Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 27, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-15811 | |
Entity Registrant Name | MARKEL CORPORATION | |
Entity Incorporation, State or Country Code | VA | |
Entity Tax Identification Number | 54-1959284 | |
Entity Address, Address Line One | 4521 Highwoods Parkway | |
Entity Address, City or Town | Glen Allen | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 23060-6148 | |
City Area Code | 804 | |
Local Phone Number | 747-0136 | |
Title of 12(b) Security | Common Stock, no par value | |
Trading Symbol | MKL | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 13,724,847 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001096343 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets [Abstract] | ||
Fixed maturities, available-for-sale (amortized cost of $10,667,968 in 2021 and $9,655,261 in 2020) | $ 11,439,655 | $ 10,681,734 |
Equity securities (cost of $2,771,057 in 2021 and $2,732,998 in 2020) | 8,205,708 | 6,994,110 |
Short-term investments, available-for-sale (estimated fair value approximates cost) | 3,263,073 | 2,034,099 |
Total Investments | 22,908,436 | 19,709,943 |
Cash and cash equivalents | 3,679,433 | 4,341,736 |
Restricted cash and cash equivalents | 672,385 | 874,913 |
Receivables | 2,627,218 | 1,930,211 |
Reinsurance recoverables | 6,484,269 | 5,989,337 |
Deferred policy acquisition costs | 766,736 | 630,794 |
Prepaid reinsurance premiums | 1,708,240 | 1,451,858 |
Goodwill | 2,606,138 | 2,604,624 |
Intangible assets | 1,696,748 | 1,782,718 |
Other assets | 2,491,910 | 2,393,920 |
Total Assets | 45,641,513 | 41,710,054 |
Liabilities and Equity [Abstract] | ||
Unpaid losses and loss adjustment expenses | 16,999,816 | 16,222,376 |
Life and annuity benefits | 975,499 | 1,069,986 |
Unearned premiums | 5,261,649 | 4,433,245 |
Payables to insurance and reinsurance companies | 671,820 | 493,470 |
Senior long-term debt and other debt (estimated fair value of $4,868,000 in 2021 and $4,367,000 in 2020) | 4,160,175 | 3,484,023 |
Other liabilities | 3,346,104 | 2,946,631 |
Total Liabilities | 31,415,063 | 28,649,731 |
Redeemable noncontrolling interests | 228,401 | 245,642 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Preferred Stock | 591,891 | 591,891 |
Common stock | 3,451,968 | 3,428,340 |
Retained earnings | 9,503,889 | 8,195,182 |
Accumulated other comprehensive income | 427,223 | 584,376 |
Total Shareholders' Equity | 13,974,971 | 12,799,789 |
Noncontrolling interests | 23,078 | 14,892 |
Total Equity | 13,998,049 | 12,814,681 |
Total Liabilities and Equity | $ 45,641,513 | $ 41,710,054 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fixed maturities, available-for-sale amortized cost | $ 10,667,968 | $ 9,655,261 |
Equity securities, cost | 2,771,057 | 2,732,998 |
Senior long-term debt and other debt (estimated fair value) | $ 4,868,000 | $ 4,367,000 |
Consolidated Statements Of Inco
Consolidated Statements Of Income (Loss) And Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |||||
OPERATING REVENUES | ||||||||
Earned premiums | $ 1,568,037 | $ 1,360,174 | $ 3,065,732 | $ 2,690,883 | ||||
Net investment income | 96,261 | 95,615 | 192,831 | 183,858 | ||||
Net investment gains (losses) | 674,753 | 911,243 | 1,201,624 | (770,198) | ||||
Products revenues | 592,601 | 423,581 | 921,433 | 775,742 | ||||
Services and other revenues | 569,120 | 341,402 | 1,019,346 | 587,396 | ||||
Total Operating Revenues | 3,500,772 | 3,132,015 | 6,400,966 | 3,467,681 | ||||
OPERATING EXPENSES | ||||||||
Losses and loss adjustment expenses | 814,955 | 713,216 | 1,694,873 | 1,789,564 | ||||
Underwriting, acquisition and insurance expenses | 548,364 | 489,362 | 1,075,107 | 984,525 | ||||
Products expenses | 502,202 | 364,483 | 798,728 | 678,554 | ||||
Services and other expenses | 516,251 | 284,940 | 928,348 | 502,496 | ||||
Amortization of intangible assets | 39,729 | [1] | 37,754 | [1] | 79,282 | [2] | 75,612 | [1] |
Total Operating Expenses | 2,421,501 | 1,889,755 | 4,576,338 | 4,030,751 | ||||
Operating Income (Loss) | 1,079,271 | 1,242,260 | 1,824,628 | (563,070) | ||||
Interest expense | (46,568) | (45,427) | (88,957) | (90,457) | ||||
Net foreign exchange gains (losses) | (12,257) | (21,460) | 12,827 | 56,841 | ||||
Income (Loss) Before Income Taxes | 1,020,446 | 1,175,373 | 1,748,498 | (596,686) | ||||
Income tax (expense) benefit | (217,112) | (243,702) | (365,483) | 126,981 | ||||
Net Income (Loss) | 803,334 | 931,671 | 1,383,015 | (469,705) | ||||
Net income attributable to noncontrolling interests | (11,224) | (9,903) | (17,211) | (14,290) | ||||
Net Income (Loss) to Shareholders | 792,110 | 921,768 | 1,365,804 | (483,995) | ||||
Preferred stock dividends | (18,000) | 0 | (18,000) | 0 | ||||
Net Income (Loss) to Common Stockholders | 774,110 | 921,768 | 1,347,804 | (483,995) | ||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||
Net holding gains (losses) arising during the period | 55,935 | 172,661 | (158,441) | 237,038 | ||||
Reclassification adjustments for net gains included in net income (loss) | (3,943) | (1,385) | (4,031) | (198) | ||||
Change in net unrealized gains on available-for-sale investments, net of taxes | 51,992 | 171,276 | (162,472) | 236,840 | ||||
Change in foreign currency translation adjustments, net of taxes | 4,915 | (1,405) | 4,107 | (14,139) | ||||
Change in net actuarial pension loss, net of taxes | 654 | 884 | 1,246 | 884 | ||||
Total Other Comprehensive Income (Loss) | 57,561 | 170,755 | (157,119) | 223,585 | ||||
Comprehensive Income (Loss) | 860,895 | 1,102,426 | 1,225,896 | (246,120) | ||||
Comprehensive income attributable to noncontrolling interests | (11,241) | (10,033) | (17,245) | (14,296) | ||||
Comprehensive Income (Loss) to Shareholders | $ 849,654 | $ 1,092,393 | $ 1,208,651 | $ (260,416) | ||||
NET INCOME (LOSS) PER COMMON SHARE | ||||||||
Basic | $ 57.12 | $ 65.81 | $ 99.19 | $ (34.83) | ||||
Diluted | $ 57.02 | $ 65.75 | $ 99.03 | $ (34.83) | [3] | |||
[1] | Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's Insurance and Reinsurance segments. | |||||||
[2] | Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's Insurance and Reinsurance segments. | |||||||
[3] | The impact of restricted stock units and restricted stock of 11 thousand shares was excluded from the computation of diluted earnings per common share for the six months ended June 30, 2020 because the effect would have been anti-dilutive. |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Equity - USD ($) shares in Thousands, $ in Thousands | Total | Total Equity [Member] | Total Shareholders' Equity [Member] | Preferred Stock [Member] | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Noncontrolling Interests [Member] | Redeemable Noncontrolling Interests [Member] | Redeemable Noncontrolling Interests [Member]Acquisition of Lansing [Member] |
Balance at Dec. 31, 2019 | $ 11,078,416 | $ 11,070,867 | $ 0 | $ 3,404,919 | $ 7,457,176 | $ 208,772 | $ 7,549 | |||
Balance, redeemable noncontrolling interests at Dec. 31, 2019 | $ 177,562 | |||||||||
Net Income (Loss) | $ (469,705) | (477,401) | (483,995) | (483,995) | 0 | 6,594 | 7,696 | |||
Other comprehensive income (loss) | 223,585 | 223,579 | 223,579 | 0 | 223,579 | 0 | 6 | |||
Comprehensive Income (Loss) | (246,120) | (253,822) | (260,416) | 6,594 | 7,702 | |||||
Issuance of preferred stock | 591,891 | 591,891 | 591,891 | 0 | 0 | 0 | 0 | 0 | ||
Repurchase of common stock | (23,943) | (23,943) | 0 | 0 | (23,943) | 0 | 0 | 0 | ||
Restricted stock units expensed | $ 22,984 | $ 22,984 | $ 0 | $ 22,984 | $ 0 | $ 0 | $ 0 | 0 | ||
Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 43,566 | ||
Adjustment of redeemable noncontrolling interests | $ 2,940 | $ 2,940 | $ 0 | $ 0 | $ 2,940 | $ 0 | $ 0 | (2,940) | ||
Purchase of noncontrolling interest | (6,131) | (6,131) | 0 | (6,131) | 0 | 0 | 0 | (7,029) | ||
Other | 1,740 | 188 | 0 | 73 | 115 | 0 | 1,552 | (4,208) | ||
Balance at Jun. 30, 2020 | 11,410,248 | 11,394,553 | 591,891 | 3,421,845 | 6,948,466 | 432,351 | 15,695 | |||
Balance, redeemable noncontrolling interests at Jun. 30, 2020 | 214,653 | |||||||||
Balance at Mar. 31, 2020 | 9,732,330 | 9,720,728 | 0 | 3,419,528 | 6,039,474 | 261,726 | 11,602 | |||
Balance, redeemable noncontrolling interests at Mar. 31, 2020 | 155,417 | |||||||||
Net Income (Loss) | 931,671 | 925,061 | 921,768 | 921,768 | 0 | 3,293 | 6,610 | |||
Other comprehensive income (loss) | 170,755 | 170,625 | 170,625 | 0 | 170,625 | 0 | 130 | |||
Comprehensive Income (Loss) | 1,102,426 | 1,095,686 | 1,092,393 | 3,293 | 6,740 | |||||
Issuance of preferred stock | 591,891 | 591,891 | 591,891 | 0 | 0 | 0 | 0 | 0 | ||
Repurchase of common stock | (78) | (78) | 0 | 0 | (78) | 0 | 0 | 0 | ||
Restricted stock units expensed | $ 3,615 | $ 3,615 | $ 0 | $ 3,615 | $ 0 | $ 0 | $ 0 | 0 | ||
Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 43,566 | ||
Adjustment of redeemable noncontrolling interests | $ (13,073) | $ (13,073) | $ 0 | $ 0 | $ (13,073) | $ 0 | $ 0 | 13,073 | ||
Purchase of noncontrolling interest | (1,298) | (1,298) | 0 | (1,298) | 0 | 0 | 0 | (1,777) | ||
Other | 1,175 | 375 | 0 | 0 | 375 | 0 | 800 | (2,366) | ||
Balance at Jun. 30, 2020 | 11,410,248 | 11,394,553 | 591,891 | 3,421,845 | 6,948,466 | 432,351 | 15,695 | |||
Balance, redeemable noncontrolling interests at Jun. 30, 2020 | 214,653 | |||||||||
Balance at Dec. 31, 2020 | 12,814,681 | 12,814,681 | 12,799,789 | 591,891 | 3,428,340 | 8,195,182 | 584,376 | 14,892 | ||
Balance, redeemable noncontrolling interests at Dec. 31, 2020 | 245,642 | 245,642 | ||||||||
Net Income (Loss) | 1,383,015 | 1,373,206 | 1,365,804 | 1,365,804 | 0 | 7,402 | 9,809 | |||
Other comprehensive income (loss) | (157,119) | (157,153) | (157,153) | 0 | (157,153) | 0 | 34 | |||
Comprehensive Income (Loss) | 1,225,896 | 1,216,053 | 1,208,651 | 7,402 | 9,843 | |||||
Repurchase of common stock | (60,826) | (60,826) | 0 | 0 | (60,826) | 0 | 0 | 0 | ||
Preferred stock dividends | (18,000) | (18,000) | 0 | 0 | (18,000) | 0 | 0 | 0 | ||
Restricted stock units expensed | 23,602 | 23,602 | 0 | 23,602 | 0 | 0 | 0 | 0 | ||
Adjustment of redeemable noncontrolling interests | 21,623 | 21,623 | 0 | 0 | 21,623 | 0 | 0 | (21,623) | ||
Purchase of noncontrolling interest | (531) | (531) | 0 | (531) | 0 | 0 | 0 | (147) | ||
Other | 1,447 | 663 | 0 | 557 | 106 | 0 | 784 | (5,314) | ||
Balance at Jun. 30, 2021 | 13,998,049 | 13,998,049 | 13,974,971 | 591,891 | 3,451,968 | 9,503,889 | 427,223 | 23,078 | ||
Balance, redeemable noncontrolling interests at Jun. 30, 2021 | 228,401 | 228,401 | ||||||||
Balance at Mar. 31, 2021 | 13,185,164 | 13,163,944 | 591,891 | 3,447,614 | 8,754,760 | 369,679 | 21,220 | |||
Balance, redeemable noncontrolling interests at Mar. 31, 2021 | 234,654 | |||||||||
Net Income (Loss) | 803,334 | 792,837 | 792,110 | 792,110 | 0 | 727 | 10,497 | |||
Other comprehensive income (loss) | 57,561 | 57,544 | 57,544 | 0 | 57,544 | 0 | 17 | |||
Comprehensive Income (Loss) | 860,895 | 850,381 | 849,654 | 727 | 10,514 | |||||
Repurchase of common stock | (38,803) | (38,803) | 0 | 0 | (38,803) | 0 | 0 | 0 | ||
Preferred stock dividends | (18,000) | (18,000) | 0 | 0 | (18,000) | 0 | 0 | 0 | ||
Restricted stock units expensed | 4,442 | 4,442 | 0 | 4,442 | 0 | 0 | 0 | 0 | ||
Adjustment of redeemable noncontrolling interests | 13,717 | 13,717 | 0 | 0 | 13,717 | 0 | 0 | (13,717) | ||
Other | 1,148 | 17 | 0 | (88) | 105 | 0 | 1,131 | (3,050) | ||
Balance at Jun. 30, 2021 | 13,998,049 | $ 13,998,049 | $ 13,974,971 | $ 591,891 | $ 3,451,968 | $ 9,503,889 | $ 427,223 | $ 23,078 | ||
Balance, redeemable noncontrolling interests at Jun. 30, 2021 | $ 228,401 | $ 228,401 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
OPERATING ACTIVITIES | ||
Net income (loss) | $ 1,383,015 | $ (469,705) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | (569,843) | 958,446 |
Net Cash Provided By Operating Activities | 813,172 | 488,741 |
INVESTING ACTIVITIES | ||
Proceeds from sales of fixed maturities and equity securities | 138,414 | 1,426,776 |
Proceeds from maturities, calls and prepayments of fixed maturities | 271,450 | 359,062 |
Cost of fixed maturities and equity securities purchased | (1,410,308) | (448,997) |
Net change in short-term investments | (1,227,644) | 268,343 |
Additions to property and equipment | (55,738) | (50,668) |
Acquisitions, net of cash acquired | 0 | (547,847) |
Other | 46,487 | 46,987 |
Net Cash Provided (Used) By Investing Activities | (2,237,339) | 1,053,656 |
FINANCING ACTIVITIES | ||
Additions to senior long-term debt and other debt | 893,575 | 162,935 |
Repayment of senior long-term debt and other debt | (217,348) | (92,304) |
Repurchases of common stock | (60,826) | (23,943) |
Issuance of preferred stock, net | 0 | 591,891 |
