238,890 | 121,022 |
Change in unrealized other-than-temporary impairment losses on fixed maturities arising during the period | (67) | 167 |
Reclassification adjustments for net gains included in net income | (12,983) | (9,053) |
Change in net unrealized gains on investments, net of taxes | 225,840 | 112,136 |
Change in foreign currency translation adjustments, net of taxes | 10,329 | (21,814) |
Change in net actuarial pension loss, net of taxes | 463 | 463 |
Total Other Comprehensive Income | 236,632 | 90,785 |
Comprehensive Income | 400,278 | 284,791 |
Comprehensive income attributable to noncontrolling interests | 3,284 | 2,984 |
Comprehensive Income to Shareholders | $ 396,994 | $ 281,807 |
NET INCOME PER SHARE | ||
Basic (in dollars per share) | $ 11.21 | $ 13.57 |
Diluted (in dollars per share) | $ 11.15 | $ 13.49 |
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, 2014 | $ 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 | |||||||
Net income | $ 194,006 | 191,503 | 190,992 | 190,992 | 0 | 511 | 2,503 | |
Other comprehensive income (loss) | 90,785 | 90,815 | 90,815 | 0 | 90,815 | 0 | (30) | |
Comprehensive Income | 284,791 | 282,318 | 281,807 | 511 | 2,473 | |||
Issuance of common stock | 429 | 429 | $ 429 | 0 | 0 | 0 | 0 | |
Issuance of common stock, shares | 5 | |||||||
Repurchase of common stock | (17,548) | (17,548) | $ 0 | (17,548) | 0 | 0 | 0 | |
Repurchase of common stock, shares | (21) | |||||||
Restricted stock units expensed | 10,632 | 10,632 | $ 10,632 | 0 | 0 | 0 | 0 | |
Restricted stock units expensed, shares | 0 | |||||||
Adjustment of redeemable noncontrolling interests | (1,347) | (1,347) | $ 0 | (1,347) | 0 | 0 | 1,347 | |
Adjustment of redeemable noncontrolling interests, shares | 0 | |||||||
Purchase of noncontrolling interest | (903) | (903) | $ (903) | 0 | 0 | 0 | (8,609) | |
Purchase of noncontrolling interest, shares | 0 | |||||||
Other | 1,815 | 1,770 | $ 1,770 | 0 | 0 | 45 | (1,151) | |
Other, shares | 0 | |||||||
Balance at Mar. 31, 2015 | 7,877,398 | 7,869,658 | $ 3,320,323 | 2,753,963 | 1,795,372 | 7,740 | ||
Balance, shares at Mar. 31, 2015 | 13,946 | |||||||
Balance, redeemable noncontrolling interests at Mar. 31, 2015 | 55,108 | |||||||
Balance at Dec. 31, 2015 | 7,840,609 | 7,840,609 | 7,834,150 | $ 3,342,357 | 3,137,285 | 1,354,508 | 6,459 | |
Balance, shares at Dec. 31, 2015 | 13,959 | |||||||
Balance, redeemable noncontrolling interests at Dec. 31, 2015 | 62,958 | 62,958 | ||||||
Net income | 163,646 | 161,403 | 160,370 | 160,370 | 0 | 1,033 | 2,243 | |
Other comprehensive income (loss) | 236,632 | 236,624 | 236,624 | 0 | 236,624 | 0 | 8 | |
Comprehensive Income | 400,278 | 398,027 | 396,994 | 1,033 | 2,251 | |||
Issuance of common stock | 3,033 | 3,033 | $ 3,033 | 0 | 0 | 0 | 0 | |
Issuance of common stock, shares | 10 | |||||||
Repurchase of common stock | (720) | (720) | $ 0 | (720) | 0 | 0 | 0 | |
Repurchase of common stock, shares | (1) | |||||||
Restricted stock units expensed | 7,956 | 7,956 | $ 7,956 | 0 | 0 | 0 | 0 | |
Restricted stock units expensed, shares | 0 | |||||||
Adjustment of redeemable noncontrolling interests | (3,452) | (3,452) | $ 0 | (3,452) | 0 | 0 | 3,452 | |
Adjustment of redeemable noncontrolling interests, shares | 0 | |||||||
Other | 1,110 | 1,155 | $ 1,271 | (116) | 0 | (45) | (993) | |
Other, shares | 0 | |||||||
Balance at Mar. 31, 2016 | 8,246,563 | $ 8,246,563 | $ 8,239,116 | $ 3,354,617 | $ 3,293,367 | $ 1,591,132 | $ 7,447 | |
Balance, shares at Mar. 31, 2016 | 13,968 | |||||||
Balance, redeemable noncontrolling interests at Mar. 31, 2016 | $ 67,668 | $ 67,668 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
OPERATING ACTIVITIES | ||
Net income | $ 163,646 | $ 194,006 |
Adjustments to reconcile net income to net cash provided (used) by operating activities | (268,215) | (171,174) |
Net Cash Provided (Used) By Operating Activities | (104,569) | 22,832 |
INVESTING ACTIVITIES | ||
Proceeds from sales of fixed maturities and equity securities | 100,668 | 71,721 |
Proceeds from maturities, calls and prepayments of fixed maturities | 216,455 | 388,522 |
Cost of fixed maturities and equity securities purchased | (862,646) | (232,551) |
Net change in short-term investments | 322,887 | (146,545) |
Proceeds from sales of equity method investments | 5,480 | 15,003 |
Cost of equity method investments | 0 | (600) |
Change in restricted cash and cash equivalents | (7,058) | (40,841) |
Additions to property and equipment | (14,900) | (23,606) |
Acquisitions, net of cash acquired | 4,600 | 0 |
Other | (193) | (441) |
Net Cash Provided (Used) By Investing Activities | (243,907) | 30,662 |
FINANCING ACTIVITIES | ||
Additions to senior long-term debt and other debt | 16,323 | 27,711 |
Repayment of senior long-term debt and other debt | (16,305) | (29,160) |
Repurchases of common stock | (720) | (17,548) |
Issuance of common stock | 3,033 | 429 |
Purchase of noncontrolling interests | 0 | (10,314) |
Distributions to noncontrolling interests | (1,038) | (1,159) |
Other | (10,095) | (3,407) |
Net Cash Used By Financing Activities | (8,802) | (33,448) |
Effect of foreign currency rate changes on cash and cash equivalents | 11,434 | (22,128) |
Decrease in cash and cash equivalents | (345,844) | (2,082) |
Cash and cash equivalents at beginning of period | 2,630,009 | 1,960,169 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 2,284,165 | $ 1,958,087 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies a) 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 March 31, 2016 and the related consolidated statements of income and comprehensive income, changes in equity and cash flows for the three months ended March 31, 2016 and 2015 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, 2015 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 consolidated subsidiaries, as well as any variable interest entities (VIEs) that meet the requirements for consolidation (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. In addition to the policies set forth below, readers are urged to review the Company's 2015 Annual Report on Form 10-K for a more complete description of the Company's business and accounting policies. b) Variable Interest Entities. The Company determines whether it has relationships with entities defined as VIEs in accordance with Accounting Standards Codification (ASC) Topic 810, Consolidation . Under this guidance, a VIE is consolidated by the variable interest holder that is determined to be the primary beneficiary. An entity in which the Company holds a variable interest is a VIE if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) as a group, the holders of equity investment at risk lack either the direct or indirect ability through voting rights or similar rights to make decisions about an entity's activities that most significantly impact the entity’s economic performance or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some investors are disproportionate to their obligation to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity's activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. The primary beneficiary is defined as the variable interest holder that is determined to have the controlling financial interest as a result of having both (a) the power to direct the activities of a VIE that most significantly impact the economic performance of the VIE and (b) the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. The Company determines whether an entity is a VIE at the inception of our variable interest in the entity and upon the occurrence of certain reconsideration events. The Company continually reassesses whether it is the primary beneficiary of VIEs in which it holds a variable interest. c) Revenue Recognition. Investment Management and Performance Fees Investment management fee income is recognized over the period in which investment management services are provided and is calculated and billed monthly based on the net asset value of the accounts managed. Performance fee arrangements entitle the Company to participate, on a fixed-percentage basis, in any net income generated in excess of an agreed-upon threshold as established by the underlying investment management agreements. In general, net income is calculated at the end of each calendar year and performance fees are payable annually. Following the preferred method identified in the ASC Topic 605, Revenue Recognition , such performance fee income is recorded at the conclusion of the contractual performance period, when all contingencies are resolved. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Effective January 1, 2016, the Company adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (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 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. The adoption of this guidance did not result in any changes to our previous consolidation conclusions. Effective January 1, 2016, the Company adopted FASB ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs . ASU No. 2015-03 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 is no longer recorded as a separate asset on the balance sheet. The amortization of debt issuance costs continues to be included in interest expense. ASU No. 2015-03 was applied retrospectively to all periods presented. As a result, debt issuance costs totaling $2.2 million were reclassified from other assets to senior long-term debt and other debt as of December 31, 2015. The adoption of this ASU did not have an impact on the Company's results of operations or cash flows. Effective January 1, 2016, the Company adopted FASB 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. The adoption of this ASU did not have an impact on the Company's financial position, results of operations or cash flows. Effective January 1, 2016, the Company adopted FASB ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments . ASU No. 2015-16 eliminates the requirement to retrospectively adjust the financial statements for measurement-period adjustments that occur in periods after a business combination is consummated. The adoption of this ASU did not have an impact on the Company's financial position, results of operations or cash flows and will be applied on a prospective basis, as applicable. In May 2014, the FASB issued 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. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606), Deferral of the Effective Date , which deferred the original effective date of ASU No. 2014-09 by one year. As a result, ASU No. 2014-09 becomes effective for the Company during the first quarter of 2018 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 permitted, but not before the first quarter of 2017. ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Consideration (Reporting Revenue Gross versus Net) and ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing were issued in March and April 2016, respectively, as amendments to ASU No. 2014-09. These amendments will be evaluated and adopted in conjunction with ASU No. 2014-09. The Company is currently evaluating ASU No. 2014-09, and the related amendments, 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 material impact on the Company's insurance operations, but may have a material impact on the Company's non-insurance operations. 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. Annual disclosures required by ASU No. 2015-09 become 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 will not have an 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. In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory . The ASU changes the measurement principle for inventory from the lower of cost or market to lower of cost and net realizable value and eliminates the requirement to consider replacement cost or net realizable value less an approximately normal profit margin when measuring inventory. ASU No. 2015-11 becomes effective for the Company during the first quarter of 2017 and will be applied prospectively. 