Dividends paid on preferred stock | (18,000) | 0 |
Other | (33,120) | (31,049) |
Net Cash Provided By Financing Activities | 564,281 | 607,530 |
Effect of foreign currency rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | (4,945) | (22,908) |
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | (864,831) | 2,127,019 |
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period | 5,216,649 | 3,500,353 |
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS AT END OF PERIOD | $ 4,351,818 | $ 5,627,372 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Summary of Significant Accounting Policies 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. Through its wholly owned subsidiary, Markel Ventures, Inc. (Markel Ventures), Markel Corporation also owns interests in various businesses that operate outside of the specialty insurance marketplace. See note 2 for details regarding reportable segments. a) Basis of Presentation. The consolidated balance sheet as of June 30, 2021 and the related consolidated statements of income (loss) and comprehensive income (loss) and changes in equity for the quarters and six months ended June 30, 2021 and 2020, and the consolidated statements of cash flows for the six months ended June 30, 2021 and 2020 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, 2020 was derived from Markel Corporation's audited annual consolidated financial statements. The accompanying consolidated financial statements have been prepared in accordance with United States (U.S.) generally accepted accounting principles (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, with the exception of significant transactions or events that occur during the intervening period. Certain prior period amounts have been reclassified to conform to the current period presentation. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Actual results may differ materially from the estimates and assumptions used in preparing the consolidated financial statements. The consolidated financial statements and notes are presented as permitted by Form 10-Q and do not contain certain information included in the Company's annual consolidated financial statements and notes. Readers are urged to review the Company's 2020 Annual Report on Form 10-K for a more complete description of the Company's business and accounting policies, as well as a description of the risks and uncertainties associated with the COVID-19 pandemic on the Company's businesses and results of operations, financial condition and cash flows, including in note 20 of the notes to consolidated financial statements included under Item 8 Financial Statements and Supplementary Data. There were no material changes in the Company's assessment of the risks and uncertainties associated with the COVID-19 pandemic during the six months ended June 30, 2021. b) Recent Accounting Pronouncements Accounting Standards Adopted in 2021 The Company adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , effective January 1, 2021. Adoption of this standard did not have a material impact on the Company's financial position, results of operations or cash flows. Accounting Standards Not Yet Adopted In August 2018, the FASB issued ASU No. 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. The FASB subsequently issued several ASUs as amendments to ASU No. 2018-12. The standard requires insurance entities with long duration contracts to: (1) review and, if there is a change, update the assumptions used to measure expected cash flows at least annually; (2) update the discount rate assumption at each reporting date; (3) measure all market risk benefits associated with deposit (or account balance) contracts at fair value; and (4) disclose liability rollforwards and information about significant inputs, judgments, assumptions and methods used to measure the liability, including changes thereto and the effect of those changes on measurement. ASU No. 2018-12 becomes effective for the Company during the first quarter of 2023. The standard will, among other things, impact the discount rate used in estimating reserves for the Company's life and annuity reinsurance portfolio, which is in runoff. Currently, the discount rate assumption is locked-in for the life of the contracts, unless there is a loss recognition event. The Company is currently evaluating ASU No. 2018-12 to determine the impact that adopting this standard will have on its consolidated financial statements. |
Segment Reporting Disclosures
Segment Reporting Disclosures | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Segment Reporting Disclosures | Segment Reporting Disclosures The chief operating decision maker reviews the Company's ongoing underwriting operations on a global basis in the following two segments: Insurance and Reinsurance. In determining how to allocate resources and assess the performance of its underwriting results, management considers many factors, including the nature of the insurance product sold, the type of account written and the type of customer served. The Insurance segment includes all direct business and facultative placements written within the Company's underwriting operations. The Reinsurance segment includes all treaty reinsurance written within the Company's underwriting operations. All investing activities related to the Company's insurance operations are included in the Investing segment. The chief operating decision maker reviews and assesses Markel Ventures' performance in the aggregate, as a single operating segment. The Markel Ventures segment primarily consists of controlling interests in a diverse portfolio of businesses that operate in various industries. The Company's other operations primarily consist of the results of the Company's insurance-linked securities operations and program services business. Other operations also include results for lines of business discontinued prior to, or in conjunction with, acquisitions, including development on asbestos and environmental loss reserves and results attributable to the run-off of life and annuity reinsurance business, which are monitored separately from the Company's ongoing underwriting operations. For purposes of segment reporting, none of these other operations are considered to be reportable segments. Segment profit for each of the Company's underwriting segments is measured by underwriting profit. The property and casualty insurance industry commonly defines underwriting profit as earned premiums net of losses and loss adjustment expenses and underwriting, acquisition and insurance expenses. Underwriting profit 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 for the Company's underwriting segments may also include other revenues and expenses that are attributable to the Company's underwriting operations that are not captured in underwriting profit. Segment profit for the Investing segment is measured by net investment income and net investment gains. Segment profit for the Markel Ventures segment is measured by operating income. For management reporting purposes, the Company allocates assets to its underwriting operations and to its Investing and Markel Ventures segments and certain of its other operations, including its insurance-linked securities and program services operations. Underwriting assets include assets attributed to the Company's Insurance and Reinsurance segments, discontinued underwriting lines of business, as well as assets that are not specifically allocated to the Company's other operations. Generally, the Company manages its underwriting assets in the aggregate and therefore does not allocate assets to individual underwriting segments. a) The following tables summarize the Company's segment disclosures. Quarter Ended June 30, 2021 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures (1) Other (2) Consolidated Gross premium volume $ 1,821,374 $ 279,444 $ — $ — $ 783,195 $ 2,884,013 Net written premiums 1,494,443 257,355 — — (347) 1,751,451 Earned premiums 1,303,562 264,982 — — (507) 1,568,037 Losses and loss adjustment expenses: Current accident year (783,306) (166,853) — — — (950,159) Prior accident years 154,526 (21,741) — — 2,419 135,204 Underwriting, acquisition and insurance expenses: Amortization of policy acquisition costs (264,823) (67,986) — — — (332,809) Other operating expenses (204,622) (13,414) — — 2,481 (215,555) Underwriting profit (loss) 205,337 (5,012) — — 4,393 204,718 Net investment income — — 96,259 2 — 96,261 Net investment gains — — 674,753 — — 674,753 Products revenues — — — 592,601 — 592,601 Services and other revenues — — — 482,903 86,217 569,120 Products expenses — — — (502,202) — (502,202) Services and other expenses — 109 — (450,781) (65,579) (516,251) Amortization of intangible assets (3) — — — (13,858) (25,871) (39,729) Segment profit (loss) $ 205,337 $ (4,903) $ 771,012 $ 108,665 $ (840) $ 1,079,271 Interest expense (46,568) Net foreign exchange losses (12,257) Income before income taxes $ 1,020,446 U.S. GAAP combined ratio (4) 84 % 102 % NM (5) 87 % (1) Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $15.8 million for the quarter ended June 30, 2021. (2) Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment as well as any amortization of intangible assets that is not allocated to a reportable segment. Amortization of intangible assets attributable to the Company's underwriting segments was $10.4 million for the quarter ended June 30, 2021, however, the Company does not allocate amortization of intangible assets between the Insurance and Reinsurance segments. (3) Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's Insurance and Reinsurance segments. (4) 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. (5) NM - Ratio is not meaningful Quarter Ended June 30, 2020 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures (1) Other (2) Consolidated Gross premium volume $ 1,553,436 $ 223,277 $ — $ — $ 596,479 $ 2,373,192 Net written premiums 1,267,976 188,830 — — (411) 1,456,395 Earned premiums 1,120,151 240,555 — — (532) 1,360,174 Losses and loss adjustment expenses: Current accident year (730,201) (147,163) — — — (877,364) Prior accident years 151,205 12,280 — — 663 164,148 Underwriting, acquisition and insurance expenses: Amortization of policy acquisition costs (238,784) (63,411) — — — (302,195) Other operating expenses (167,298) (17,506) — — (2,363) (187,167) Underwriting profit (loss) 135,073 24,755 — — (2,232) 157,596 Net investment income — — 95,561 54 — 95,615 Net investment gains — — 911,243 — — 911,243 Products revenues — — — 423,581 — 423,581 Services and other revenues — — — 254,504 86,898 341,402 Products expenses — — — (364,483) — (364,483) Services and other expenses — — — (222,656) (62,284) (284,940) Amortization of intangible assets (3) — — — (11,596) (26,158) (37,754) Segment profit (loss) $ 135,073 $ 24,755 $ 1,006,804 $ 79,404 $ (3,776) $ 1,242,260 Interest expense (45,427) Net foreign exchange losses (21,460) Income before income taxes $ 1,175,373 U.S. GAAP combined ratio (4) 88 % 90 % NM (5) 88 % (1) Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $14.3 million for the quarter ended June 30, 2020. (2) Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment as well as any amortization of intangible assets that is not allocated to a reportable segment. Amortization of intangible assets attributable to the Company's underwriting segments was $10.7 million for the quarter ended June 30, 2020, however, the Company does not allocate amortization of intangible assets between the Insurance and Reinsurance segments. (3) Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's Insurance and Reinsurance segments. (4) 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. (5) NM - Ratio is not meaningful Six Months Ended June 30, 2021 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures (1) Other (2) Consolidated Gross premium volume $ 3,459,701 $ 811,962 $ — $ — $ 1,417,202 $ 5,688,865 Net written premiums 2,881,873 751,440 — — (792) 3,632,521 Earned premiums 2,547,589 519,069 — — (926) 3,065,732 Losses and loss adjustment expenses: Current accident year (1,581,553) (339,354) — — — (1,920,907) Prior accident years 273,590 (50,396) — — 2,840 226,034 Underwriting, acquisition and insurance expenses: Amortization of policy acquisition costs (525,422) (129,974) — — — (655,396) Other operating expenses (391,919) (27,575) — — (217) (419,711) Underwriting profit (loss) 322,285 (28,230) — — 1,697 295,752 Net investment income — — 192,826 5 — 192,831 Net investment gains — — 1,201,624 — — 1,201,624 Products revenues — — — 921,433 — 921,433 Services and other revenues — — — 860,670 158,676 1,019,346 Products expenses — — — (798,728) — (798,728) Services and other expenses — 109 — (795,689) (132,768) (928,348) Amortization of intangible assets (3) — — — (27,563) (51,719) (79,282) Segment profit (loss) $ 322,285 $ (28,121) $ 1,394,450 $ 160,128 $ (24,114) $ 1,824,628 Interest expense (88,957) Net foreign exchange gains 12,827 Income before income taxes $ 1,748,498 U.S. GAAP combined ratio (4) 87 % 105 % NM (5) 90 % (1) Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $31.8 million for the six months ended June 30, 2021. (2) Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment as well as any amortization of intangible assets that is not allocated to a reportable segment. Amortization of intangible assets attributable to the Company's underwriting segments was $20.8 million for the six months ended June 30, 2021, however, the Company does not allocate amortization of intangible assets between the Insurance and Reinsurance segments. (3) Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's Insurance and Reinsurance segments. (4) 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. (5) NM - Ratio is not meaningful Six Months Ended June 30, 2020 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures (1) Other (2) Consolidated Gross premium volume $ 2,968,147 $ 736,463 $ — $ — $ 991,406 $ 4,696,016 Net written premiums 2,463,713 641,579 — — (2,419) 3,102,873 Earned premiums 2,227,002 466,515 — — (2,634) 2,690,883 Losses and loss adjustment expenses: Current accident year (1,736,836) (320,893) — — — (2,057,729) Prior accident years 267,337 (1,632) — — 2,460 268,165 Underwriting, acquisition and insurance expenses: Amortization of policy acquisition costs (478,204) (119,802) — — — (598,006) Other operating expenses (350,600) (33,392) — — (2,527) (386,519) Underwriting loss (71,301) (9,204) — — (2,701) (83,206) Net investment income — — 183,620 238 — 183,858 Net investment losses — — (770,198) — — (770,198) Products revenues — — — 775,742 — 775,742 Services and other revenues — — — 413,380 174,016 587,396 Products expenses — — — (678,554) — (678,554) Services and other expenses — — — (366,208) (136,288) (502,496) Amortization of intangible assets (3) — — — (23,437) (52,175) (75,612) Segment profit (loss) $ (71,301) $ (9,204) $ (586,578) $ 121,161 $ (17,148) $ (563,070) Interest expense (90,457) Net foreign exchange gains 56,841 Loss before income taxes $ (596,686) U.S. GAAP combined ratio (4) 103 % 102 % NM (5) 103 % (1) Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $28.1 million for the six months ended June 30, 2020. (2) Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment as well as any amortization of intangible assets that is not allocated to a reportable segment. Amortization of intangible assets attributable to the Company's underwriting segments was $21.1 million for the six months ended June 30, 2020, however, the Company does not allocate amortization of intangible assets between the Insurance and Reinsurance segments. (3) Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's Insurance and Reinsurance segments. (4) 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. (5) NM - Ratio is not meaningful b) The following table reconciles segment assets to the Company's consolidated balance sheets. (dollars in thousands) June 30, 2021 December 31, 2020 Segment assets: Investing $ 27,208,704 $ 24,781,946 Underwriting 8,049,139 7,228,297 Markel Ventures 3,793,058 3,636,060 Total segment assets 39,050,901 35,646,303 Other operations 6,590,612 6,063,751 Total assets $ 45,641,513 $ 41,710,054 |
Investments
Investments | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments a) The following tables summarize the Company's available-for-sale investments. Commercial and residential mortgage-backed securities include securities issued by U.S. government-sponsored enterprises and U.S. government agencies. The net unrealized holding gains in the tables below are presented before taxes and any reserve deficiency adjustments for life and annuity benefit reserves. See note 8. June 30, 2021 (dollars in thousands) Amortized Gross Gross Estimated Fixed maturity securities: U.S. Treasury securities $ 1,400,765 $ 5,063 $ (4,613) $ 1,401,215 U.S. government-sponsored enterprises 725,412 38,428 (3,075) 760,765 Obligations of states, municipalities and political subdivisions 3,862,463 321,796 (3,565) 4,180,694 Foreign governments 1,423,017 194,614 (2,270) 1,615,361 Commercial mortgage-backed securities 1,736,946 107,924 (1,778) 1,843,092 Residential mortgage-backed securities 776,119 43,117 (94) 819,142 Asset-backed securities 3,505 99 — 3,604 Corporate bonds 739,741 77,578 (1,537) 815,782 Total fixed maturity securities 10,667,968 788,619 (16,932) 11,439,655 Short-term investments 3,257,655 5,551 (133) 3,263,073 Investments, available-for-sale $ 13,925,623 $ 794,170 $ (17,065) $ 14,702,728 December 31, 2020 (dollars in thousands) Amortized Gross Gross Estimated Fixed maturity securities: U.S. Treasury securities $ 580,716 $ 9,091 $ (507) $ 589,300 U.S. government-sponsored enterprises 500,053 51,593 (92) 551,554 Obligations of states, municipalities and political subdivisions 3,903,292 386,784 (235) 4,289,841 Foreign governments 1,352,616 275,450 (57) 1,628,009 Commercial mortgage-backed securities 1,736,257 149,359 (34) 1,885,582 Residential mortgage-backed securities 811,732 58,742 (29) 870,445 Asset-backed securities 5,812 154 — 5,966 Corporate bonds 764,783 96,257 (3) 861,037 Total fixed maturity securities 9,655,261 1,027,430 (957) 10,681,734 Short-term investments 2,030,460 3,645 (6) 2,034,099 Investments, available-for-sale $ 11,685,721 $ 1,031,075 $ (963) $ 12,715,833 b) The following tables summarize gross unrealized investment losses on available-for-sale investments by the length of time that securities have continuously been in an unrealized loss position. June 30, 2021 Less than 12 months 12 months or longer Total (dollars in thousands) Estimated Gross Estimated Gross Estimated Gross Fixed maturity securities: U.S. Treasury securities $ 1,014,543 $ (4,613) $ — $ — $ 1,014,543 $ (4,613) U.S. government-sponsored enterprises 176,254 (3,075) — — 176,254 (3,075) Obligations of states, municipalities and political subdivisions 230,831 (3,560) 2,892 (5) 233,723 (3,565) Foreign governments 146,779 (2,270) — — 146,779 (2,270) Commercial mortgage-backed securities 84,621 (1,778) — — 84,621 (1,778) Residential mortgage-backed securities 8,582 (91) 130 (3) 8,712 (94) Corporate bonds 77,424 (1,537) — — 77,424 (1,537) Total fixed maturity securities 1,739,034 (16,924) 3,022 (8) 1,742,056 (16,932) Short-term investments 3,095,980 (133) — — 3,095,980 (133) Total $ 4,835,014 $ (17,057) $ 3,022 $ (8) $ 4,838,036 $ (17,065) At June 30, 2021, the Company held 139 available-for-sale securities with a total estimated fair value of $4.8 billion and gross unrealized losses of $17.1 million. Of these 139 securities, three securities had been in a continuous unrealized loss position for one year or longer and had a total estimated fair value of $3.0 million and gross unrealized losses of $8 thousand. The Company does not intend to sell or believe it will be required to sell these available-for-sale securities before recovery of their amortized cost. December 31, 2020 Less than 12 months 12 months or longer Total (dollars in thousands) Estimated Gross Estimated Gross Estimated Gross Fixed maturity securities: U.S. Treasury securities $ 66,220 $ (507) $ — $ — $ 66,220 $ (507) U.S. government-sponsored enterprises 14,878 (92) — — 14,878 (92) Obligations of states, municipalities and political subdivisions 28,037 (223) 2,960 (12) 30,997 (235) Foreign governments 20,790 (57) — — 20,790 (57) Commercial mortgage-backed securities 13,178 (26) 2,526 (8) 15,704 (34) Residential mortgage-backed securities 3,345 (29) — — 3,345 (29) Corporate bonds 92 (3) — — 92 (3) Total fixed maturity securities 146,540 (937) 5,486 (20) 152,026 (957) Short-term investments 349,978 (6) — — 349,978 (6) Total $ 496,518 $ (943) $ 5,486 $ (20) $ 502,004 $ (963) At December 31, 2020, the Company held 36 available-for-sale securities with a total estimated fair value of $502.0 million and gross unrealized losses of $963 thousand. Of these 36 securities, six securities had been in a continuous unrealized loss position for one year or longer and had a total estimated fair value of $5.5 million and gross unrealized losses of $20 thousand. 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 the result of a credit loss. All available-for-sale securities with unrealized losses are reviewed. The Company considers many factors in completing its quarterly review of securities with unrealized losses for credit-related impairment to determine whether a credit loss exists, including the extent to which fair value is below cost, the implied yield to maturity, rating downgrades of the security and whether or not the issuer has failed to make scheduled principal or interest payments. The Company also takes into consideration information about the financial condition of the issuer and industry factors that could negatively impact the capital markets. If the decline in fair value of an available-for-sale security below its amortized cost is considered to be the result of a credit loss, 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 loss, which is recorded as an allowance and recognized in net income. The allowance is limited to the difference between the fair value and the amortized cost of the security. Any remaining decline in fair value represents the non-credit portion of the impairment, which is recognized in other comprehensive income. The Company did not have an allowance for credit losses as of June 30, 2021 or December 31, 2020. Quarterly, the Company also considers whether it intends to sell an available-for-sale security or if it is more likely than not that it will be required to sell the security before recovery of its amortized cost. In these instances, a decline in fair value 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. c) The amortized cost and estimated fair value of fixed maturity securities at June 30, 2021 are shown below by contractual maturity. (dollars in thousands) Amortized Estimated Due in one year or less $ 419,585 $ 425,283 Due after one year through five years 2,849,923 2,972,522 Due after five years through ten years 2,570,434 2,748,079 Due after ten years 2,311,456 2,627,933 8,151,398 8,773,817 Commercial mortgage-backed securities 1,736,946 1,843,092 Residential mortgage-backed securities 776,119 819,142 Asset-backed securities 3,505 3,604 Total fixed maturity securities $ 10,667,968 $ 11,439,655 d) The following table presents the components of net investment income. Quarter Ended June 30, Six Months Ended June 30, (dollars in thousands) 2021 2020 2021 2020 Interest: Tax-exempt municipal bonds $ 14,102 $ 16,157 $ 29,338 $ 32,758 Taxable municipal bonds 16,421 16,834 32,916 33,729 Other taxable bonds 40,618 39,616 80,013 79,588 Short-term investments, including overnight deposits 874 2,379 1,546 12,622 Dividends on equity securities 19,798 18,020 45,183 46,634 Income (loss) from equity method investments 9,018 5,647 12,943 (14,332) Other (417) 46 (612) 803 100,414 98,699 201,327 191,802 Investment expenses (4,153) (3,084) (8,496) (7,944) Net investment income $ 96,261 $ 95,615 $ 192,831 $ 183,858 e) The following table presents the components of net investment gains (losses) and the change in net unrealized gains included in other comprehensive income (loss). Quarter Ended June 30, Six Months Ended June 30, (dollars in thousands) 2021 2020 2021 2020 Fixed maturity securities: Realized gains $ 4,792 $ 5,348 $ 4,875 $ 6,733 Realized losses (81) (5,126) (81) (6,271) Change in allowance for expected credit losses — 1,537 — (202) Short-term investments: Realized gains 278 1,002 308 1,100 Realized losses (633) (184) (727) (356) Cost-method investments: Realized gains — — 4,722 11,167 Other investment gains (losses) 46 (5,389) (1,286) (5,245) Net realized investment gains (losses) 4,402 (2,812) 7,811 6,926 Equity securities: Change in fair value of securities sold during the period 1,345 82,523 3,971 (450,907) Change in fair value of securities held at the end of the period 669,006 831,532 1,189,842 (326,217) Total change in fair value 670,351 914,055 1,193,813 (777,124) Net investment gains (losses) $ 674,753 $ 911,243 $ 1,201,624 $ (770,198) Change in net unrealized gains on available-for-sale investments included in other comprehensive income (loss): Fixed maturity securities $ 62,948 $ 236,521 $ (258,284) $ 335,088 Short-term investments 1,095 3,128 1,779 (3,578) Reserve deficiency adjustment for life and annuity benefit reserves (see note 8) 929 (22,740) 50,262 (35,612) Net increase (decrease) $ 64,972 $ 216,909 $ (206,243) $ 295,898 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements ASC 820, 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 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. Available-for-sale investments and equity securities. Available-for-sale investments and equity securities are recorded at fair value on a recurring basis. Available-for-sale investments include fixed maturity 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 available-for-sale investments and equity securities are 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 maturity securities 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, U.S. government-sponsored enterprises, 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 investments in certain insurance-linked securities funds managed by Markel CATCo Investment Management Ltd. (MCIM), a consolidated subsidiary, that are not traded on an active exchange, as further described and defined in note 10 (the Markel CATCo Funds), and are valued using unobservable inputs. Fair value for available-for-sale investments and equity securities 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 maturity securities are classified as Level 2 investments. The fair value of fixed maturity securities is normally derived through recent reported trades for identical or similar securities, making adjustments through the reporting date based upon available market observable data previously described. If there are no recent reported trades, the fair value of fixed maturity securities 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 investments in the Markel CATCo Funds, these investments are classified as Level 3 within the fair value hierarchy. The fair value of the securities are derived using their reported net asset value (NAV) as the primary input, as well as other observable and unobservable inputs as deemed necessary by management. Management has obtained an understanding of the inputs, assumptions, process and controls used to determine NAV, which is calculated by an independent third party. Unobservable inputs to the NAV calculations include assumptions around premium earnings patterns and loss reserve estimates for the underlying securitized reinsurance contracts in which the Markel CATCo Funds invest. In July 2019, the Markel CATCo Funds were placed into run-off and capital is being returned to investors as it becomes available, the timing of which is impacted by contractual terms regarding release of collateral on the underlying securitized reinsurance contracts, as well as required regulatory approvals. 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 management's understanding of the underlying investments, recent market trends and external market data. 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 measured at fair value on a recurring basis by level within the fair value hierarchy. June 30, 2021 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Investments: Fixed maturity securities, available-for-sale: U.S. Treasury securities $ — $ 1,401,215 $ — $ 1,401,215 U.S. government-sponsored enterprises — 760,765 — 760,765 Obligations of states, municipalities and political subdivisions — 4,180,694 — 4,180,694 Foreign governments — 1,615,361 — 1,615,361 Commercial mortgage-backed securities — 1,843,092 — 1,843,092 Residential mortgage-backed securities — 819,142 — 819,142 Asset-backed securities — 3,604 — 3,604 Corporate bonds — 815,782 — 815,782 Total fixed maturity securities, available-for-sale — 11,439,655 — 11,439,655 Equity securities: Insurance, banks and other financial institutions 3,049,092 — 41,066 3,090,158 Industrial, consumer and all other 5,115,550 — — 5,115,550 Total equity securities 8,164,642 — 41,066 8,205,708 Short-term investments, available-for-sale 3,145,608 117,465 — 3,263,073 Total investments $ 11,310,250 $ 11,557,120 $ 41,066 $ 22,908,436 December 31, 2020 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Investments: Fixed maturity securities, available-for-sale: U.S. Treasury securities $ — $ 589,300 $ — $ 589,300 U.S. government-sponsored enterprises — 551,554 — 551,554 Obligations of states, municipalities and political subdivisions — 4,289,841 — 4,289,841 Foreign governments — 1,628,009 — 1,628,009 Commercial mortgage-backed securities — 1,885,582 — 1,885,582 Residential mortgage-backed securities — 870,445 — 870,445 Asset-backed securities — 5,966 — 5,966 Corporate bonds — 861,037 — 861,037 Total fixed maturity securities, available-for-sale — 10,681,734 — 10,681,734 Equity securities: Insurance, banks and other financial institutions 2,516,361 — 58,493 2,574,854 Industrial, consumer and all other 4,419,256 — — 4,419,256 Total equity securities 6,935,617 — 58,493 6,994,110 Short-term investments, available-for-sale 1,922,459 111,640 — 2,034,099 Total investments $ 8,858,076 $ 10,793,374 $ 58,493 $ 19,709,943 The following table summarizes changes in Level 3 investments measured at fair value on a recurring basis, all of which are attributed to the Company's investments in the Markel CATCo Funds. Quarter Ended June 30, Six Months Ended June 30, (dollars in thousands) 2021 2020 2021 2020 Equity securities, beginning of period $ 56,138 $ 131,307 $ 58,493 $ 45,992 Purchases — — — 90,000 Sales (15,015) (16,529) (15,015) (17,893) Net investment gains (losses) (57) 870 (2,412) (2,451) Equity securities, end of period $ 41,066 $ 115,648 $ 41,066 $ 115,648 In connection with the run-off of one of the Markel CATCo Funds and to facilitate the return of capital to third party investors, the Company invested $90.0 million in that fund effective January 1, 2020. This investment replaced collateral previously provided by other investors for risk exposures within the underlying reinsurance contracts in which the fund is invested related to loss events that occur after December 31, 2019 and through the expiration of the reinsurance contracts. All of these reinsurance contracts expired or were commuted in 2020, however, the Company continues to have exposure to adverse loss development on 2020 exposures under these contracts through its investment in the fund. The Company did not have any assets or liabilities measured at fair value on a non-recurring basis during the six months ended June 30, 2021 and 2020. |
Products, Services and Other Re
Products, Services and Other Revenues | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Products, Services and Other Revenues | Products, Services and Other Revenues The amount of revenues from contracts with customers was $1.1 billion and $716.9 million for the quarters ended June 30, 2021 and 2020, respectively, and $1.8 billion and $1.3 billion for the six months ended June 30, 2021 and 2020, respectively. The following tables present revenues from contracts with customers by segment and type, all of which are included in products revenues and services and other revenues in the consolidated statements of income (loss) and comprehensive income (loss), along with a reconciliation to total products revenues and services and other revenues. Quarter Ended June 30, 2021 2020 (dollars in thousands) Markel Ventures Other Total Markel Ventures Other Total Products $ 581,321 $ — $ 581,321 $ 414,516 $ — $ 414,516 Services 468,424 37,902 506,326 240,220 37,122 277,342 Investment management — 20,785 20,785 — 25,009 25,009 Total revenues from contracts with customers 1,049,745 58,687 1,108,432 654,736 62,131 716,867 Program services and other fronting — 27,399 27,399 — 24,790 24,790 Other 25,759 131 25,890 23,349 (23) 23,326 Total $ 1,075,504 $ 86,217 $ 1,161,721 $ 678,085 $ 86,898 $ 764,983 Six Months Ended June 30, 2021 2020 (dollars in thousands) Markel Ventures Other Total Markel Ventures Other Total Products $ 899,963 $ — $ 899,963 $ 752,754 $ — $ 752,754 Services 825,112 65,881 890,993 383,484 68,007 451,491 Investment management — 37,122 37,122 — 54,832 54,832 Total revenues from contracts with customers 1,725,075 103,003 1,828,078 1,136,238 122,839 1,259,077 Program services and other fronting — 55,016 55,016 — 50,494 50,494 Other 57,028 657 57,685 52,884 683 53,567 Total $ 1,782,103 $ 158,676 $ 1,940,779 $ 1,189,122 $ 174,016 $ 1,363,138 Receivables from contracts with customers were $615.1 million and $406.4 million as of June 30, 2021 and December 31, 2020, respectively. |
Unpaid Losses And Loss Adjustme
Unpaid Losses And Loss Adjustment Expenses | 6 Months Ended |
Jun. 30, 2021 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims [Abstract] | |
Unpaid Losses And Loss Adjustment Expenses | Unpaid Losses and Loss Adjustment Expenses The following table presents a reconciliation of consolidated beginning and ending reserves for losses and loss adjustment expenses. Six Months Ended June 30, (dollars in thousands) 2021 2020 Net reserves for losses and loss adjustment expenses, beginning of year $ 10,485,717 $ 9,475,261 Effect of foreign currency rate changes on beginning of year balance 5,198 (75,037) Effect of adoption of ASU No. 2016-13 — 3,849 Adjusted net reserves for losses and loss adjustment expenses, beginning of year 10,490,915 9,404,073 Incurred losses and loss adjustment expenses: Current accident year 1,920,907 2,057,729 Prior accident years (226,059) (268,220) Total incurred losses and loss adjustment expenses 1,694,848 1,789,509 Payments: Current accident year 198,402 217,466 Prior accident years 1,190,303 1,033,176 Total payments 1,388,705 1,250,642 Effect of foreign currency rate changes on current year activity (476) (1,997) Net reserves for losses and loss adjustment expenses of insurance companies sold (2,762) — Net reserves for losses and loss adjustment expenses, end of period 10,793,820 9,940,943 Reinsurance recoverables on unpaid losses 6,205,996 5,304,562 Gross reserves for losses and loss adjustment expenses, end of period $ 16,999,816 $ 15,245,505 For the six months ended June 30, 2021, current accident year losses and loss adjustment expenses included $67.9 million of net losses and loss adjustment expenses from Winter Storm Uri. The net losses and loss adjustment expenses from Winter Storm Uri as of June 30, 2021 represent the Company's best estimates based upon information currently available. The estimates for these losses are based on claims received to date, detailed policy and reinsurance contract level reviews, industry loss estimates and output from both industry and proprietary models, as well as analysis of the Company's ceded reinsurance contracts. These estimates are based on various assumptions about coverage, liability and reinsurance and are therefore subject to change. While the Company believes its reserves for Winter Storm Uri as of June 30, 2021 are adequate, it continues to closely monitor reported claims and will adjust estimates of gross and net losses as new information becomes available. For the six months ended June 30, 2020, current accident year losses and loss adjustment expenses included $325.0 million of net losses and loss adjustment expenses attributed to the COVID-19 pandemic. For the six months ended June 30, 2021, prior accident years losses and loss adjustment expenses included $226.1 million of favorable development on prior years loss reserves, which included $213.3 million of favorable development on the Company's general liability, workers' compensation, marine and energy, property and professional liability product lines within the Insurance segment. Favorable development on prior years loss reserves for the six months ended June 30, 2021 was partially offset by $32.8 million of adverse development on the Company's property product lines within the Reinsurance segment, due in part to an increase in our estimate of ultimate losses and loss adjustment expenses directly attributed to COVID-19 in the first quarter of 2021. The Company's estimate of ultimate losses directly attributed to COVID-19 is based on assumptions about coverage, liability and reinsurance, for which significant uncertainty still exists, and represents the Company's best estimate as of June 30, 2021 based upon information currently available. While the Company believes the net reserves for losses and loss adjustment expenses for COVID-19 as of June 30, 2021 are adequate based on information available at this time, the Company continues to closely monitor reported claims, government actions, judicial decisions and changes in the levels of worldwide social disruption and economic activity arising from the pandemic and will adjust the estimates of gross and net losses as new information becomes available. Such adjustments to the Company's reserves for COVID-19 losses and loss adjustment expenses may be material to the Company's results of operations, financial condition and cash flows. |
Reinsurance
Reinsurance | 6 Months Ended |
Jun. 30, 2021 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance | Reinsurance The following table summarizes the effect of reinsurance and retrocessional reinsurance on premiums written and earned. Quarter Ended June 30, 2021 2020 (dollars in thousands) Direct Assumed Ceded Net Premiums Direct Assumed Ceded Net Premiums Underwriting: Written $ 1,756,680 $ 344,279 $ (349,037) $ 1,751,922 $ 1,460,090 $ 316,905 $ (319,772) $ 1,457,223 Earned 1,511,416 351,931 (294,679) 1,568,668 1,287,268 346,262 (272,600) 1,360,930 Program services and other fronting: Written 737,110 45,944 (783,525) (471) 567,864 28,333 (597,025) (828) Earned 582,809 23,763 (607,203) (631) 498,381 26,588 (525,725) (756) Consolidated: Written 2,493,790 390,223 (1,132,562) 1,751,451 2,027,954 345,238 (916,797) 1,456,395 Earned $ 2,094,225 $ 375,694 $ (901,882) $ 1,568,037 $ 1,785,649 $ 372,850 $ (798,325) $ 1,360,174 Six Months Ended June 30, 2021 2020 (dollars in thousands) Direct Assumed Ceded Net Premiums Direct Assumed Ceded Net Premiums Underwriting: Written $ 3,305,777 $ 966,027 $ (638,350) $ 3,633,454 $ 2,809,331 $ 895,561 $ (599,161) $ 3,105,731 Earned 2,942,749 717,829 (593,779) 3,066,799 2,562,939 672,962 (542,138) 2,693,763 Program services and other fronting: Written 1,345,147 71,914 (1,417,994) (933) 956,788 34,336 (993,982) (2,858) Earned 1,165,969 38,668 (1,205,704) (1,067) 1,043,724 40,311 (1,086,915) (2,880) Consolidated: Written 4,650,924 1,037,941 (2,056,344) 3,632,521 3,766,119 929,897 (1,593,143) 3,102,873 Earned $ 4,108,718 $ 756,497 $ (1,799,483) $ 3,065,732 $ 3,606,663 $ 713,273 $ (1,629,053) $ 2,690,883 Substantially all of the premiums written and earned in the Company's program services and other fronting operations for the quarter and six months ended June 30, 2021 and 2020 were ceded. The percentage of consolidated ceded earned premiums to gross earned premiums was 37% for both the quarter and six months ended June 30, 2021 and 37% and 38% for the quarter and six months June 30, 2020, respectively. The percentage of consolidated assumed earned premiums to net earned premiums was 24% and 25% and for the quarter and six months ended June 30, 2021, respectively, and 27% for both the quarter and six months June 30, 2020. Substantially all of the incurred losses and loss adjustment expenses in the Company's program services and other fronting operations, which totaled $636.8 million and $1.1 billion for the quarter and six months ended June 30, 2021, respectively, and $394.5 million and $702.5 million for the quarter and six months ended June 30, 2020, respectively, were ceded. The following table summarizes the effect of reinsurance and retrocessional reinsurance on losses and loss adjustment expenses in the Company's underwriting operations. Quarter Ended June 30, Six Months Ended June 30, (dollars in thousands) 2021 2020 2021 2020 Gross $ 993,138 $ 868,069 $ 2,067,061 $ 2,111,626 Ceded (177,674) (154,307) (369,645) (321,487) Net losses and loss adjustment expenses $ 815,464 $ 713,762 $ 1,697,416 $ 1,790,139 |
Life and Annuity Benefits Life
Life and Annuity Benefits Life and Annuity Benefits | 6 Months Ended |
Jun. 30, 2021 | |
Liability for Future Policy Benefit, before Reinsurance [Abstract] | |
Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block] | Life and Annuity Benefits Life and annuity benefits are compiled on a reinsurance contract-by-contract basis and are discounted using standard actuarial techniques and cash flow models. Since the development of the life and annuity reinsurance reserves is based upon cash flow projection models, the Company must make estimates and assumptions based on cedent experience, industry mortality tables, and expense and investment experience, including a provision for adverse deviation. The assumptions used to determine policy benefit reserves are generally locked-in for the life of the contract unless an unlocking event occurs. Loss recognition testing is performed to determine if existing policy benefit reserves, together with the present value of future gross premiums and expected investment income earned thereon, are adequate to cover the present value of future benefits, settlement and maintenance costs. If the existing policy benefit reserves are not sufficient, the locked-in assumptions are revised to current best estimate assumptions and a charge to earnings for life and annuity benefits is recognized at that time. Life and annuity benefits are also adjusted to the extent unrealized gains on the investments supporting the policy benefit reserves would result in a reserve deficiency if those gains were realized. As of June 30, 2021 and December 31, 2020, the cumulative adjustment to life and annuity benefits attributable to unrealized gains on the underlying investment portfolio totaled $69.3 million and $119.6 million, respectively. During the quarter and six months ended June 30, 2021, the Company decreased life and annuity benefits by $0.9 million and $50.3 million, respectively, reflecting an increase in the market yield on the investment portfolio supporting the policy benefit reserves, and increased the change in net unrealized holding gains included in other comprehensive income by a corresponding amount. During the quarter and six months ended June 30, 2020, the Company increased life and annuity benefits by $22.7 million and $35.6 million, respectively, as a result of decreases in the market yield on the investment portfolio supporting the policy benefit reserves, and decreased the change in net unrealized holding gains included in other comprehensive income (loss) by a corresponding amount. |
Senior Long-Term Debt and Other
Senior Long-Term Debt and Other Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Senior Long-Term Debt and Other Debt | Senior Long-Term Debt and Other DebtIn May 2021, the Company issued $600 million of 3.45% unsecured senior notes due May 2052. Net proceeds to the Company were $591.4 million, before expenses. The Company expects to use a portion of these proceeds to retire its 4.9% unsecured senior notes due July 1, 2022 ($350.0 million aggregate principal outstanding at June 30, 2021) and the remainder for general corporate purposes. |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities MCIM, a wholly-owned consolidated subsidiary of the Company, is an insurance-linked securities investment fund manager and reinsurance manager headquartered in Bermuda. Results attributable to MCIM are not included in a reportable segment. MCIM serves as the insurance manager for Markel CATCo Re Ltd. (Markel CATCo Re), a Bermuda Class 3 reinsurance company, and as the investment manager for Markel CATCo Reinsurance Fund Ltd., a Bermuda exempted mutual fund company comprised of multiple segregated accounts (Markel CATCo Funds). The Markel CATCo Funds issue multiple classes of nonvoting, redeemable preference shares to investors and the Markel CATCo Funds are primarily invested in nonvoting preference shares of Markel CATCo Re. The underwriting results of Markel CATCo Re are attributed to the Markel CATCo Funds through those nonvoting preference shares. Voting shares in Markel CATCo Reinsurance Fund Ltd. and Markel CATCo Re are held by MCIM. The Markel CATCo Funds and Markel CATCo Re are considered 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. With the exception of an investment in one of the Markel CATCo Funds ($41.1 million and $58.5 million as of June 30, 2021 and December 31, 2020, respectively), 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 not the primary beneficiary of the Markel CATCo Funds or Markel CATCo Re and therefore does not consolidate these entities. The Company's exposure to risk from unconsolidated Markel CATCo Funds and Markel CATCo Re is generally limited to its investment and any earned but uncollected fees. The Company has not issued any investment performance guarantees to these VIEs or their investors. As of June 30, 2021 and December 31, 2020, net assets under management of MCIM for unconsolidated VIEs were $726.6 million and $929.2 million, respectively. In July 2019, both the Markel CATCo Funds and Markel CATCo Re were placed into run-off, and MCIM is returning capital to investors as it becomes available. See note 13 for further details regarding developments in the Company's Markel CATCo operations. |
Related Party Transactions Rela
Related Party Transactions Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Related Party Transactions The Company engages in certain related party transactions in the normal course of business at arm's length. Insurance-Linked Securities Within the Company's insurance-linked securities operations, the Company provides investment and insurance management services through Nephila Holdings Ltd. (together with its consolidated subsidiaries, Nephila). Nephila serves as the investment manager to several Bermuda, Ireland and U.S. based private funds (the Nephila Funds). To provide access for the Nephila Funds to the insurance, reinsurance and weather markets, Nephila also provides managing general agent services and acts as an insurance manager to certain Bermuda Class 3 and 3A reinsurance companies and Lloyd's Syndicate 2357 (Syndicate 2357) (collectively, the Nephila Reinsurers), as well as other unaffiliated insurance entities. Nephila receives management fees for investment and insurance management services provided through its insurance-linked securities operations based on the net asset value of the accounts managed, and, for certain funds, incentive fees based on the annual performance of the funds managed. Nephila also receives commissions from the Nephila Reinsurers, which are based on the direct written premiums of the insurance contracts placed. For the quarter and six months ended June 30, 2021, total revenues attributed to unconsolidated entities managed by Nephila were $42.0 million and $70.7 million, respectively. For the quarter and six months ended June 30, 2020, total revenues attributed to unconsolidated entities managed by Nephila were $42.2 million and $83.7 million, respectively. Through the Company's program services operations and other fronting arrangements, the Company has programs with Nephila through which the Company writes insurance policies that are ceded to Syndicate 2357 and certain other Nephila Reinsurers. Through these programs, Nephila utilizes certain of the Company's licensed insurance companies to write U.S. catastrophe-exposed property risk that is then ceded to Nephila Reinsurers. Gross premiums written through these programs with Nephila were $186.7 million and $304.0 million for the quarter and six months ended June 30, 2021, respectively, and $122.9 million and $213.4 million for the quarter and six months ended June 30, 2020, respectively, all of which were ceded to Nephila Reinsurers. As of June 30, 2021 and December 31, 2020, reinsurance recoverables on the consolidated balance sheets included $466.7 million and $353.8 million, respectively, due from Nephila Reinsurers. Under these programs, the Company bears underwriting risk for annual aggregate agreement year losses in excess of a limit the Company believes is unlikely to be exceeded. To the extent losses under these programs exceed the prescribed limits, the Company is obligated to pay such losses to the cedents without recourse to the Nephila Reinsurers. While the Company believes losses under these programs are unlikely, those losses, if incurred, could be material to the Company's consolidated results of operations and financial condition. The Company has also entered into other assumed and ceded reinsurance transactions with the Nephila Reinsurers in the normal course of business, which are not material to the Company's consolidated financial statements. The Hagerty Group, LLC The Company holds a minority ownership interest in The Hagerty Group, LLC, which is accounted for under the equity method. Hagerty Group primarily operates as a managing general agent under the names Hagerty Insurance Agency and Hagerty Classic Marine Insurance Agency (collectively, Hagerty). Hagerty Group also includes Hagerty Re, a Bermuda Class 3 reinsurance company. Essentia Insurance Company (Essentia), one of the Company's insurance subsidiaries, is the exclusive insurance underwriter for Hagerty in the U.S., and a portion of this insurance is ceded to Hagerty Re. For the quarter and six months ended June 30, 2021, gross written premiums attributable to Hagerty written on Essentia were $176.8 million and $296.7 million, respectively, of which $100.5 million and $168.4 million, respectively, were ceded to Hagerty Re. For the quarter and six months ended June 30, 2020 gross written premiums attributable to Hagerty written on Essentia were $154.0 million and $254.9 million, respectively, of