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 January 2016, the FASB issued ASU No. 2016-01, Financial Instruments (Topic 825): Recognition and Measurement of Financial Assets and Financial Liabilities . The ASU significantly changes the income statement impact of equity investments and the recognition of changes in fair value of financial liabilities attributable to an entity's own credit risk when the fair value option is elected. The ASU requires equity instruments that do not result in consolidation and are not accounted for under the equity method to be measured at fair value and to recognize any changes in fair value in net income rather than other comprehensive income. ASU No. 2016-01 becomes effective for the Company during the first quarter of 2018 and will be applied using a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The provisions related to equity investments without a readily determinable fair value will be applied prospectively to equity investments as of the adoption date. Early adoption is permitted for certain provisions of the ASU. The Company is currently evaluating ASU No. 2016-01 to determine the potential impact that adopting this standard will have on the consolidated financial statements. Adoption of this ASU is not expected to have a material impact on the Company's financial position, cash flows, or total comprehensive income, but will have a significant impact on the Company's results of operations as changes in fair value will be presented in net income rather than other comprehensive income. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . The ASU requires lessees to put most leases on their balance sheets as a lease liability with a corresponding right-of-use asset, but continue to recognize the related leasing expense within net income. The guidance also eliminates the real estate-specific provisions for all entities. For lessors, the guidance modifies the classification criteria and the accounting for sales-type and direct financing leases. ASU No. 2016-02 becomes effective for the Company during the first quarter of 2019 and will be applied under a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. Early adoption is permitted. The Company is currently evaluating ASU No. 2016-02 to determine the potential impact that adopting this standard will have on the consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-07, Investments - Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting. The ASU eliminates the requirement for an investor to retroactively apply the equity method when its increase in ownership interest or degree of influence in an investee triggers equity method accounting. ASU No. 2016-07 becomes effective for the Company during the first quarter of 2017 and will be applied prospectively. Early adoption is permitted. Adoption of this ASU is not expected to have an impact on the Company's financial position, results of operations or cash flows. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting. The ASU changes several aspects of the accounting for share-based payment award transactions including accounting and cash flow classification for excess tax benefits and deficiencies, forfeitures and tax withholding requirements and cash flow classification. ASU No. 2016-09 becomes effective for the Company during the first quarter of 2017 and the transition requirements vary for each amendment in the ASU. Early adoption is permitted. The Company is currently evaluating ASU No. 2016-09 to determine the potential impact that adopting this standard will have on the consolidated financial statements. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions In December 2015, the Company acquired 80% of the outstanding shares of CapTech Ventures, Inc. (CapTech), a privately held company headquartered in Richmond, Virginia. CapTech is a management and IT consulting firm, providing services and solutions to a wide array of customers. Total consideration for the CapTech acquisition was $60.6 million . As of December 31, 2015, the purchase price was preliminarily allocated to the acquired assets and liabilities based on the estimated fair values at the acquisition date. During the first quarter of 2016, the Company completed the process of determining the fair value of the assets and liabilities acquired with CapTech. There were no material adjustments to the provisional estimates recorded as of December 31, 2015. Results attributable to this acquisition are included with the Company's non-insurance operations, which are not included in a reportable segment. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments a) The following tables summarize the Company's available-for-sale investments. March 31, 2016 (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 $ 691,690 $ 17,663 $ (168 ) $ — $ 709,185 Obligations of states, municipalities and political subdivisions 4,111,866 267,103 (4,510 ) — 4,374,459 Foreign governments 1,306,545 188,608 (36 ) — 1,495,117 Commercial mortgage-backed securities 925,439 29,342 (1,093 ) — 953,688 Residential mortgage-backed securities 823,483 47,411 (1,383 ) (2,258 ) 867,253 Asset-backed securities 29,555 55 (104 ) — 29,506 Corporate bonds 1,667,561 62,819 (5,477 ) (1,706 ) 1,723,197 Total fixed maturities 9,556,139 613,001 (12,771 ) (3,964 ) 10,152,405 Equity securities: Insurance, banks and other financial institutions 828,453 771,280 (7,058 ) — 1,592,675 Industrial, consumer and all other 1,525,488 1,229,365 (30,988 ) — 2,723,865 Total equity securities 2,353,941 2,000,645 (38,046 ) — 4,316,540 Short-term investments 1,324,302 91 — — 1,324,393 Investments, available-for-sale $ 13,234,382 $ 2,613,737 $ (50,817 ) $ (3,964 ) $ 15,793,338 December 31, 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 $ 695,652 $ 9,836 $ (4,781 ) $ — $ 700,707 Obligations of states, municipalities and political subdivisions 3,817,136 204,302 (8,225 ) — 4,013,213 Foreign governments 1,302,329 115,809 (1,681 ) — 1,416,457 Commercial mortgage-backed securities 657,670 6,867 (4,999 ) — 659,538 Residential mortgage-backed securities 837,964 22,563 (4,022 ) (2,258 ) 854,247 Asset-backed securities 36,462 15 (406 ) — 36,071 Corporate bonds 1,690,945 41,123 (16,209 ) (1,624 ) 1,714,235 Total fixed maturities 9,038,158 400,515 (40,323 ) (3,882 ) 9,394,468 Equity securities: Insurance, banks and other financial institutions 651,002 690,271 (6,551 ) — 1,334,722 Industrial, consumer and all other 1,557,832 1,227,052 (45,131 ) — 2,739,753 Total equity securities 2,208,834 1,917,323 (51,682 ) — 4,074,475 Short-term investments 1,642,103 167 (9 ) — 1,642,261 Investments, available-for-sale $ 12,889,095 $ 2,318,005 $ (92,014 ) $ (3,882 ) $ 15,111,204 b) The following tables summarize gross unrealized investment losses by the length of time that securities have continuously been in an unrealized loss position. March 31, 2016 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 $ 148,113 $ (135 ) $ 37,366 $ (33 ) $ 185,479 $ (168 ) Obligations of states, municipalities and political subdivisions 95,439 (1,497 ) 51,482 (3,013 ) 146,921 (4,510 ) Foreign governments 5,011 (3 ) 14,774 (33 ) 19,785 (36 ) Commercial mortgage-backed securities 88,908 (476 ) 83,962 (617 ) 172,870 (1,093 ) Residential mortgage-backed securities 8,645 (2,315 ) 126,558 (1,326 ) 135,203 (3,641 ) Asset-backed securities — — 21,218 (104 ) 21,218 (104 ) Corporate bonds 153,024 (4,078 ) 212,586 (3,105 ) 365,610 (7,183 ) Total fixed maturities 499,140 (8,504 ) 547,946 (8,231 ) 1,047,086 (16,735 ) Equity securities: Insurance, banks and other financial institutions 60,530 (7,056 ) 20 (2 ) 60,550 (7,058 ) Industrial, consumer and all other 272,644 (25,828 ) 19,985 (5,160 ) 292,629 (30,988 ) Total equity securities 333,174 (32,884 ) 20,005 (5,162 ) 353,179 (38,046 ) Short-term investments — — — — — — Total $ 832,314 $ (41,388 ) $ 567,951 $ (13,393 ) $ 1,400,265 $ (54,781 ) At March 31, 2016 , the Company held 352 securities with a total estimated fair value of $1.4 billion and gross unrealized losses of $54.8 million . Of these 352 securities, 201 securities had been in a continuous unrealized loss position for one year or longer and had a total estimated fair value of $568.0 million and gross unrealized losses of $13.4 million . Of these securities, 194 securities were fixed maturities and seven 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, 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 $ 427,003 $ (3,648 ) $ 92,552 $ (1,133 ) $ 519,555 $ (4,781 ) Obligations of states, municipalities and political subdivisions 169,362 (4,864 ) 70,101 (3,361 ) 239,463 (8,225 ) Foreign governments 51,328 (249 ) 40,345 (1,432 ) 91,673 (1,681 ) Commercial mortgage-backed securities 289,058 (3,600 ) 95,843 (1,399 ) 384,901 (4,999 ) Residential mortgage-backed securities 78,814 (2,858 ) 137,100 (3,422 ) 215,914 (6,280 ) Asset-backed securities 6,228 (54 ) 24,315 (352 ) 30,543 (406 ) Corporate bonds 470,694 (9,509 ) 343,737 (8,324 ) 814,431 (17,833 ) Total fixed maturities 1,492,487 (24,782 ) 803,993 (19,423 ) 2,296,480 (44,205 ) Equity securities: Insurance, banks and other financial institutions 63,873 (6,384 ) 6,247 (167 ) 70,120 (6,551 ) Industrial, consumer and all other 344,857 (44,879 ) 2,907 (252 ) 347,764 (45,131 ) Total equity securities 408,730 (51,263 ) 9,154 (419 ) 417,884 (51,682 ) Short-term investments 129,473 (9 ) — — 129,473 (9 ) Total $ 2,030,690 $ (76,054 ) $ 813,147 $ (19,842 ) $ 2,843,837 $ (95,896 ) At December 31, 2015 , the Company held 659 securities with a total estimated fair value of $2.8 billion and gross unrealized losses of $95.9 million . Of these 659 securities, 271 securities had been in a continuous unrealized loss position for one year or longer and had a total estimated fair value of $813.1 million and gross unrealized losses of $19.8 million . Of these securities, 264 securities were fixed maturities and seven were equity securities. 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. 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 March 31, 2016 are shown below by contractual maturity. (dollars in thousands) Amortized Cost Estimated Fair Value Due in one year or less $ 666,251 $ 673,208 Due after one year through five years 1,550,955 1,597,925 Due after five years through ten years 1,639,536 1,767,504 Due after ten years 3,920,920 4,263,321 7,777,662 8,301,958 Commercial mortgage-backed securities 925,439 953,688 Residential mortgage-backed securities 823,483 867,253 Asset-backed securities 29,555 29,506 Total fixed maturities $ 9,556,139 $ 10,152,405 d) The following table presents the components of net investment income. Three Months Ended March 31, (dollars in thousands) 2016 2015 Interest: Municipal bonds (tax-exempt) $ 21,922 $ 25,852 Municipal bonds (taxable) 15,888 14,100 Other taxable bonds 35,319 35,138 Short-term investments, including overnight deposits 2,291 1,251 Dividends on equity securities 17,652 19,024 Income (loss) from equity method investments (253 ) 1,344 Other 2,484 61 95,303 96,770 Investment expenses (4,009 ) (3,895 ) Net investment income $ 91,294 $ 92,875 e) The following table presents net realized investment gains and the change in net unrealized gains on investments. Three Months Ended March 31, (dollars in thousands) 2016 2015 Realized gains: Sales of fixed maturities $ 268 $ 1,586 Sales of equity securities 27,728 15,957 Other 438 1,307 Total realized gains 28,434 18,850 Realized losses: Sales of fixed maturities (413 ) (142 ) Sales of equity securities (718 ) (160 ) Other-than-temporary impairments (8,405 ) (5,092 ) Other (2,296 ) (844 ) Total realized losses (11,832 ) (6,238 ) Gains (losses) on securities measured at fair value through net income 4,577 $ (7,041 ) Net realized investment gains $ 21,179 $ 5,571 Change in net unrealized gains on investments included in other comprehensive income: Fixed maturities $ 239,956 $ 106,338 Equity securities 96,958 58,345 Short-term investments (67 ) (20 ) Net increase $ 336,847 $ 164,663 For the three months ended March 31, 2016 , other-than-temporary impairment losses recognized in net income and included in net realized investment gains totaled $8.4 million and were attributable to 14 equity securities. The write downs for the three-month period included $7.7 million related to equities in industrial, consumer, or other types of businesses. For the three months ended March 31, 2015 , other-than-temporary impairment losses recognized in net income and included in net realized investment gains totaled $5.1 million and were attributable to 10 equity securities. The write downs for the three-month period included $4.5 million related to equities in industrial, consumer, or other types of businesses. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