which $72.8 million and $120.6 million, respectively, were ceded to Hagerty Re. |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity Note Disclosure | Shareholders' Equity a) The Company has 50,000,000 shares of no par value common stock authorized. The following table presents a rollforward of changes in common shares issued and outstanding. Quarter Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Issued and outstanding common shares, beginning of period 13,765 13,775 13,783 13,794 Issuance of common shares 2 1 3 3 Repurchase of common shares (33) — (52) (21) Issued and outstanding common shares, end of period 13,734 13,776 13,734 13,776 b) The Company has 10,000,000 shares of no par value preferred stock authorized, of which 600,000 shares were issued and outstanding at June 30, 2021 and December 31, 2020. The outstanding preferred shares were issued in May 2020 for an aggregate initial purchase price of $600 million and net proceeds of $591.9 million. For the quarter and six months ended June 30, 2021, total dividends declared and paid on preferred shares were $18.0 million, or $30 per share. c) Net income (loss) per common share was determined by dividing adjusted net income (loss) to common shareholders by the applicable weighted average common shares outstanding. Basic common shares outstanding include restricted stock units that are no longer subject to any contingencies for issuance, but for which corresponding shares have not been issued. Diluted net income (loss) per common share is computed by dividing adjusted net income (loss) to common shareholders by the weighted average number of common shares and dilutive potential common shares outstanding during the period. Quarter Ended June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2021 2020 2021 2020 Net income (loss) to common shareholders $ 774,110 $ 921,768 $ 1,347,804 $ (483,995) Adjustment of redeemable noncontrolling interests 13,717 (13,073) 21,623 2,940 Adjusted net income (loss) to common shareholders $ 787,827 $ 908,695 $ 1,369,427 $ (481,055) Basic common shares outstanding 13,793 13,808 13,806 13,812 Dilutive potential common shares from restricted stock units and restricted stock (1) 24 13 22 — Diluted common shares outstanding 13,817 13,821 13,828 13,812 Basic net income (loss) per common share $ 57.12 $ 65.81 $ 99.19 $ (34.83) Diluted net income (loss) per common share (1) $ 57.02 $ 65.75 $ 99.03 $ (34.83) (1) The impact of restricted stock units and restricted stock of 11 thousand shares was excluded from the computation of diluted earnings per common share for the six months ended June 30, 2020 because the effect would have been anti-dilutive. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Loss Contingency [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies a) Late in the fourth quarter of 2018, the Company was contacted by and received inquiries from the U.S. Department of Justice, U.S. Securities and Exchange Commission and Bermuda Monetary Authority (collectively, Governmental Authorities) into loss reserves recorded in late 2017 and early 2018 at Markel CATCo Re (the Markel CATCo Inquiries), an unconsolidated subsidiary managed by MCIM. As a result, the Company engaged outside counsel to conduct an internal review. The internal review was completed in April 2019 and found no evidence that MCIM personnel acted in bad faith in exercising business judgment in the setting of reserves and making related disclosures during late 2017 and early 2018. The Company's outside counsel has met with the Governmental Authorities and reported the findings from the internal review. The Company cannot currently predict the duration, scope or result of the Markel CATCo Inquiries. The Markel CATCo Inquiries, as well as other matters related to or arising from the Markel CATCo Inquiries, including matters of which the Company is currently unaware, could result in additional claims, litigation, investigations, enforcement actions or proceedings. For example, additional litigation may be filed by investors in the Markel CATCo Funds. The Company also could become subject to increased regulatory scrutiny, investigations or proceedings in any of the jurisdictions where it operates. If any regulatory authority takes action against the Company or the Company enters into an agreement to settle a matter, the Company may incur sanctions or be required to pay substantial fines or implement remedial measures that could prove costly or disruptive to its businesses and operations. Costs associated with the Markel CATCo Inquiries, as well as legal costs incurred in connection with any existing or future litigation or disputes, are being expensed as incurred. An unfavorable outcome in one or more of these matters, and others the Company cannot anticipate, could have a material adverse effect on the Company's results of operations and financial condition. In addition, the Company may take further steps to mitigate potential risks or liabilities that may arise from the Markel CATCo Inquiries and related developments and some of those steps may have a material impact on the Company's results of operations or financial condition. Even if an unfavorable outcome does not materialize, these matters, and actions the Company may take in response, could have an adverse impact on the Company's reputation and result in substantial expense and disruption. b) In 2019, the Company established Lodgepine Capital Management Limited (Lodgepine), a new retrocessional insurance-linked securities fund manager in Bermuda. Lodgepine's initial product offering is Lodgepine Fund Limited (Lodgepine Fund), a property catastrophe retrocessional investment fund, and subject to certain conditions, the Company has committed to invest up to $100 million in Lodgepine Fund. Lodgepine Fund launched July 1, 2021 with initial investor capital of $98.9 million, which includes an initial investment by the Company of $18.9 million. c) 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. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation. The consolidated balance sheet as of June 30, 2021 and the related consolidated statements of income (loss) and comprehensive income (loss) and changes in equity for the quarters and six months ended June 30, 2021 and 2020, and the consolidated statements of cash flows for the six months ended June 30, 2021 and 2020 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, 2020 was derived from Markel Corporation's audited annual consolidated financial statements. The accompanying consolidated financial statements have been prepared in accordance with United States (U.S.) generally accepted accounting principles (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, with the exception of significant transactions or events that occur during the intervening period. Certain prior period amounts have been reclassified to conform to the current period presentation. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Actual results may differ materially from the estimates and assumptions used in preparing the consolidated financial statements. The consolidated financial statements and notes are presented as permitted by Form 10-Q and do not contain certain information included in the Company's annual consolidated financial statements and notes. Readers are urged to review the Company's 2020 Annual Report on Form 10-K for a more complete description of the Company's business and accounting policies, as well as a description of the risks and uncertainties associated with the COVID-19 pandemic on the Company's businesses and results of operations, financial condition and cash flows, including in note 20 of the notes to consolidated financial statements included under Item 8 Financial Statements and Supplementary Data. There were no material changes in the Company's assessment of the risks and uncertainties associated with the COVID-19 pandemic during the six months ended June 30, 2021. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Standards Adopted in 2021 The Company adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , effective January 1, 2021. Adoption of this standard did not have a material impact on the Company's financial position, results of operations or cash flows. Accounting Standards Not Yet Adopted In August 2018, the FASB issued ASU No. 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. The FASB subsequently issued several ASUs as amendments to ASU No. 2018-12. The standard requires insurance entities with long duration contracts to: (1) review and, if there is a change, update the assumptions used to measure expected cash flows at least annually; (2) update the discount rate assumption at each reporting date; (3) measure all market risk benefits associated with deposit (or account balance) contracts at fair value; and (4) disclose liability rollforwards and information about significant inputs, judgments, assumptions and methods used to measure the liability, including changes thereto and the effect of those changes on measurement. ASU No. 2018-12 becomes effective for the Company during the first quarter of 2023. The standard will, among other things, impact the discount rate used in estimating reserves for the Company's life and annuity reinsurance portfolio, which is in runoff. Currently, the discount rate assumption is locked-in for the life of the contracts, unless there is a loss recognition event. The Company is currently evaluating ASU No. 2018-12 to determine the impact that adopting this standard will have on its consolidated financial statements. |
Segment Reporting Disclosures (
Segment Reporting Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Company's Segment Disclosures | The following tables summarize the Company's segment disclosures. Quarter Ended June 30, 2021 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures (1) Other (2) Consolidated Gross premium volume $ 1,821,374 $ 279,444 $ — $ — $ 783,195 $ 2,884,013 Net written premiums 1,494,443 257,355 — — (347) 1,751,451 Earned premiums 1,303,562 264,982 — — (507) 1,568,037 Losses and loss adjustment expenses: Current accident year (783,306) (166,853) — — — (950,159) Prior accident years 154,526 (21,741) — — 2,419 135,204 Underwriting, acquisition and insurance expenses: Amortization of policy acquisition costs (264,823) (67,986) — — — (332,809) Other operating expenses (204,622) (13,414) — — 2,481 (215,555) Underwriting profit (loss) 205,337 (5,012) — — 4,393 204,718 Net investment income — — 96,259 2 — 96,261 Net investment gains — — 674,753 — — 674,753 Products revenues — — — 592,601 — 592,601 Services and other revenues — — — 482,903 86,217 569,120 Products expenses — — — (502,202) — (502,202) Services and other expenses — 109 — (450,781) (65,579) (516,251) Amortization of intangible assets (3) — — — (13,858) (25,871) (39,729) Segment profit (loss) $ 205,337 $ (4,903) $ 771,012 $ 108,665 $ (840) $ 1,079,271 Interest expense (46,568) Net foreign exchange losses (12,257) Income before income taxes $ 1,020,446 U.S. GAAP combined ratio (4) 84 % 102 % NM (5) 87 % (1) Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $15.8 million for the quarter ended June 30, 2021. (2) Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment as well as any amortization of intangible assets that is not allocated to a reportable segment. Amortization of intangible assets attributable to the Company's underwriting segments was $10.4 million for the quarter ended June 30, 2021, however, the Company does not allocate amortization of intangible assets between the Insurance and Reinsurance segments. (3) Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's Insurance and Reinsurance segments. (4) 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. (5) NM - Ratio is not meaningful Quarter Ended June 30, 2020 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures (1) Other (2) Consolidated Gross premium volume $ 1,553,436 $ 223,277 $ — $ — $ 596,479 $ 2,373,192 Net written premiums 1,267,976 188,830 — — (411) 1,456,395 Earned premiums 1,120,151 240,555 — — (532) 1,360,174 Losses and loss adjustment expenses: Current accident year (730,201) (147,163) — — — (877,364) Prior accident years 151,205 12,280 — — 663 164,148 Underwriting, acquisition and insurance expenses: Amortization of policy acquisition costs (238,784) (63,411) — — — (302,195) Other operating expenses (167,298) (17,506) — — (2,363) (187,167) Underwriting profit (loss) 135,073 24,755 — — (2,232) 157,596 Net investment income — — 95,561 54 — 95,615 Net investment gains — — 911,243 — — 911,243 Products revenues — — — 423,581 — 423,581 Services and other revenues — — — 254,504 86,898 341,402 Products expenses — — — (364,483) — (364,483) Services and other