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. Level 3 investments include the Company's investment in an insurance-linked securities fund (the ILS Fund) held through the Markel Diversified Fund, as further described in note 10, which is not traded on an active exchange and is valued using unobservable inputs. 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. Due to the significance of unobservable inputs required in measuring the fair value of the Company's investment in the ILS Fund, this investment is classified as Level 3 within the fair value hierarchy. The fair value of the security is derived based on its reported net asset value (NAV), which is calculated using both observable and unobservable inputs, as well as other adjustments as deemed necessary by management. Unobservable inputs to the NAV calculation include assumptions around premium earnings patterns and loss reserve estimates for the underlying securitized reinsurance contracts in which the ILS Fund invests. Other significant unobservable inputs used in the valuation of this investment include an adjustment to include the fair value of the equity that was issued by the ILS Fund in exchange for a note receivable, rather than cash, which is excluded from NAV. The Company's investment in the ILS Fund is redeemable annually as of January 1 st of each calendar year. The Company's valuation policies and procedures for Level 3 investments are determined by management. Fair value measurements are analyzed quarterly to ensure the change in fair value from prior periods is reasonable relative to recent market trends and management's understanding of the underlying investments. 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. March 31, 2016 (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 $ — $ 709,185 $ — $ 709,185 Obligations of states, municipalities and political subdivisions — 4,374,459 — 4,374,459 Foreign governments — 1,495,117 — 1,495,117 Commercial mortgage-backed securities — 953,688 — 953,688 Residential mortgage-backed securities — 867,253 — 867,253 Asset-backed securities — 29,506 — 29,506 Corporate bonds — 1,723,197 — 1,723,197 Total fixed maturities — 10,152,405 — 10,152,405 Equity securities: Insurance, banks and other financial institutions 1,415,733 — 176,942 1,592,675 Industrial, consumer and all other 2,723,865 — — 2,723,865 Total equity securities 4,139,598 — 176,942 4,316,540 Short-term investments 1,215,273 109,120 — 1,324,393 Total investments available-for-sale $ 5,354,871 $ 10,261,525 $ 176,942 $ 15,793,338 December 31, 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 $ — $ 700,707 $ — $ 700,707 Obligations of states, municipalities and political subdivisions — 4,013,213 — 4,013,213 Foreign governments — 1,416,457 — 1,416,457 Commercial mortgage-backed securities — 659,538 — 659,538 Residential mortgage-backed securities — 854,247 — 854,247 Asset-backed securities — 36,071 — 36,071 Corporate bonds — 1,714,235 — 1,714,235 Total fixed maturities — 9,394,468 — 9,394,468 Equity securities: Insurance, banks and other financial institutions 1,334,722 — — 1,334,722 Industrial, consumer and all other 2,739,753 — — 2,739,753 Total equity securities 4,074,475 — — 4,074,475 Short-term investments 1,529,924 112,337 — 1,642,261 Total investments available-for-sale $ 5,604,399 $ 9,506,805 $ — $ 15,111,204 The following table summarizes changes in Level 3 investments measured at fair value on a recurring basis. Quarter Ended March 31, (dollars in thousands) 2016 2015 Equity securities, beginning of period — — Purchases 170,250 — Total gains included in: Net income 6,692 — Other comprehensive income — — Transfers into Level 3 — — Transfers out of Level 3 — — Equity securities, end of period 176,942 — Net unrealized gains included in net income relating to assets held at March 31, 2016 and 2015 (1) 6,692 — (1) Included in net realized investment gains in the consolidated statements of income and comprehensive income There were no transfers into or out of Level 1 and Level 2 during the three months ended March 31, 2016 and 2015 . The Company did not have any assets or liabilities measured at fair value on a non-recurring basis during the three months ended March 31, 2016 and 2015 . |
Segment Reporting Disclosures
Segment Reporting Disclosures | 3 Months Ended |
Mar. 31, 2016 | |
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, and, effective December 8, 2015, the results of the Company's investment management services attributable to Markel CATCo Investment Management Ltd. 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. Three Months Ended March 31, 2016 (dollars in thousands) U.S. Insurance International Insurance Reinsurance Other Insurance (Discontinued Lines) Investing Consolidated Gross premium volume $ 647,790 $ 291,404 $ 453,486 $ (17 ) $ — $ 1,392,663 Net written premiums 552,745 226,399 402,726 90 — 1,181,960 Earned premiums 532,468 215,345 209,619 254 — 957,686 Losses and loss adjustment expenses: Current accident year (316,333 ) (145,476 ) (130,476 ) — — (592,285 ) Prior accident years 38,654 29,652 36,361 13,654 — 118,321 Underwriting, acquisition and insurance expenses (197,463 ) (88,606 ) (78,505 ) (114 ) — (364,688 ) Underwriting profit 57,326 10,915 36,999 13,794 — 119,034 Net investment income — — — — 91,294 91,294 Net realized investment gains — — — — 21,179 21,179 Other revenues (insurance) 1,419 4,121 — 495 — 6,035 Other expenses (insurance) (724 ) (1,554 ) — (8,001 ) — (10,279 ) Segment profit $ 58,021 $ 13,482 $ 36,999 $ 6,288 $ 112,473 $ 227,263 Other revenues (non-insurance) 299,988 Other expenses (non-insurance) (264,814 ) Amortization of intangible assets (17,260 ) Interest expense (30,841 ) Income before income taxes $ 214,336 U.S. GAAP combined ratio (1) 89 % 95 % 82 % NM (2) 88 % Three Months Ended March 31, 2015 (dollars in thousands) U.S. Insurance International Insurance Reinsurance Other Insurance (Discontinued Lines) Investing Consolidated Gross premium volume $ 585,365 $ 289,227 $ 377,837 $ 44 $ — $ 1,252,473 Net written premiums 496,169 222,708 316,212 341 — 1,035,430 Earned premiums 514,554 205,961 222,754 381 — 943,650 Losses and loss adjustment expenses: Current accident year (316,757 ) (148,844 ) (148,740 ) — — (614,341 ) Prior accident years 67,581 76,650 26,387 (3,272 ) — 167,346 Underwriting, acquisition and insurance expenses (185,260 ) (78,794 ) (76,553 ) (78 ) — (340,685 ) Underwriting profit (loss) 80,118 54,973 23,848 (2,969 ) — 155,970 Net investment income — — — — 92,875 92,875 Net realized investment gains — — — — 5,571 5,571 Other revenues (insurance) 1,402 5,387 423 (23 ) — 7,189 Other expenses (insurance) (905 ) (1,404 ) — (7,349 ) — (9,658 ) Segment profit (loss) $ 80,615 $ 58,956 $ 24,271 $ (10,341 ) $ 98,446 $ 251,947 Other revenues (non-insurance) 252,869 Other expenses (non-insurance) (221,343 ) Amortization of intangible assets (14,640 ) Interest expense (29,312 ) Income before income taxes $ 239,521 U.S. GAAP combined ratio (1) 84 % 73 % 89 % NM (2) 83 % (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) March 31, 2016 December 31, 2015 Segment assets: Investing $ 18,413,556 $ 18,056,947 Underwriting 5,787,127 5,385,126 Total segment assets 24,200,683 23,442,073 Non-insurance operations 1,484,547 1,497,042 Total assets $ 25,685,230 $ 24,939,115 |
Other Revenues And Other Expens
Other Revenues And Other Expenses | 3 Months Ended |
Mar. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Other Revenues And Other Expenses | Other Revenues and Other Expenses The following table summarizes the components of other revenues and other expenses. Three Months Ended March 31, 2016 2015 (dollars in thousands) Other Revenues Other Expenses Other Revenues Other Expenses Insurance: Managing general agent operations $ 5,540 $ 2,278 $ 5,870 $ 2,309 Life and annuity 495 8,001 (23 ) 7,349 Other — — 1,342 — 6,035 10,279 7,189 9,658 Non-Insurance: Markel Ventures: Manufacturing 192,691 160,366 177,762 151,800 Markel Ventures: Non-Manufacturing 93,828 88,433 67,681 63,830 Investment management 7,173 9,930 — — Other 6,296 6,085 7,426 5,713 299,988 264,814 252,869 221,343 Total $ 306,023 $ 275,093 $ 260,058 $ 231,001 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. |
Reinsurance
Reinsurance | 3 Months Ended |
Mar. 31, 2016 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance | Reinsurance The following table summarizes the effect of reinsurance and retrocessional reinsurance on premiums written and earned. Three Months Ended March 31, 2016 2015 (dollars in thousands) Written Earned Written Earned Direct $ 879,088 $ 867,444 $ 801,580 $ 844,570 Assumed 513,575 290,063 450,893 312,835 Ceded (210,703 ) (199,821 ) (217,043 ) (213,755 ) Net premiums $ 1,181,960 $ 957,686 $ 1,035,430 $ 943,650 The percentage of ceded earned premiums to gross earned premiums was 17% and 18% , respectively, for the three months ended March 31, 2016 and 2015 . The percentage of assumed earned premiums to net earned premiums was 30% and 33% , respectively, for the three months ended March 31, 2016 and 2015 . Incurred losses and loss adjustment expenses were net of reinsurance recoverables (ceded incurred losses and loss adjustment expenses) of $130.6 million and $88.8 million , respectively, for the three months ended March 31, 2016 and 2015 . |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rate was 24% and 19% for the three months ended March 31, 2016 and 2015 , respectively. For the three months ended March 31, 2016 , the effective tax rate differs from the U.S. statutory tax rate of 35% primarily as a result of tax-exempt investment income. For the three months ended March 31, 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. Our anticipated recognition of foreign tax credits in 2015 had a favorable impact on our 2015 effective tax rate of approximately 8% . The increase in the effective tax rate in 2016 compared to 2015 was primarily due to the 2015 impact of foreign tax credits described above, partially offset by a decrease in the estimated earnings taxed at a 35% tax rate in 2016 compared to 2015. During the first quarter of 2016, the Internal Revenue Service completed its examination of the Company’s 2012 federal income tax return. There were no adjustments to our income tax liabilities as a result of this examination. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2016 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities In December 2015, the Company formed Markel CATCo Investment Management Ltd. (MCIM), a wholly-owned consolidated subsidiary. MCIM is an insurance-linked securities investment fund manager and insurance manager headquartered in Bermuda. Results attributable to MCIM are included with the Company's non-insurance operations, which are not included in a reportable segment. In December 2015, the Company also formed a mutual fund company and reinsurance company, both of which were organized under Bermuda law and are managed by MCIM. The mutual fund company issues multiple classes of nonvoting, redeemable preference shares to investors through its funds (the Funds) and the Funds are primarily invested in nonvoting shares of the reinsurance company. The underwriting results of the reinsurance company are attributed to the Funds through the issuance of nonvoting preference shares. The Funds and the reinsurance company are considered variable interest entities (VIEs), as their preference shareholders have no voting rights. MCIM has the power to direct the activities that most significantly impact the economic performance of these entities, but does not have a variable interest in any of the entities. Except as described below, the Company is not the primary beneficiary of the Funds or the reinsurance company, as the Company’s involvement is generally limited to that of an investment or insurance manager, receiving fees that are at market and commensurate with the level of effort required. The Company is the sole investor in one of the Funds, the Markel Diversified Fund, and consolidates that fund as its primary beneficiary. As of March 31, 2016, total assets of the Markel Diversified Fund were $189.0 million and total liabilities were $71.3 million . The assets of the Markel Diversified Fund are available for use only by the Markel Diversified Fund, and are not available for use by the Company. Total assets of the Markel Diversified Fund include an investment in one of the unconsolidated Funds totaling $176.9 million , which represents approximately 8% of the outstanding preference shares of that fund. This investment is included in equity securities (available-for-sale) on the Company’s consolidated balance sheet. Total liabilities of the Markel Diversified Fund include a $62.5 million note payable delivered as part of the consideration provided for its investment. This note payable is included in senior long-term debt and other debt on the Company’s consolidated balance sheet. Other than the note payable, any liabilities held by the Markel Diversified Fund have no recourse to the Company’s general credit. The Company’s exposure to risk from the unconsolidated Funds and reinsurance company is generally limited to any earned but uncollected fees. The Company has not issued any investment performance guarantees to these VIEs or their investors. As of March 31, 2016, total investment and insurance assets under management of MCIM for unconsolidated VIEs were $3.0 billion . |
Net Income Per Share
Net Income Per Share | 3 Months Ended |
Mar. 31, 2016 | |
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. Three Months Ended March 31, (in thousands, except per share amounts) 2016 2015 Net income to shareholders $ 160,370 $ 190,992 Adjustment of redeemable noncontrolling interests (3,452 ) (1,347 ) Adjusted net income to shareholders $ 156,918 $ 189,645 Basic common shares outstanding 13,994 13,972 Dilutive potential common shares from conversion of options 5 10 Dilutive potential common shares from conversion of restricted stock 75 81 Diluted shares outstanding 14,074 14,063 Basic net income per share $ 11.21 $ 13.57 Diluted net income per share $ 11.15 $ 13.49 |
Other Comprehensive Income
Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2016 | |
Other Comprehensive Income (Loss), Tax [Abstract] | |
Other Comprehensive Income | Other Comprehensive Income Other comprehensive income includes net holding gains 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 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 three months ended March 31, 2016 and 2015 . (dollars in thousands) Unrealized Holding Gains on Available-for-Sale Securities Foreign Currency Net Actuarial Pension Loss Total December 31, 2014 $ 1,793,254 $ (43,491 ) $ (45,206 ) $ 1,704,557 Other comprehensive income (loss) before reclassifications 121,189 (21,784 ) — 99,405 Amounts reclassified from accumulated other comprehensive income (9,053 ) — 463 (8,590 ) Total other comprehensive income (loss) 112,136 (21,784 ) 463 90,815 March 31, 2015 $ 1,905,390 $ (65,275 ) $ (44,743 ) $ 1,795,372 December 31, 2015 $ 1,472,762 $ (72,696 ) $ (45,558 ) $ 1,354,508 Other comprehensive income before reclassifications 238,823 10,321 — 249,144 Amounts reclassified from accumulated other comprehensive income (12,983 ) — 463 (12,520 ) Total other comprehensive income 225,840 10,321 463 236,624 March 31, 2016 $ 1,698,602 $ (62,375 ) $ (45,095 ) $ 1,591,132 The following table summarizes the tax expense (benefit) associated with each component of other comprehensive income. Three Months Ended March 31, (dollars in thousands) 2016 2015 Change in net unrealized gains on investments: Net holding gains arising during the period $ 116,499 $ 55,582 Change in unrealized other-than-temporary impairment losses on fixed maturities arising during the period (15 ) 41 Reclassification adjustments for net gains included in net income (5,477 ) (3,096 ) Change in net unrealized gains on investments 111,007 52,527 Change in foreign currency translation adjustments (77 ) (1,039 ) Change in net actuarial pension loss 102 116 Total $ 111,032 $ 51,604 The following table presents the details of amounts reclassified from accumulated other comprehensive income into income, by component. Three Months Ended March 31, (dollars in thousands) 2016 2015 Unrealized holding gains on available-for-sale securities: Other-than-temporary impairment losses $ (8,405 ) $ (5,092 ) Net realized investment gains, excluding other-than-temporary impairment losses 26,865 17,241 Total before taxes 18,460 12,149 Income taxes (5,477 ) (3,096 ) Reclassification of unrealized holding gains, net of taxes $ 12,983 $ 9,053 Net actuarial pension loss: Underwriting, acquisition and insurance expenses $ (565 ) $ (579 ) Income taxes 102 116 Reclassification of net actuarial pension loss, net of taxes $ (463 ) $ (463 ) |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
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. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | Subsequent Events On April 5, 2016 , the Company issued $400.0 million of 5.0% unsecured senior notes due April 5, 2046 . Net proceeds to the Company were $392.3 million . In April 2016, the Company used a portion of these proceeds to purchase $70.2 million of principal on its 7.35% Senior Notes due 2034 and $108.8 million of principal on its 7.125% Senior Notes due 2019 through a tender offer at a total purchase price of $95.0 million and $126.4 million , respectively. The Company also expects to use the proceeds from the April 2016 issuance to retire its 7.20% unsecured senior notes, when they come due April 14, 2017 ( $90.6 million aggregate principal amount of those notes was outstanding at March 31, 2016 ), and any remainder of the net proceeds will be used for general corporate purposes. In connection with the tender offer and purchase, in the second quarter of 2016 we expect to recognize a loss on early extinguishment of debt of approximately $44 million . |
Summary of Significant Accoun21
Summary of Significant Accounting Policies Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | 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 March 31, 2016 and the related consolidated statements of income and comprehensive income, changes in equity and cash flows for the three months ended March 31, 2016 and 2015 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, 2015 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 consolidated subsidiaries, as well as any variable interest entities (VIEs) that meet the requirements for consolidation (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. In addition to the policies set forth below, readers are urged to review the Company's 2015 Annual Report on Form 10-K for a more complete description of the Company's business and accounting policies. |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Variable Interest Entities. The Company determines whether it has relationships with entities defined as VIEs in accordance with Accounting Standards Codification (ASC) Topic 810, Consolidation . Under this guidance, a VIE is consolidated by the variable interest holder that is determined to be the primary beneficiary. An entity in which the Company holds a variable interest is a VIE if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) as a group, the holders of equity investment at risk lack either the direct or indirect ability through voting rights or similar rights to make decisions about an entity's activities that most significantly impact the entity’s economic performance or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some investors are disproportionate to their obligation to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity's activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. The primary beneficiary is defined as the variable interest holder that is determined to have the controlling financial interest as a result of having both (a) the power to direct the activities of a VIE that most significantly impact the economic performance of the VIE and (b) the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. The Company determines whether an entity is a VIE at the inception of our variable interest in the entity and upon the occurrence of certain reconsideration events. The Company continually reassesses whether it is the primary beneficiary of VIEs in which it holds a variable interest. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition. Investment Management and Performance Fees Investment management fee income is recognized over the period in which investment management services are provided and is calculated and billed monthly based on the net asset value of the accounts managed. Performance fee arrangements entitle the Company to participate, on a fixed-percentage basis, in any net income generated in excess of an agreed-upon threshold as established by the underlying investment management agreements. In general, net income is calculated at the end of each calendar year and performance fees are payable annually. Following the preferred method identified in the ASC Topic 605, Revenue Recognition , such performance fee income is recorded at the conclusion of the contractual performance period, when all contingencies are resolved. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-For-Sale Investments | The following tables summarize the Company's available-for-sale investments. March 31, 2016 (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 $ 691,690 $ 17,663 $ (168 ) $ — $ 709,185 Obligations of states, municipalities and political subdivisions 4,111,866 267,103 (4,510 ) — 4,374,459 Foreign governments 1,306,545 188,608 (36 ) — 1,495,117 Commercial mortgage-backed securities 925,439 29,342 (1,093 ) — 953,688 Residential mortgage-backed securities 823,483 47,411 (1,383 ) (2,258 ) 867,253 Asset-backed securities 29,555 55 (104 ) — 29,506 Corporate bonds 1,667,561 62,819 (5,477 ) (1,706 ) 1,723,197 Total fixed maturities 9,556,139 613,001 (12,771 ) (3,964 ) 10,152,405 Equity securities: Insurance, banks and other financial institutions 828,453 771,280 (7,058 ) — 1,592,675 Industrial, consumer and all other 1,525,488 1,229,365 (30,988 ) — 2,723,865 Total equity securities 2,353,941 2,000,645 (38,046 ) — 4,316,540 Short-term investments 1,324,302 91 — — 1,324,393 Investments, available-for-sale $ 13,234,382 $ 2,613,737 $ (50,817 ) $ (3,964 ) $ 15,793,338 December 31, 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 $ 695,652 $ 9,836 $ (4,781 ) $ — $ 700,707 Obligations of states, municipalities and political subdivisions 3,817,136 204,302 (8,225 ) — 4,013,213 Foreign governments 1,302,329 115,809 (1,681 ) — 1,416,457 Commercial mortgage-backed securities 657,670 6,867 (4,999 ) — 659,538 Residential mortgage-backed securities 837,964 22,563 (4,022 ) (2,258 ) 854,247 Asset-backed securities 36,462 15 (406 ) — 36,071 Corporate bonds 1,690,945 41,123 (16,209 ) (1,624 ) 1,714,235 Total fixed maturities 9,038,158 400,515 (40,323 ) (3,882 ) 9,394,468 Equity securities: Insurance, banks and other financial institutions 651,002 690,271 (6,551 ) — 1,334,722 Industrial, consumer and all other 1,557,832 1,227,052 (45,131 ) — 2,739,753 Total equity securities 2,208,834 1,917,323 (51,682 ) — 4,074,475 Short-term investments 1,642,103 167 (9 ) — 1,642,261 Investments, available-for-sale $ 12,889,095 $ 2,318,005 $ (92,014 ) $ (3,882 ) $ 15,111,204 |
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. March 31, 2016 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 $ 148,113 $ (135 ) $ 37,366 $ (33 ) $ 185,479 $ (168 ) Obligations of states, municipalities and political subdivisions 95,439 (1,497 ) 51,482 (3,013 ) 146,921 (4,510 ) Foreign governments 5,011 (3 ) 14,774 (33 ) 19,785 (36 ) Commercial mortgage-backed securities 88,908 (476 ) 83,962 (617 ) 172,870 (1,093 ) Residential mortgage-backed securities 8,645 (2,315 ) 126,558 (1,326 ) 135,203 (3,641 ) Asset-backed securities — — 21,218 (104 ) 21,218 (104 ) Corporate bonds 153,024 (4,078 ) 212,586 (3,105 ) 365,610 (7,183 ) Total fixed maturities 499,140 (8,504 ) 547,946 (8,231 ) 1,047,086 (16,735 ) Equity securities: Insurance, banks and other financial institutions 60,530 (7,056 ) 20 (2 ) 60,550 (7,058 ) Industrial, consumer and all other 272,644 (25,828 ) 19,985 (5,160 ) 292,629 (30,988 ) Total equity securities 333,174 (32,884 ) 20,005 (5,162 ) 353,179 (38,046 ) Short-term investments — — — — — — Total $ 832,314 $ (41,388 ) $ 567,951 $ (13,393 ) $ 1,400,265 $ (54,781 ) December 31, 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 $ 427,003 $ (3,648 ) $ 92,552 $ (1,133 ) $ 519,555 $ (4,781 ) Obligations of states, municipalities and political subdivisions 169,362 (4,864 ) 70,101 (3,361 ) 239,463 (8,225 ) Foreign governments 51,328 (249 ) 40,345 (1,432 ) 91,673 (1,681 ) Commercial mortgage-backed securities 289,058 (3,600 ) 95,843 (1,399 ) 384,901 (4,999 ) Residential mortgage-backed securities 78,814 (2,858 ) 137,100 (3,422 ) 215,914 (6,280 ) Asset-backed securities 6,228 (54 ) 24,315 (352 ) 30,543 (406 ) Corporate bonds 470,694 (9,509 ) 343,737 (8,324 ) 814,431 (17,833 ) Total fixed maturities 1,492,487 (24,782 ) 803,993 (19,423 ) 2,296,480 (44,205 ) Equity securities: Insurance, banks and other financial institutions 63,873 (6,384 ) 6,247 (167 ) 70,120 (6,551 ) Industrial, consumer and all other 344,857 (44,879 ) 2,907 (252 ) 347,764 (45,131 ) Total equity securities 408,730 (51,263 ) 9,154 (419 ) 417,884 (51,682 ) Short-term investments 129,473 (9 ) — — 129,473 (9 ) Total $ 2,030,690 $ (76,054 ) $ 813,147 $ (19,842 ) $ 2,843,837 $ (95,896 ) |
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 March 31, 2016 are shown below by contractual maturity. (dollars in thousands) Amortized Cost Estimated Fair Value Due in one year or less $ 666,251 $ 673,208 Due after one year through five years 1,550,955 1,597,925 Due after five years through ten years 1,639,536 1,767,504 Due after ten years 3,920,920 4,263,321 7,777,662 8,301,958 Commercial mortgage-backed securities 925,439 953,688 Residential mortgage-backed securities 823,483 867,253 Asset-backed securities 29,555 29,506 Total fixed maturities $ 9,556,139 $ 10,152,405 |