expenses — — — (222,656) (62,284) (284,940) Amortization of intangible assets (3) — — — (11,596) (26,158) (37,754) Segment profit (loss) $ 135,073 $ 24,755 $ 1,006,804 $ 79,404 $ (3,776) $ 1,242,260 Interest expense (45,427) Net foreign exchange losses (21,460) Income before income taxes $ 1,175,373 U.S. GAAP combined ratio (4) 88 % 90 % NM (5) 88 % (1) Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $14.3 million for the quarter ended June 30, 2020. (2) Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment as well as any amortization of intangible assets that is not allocated to a reportable segment. Amortization of intangible assets attributable to the Company's underwriting segments was $10.7 million for the quarter ended June 30, 2020, however, the Company does not allocate amortization of intangible assets between the Insurance and Reinsurance segments. (3) Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's Insurance and Reinsurance segments. (4) 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. (5) NM - Ratio is not meaningful Six Months Ended June 30, 2021 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures (1) Other (2) Consolidated Gross premium volume $ 3,459,701 $ 811,962 $ — $ — $ 1,417,202 $ 5,688,865 Net written premiums 2,881,873 751,440 — — (792) 3,632,521 Earned premiums 2,547,589 519,069 — — (926) 3,065,732 Losses and loss adjustment expenses: Current accident year (1,581,553) (339,354) — — — (1,920,907) Prior accident years 273,590 (50,396) — — 2,840 226,034 Underwriting, acquisition and insurance expenses: Amortization of policy acquisition costs (525,422) (129,974) — — — (655,396) Other operating expenses (391,919) (27,575) — — (217) (419,711) Underwriting profit (loss) 322,285 (28,230) — — 1,697 295,752 Net investment income — — 192,826 5 — 192,831 Net investment gains — — 1,201,624 — — 1,201,624 Products revenues — — — 921,433 — 921,433 Services and other revenues — — — 860,670 158,676 1,019,346 Products expenses — — — (798,728) — (798,728) Services and other expenses — 109 — (795,689) (132,768) (928,348) Amortization of intangible assets (3) — — — (27,563) (51,719) (79,282) Segment profit (loss) $ 322,285 $ (28,121) $ 1,394,450 $ 160,128 $ (24,114) $ 1,824,628 Interest expense (88,957) Net foreign exchange gains 12,827 Income before income taxes $ 1,748,498 U.S. GAAP combined ratio (4) 87 % 105 % NM (5) 90 % (1) Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $31.8 million for the six months ended June 30, 2021. (2) Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment as well as any amortization of intangible assets that is not allocated to a reportable segment. Amortization of intangible assets attributable to the Company's underwriting segments was $20.8 million for the six months ended June 30, 2021, however, the Company does not allocate amortization of intangible assets between the Insurance and Reinsurance segments. (3) Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's Insurance and Reinsurance segments. (4) 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. (5) NM - Ratio is not meaningful Six Months Ended June 30, 2020 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures (1) Other (2) Consolidated Gross premium volume $ 2,968,147 $ 736,463 $ — $ — $ 991,406 $ 4,696,016 Net written premiums 2,463,713 641,579 — — (2,419) 3,102,873 Earned premiums 2,227,002 466,515 — — (2,634) 2,690,883 Losses and loss adjustment expenses: Current accident year (1,736,836) (320,893) — — — (2,057,729) Prior accident years 267,337 (1,632) — — 2,460 268,165 Underwriting, acquisition and insurance expenses: Amortization of policy acquisition costs (478,204) (119,802) — — — (598,006) Other operating expenses (350,600) (33,392) — — (2,527) (386,519) Underwriting loss (71,301) (9,204) — — (2,701) (83,206) Net investment income — — 183,620 238 — 183,858 Net investment losses — — (770,198) — — (770,198) Products revenues — — — 775,742 — 775,742 Services and other revenues — — — 413,380 174,016 587,396 Products expenses — — — (678,554) — (678,554) Services and other expenses — — — (366,208) (136,288) (502,496) Amortization of intangible assets (3) — — — (23,437) (52,175) (75,612) Segment profit (loss) $ (71,301) $ (9,204) $ (586,578) $ 121,161 $ (17,148) $ (563,070) Interest expense (90,457) Net foreign exchange gains 56,841 Loss before income taxes $ (596,686) U.S. GAAP combined ratio (4) 103 % 102 % NM (5) 103 % (1) Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $28.1 million for the six months ended June 30, 2020. (2) Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment as well as any amortization of intangible assets that is not allocated to a reportable segment. Amortization of intangible assets attributable to the Company's underwriting segments was $21.1 million for the six months ended June 30, 2020, however, the Company does not allocate amortization of intangible assets between the Insurance and Reinsurance segments. (3) Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's Insurance and Reinsurance segments. (4) 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. (5) NM - Ratio is not meaningful |
Reconciliation Of Segment Assets To The Company's Consolidated Balance Sheets | The following table reconciles segment assets to the Company's consolidated balance sheets. (dollars in thousands) June 30, 2021 December 31, 2020 Segment assets: Investing $ 27,208,704 $ 24,781,946 Underwriting 8,049,139 7,228,297 Markel Ventures 3,793,058 3,636,060 Total segment assets 39,050,901 35,646,303 Other operations 6,590,612 6,063,751 Total assets $ 45,641,513 $ 41,710,054 |
Investments (Tables)
Investments (Tables) | 3 Months Ended | 6 Months Ended |
Mar. 31, 2021 | Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||
Available-For-Sale Investments | The following tables summarize the Company's available-for-sale investments. Commercial and residential mortgage-backed securities include securities issued by U.S. government-sponsored enterprises and U.S. government agencies. The net unrealized holding gains in the tables below are presented before taxes and any reserve deficiency adjustments for life and annuity benefit reserves. See note 8. June 30, 2021 (dollars in thousands) Amortized Gross Gross Estimated Fixed maturity securities: U.S. Treasury securities $ 1,400,765 $ 5,063 $ (4,613) $ 1,401,215 U.S. government-sponsored enterprises 725,412 38,428 (3,075) 760,765 Obligations of states, municipalities and political subdivisions 3,862,463 321,796 (3,565) 4,180,694 Foreign governments 1,423,017 194,614 (2,270) 1,615,361 Commercial mortgage-backed securities 1,736,946 107,924 (1,778) 1,843,092 Residential mortgage-backed securities 776,119 43,117 (94) 819,142 Asset-backed securities 3,505 99 — 3,604 Corporate bonds 739,741 77,578 (1,537) 815,782 Total fixed maturity securities 10,667,968 788,619 (16,932) 11,439,655 Short-term investments 3,257,655 5,551 (133) 3,263,073 Investments, available-for-sale $ 13,925,623 $ 794,170 $ (17,065) $ 14,702,728 December 31, 2020 (dollars in thousands) Amortized Gross Gross Estimated Fixed maturity securities: U.S. Treasury securities $ 580,716 $ 9,091 $ (507) $ 589,300 U.S. government-sponsored enterprises 500,053 51,593 (92) 551,554 Obligations of states, municipalities and political subdivisions 3,903,292 386,784 (235) 4,289,841 Foreign governments 1,352,616 275,450 (57) 1,628,009 Commercial mortgage-backed securities 1,736,257 149,359 (34) 1,885,582 Residential mortgage-backed securities 811,732 58,742 (29) 870,445 Asset-backed securities 5,812 154 — 5,966 Corporate bonds 764,783 96,257 (3) 861,037 Total fixed maturity securities 9,655,261 1,027,430 (957) 10,681,734 Short-term investments 2,030,460 3,645 (6) 2,034,099 Investments, available-for-sale $ 11,685,721 $ 1,031,075 $ (963) $ 12,715,833 | |
Summary Of Gross Unrealized Investment Losses By Length Of Time That Securities Have Continuously Been In An Unrealized Loss Position | December 31, 2020 Less than 12 months 12 months or longer Total (dollars in thousands) Estimated Gross Estimated Gross Estimated Gross Fixed maturity securities: U.S. Treasury securities $ 66,220 $ (507) $ — $ — $ 66,220 $ (507) U.S. government-sponsored enterprises 14,878 (92) — — 14,878 (92) Obligations of states, municipalities and political subdivisions 28,037 (223) 2,960 (12) 30,997 (235) Foreign governments 20,790 (57) — — 20,790 (57) Commercial mortgage-backed securities 13,178 (26) 2,526 (8) 15,704 (34) Residential mortgage-backed securities 3,345 (29) — — 3,345 (29) Corporate bonds 92 (3) — — 92 (3) Total fixed maturity securities 146,540 (937) 5,486 (20) 152,026 (957) Short-term investments 349,978 (6) — — 349,978 (6) Total $ 496,518 $ (943) $ 5,486 $ (20) $ 502,004 $ (963) | The following tables summarize gross unrealized investment losses on available-for-sale investments by the length of time that securities have continuously been in an unrealized loss position. June 30, 2021 Less than 12 months 12 months or longer Total (dollars in thousands) Estimated Gross Estimated Gross Estimated Gross Fixed maturity securities: U.S. Treasury securities $ 1,014,543 $ (4,613) $ — $ — $ 1,014,543 $ (4,613) U.S. government-sponsored enterprises 176,254 (3,075) — — 176,254 (3,075) Obligations of states, municipalities and political subdivisions 230,831 (3,560) 2,892 (5) 233,723 (3,565) Foreign governments 146,779 (2,270) — — 146,779 (2,270) Commercial mortgage-backed securities 84,621 (1,778) — — 84,621 (1,778) Residential mortgage-backed securities 8,582 (91) 130 (3) 8,712 (94) Corporate bonds 77,424 (1,537) — — 77,424 (1,537) Total fixed maturity securities 1,739,034 (16,924) 3,022 (8) 1,742,056 (16,932) Short-term investments 3,095,980 (133) — — 3,095,980 (133) Total $ 4,835,014 $ (17,057) $ 3,022 $ (8) $ 4,838,036 $ (17,065) |
Schedule Of Amortized Cost And Estimated Fair Value Of Fixed Maturity Securities By Contractual Maturity Date | The amortized cost and estimated fair value of fixed maturity securities at June 30, 2021 are shown below by contractual maturity. (dollars in thousands) Amortized Estimated Due in one year or less $ 419,585 $ 425,283 Due after one year through five years 2,849,923 2,972,522 Due after five years through ten years 2,570,434 2,748,079 Due after ten years 2,311,456 2,627,933 8,151,398 8,773,817 Commercial mortgage-backed securities 1,736,946 1,843,092 Residential mortgage-backed securities 776,119 819,142 Asset-backed securities 3,505 3,604 Total fixed maturity securities $ 10,667,968 $ 11,439,655 | |
Components Of Net Investment Income | The following table presents the components of net investment income. Quarter Ended June 30, Six Months Ended June 30, (dollars in thousands) 2021 2020 2021 2020 Interest: Tax-exempt municipal bonds $ 14,102 $ 16,157 $ 29,338 $ 32,758 Taxable municipal bonds 16,421 16,834 32,916 33,729 Other taxable bonds 40,618 39,616 80,013 79,588 Short-term investments, including overnight deposits 874 2,379 1,546 12,622 Dividends on equity securities 19,798 18,020 45,183 46,634 Income (loss) from equity method investments 9,018 5,647 12,943 (14,332) Other (417) 46 (612) 803 100,414 98,699 201,327 191,802 Investment expenses (4,153) (3,084) (8,496) (7,944) Net investment income $ 96,261 $ 95,615 $ 192,831 $ 183,858 | |