Components Of Net Investment Income | The following table presents the components of net investment income. Three Months Ended March 31, (dollars in thousands) 2016 2015 Interest: Municipal bonds (tax-exempt) $ 21,922 $ 25,852 Municipal bonds (taxable) 15,888 14,100 Other taxable bonds 35,319 35,138 Short-term investments, including overnight deposits 2,291 1,251 Dividends on equity securities 17,652 19,024 Income (loss) from equity method investments (253 ) 1,344 Other 2,484 61 95,303 96,770 Investment expenses (4,009 ) (3,895 ) Net investment income $ 91,294 $ 92,875 |
Summary Of Net Realized Investment Gains (Losses) 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. Three Months Ended March 31, (dollars in thousands) 2016 2015 Realized gains: Sales of fixed maturities $ 268 $ 1,586 Sales of equity securities 27,728 15,957 Other 438 1,307 Total realized gains 28,434 18,850 Realized losses: Sales of fixed maturities (413 ) (142 ) Sales of equity securities (718 ) (160 ) Other-than-temporary impairments (8,405 ) (5,092 ) Other (2,296 ) (844 ) Total realized losses (11,832 ) (6,238 ) Gains (losses) on securities measured at fair value through net income 4,577 $ (7,041 ) Net realized investment gains $ 21,179 $ 5,571 Change in net unrealized gains on investments included in other comprehensive income: Fixed maturities $ 239,956 $ 106,338 Equity securities 96,958 58,345 Short-term investments (67 ) (20 ) Net increase $ 336,847 $ 164,663 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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. March 31, 2016 (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 $ — $ 709,185 $ — $ 709,185 Obligations of states, municipalities and political subdivisions — 4,374,459 — 4,374,459 Foreign governments — 1,495,117 — 1,495,117 Commercial mortgage-backed securities — 953,688 — 953,688 Residential mortgage-backed securities — 867,253 — 867,253 Asset-backed securities — 29,506 — 29,506 Corporate bonds — 1,723,197 — 1,723,197 Total fixed maturities — 10,152,405 — 10,152,405 Equity securities: Insurance, banks and other financial institutions 1,415,733 — 176,942 1,592,675 Industrial, consumer and all other 2,723,865 — — 2,723,865 Total equity securities 4,139,598 — 176,942 4,316,540 Short-term investments 1,215,273 109,120 — 1,324,393 Total investments available-for-sale $ 5,354,871 $ 10,261,525 $ 176,942 $ 15,793,338 December 31, 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 $ — $ 700,707 $ — $ 700,707 Obligations of states, municipalities and political subdivisions — 4,013,213 — 4,013,213 Foreign governments — 1,416,457 — 1,416,457 Commercial mortgage-backed securities — 659,538 — 659,538 Residential mortgage-backed securities — 854,247 — 854,247 Asset-backed securities — 36,071 — 36,071 Corporate bonds — 1,714,235 — 1,714,235 Total fixed maturities — 9,394,468 — 9,394,468 Equity securities: Insurance, banks and other financial institutions 1,334,722 — — 1,334,722 Industrial, consumer and all other 2,739,753 — — 2,739,753 Total equity securities 4,074,475 — — 4,074,475 Short-term investments 1,529,924 112,337 — 1,642,261 Total investments available-for-sale $ 5,604,399 $ 9,506,805 $ — $ 15,111,204 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table summarizes changes in Level 3 investments measured at fair value on a recurring basis. Quarter Ended March 31, (dollars in thousands) 2016 2015 Equity securities, beginning of period — — Purchases 170,250 — Total gains included in: Net income 6,692 — Other comprehensive income — — Transfers into Level 3 — — Transfers out of Level 3 — — Equity securities, end of period 176,942 — Net unrealized gains included in net income relating to assets held at March 31, 2016 and 2015 (1) 6,692 — (1) Included in net realized investment gains in the consolidated statements of income and comprehensive income |
Segment Reporting Disclosures (
Segment Reporting Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Company's Segment Disclosures | The following tables summarize the Company's segment disclosures. Three Months Ended March 31, 2016 (dollars in thousands) U.S. Insurance International Insurance Reinsurance Other Insurance (Discontinued Lines) Investing Consolidated Gross premium volume $ 647,790 $ 291,404 $ 453,486 $ (17 ) $ — $ 1,392,663 Net written premiums 552,745 226,399 402,726 90 — 1,181,960 Earned premiums 532,468 215,345 209,619 254 — 957,686 Losses and loss adjustment expenses: Current accident year (316,333 ) (145,476 ) (130,476 ) — — (592,285 ) Prior accident years 38,654 29,652 36,361 13,654 — 118,321 Underwriting, acquisition and insurance expenses (197,463 ) (88,606 ) (78,505 ) (114 ) — (364,688 ) Underwriting profit 57,326 10,915 36,999 13,794 — 119,034 Net investment income — — — — 91,294 91,294 Net realized investment gains — — — — 21,179 21,179 Other revenues (insurance) 1,419 4,121 — 495 — 6,035 Other expenses (insurance) (724 ) (1,554 ) — (8,001 ) — (10,279 ) Segment profit $ 58,021 $ 13,482 $ 36,999 $ 6,288 $ 112,473 $ 227,263 Other revenues (non-insurance) 299,988 Other expenses (non-insurance) (264,814 ) Amortization of intangible assets (17,260 ) Interest expense (30,841 ) Income before income taxes $ 214,336 U.S. GAAP combined ratio (1) 89 % 95 % 82 % NM (2) 88 % Three Months Ended March 31, 2015 (dollars in thousands) U.S. Insurance International Insurance Reinsurance Other Insurance (Discontinued Lines) Investing Consolidated Gross premium volume $ 585,365 $ 289,227 $ 377,837 $ 44 $ — $ 1,252,473 Net written premiums 496,169 222,708 316,212 341 — 1,035,430 Earned premiums 514,554 205,961 222,754 381 — 943,650 Losses and loss adjustment expenses: Current accident year (316,757 ) (148,844 ) (148,740 ) — — (614,341 ) Prior accident years 67,581 76,650 26,387 (3,272 ) — 167,346 Underwriting, acquisition and insurance expenses (185,260 ) (78,794 ) (76,553 ) (78 ) — (340,685 ) Underwriting profit (loss) 80,118 54,973 23,848 (2,969 ) — 155,970 Net investment income — — — — 92,875 92,875 Net realized investment gains — — — — 5,571 5,571 Other revenues (insurance) 1,402 5,387 423 (23 ) — 7,189 Other expenses (insurance) (905 ) (1,404 ) — (7,349 ) — (9,658 ) Segment profit (loss) $ 80,615 $ 58,956 $ 24,271 $ (10,341 ) $ 98,446 $ 251,947 Other revenues (non-insurance) 252,869 Other expenses (non-insurance) (221,343 ) Amortization of intangible assets (14,640 ) Interest expense (29,312 ) Income before income taxes $ 239,521 U.S. GAAP combined ratio (1) 84 % 73 % 89 % NM (2) 83 % (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) March 31, 2016 December 31, 2015 Segment assets: Investing $ 18,413,556 $ 18,056,947 Underwriting 5,787,127 5,385,126 Total segment assets 24,200,683 23,442,073 Non-insurance operations 1,484,547 1,497,042 Total assets $ 25,685,230 $ 24,939,115 |
Other Revenues And Other Expe25
Other Revenues And Other Expenses (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Summary Of Other Revenues And Other Expenses By Component | The following table summarizes the components of other revenues and other expenses. Three Months Ended March 31, 2016 2015 (dollars in thousands) Other Revenues Other Expenses Other Revenues Other Expenses Insurance: Managing general agent operations $ 5,540 $ 2,278 $ 5,870 $ 2,309 Life and annuity 495 8,001 (23 ) 7,349 Other — — 1,342 — 6,035 10,279 7,189 9,658 Non-Insurance: Markel Ventures: Manufacturing 192,691 160,366 177,762 151,800 Markel Ventures: Non-Manufacturing 93,828 88,433 67,681 63,830 Investment management 7,173 9,930 — — Other 6,296 6,085 7,426 5,713 299,988 264,814 252,869 221,343 Total $ 306,023 $ 275,093 $ 260,058 $ 231,001 |
Reinsurance (Tables)
Reinsurance (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Reinsurance Disclosures [Abstract] | |
Effect Of Reinsurance And Retrocessional Reinsurance On Premiums Written And Earned | The following table summarizes the effect of reinsurance and retrocessional reinsurance on premiums written and earned. Three Months Ended March 31, 2016 2015 (dollars in thousands) Written Earned Written Earned Direct $ 879,088 $ 867,444 $ 801,580 $ 844,570 Assumed 513,575 290,063 450,893 312,835 Ceded (210,703 ) (199,821 ) (217,043 ) (213,755 ) Net premiums $ 1,181,960 $ 957,686 $ 1,035,430 $ 943,650 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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. Three Months Ended March 31, (in thousands, except per share amounts) 2016 2015 Net income to shareholders $ 160,370 $ 190,992 Adjustment of redeemable noncontrolling interests (3,452 ) (1,347 ) Adjusted net income to shareholders $ 156,918 $ 189,645 Basic common shares outstanding 13,994 13,972 Dilutive potential common shares from conversion of options 5 10 Dilutive potential common shares from conversion of restricted stock 75 81 Diluted shares outstanding 14,074 14,063 Basic net income per share $ 11.21 $ 13.57 Diluted net income per share $ 11.15 $ 13.49 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 three months ended March 31, 2016 and 2015 . (dollars in thousands) Unrealized Holding Gains on Available-for-Sale Securities Foreign Currency Net Actuarial Pension Loss Total December 31, 2014 $ 1,793,254 $ (43,491 ) $ (45,206 ) $ 1,704,557 Other comprehensive income (loss) before reclassifications 121,189 (21,784 ) — 99,405 Amounts reclassified from accumulated other comprehensive income (9,053 ) — 463 (8,590 ) Total other comprehensive income (loss) 112,136 (21,784 ) 463 90,815 March 31, 2015 $ 1,905,390 $ (65,275 ) $ (44,743 ) $ 1,795,372 December 31, 2015 $ 1,472,762 $ (72,696 ) $ (45,558 ) $ 1,354,508 Other comprehensive income before reclassifications 238,823 10,321 — 249,144 Amounts reclassified from accumulated other comprehensive income (12,983 ) — 463 (12,520 ) Total other comprehensive income 225,840 10,321 463 236,624 March 31, 2016 $ 1,698,602 $ (62,375 ) $ (45,095 ) $ 1,591,132 |
Summary Of Tax Expense (Benefit) Of Other Comprehensive Income | The following table summarizes the tax expense (benefit) associated with each component of other comprehensive income. Three Months Ended March 31, (dollars in thousands) 2016 2015 Change in net unrealized gains on investments: Net holding gains arising during the period $ 116,499 $ 55,582 Change in unrealized other-than-temporary impairment losses on fixed maturities arising during the period (15 ) 41 Reclassification adjustments for net gains included in net income (5,477 ) (3,096 ) Change in net unrealized gains on investments 111,007 52,527 Change in foreign currency translation adjustments (77 ) (1,039 ) Change in net actuarial pension loss 102 116 Total $ 111,032 $ 51,604 |
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. Three Months Ended March 31, (dollars in thousands) 2016 2015 Unrealized holding gains on available-for-sale securities: Other-than-temporary impairment losses $ (8,405 ) $ (5,092 ) Net realized investment gains, excluding other-than-temporary impairment losses 26,865 17,241 Total before taxes 18,460 12,149 Income taxes (5,477 ) (3,096 ) Reclassification of unrealized holding gains, net of taxes $ 12,983 $ 9,053 Net actuarial pension loss: Underwriting, acquisition and insurance expenses $ (565 ) $ (579 ) Income taxes 102 116 Reclassification of net actuarial pension loss, net of taxes $ (463 ) $ (463 ) |
Recent Accounting Pronounceme29
Recent Accounting Pronouncements Recent Accounting Pronouncements (Details) $ in Millions | Dec. 31, 2015USD ($) |
New Accounting Pronouncement [Abstract] | |
New Accounting Pronouncement, Change in Accounting Principle, Balance Sheet Reclassification | $ 2.2 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - CapTech Ventures Inc [Member] - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended |
Dec. 31, 2015 | Mar. 31, 2016 | |
Business Acquisition [Line Items] | ||
Percentage acquired | 80.00% | |
Total consideration | $ 60,600 | |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | $ 0 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016USD ($)securities | Mar. 31, 2015USD ($)securities | Dec. 31, 2015USD ($)securities | |
Schedule of Investments [Line Items] | |||
Available-for-sale securities in unrealized loss position, number of positions | securities | 352 | 659 | |
Available-for-sale securities, estimated fair value | $ 1,400,265 | $ 2,843,837 | |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses | $ (54,781) | $ (95,896) | |
Number of available-for-sale securities positions in a continuous unrealized loss position for one year or longer at period end | securities | 201 | 271 | |
Available-for-sale securities, estimated fair value, 12 months or longer | $ 567,951 | $ 813,147 | |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, 12 months or longer | (13,393) | (19,842) | |
Other-than-temporary impairment losses recognized in net income | (8,405) | $ (5,092) | |
Fixed Maturities [Member] | |||
Schedule of Investments [Line Items] | |||
Available-for-sale securities, estimated fair value | 1,047,086 | 2,296,480 | |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses | $ (16,735) | $ (44,205) | |
Number of available-for-sale securities positions in a continuous unrealized loss position for one year or longer at period end | securities | 194 | 264 | |
Available-for-sale securities, estimated fair value, 12 months or longer | $ 547,946 | $ 803,993 | |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, 12 months or longer | (8,231) | (19,423) | |
Equity Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Available-for-sale securities, estimated fair value | 353,179 | 417,884 | |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses | $ (38,046) | $ (51,682) | |
Number of available-for-sale securities positions in a continuous unrealized loss position for one year or longer at period end | securities | 7 | 7 | |
Available-for-sale securities, estimated fair value, 12 months or longer | $ 20,005 | $ 9,154 | |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, 12 months or longer | (5,162) | (419) | |
Other-than-temporary impairment losses recognized in net income | $ (8,400) | $ (5,100) | |
Other than temporary impairment losses recognized in earnings number of investment positions | securities | 14 | 10 | |
Industrial, Consumer And All Other [Member] | |||
Schedule of Investments [Line Items] | |||
Available-for-sale securities, estimated fair value | $ 292,629 | 347,764 | |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses | (30,988) | (45,131) | |
Available-for-sale securities, estimated fair value, 12 months or longer | 19,985 | 2,907 | |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, 12 months or longer | (5,160) | $ (252) | |
Other-than-temporary impairment losses recognized in net income | $ (7,700) | $ (4,500) |
Investments (Available-For-Sale
Investments (Available-For-Sale Investments) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale investments, amortized cost | $ 13,234,382 | $ 12,889,095 |
Available-for-sale investments, gross unrealized holding gains | 2,613,737 | 2,318,005 |
Available-for-sale investments, gross unrealized holding losses | (50,817) | (92,014) |
Available-for-sale investments, unrealized other-than-temporary impairment losses | (3,964) | (3,882) |
Available-for-sale investments, estimated fair value | 15,793,338 | 15,111,204 |
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 | 691,690 | 695,652 |
Available-for-sale investments, gross unrealized holding gains | 17,663 | 9,836 |
Available-for-sale investments, gross unrealized holding losses | (168) | (4,781) |
Available-for-sale investments, unrealized other-than-temporary impairment losses | 0 | 0 |
Available-for-sale investments, estimated fair value | 709,185 | 700,707 |
Obligations Of States, Municipalities And Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale investments, amortized cost | 4,111,866 | 3,817,136 |
Available-for-sale investments, gross unrealized holding gains | 267,103 | 204,302 |
Available-for-sale investments, gross unrealized holding losses | (4,510) | (8,225) |
Available-for-sale investments, unrealized other-than-temporary impairment losses | 0 | 0 |
Available-for-sale investments, estimated fair value | 4,374,459 | 4,013,213 |
Foreign Governments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale investments, amortized cost | 1,306,545 | 1,302,329 |
Available-for-sale investments, gross unrealized holding gains | 188,608 | 115,809 |
Available-for-sale investments, gross unrealized holding losses | (36) | (1,681) |
Available-for-sale investments, unrealized other-than-temporary impairment losses | 0 | 0 |
Available-for-sale investments, estimated fair value | 1,495,117 | 1,416,457 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale investments, amortized cost | 925,439 | 657,670 |
Available-for-sale investments, gross unrealized holding gains | 29,342 | 6,867 |
Available-for-sale investments, gross unrealized holding losses | (1,093) | (4,999) |
Available-for-sale investments, unrealized other-than-temporary impairment losses | 0 | 0 |
Available-for-sale investments, estimated fair value | 953,688 | 659,538 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale investments, amortized cost | 823,483 | 837,964 |
Available-for-sale investments, gross unrealized holding gains | 47,411 | 22,563 |
Available-for-sale investments, gross unrealized holding losses | (1,383) | (4,022) |
Available-for-sale investments, unrealized other-than-temporary impairment losses | (2,258) | (2,258) |
Available-for-sale investments, estimated fair value | 867,253 | 854,247 |
Asset-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale investments, amortized cost | 29,555 | 36,462 |
Available-for-sale investments, gross unrealized holding gains | 55 | 15 |
Available-for-sale investments, gross unrealized holding losses | (104) | (406) |
Available-for-sale investments, unrealized other-than-temporary impairment losses | 0 | 0 |
Available-for-sale investments, estimated fair value | 29,506 | 36,071 |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale investments, amortized cost | 1,667,561 | 1,690,945 |
Available-for-sale investments, gross unrealized holding gains | 62,819 | 41,123 |
Available-for-sale investments, gross unrealized holding losses | (5,477) | (16,209) |
Available-for-sale investments, unrealized other-than-temporary impairment losses | (1,706) | (1,624) |
Available-for-sale investments, estimated fair value | 1,723,197 | 1,714,235 |
Total Fixed Maturities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale investments, amortized cost | 9,556,139 | 9,038,158 |
Available-for-sale investments, gross unrealized holding gains | 613,001 | 400,515 |
Available-for-sale investments, gross unrealized holding losses | (12,771) | (40,323) |
Available-for-sale investments, unrealized other-than-temporary impairment losses | (3,964) | (3,882) |
Available-for-sale investments, estimated fair value | 10,152,405 | 9,394,468 |
Insurance, Banks And Other Financial Institutions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale investments, amortized cost | 828,453 | 651,002 |
Available-for-sale investments, gross unrealized holding gains | 771,280 | 690,271 |
Available-for-sale investments, gross unrealized holding losses | (7,058) | (6,551) |
Available-for-sale investments, unrealized other-than-temporary impairment losses | 0 | 0 |
Available-for-sale investments, estimated fair value | 1,592,675 | 1,334,722 |
Industrial, Consumer And All Other [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale investments, amortized cost | 1,525,488 | 1,557,832 |
Available-for-sale investments, gross unrealized holding gains | 1,229,365 | 1,227,052 |
Available-for-sale investments, gross unrealized holding losses | (30,988) | (45,131) |
Available-for-sale investments, unrealized other-than-temporary impairment losses | 0 | 0 |
Available-for-sale investments, estimated fair value | 2,723,865 | 2,739,753 |
Total Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale investments, amortized cost | 2,353,941 | 2,208,834 |
Available-for-sale investments, gross unrealized holding gains | 2,000,645 | 1,917,323 |
Available-for-sale investments, gross unrealized holding losses | (38,046) | (51,682) |
Available-for-sale investments, unrealized other-than-temporary impairment losses | 0 | 0 |
Available-for-sale investments, estimated fair value | 4,316,540 | 4,074,475 |
Short-Term Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale investments, amortized cost | 1,324,302 | 1,642,103 |
Available-for-sale investments, gross unrealized holding gains | 91 | 167 |
Available-for-sale investments, gross unrealized holding losses | 0 | (9) |
Available-for-sale investments, unrealized other-than-temporary impairment losses | 0 | 0 |
Available-for-sale investments, estimated fair value | $ 1,324,393 | $ 1,642,261 |
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 | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | $ 832,314 | $ 2,030,690 |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, less than 12 months | (41,388) | (76,054) |
Available-for-sale securities, estimated fair value, 12 months or longer | 567,951 | 813,147 |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, 12 months or longer | (13,393) | (19,842) |
Available-for-sale securities, estimated fair value | 1,400,265 | 2,843,837 |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses | (54,781) | (95,896) |
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 | 148,113 | 427,003 |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, less than 12 months | (135) | (3,648) |
Available-for-sale securities, estimated fair value, 12 months or longer | 37,366 | 92,552 |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, 12 months or longer | (33) | (1,133) |
Available-for-sale securities, estimated fair value | 185,479 | 519,555 |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses | (168) | (4,781) |
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 | 95,439 | 169,362 |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, less than 12 months | (1,497) | (4,864) |
Available-for-sale securities, estimated fair value, 12 months or longer | 51,482 | 70,101 |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, 12 months or longer | (3,013) | (3,361) |
Available-for-sale securities, estimated fair value | 146,921 | 239,463 |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses | (4,510) | (8,225) |
Foreign Governments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | 5,011 | 51,328 |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, less than 12 months | (3) | (249) |
Available-for-sale securities, estimated fair value, 12 months or longer | 14,774 | 40,345 |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, 12 months or longer | (33) | (1,432) |
Available-for-sale securities, estimated fair value | 19,785 | 91,673 |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses | (36) | (1,681) |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | 88,908 | 289,058 |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, less than 12 months | (476) | (3,600) |
Available-for-sale securities, estimated fair value, 12 months or longer | 83,962 | 95,843 |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, 12 months or longer | (617) | (1,399) |
Available-for-sale securities, estimated fair value | 172,870 | 384,901 |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses | (1,093) | (4,999) |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | 8,645 | 78,814 |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, less than 12 months | (2,315) | (2,858) |
Available-for-sale securities, estimated fair value, 12 months or longer | 126,558 | 137,100 |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, 12 months or longer | (1,326) | (3,422) |
Available-for-sale securities, estimated fair value | 135,203 | 215,914 |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses | (3,641) | (6,280) |
Asset-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | 0 | 6,228 |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, less than 12 months | 0 | (54) |
Available-for-sale securities, estimated fair value, 12 months or longer | 21,218 | 24,315 |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, 12 months or longer | (104) | (352) |
Available-for-sale securities, estimated fair value | 21,218 | 30,543 |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses | (104) | (406) |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | 153,024 | 470,694 |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, less than 12 months | (4,078) | (9,509) |
Available-for-sale securities, estimated fair value, 12 months or longer | 212,586 | 343,737 |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, 12 months or longer | (3,105) | (8,324) |
Available-for-sale securities, estimated fair value | 365,610 | 814,431 |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses | (7,183) | (17,833) |
Total Fixed Maturities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | 499,140 | 1,492,487 |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, less than 12 months | (8,504) | (24,782) |
Available-for-sale securities, estimated fair value, 12 months or longer | 547,946 | 803,993 |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, 12 months or longer | (8,231) | (19,423) |
Available-for-sale securities, estimated fair value | 1,047,086 | 2,296,480 |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses | (16,735) | (44,205) |
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 | 60,530 | 63,873 |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, less than 12 months | (7,056) | (6,384) |
Available-for-sale securities, estimated fair value, 12 months or longer | 20 | 6,247 |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, 12 months or longer | (2) | (167) |
Available-for-sale securities, estimated fair value | 60,550 | 70,120 |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses | (7,058) | (6,551) |
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 | 272,644 | 344,857 |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, less than 12 months | (25,828) | (44,879) |
Available-for-sale securities, estimated fair value, 12 months or longer | 19,985 | 2,907 |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, 12 months or longer | (5,160) | (252) |
Available-for-sale securities, estimated fair value | 292,629 | 347,764 |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses | (30,988) | (45,131) |
Total Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | 333,174 | 408,730 |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, less than 12 months | (32,884) | (51,263) |
Available-for-sale securities, estimated fair value, 12 months or longer | 20,005 | 9,154 |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, 12 months or longer | (5,162) | (419) |
Available-for-sale securities, estimated fair value | 353,179 | 417,884 |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses | (38,046) | (51,682) |
Short-Term Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | 0 | 129,473 |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses, less than 12 months | 0 | (9) |
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 | 0 | 129,473 |
Available-for-sale securities, gross unrealized holding and other-than-temporary impairment losses | $ 0 | $ (9) |
Investments (Schedule Of Amorti
Investments (Schedule Of Amortized Cost And Estimated Fair Value Of Fixed Maturities By Contractual Maturity Date) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Due in one year or less, amortized cost | $ 666,251 | |
Due after one year through five years, amortized cost | 1,550,955 | |
Due after five years through ten years, amortized cost | 1,639,536 | |
Due after ten years, amortized cost | 3,920,920 | |
Amortized cost, sub-total | 7,777,662 | |
Total fixed maturities, amortized cost | 9,556,139 | $ 9,038,158 |
Due in one year or less, estimated fair value | 673,208 | |
Due after one year through five years, estimated fair value | 1,597,925 | |
Due after five years through ten years, estimated fair value | 1,767,504 | |
Due after ten years, estimated fair value | 4,263,321 | |
Estimated fair value, sub-total | 8,301,958 | |
Total fixed maturities, estimated fair value | 10,152,405 | $ 9,394,468 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturities, amortized cost | 925,439 | |
Fixed maturities, estimated fair value | 953,688 | |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturities, amortized cost | 823,483 | |
Fixed maturities, estimated fair value | 867,253 | |
Asset-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturities, amortized cost | 29,555 | |
Fixed maturities, estimated fair value | $ 29,506 |
Investments (Components Of Net
Investments (Components Of Net Investment Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Municipal bonds (tax-exempt) | $ 21,922 | $ 25,852 |
Short-term investments, including overnight deposits | 2,291 | 1,251 |
Dividends on equity securities | 17,652 | 19,024 |
Income from equity method investments | (253) | 1,344 |
Other | 2,484 | 61 |
Total investment income | 95,303 | 96,770 |
Investment expenses | (4,009) | (3,895) |
Net investment income | 91,294 | 92,875 |
Taxable Municipal Bonds [Member] | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Taxable bonds | 15,888 | 14,100 |
Other Taxable Bonds [Member] | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Taxable bonds | $ 35,319 | $ 35,138 |
Investments (Summary Of Net Rea
Investments (Summary Of Net Realized Investment Gains (Losses) And The Change In Net Unrealized Gains On Investments) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)securities | Mar. 31, 2015USD ($)securities | |
Gain (Loss) on Investments [Line Items] | ||
Realized gains | $ 28,434 | $ 18,850 |
Realized losses | (11,832) | (6,238) |
Gains (losses) on securities measured at fair value through net income | 4,577 | (7,041) |
Other-than-temporary impairment losses recognized in net income | (8,405) | (5,092) |
Net realized investment gains | 21,179 | 5,571 |
Change in net unrealized gains on investments | 336,847 | 164,663 |
Sales Of Fixed Maturities [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Realized gains | 268 | 1,586 |
Realized losses | (413) | (142) |
Sales Of Equity Securities [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Realized gains | 27,728 | 15,957 |
Realized losses | (718) | (160) |
Other [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Realized gains | 438 | 1,307 |
Realized losses | (2,296) | (844) |
Fixed Maturities [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Change in net unrealized gains on investments | 239,956 | 106,338 |
Equity Securities [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Other-than-temporary impairment losses recognized in net income | (8,400) | (5,100) |
Change in net unrealized gains on investments | $ 96,958 | $ 58,345 |
Other than temporary impairment losses recognized in earnings number of investment positions | securities | 14 | 10 |
Short-Term Investments [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Change in net unrealized gains on investments | $ (67) | $ (20) |
Industrial, Consumer And All Other [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Other-than-temporary impairment losses recognized in net income | $ (7,700) | $ (4,500) |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Fair Value Disclosures [Abstract] | ||
Fair value, level 1 to level 2 transfers, amount | $ 0 | $ 0 |
Fair value, level 2 to level 1 transfers, amount | 0 | 0 |
Assets measured at fair value on a nonrecurring basis | 0 | 0 |
Liabilities measured at fair value on a nonrecurring basis | $ 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 | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fixed maturities | $ 10,152,405 | $ 9,394,468 |
Total equity securities | 4,316,540 | 4,074,475 |
Short-term investments | 1,324,393 | 1,642,261 |
Available-for-sale investments, estimated fair value | 15,793,338 | 15,111,204 |
Fixed Maturities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investments, estimated fair value | 10,152,405 | 9,394,468 |
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 | 709,185 | 700,707 |
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 | 4,374,459 | 4,013,213 |
Foreign Governments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investments, estimated fair value | 1,495,117 | 1,416,457 |
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 | 953,688 | 659,538 |
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 | 867,253 | 854,247 |
Asset-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investments, estimated fair value | 29,506 | 36,071 |
Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investments, estimated fair value | 1,723,197 | 1,714,235 |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investments, estimated fair value | 4,316,540 | 4,074,475 |
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 | 1,592,675 | 1,334,722 |
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 | 2,723,865 | 2,739,753 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fixed maturities | 10,152,405 | 9,394,468 |
Total equity securities | 4,316,540 | 4,074,475 |
Short-term investments | 1,324,393 | 1,642,261 |
Available-for-sale investments, estimated fair value | 15,793,338 | 15,111,204 |
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 | 4,139,598 | 4,074,475 |
Short-term investments | 1,215,273 | 1,529,924 |
Available-for-sale investments, estimated fair value | 5,354,871 | 5,604,399 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fixed maturities | 10,152,405 | 9,394,468 |
Total equity securities | 0 | 0 |
Short-term investments | 109,120 | 112,337 |
Available-for-sale investments, estimated fair value | 10,261,525 | 9,506,805 |
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 | 176,942 | 0 |
Short-term investments | 0 | 0 |
Available-for-sale investments, estimated fair value | 176,942 | 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 | 709,185 | 700,707 |
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 | 709,185 | 700,707 |
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 | 4,374,459 | 4,013,213 |
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 | 4,374,459 | 4,013,213 |
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 | 1,495,117 | 1,416,457 |
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 | 1,495,117 | 1,416,457 |
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 | 953,688 | 659,538 |
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 | 953,688 | 659,538 |
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 | 867,253 | 854,247 |
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 | 867,253 | 854,247 |
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 | 29,506 | 36,071 |
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 | 29,506 | 36,071 |
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 | 1,723,197 | 1,714,235 |
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 | 1,723,197 | 1,714,235 |
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 | 1,592,675 | 1,334,722 |
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 | 1,415,733 | 1,334,722 |
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 | 176,942 | 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 | 2,723,865 | 2,739,753 |
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 | 2,723,865 | 2,739,753 |
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 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements (Fair Value, Assets Measured On A Recurring Basis, Unobservable Input Reconciliation) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Fair Value Disclosures [Abstract] | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | $ 6,692 | $ 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 170,250 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 6,692 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 176,942 | $ 0 |
Segment Reporting Disclosures40
Segment Reporting Disclosures (Company's Segment Disclosures) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016USD ($)segment | Mar. 31, 2015USD ($) | ||
Segment Reporting Information [Line Items] | |||
Number of reportable ongoing underwriting segments | segment | 3 | ||
Gross premium volume | $ 1,392,663 | $ 1,252,473 | |
Net written premiums | 1,181,960 | 1,035,430 | |
Earned premiums | 957,686 | 943,650 | |
Losses and loss adjustment expenses, current accident year | (592,285) | (614,341) | |
Losses and loss adjustment expenses, prior accident years | 118,321 | 167,346 | |
Underwriting, acquisition and insurance expenses | (364,688) | (340,685) | |
Underwriting profit (loss) | 119,034 | 155,970 | |
Net investment income | 91,294 | 92,875 | |
Net realized investment gains | 21,179 | 5,571 | |
Other revenues (insurance) | 6,035 | 7,189 | |
Other expenses (insurance) | (10,279) | (9,658) | |
Segment profit (loss) | 227,263 | 251,947 | |
Other revenues (non-insurance) | 299,988 | 252,869 | |
Other expenses (non-insurance) | (264,814) | (221,343) | |
Amortization of intangible assets | (17,260) | (14,640) | |
Interest expense | (30,841) | (29,312) | |
Income Before Income Taxes | $ 214,336 | $ 239,521 | |
U.S. GAAP combined ratio | [1] | 88.00% | 83.00% |
U.S. Insurance [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross premium volume | $ 647,790 | $ 585,365 | |
Net written premiums | 552,745 | 496,169 | |
Earned premiums | 532,468 | 514,554 | |
Losses and loss adjustment expenses, current accident year | (316,333) | (316,757) | |
Losses and loss adjustment expenses, prior accident years | 38,654 | 67,581 | |
Underwriting, acquisition and insurance expenses | (197,463) | (185,260) | |
Underwriting profit (loss) | 57,326 | 80,118 | |
Net investment income | 0 | 0 | |
Net realized investment gains | 0 | 0 | |
Other revenues (insurance) | 1,419 | 1,402 | |
Other expenses (insurance) | (724) | (905) | |
Segment profit (loss) | $ 58,021 | $ 80,615 | |
U.S. GAAP combined ratio | [1] | 89.00% | 84.00% |
International Insurance [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross premium volume | $ 291,404 | $ 289,227 | |
Net written premiums | 226,399 | 222,708 | |
Earned premiums | 215,345 | 205,961 | |
Losses and loss adjustment expenses, current accident year | (145,476) | (148,844) | |
Losses and loss adjustment expenses, prior accident years | 29,652 | 76,650 | |
Underwriting, acquisition and insurance expenses | (88,606) | (78,794) | |
Underwriting profit (loss) | 10,915 | 54,973 | |
Net investment income | 0 | 0 | |
Net realized investment gains | 0 | 0 | |
Other revenues (insurance) | 4,121 | 5,387 | |
Other expenses (insurance) | (1,554) | (1,404) | |
Segment profit (loss) | $ 13,482 | $ 58,956 | |
U.S. GAAP combined ratio | [1] | 95.00% | 73.00% |
Reinsurance [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross premium volume | $ 453,486 | $ 377,837 | |
Net written premiums | 402,726 | 316,212 | |
Earned premiums | 209,619 | 222,754 | |
Losses and loss adjustment expenses, current accident year | (130,476) | (148,740) | |
Losses and loss adjustment expenses, prior accident years | 36,361 | 26,387 | |
Underwriting, acquisition and insurance expenses | (78,505) | (76,553) | |
Underwriting profit (loss) | 36,999 | 23,848 | |
Net investment income | 0 | 0 | |
Net realized investment gains | 0 | 0 | |
Other revenues (insurance) | 0 | 423 | |
Other expenses (insurance) | 0 | 0 | |
Segment profit (loss) | $ 36,999 | $ 24,271 | |
U.S. GAAP combined ratio | [1] | 82.00% | 89.00% |
Other Insurance (Discontinued Lines) [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross premium volume | $ (17) | $ 44 | |
Net written premiums | 90 | 341 | |
Earned premiums | 254 | 381 | |
Losses and loss adjustment expenses, current accident year | 0 | 0 | |
Losses and loss adjustment expenses, prior accident years | 13,654 | (3,272) | |
Underwriting, acquisition and insurance expenses | (114) | (78) | |
Underwriting profit (loss) | 13,794 | (2,969) | |
Net investment income | 0 | 0 | |
Net realized investment gains | 0 | 0 | |
Other revenues (insurance) | 495 | (23) | |
Other expenses (insurance) | (8,001) | (7,349) | |
Segment profit (loss) | $ 6,288 | $ (10,341) | |
U.S. GAAP combined ratio - not meaniningful | [1],[2] | NM | NM |
Investing [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross premium volume | $ 0 | $ 0 | |
Net written premiums | 0 | 0 | |
Earned premiums | 0 | 0 | |
Losses and loss adjustment expenses, current accident year | 0 | 0 | |
Losses and loss adjustment expenses, prior accident years | 0 | 0 | |
Underwriting, acquisition and insurance expenses | 0 | 0 | |
Underwriting profit (loss) | 0 | 0 | |
Net investment income | 91,294 | 92,875 | |
Net realized investment gains | 21,179 | 5,571 | |
Other revenues (insurance) | 0 | 0 | |
Other expenses (insurance) | 0 | 0 | |
Segment profit (loss) | $ 112,473 | $ 98,446 | |
[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 Disclosures41
Segment Reporting Disclosures (Reconciliation Of Segment Assets To The Company's Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | ||
Assets | $ 25,685,230 | $ 24,939,115 |
Non-Insurance Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,484,547 | 1,497,042 |
Segment Assets [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 24,200,683 | 23,442,073 |
Segment Assets [Member] | Investing [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 18,413,556 | 18,056,947 |
Segment Assets [Member] | Underwriting [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 5,787,127 | $ 5,385,126 |
Other Revenues And Other Expe42
Other Revenues And Other Expenses (Summary Of Other Revenues And Other Expenses By Component) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Other Revenues and Other Expenses [Line Items] | ||
Other revenues | $ 306,023 | $ 260,058 |
Other expenses | 275,093 | 231,001 |
Insurance Operations [Member] | ||
Other Revenues and Other Expenses [Line Items] | ||
Other revenues | 6,035 | 7,189 |
Other expenses | 10,279 | 9,658 |
Non-Insurance Operations [Member] | ||
Other Revenues and Other Expenses [Line Items] | ||
Other revenues | 299,988 | 252,869 |
Other expenses | 264,814 | 221,343 |
Managing General Agent Operations [Member] | Insurance Operations [Member] | ||
Other Revenues and Other Expenses [Line Items] | ||
Other revenues | 5,540 | 5,870 |
Other expenses | 2,278 | 2,309 |
Life And Annuity [Member] | Insurance Operations [Member] | ||
Other Revenues and Other Expenses [Line Items] | ||
Other revenues | 495 | (23) |
Other expenses | 8,001 | 7,349 |
Other Insurance [Member] | Insurance Operations [Member] | ||
Other Revenues and Other Expenses [Line Items] | ||
Other revenues | 0 | 1,342 |
Other expenses | 0 | 0 |
Manufacturing [Member] | Non-Insurance Operations [Member] | Markel Ventures Operations [Member] | ||
Other Revenues and Other Expenses [Line Items] | ||
Other revenues | 192,691 | 177,762 |
Other expenses | 160,366 | 151,800 |
Non-Manufacturing [Member] | Non-Insurance Operations [Member] | Markel Ventures Operations [Member] | ||
Other Revenues and Other Expenses [Line Items] | ||
Other revenues | 93,828 | 67,681 |
Other expenses | 88,433 | 63,830 |
Investment Management [Member] | Non-Insurance Operations [Member] | ||
Other Revenues and Other Expenses [Line Items] | ||
Other revenues | 7,173 | 0 |
Other expenses | 9,930 | 0 |
Other Non-Insurance [Member] | Non-Insurance Operations [Member] | ||
Other Revenues and Other Expenses [Line Items] | ||
Other revenues | 6,296 | 7,426 |
Other expenses | $ 6,085 | $ 5,713 |
Reinsurance (Narrative) (Detail
Reinsurance (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||
Percentage of ceded earned premiums to gross earned premiums | 17.00% | 18.00% |
Percentage of assumed earned premiums to net earned premiums | 30.00% | 33.00% |
Reinsurance recoverables | $ 130.6 | $ 88.8 |
Reinsurance (Effect Of Reinsura
Reinsurance (Effect Of Reinsurance And Retrocessional Reinsurance On Premiums Written And Earned) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Reinsurance Disclosures [Abstract] | ||
Direct premiums written | $ 879,088 | $ 801,580 |
Direct premiums earned | 867,444 | 844,570 |
Assumed premiums written | 513,575 | 450,893 |
Assumed premiums earned | 290,063 | 312,835 |
Ceded premiums written | (210,703) | (217,043) |
Ceded premiums earned | (199,821) | (213,755) |
Net premiums written | 1,181,960 | 1,035,430 |
Net premiums earned | $ 957,686 | $ 943,650 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 24.00% | 19.00% |
U.S. statutory tax rate | 35.00% | 35.00% |
Effective Income Tax Rate Reconciliation, Tax Credit, Percent | 8.00% |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) $ in Millions | Mar. 31, 2016USD ($) |
Variable Interest Entity [Line Items] | |
Investment in Unconsolidated Variable Interest Entity, Carrying Amount | $ 176.9 |
Investment in Unconsolidated Variable Interest Entity, Percent | 8.00% |
Assets of Unconsolidated Variable Interest Entities Under Management | $ 3,000 |
Markel Diversified Fund [Member] | |
Variable Interest Entity [Line Items] | |
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 189 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 71.3 |
Variable Interest Entity, Consolidated, Carrying Amount, Note Payable | $ 62.5 |
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 | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Line Items] | ||
Net income to shareholders | $ 160,370 | $ 190,992 |
Adjustment of redeemable noncontrolling interests | (3,452) | (1,347) |
Adjusted net income to shareholders | $ 156,918 | $ 189,645 |
Basic common shares outstanding | 13,994 | 13,972 |
Diluted shares outstanding | 14,074 | 14,063 |
Basic net income per share | $ 11.21 | $ 13.57 |
Diluted net income per share | $ 11.15 | $ 13.49 |
Stock Options [Member] | ||
Earnings Per Share [Line Items] | ||
Dilutive potential common shares | 5 | 10 |
Restricted Stock Units (RSUs) [Member] | ||
Earnings Per Share [Line Items] | ||
Dilutive potential common shares | 75 | 81 |
Other Comprehensive Income (Cha
Other Comprehensive Income (Change In Accumulated Other Comprehensive Income By Component, Net Of Taxes And Noncontrolling Interest) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income [Line Items] | ||
Accumulated other comprehensive income, beginning balance | $ 1,354,508 | $ 1,704,557 |
Other comprehensive income (loss) before reclassifications | 249,144 | 99,405 |
Amounts reclassified from accumulated other comprehensive income | (12,520) | (8,590) |
Total other comprehensive income (loss) | 236,624 | 90,815 |
Accumulated other comprehensive income, ending balance | 1,591,132 | 1,795,372 |
Unrealized Holding Gains On Available-For-Sale Securities [Member] | ||
Accumulated Other Comprehensive Income [Line Items] | ||
Accumulated other comprehensive income, beginning balance | 1,472,762 | 1,793,254 |
Other comprehensive income (loss) before reclassifications | 238,823 | 121,189 |
Amounts reclassified from accumulated other comprehensive income | (12,983) | (9,053) |
Total other comprehensive income (loss) | 225,840 | 112,136 |
Accumulated other comprehensive income, ending balance | 1,698,602 | 1,905,390 |
Foreign Currency [Member] | ||
Accumulated Other Comprehensive Income [Line Items] | ||
Accumulated other comprehensive income, beginning balance | (72,696) | (43,491) |
Other comprehensive income (loss) before reclassifications | 10,321 | (21,784) |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 |
Total other comprehensive income (loss) | 10,321 | (21,784) |
Accumulated other comprehensive income, ending balance | (62,375) | (65,275) |
Net Actuarial Pension Loss [Member] | ||
Accumulated Other Comprehensive Income [Line Items] | ||
Accumulated other comprehensive income, beginning balance | (45,558) | (45,206) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | 463 | 463 |
Total other comprehensive income (loss) | 463 | 463 |
Accumulated other comprehensive income, ending balance | $ (45,095) | $ (44,743) |
Other Comprehensive Income (Sum
Other Comprehensive Income (Summary Of Tax Expense (Benefit) Of Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Other Comprehensive Income (Loss), Tax [Abstract] | ||
Net holding gains arising during the period | $ 116,499 | $ 55,582 |
Change in unrealized other-than-temporary impairment losses on fixed maturities arising during the period | (15) | 41 |
Reclassification adjustments for net gains included in net income | (5,477) | (3,096) |
Change in net unrealized gains on investments | 111,007 | 52,527 |
Change in foreign currency translation adjustments | (77) | (1,039) |
Change in net actuarial pension loss | 102 | 116 |
Total | $ 111,032 | $ 51,604 |
Other Comprehensive Income (Rec
Other Comprehensive Income (Reclassifications From Accumulated Other Comprehensive Income Into Income, By Component) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Reclassification Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Other-than-temporary impairment losses recognized in net income | $ (8,405) | $ (5,092) |
Net realized investment gains, excluding other-than-temporary impairment losses | 29,584 | 10,663 |
Income Before Income Taxes | 214,336 | 239,521 |
Underwriting, acquisition and insurance expenses | (364,688) | (340,685) |
Income taxes | (50,690) | (45,515) |
Net Income | 163,646 | 194,006 |
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 | (8,405) | (5,092) |
Net realized investment gains, excluding other-than-temporary impairment losses | 26,865 | 17,241 |
Income Before Income Taxes | 18,460 | 12,149 |
Income taxes | (5,477) | (3,096) |
Net Income | 12,983 | 9,053 |
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 | (565) | (579) |
Income taxes | 102 | 116 |
Net Income | $ (463) | $ (463) |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |||
May. 03, 2016 | Jun. 30, 2016 | Apr. 12, 2016 | Apr. 05, 2016 | Mar. 31, 2016 | |
7.20% Unsecured Senior Notes [Member] | |||||
Subsequent Event [Line Items] | |||||
Senior Notes | $ 90.6 | ||||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Subsequent Event, Date | Apr. 5, 2016 | ||||
Debt Instrument, Face Amount | $ 400 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||||
Debt Instrument, Maturity Date | Apr. 5, 2046 | ||||
Proceeds from Debt, Net of Issuance Costs | $ 392.3 | ||||
Gains (Losses) on Extinguishment of Debt | (44) | ||||
Subsequent Event [Member] | 7.35% Unsecured Senior Notes [Member] | |||||
Subsequent Event [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 7.35% | ||||
Debt Instrument, Repurchased Face Amount | $ 70.2 | ||||
Early Repayment of Senior Debt | 95 | ||||
Subsequent Event [Member] | 7.125% Unsecured Senior Notes [Member] | |||||
Subsequent Event [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 7.125% | ||||
Debt Instrument, Repurchased Face Amount | $ 108.8 | ||||
Early Repayment of Senior Debt | $ 126.4 |