Summary Of Net Investment Gains (Losses) And The Change In Net Unrealized Gains On Available-For-Sale Investments | The following table presents the components of net investment gains (losses) and the change in net unrealized gains included in other comprehensive income (loss). Quarter Ended June 30, Six Months Ended June 30, (dollars in thousands) 2021 2020 2021 2020 Fixed maturity securities: Realized gains $ 4,792 $ 5,348 $ 4,875 $ 6,733 Realized losses (81) (5,126) (81) (6,271) Change in allowance for expected credit losses — 1,537 — (202) Short-term investments: Realized gains 278 1,002 308 1,100 Realized losses (633) (184) (727) (356) Cost-method investments: Realized gains — — 4,722 11,167 Other investment gains (losses) 46 (5,389) (1,286) (5,245) Net realized investment gains (losses) 4,402 (2,812) 7,811 6,926 Equity securities: Change in fair value of securities sold during the period 1,345 82,523 3,971 (450,907) Change in fair value of securities held at the end of the period 669,006 831,532 1,189,842 (326,217) Total change in fair value 670,351 914,055 1,193,813 (777,124) Net investment gains (losses) $ 674,753 $ 911,243 $ 1,201,624 $ (770,198) Change in net unrealized gains on available-for-sale investments included in other comprehensive income (loss): Fixed maturity securities $ 62,948 $ 236,521 $ (258,284) $ 335,088 Short-term investments 1,095 3,128 1,779 (3,578) Reserve deficiency adjustment for life and annuity benefit reserves (see note 8) 929 (22,740) 50,262 (35,612) Net increase (decrease) $ 64,972 $ 216,909 $ (206,243) $ 295,898 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Balances Of Assets Measured At Fair Value On A Recurring Basis | The following tables present the balances of assets measured at fair value on a recurring basis by level within the fair value hierarchy. June 30, 2021 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Investments: Fixed maturity securities, available-for-sale: U.S. Treasury securities $ — $ 1,401,215 $ — $ 1,401,215 U.S. government-sponsored enterprises — 760,765 — 760,765 Obligations of states, municipalities and political subdivisions — 4,180,694 — 4,180,694 Foreign governments — 1,615,361 — 1,615,361 Commercial mortgage-backed securities — 1,843,092 — 1,843,092 Residential mortgage-backed securities — 819,142 — 819,142 Asset-backed securities — 3,604 — 3,604 Corporate bonds — 815,782 — 815,782 Total fixed maturity securities, available-for-sale — 11,439,655 — 11,439,655 Equity securities: Insurance, banks and other financial institutions 3,049,092 — 41,066 3,090,158 Industrial, consumer and all other 5,115,550 — — 5,115,550 Total equity securities 8,164,642 — 41,066 8,205,708 Short-term investments, available-for-sale 3,145,608 117,465 — 3,263,073 Total investments $ 11,310,250 $ 11,557,120 $ 41,066 $ 22,908,436 December 31, 2020 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Investments: Fixed maturity securities, available-for-sale: U.S. Treasury securities $ — $ 589,300 $ — $ 589,300 U.S. government-sponsored enterprises — 551,554 — 551,554 Obligations of states, municipalities and political subdivisions — 4,289,841 — 4,289,841 Foreign governments — 1,628,009 — 1,628,009 Commercial mortgage-backed securities — 1,885,582 — 1,885,582 Residential mortgage-backed securities — 870,445 — 870,445 Asset-backed securities — 5,966 — 5,966 Corporate bonds — 861,037 — 861,037 Total fixed maturity securities, available-for-sale — 10,681,734 — 10,681,734 Equity securities: Insurance, banks and other financial institutions 2,516,361 — 58,493 2,574,854 Industrial, consumer and all other 4,419,256 — — 4,419,256 Total equity securities 6,935,617 — 58,493 6,994,110 Short-term investments, available-for-sale 1,922,459 111,640 — 2,034,099 Total investments $ 8,858,076 $ 10,793,374 $ 58,493 $ 19,709,943 |
Summary Of Changes In Level 3 Investments Measured At Fair Value On A Recurring Basis | The following table summarizes changes in Level 3 investments measured at fair value on a recurring basis, all of which are attributed to the Company's investments in the Markel CATCo Funds. Quarter Ended June 30, Six Months Ended June 30, (dollars in thousands) 2021 2020 2021 2020 Equity securities, beginning of period $ 56,138 $ 131,307 $ 58,493 $ 45,992 Purchases — — — 90,000 Sales (15,015) (16,529) (15,015) (17,893) Net investment gains (losses) (57) 870 (2,412) (2,451) Equity securities, end of period $ 41,066 $ 115,648 $ 41,066 $ 115,648 |
Products, Services and Other _2
Products, Services and Other Revenues (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule Of Revenues From Contracts With Customers By Type | The following tables present revenues from contracts with customers by segment and type, all of which are included in products revenues and services and other revenues in the consolidated statements of income (loss) and comprehensive income (loss), along with a reconciliation to total products revenues and services and other revenues. Quarter Ended June 30, 2021 2020 (dollars in thousands) Markel Ventures Other Total Markel Ventures Other Total Products $ 581,321 $ — $ 581,321 $ 414,516 $ — $ 414,516 Services 468,424 37,902 506,326 240,220 37,122 277,342 Investment management — 20,785 20,785 — 25,009 25,009 Total revenues from contracts with customers 1,049,745 58,687 1,108,432 654,736 62,131 716,867 Program services and other fronting — 27,399 27,399 — 24,790 24,790 Other 25,759 131 25,890 23,349 (23) 23,326 Total $ 1,075,504 $ 86,217 $ 1,161,721 $ 678,085 $ 86,898 $ 764,983 Six Months Ended June 30, 2021 2020 (dollars in thousands) Markel Ventures Other Total Markel Ventures Other Total Products $ 899,963 $ — $ 899,963 $ 752,754 $ — $ 752,754 Services 825,112 65,881 890,993 383,484 68,007 451,491 Investment management — 37,122 37,122 — 54,832 54,832 Total revenues from contracts with customers 1,725,075 103,003 1,828,078 1,136,238 122,839 1,259,077 Program services and other fronting — 55,016 55,016 — 50,494 50,494 Other 57,028 657 57,685 52,884 683 53,567 Total $ 1,782,103 $ 158,676 $ 1,940,779 $ 1,189,122 $ 174,016 $ 1,363,138 |
Unpaid Losses And Loss Adjust_2
Unpaid Losses And Loss Adjustment Expenses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims [Abstract] | |
Reconciliation Of Consolidated Reserves For Losses And Loss Adjustment Expenses | The following table presents a reconciliation of consolidated beginning and ending reserves for losses and loss adjustment expenses. Six Months Ended June 30, (dollars in thousands) 2021 2020 Net reserves for losses and loss adjustment expenses, beginning of year $ 10,485,717 $ 9,475,261 Effect of foreign currency rate changes on beginning of year balance 5,198 (75,037) Effect of adoption of ASU No. 2016-13 — 3,849 Adjusted net reserves for losses and loss adjustment expenses, beginning of year 10,490,915 9,404,073 Incurred losses and loss adjustment expenses: Current accident year 1,920,907 2,057,729 Prior accident years (226,059) (268,220) Total incurred losses and loss adjustment expenses 1,694,848 1,789,509 Payments: Current accident year 198,402 217,466 Prior accident years 1,190,303 1,033,176 Total payments 1,388,705 1,250,642 Effect of foreign currency rate changes on current year activity (476) (1,997) Net reserves for losses and loss adjustment expenses of insurance companies sold (2,762) — Net reserves for losses and loss adjustment expenses, end of period 10,793,820 9,940,943 Reinsurance recoverables on unpaid losses 6,205,996 5,304,562 Gross reserves for losses and loss adjustment expenses, end of period $ 16,999,816 $ 15,245,505 |
Reinsurance (Tables)
Reinsurance (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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. Quarter Ended June 30, 2021 2020 (dollars in thousands) Direct Assumed Ceded Net Premiums Direct Assumed Ceded Net Premiums Underwriting: Written $ 1,756,680 $ 344,279 $ (349,037) $ 1,751,922 $ 1,460,090 $ 316,905 $ (319,772) $ 1,457,223 Earned 1,511,416 351,931 (294,679) 1,568,668 1,287,268 346,262 (272,600) 1,360,930 Program services and other fronting: Written 737,110 45,944 (783,525) (471) 567,864 28,333 (597,025) (828) Earned 582,809 23,763 (607,203) (631) 498,381 26,588 (525,725) (756) Consolidated: Written 2,493,790 390,223 (1,132,562) 1,751,451 2,027,954 345,238 (916,797) 1,456,395 Earned $ 2,094,225 $ 375,694 $ (901,882) $ 1,568,037 $ 1,785,649 $ 372,850 $ (798,325) $ 1,360,174 Six Months Ended June 30, 2021 2020 (dollars in thousands) Direct Assumed Ceded Net Premiums Direct Assumed Ceded Net Premiums Underwriting: Written $ 3,305,777 $ 966,027 $ (638,350) $ 3,633,454 $ 2,809,331 $ 895,561 $ (599,161) $ 3,105,731 Earned 2,942,749 717,829 (593,779) 3,066,799 2,562,939 672,962 (542,138) 2,693,763 Program services and other fronting: Written 1,345,147 71,914 (1,417,994) (933) 956,788 34,336 (993,982) (2,858) Earned 1,165,969 38,668 (1,205,704) (1,067) 1,043,724 40,311 (1,086,915) (2,880) Consolidated: Written 4,650,924 1,037,941 (2,056,344) 3,632,521 3,766,119 929,897 (1,593,143) 3,102,873 Earned $ 4,108,718 $ 756,497 $ (1,799,483) $ 3,065,732 $ 3,606,663 $ 713,273 $ (1,629,053) $ 2,690,883 |
Effect Of Reinsurance And Retrocessional Reinsurance On Losses | The following table summarizes the effect of reinsurance and retrocessional reinsurance on losses and loss adjustment expenses in the Company's underwriting operations. Quarter Ended June 30, Six Months Ended June 30, (dollars in thousands) 2021 2020 2021 2020 Gross $ 993,138 $ 868,069 $ 2,067,061 $ 2,111,626 Ceded (177,674) (154,307) (369,645) (321,487) Net losses and loss adjustment expenses $ 815,464 $ 713,762 $ 1,697,416 $ 1,790,139 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Common Stock Outstanding Roll Forward | The Company has 50,000,000 shares of no par value common stock authorized. The following table presents a rollforward of changes in common shares issued and outstanding. Quarter Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Issued and outstanding common shares, beginning of period 13,765 13,775 13,783 13,794 Issuance of common shares 2 1 3 3 Repurchase of common shares (33) — (52) (21) Issued and outstanding common shares, end of period 13,734 13,776 13,734 13,776 |
Schedule Of Net Income (Loss) Per Common Share | Quarter Ended June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2021 2020 2021 2020 Net income (loss) to common shareholders $ 774,110 $ 921,768 $ 1,347,804 $ (483,995) Adjustment of redeemable noncontrolling interests 13,717 (13,073) 21,623 2,940 Adjusted net income (loss) to common shareholders $ 787,827 $ 908,695 $ 1,369,427 $ (481,055) Basic common shares outstanding 13,793 13,808 13,806 13,812 Dilutive potential common shares from restricted stock units and restricted stock (1) 24 13 22 — Diluted common shares outstanding 13,817 13,821 13,828 13,812 Basic net income (loss) per common share $ 57.12 $ 65.81 $ 99.19 $ (34.83) Diluted net income (loss) per common share (1) $ 57.02 $ 65.75 $ 99.03 $ (34.83) (1) The impact of restricted stock units and restricted stock of 11 thousand shares was excluded from the computation of diluted earnings per common share for the six months ended June 30, 2020 because the effect would have been anti-dilutive. |
Segment Reporting Disclosures_2
Segment Reporting Disclosures (Company's Segment Disclosures) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |||||
Segment Reporting Information [Line Items] | ||||||||
Gross premium volume | $ 2,884,013 | $ 2,373,192 | $ 5,688,865 | $ 4,696,016 | ||||
Net written premiums | 1,751,451 | 1,456,395 | 3,632,521 | 3,102,873 | ||||
Earned premiums | 1,568,037 | 1,360,174 | 3,065,732 | 2,690,883 | ||||
Losses and loss adjustment expenses, current accident year | (950,159) | (877,364) | (1,920,907) | (2,057,729) | ||||
Losses and loss adjustment expenses, prior accident year | 135,204 | 164,148 | 226,034 | 268,165 | ||||
Amortization of policy acquisition costs | (332,809) | (302,195) | (655,396) | (598,006) | ||||
Other operating expenses | (215,555) | (187,167) | (419,711) | (386,519) | ||||
Underwriting profit (loss) | 204,718 | 157,596 | 295,752 | (83,206) | ||||
Net investment income | 96,261 | 95,615 | 192,831 | 183,858 | ||||
Net investment gains (losses) | 674,753 | 911,243 | 1,201,624 | (770,198) | ||||
Products revenues | 592,601 | 423,581 | 921,433 | 775,742 | ||||
Services and other revenues | 569,120 | 341,402 | 1,019,346 | 587,396 | ||||
Products expenses | (502,202) | (364,483) | (798,728) | (678,554) | ||||
Services and other expenses | (516,251) | (284,940) | (928,348) | (502,496) | ||||
Amortization of intangible assets | (39,729) | [1] | (37,754) | [1] | (79,282) | [2] | (75,612) | [1] |
Segment profit (loss) | 1,079,271 | 1,242,260 | 1,824,628 | (563,070) | ||||
Interest expense | (46,568) | (45,427) | (88,957) | (90,457) | ||||
Net foreign exchange gains | (12,257) | (21,460) | 12,827 | 56,841 | ||||
Income (Loss) before income taxes | $ 1,020,446 | $ 1,175,373 | $ 1,748,498 | $ (596,686) | ||||
U.S. GAAP combined ratio | 87.00% | [3] | 88.00% | [3] | 90.00% | [4] | 103.00% | [3] |
Insurance [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Gross premium volume | $ 1,821,374 | $ 1,553,436 | $ 3,459,701 | $ 2,968,147 | ||||
Net written premiums | 1,494,443 | 1,267,976 | 2,881,873 | 2,463,713 | ||||
Earned premiums | 1,303,562 | 1,120,151 | 2,547,589 | 2,227,002 | ||||
Losses and loss adjustment expenses, current accident year | (783,306) | (730,201) | (1,581,553) | (1,736,836) | ||||
Losses and loss adjustment expenses, prior accident year | 154,526 | 151,205 | 273,590 | 267,337 | ||||
Amortization of policy acquisition costs | (264,823) | (238,784) | (525,422) | (478,204) | ||||
Other operating expenses | (204,622) | (167,298) | (391,919) | (350,600) | ||||
Underwriting profit (loss) | 205,337 | 135,073 | 322,285 | (71,301) | ||||
Net investment income | 0 | 0 | 0 | 0 | ||||
Net investment gains (losses) | 0 | 0 | 0 | 0 | ||||
Products revenues | 0 | 0 | 0 | 0 | ||||
Services and other revenues | 0 | 0 | 0 | 0 | ||||
Products expenses | 0 | 0 | 0 | 0 | ||||
Services and other expenses | 0 | 0 | 0 | 0 | ||||
Amortization of intangible assets | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Segment profit (loss) | $ 205,337 | $ 135,073 | $ 322,285 | $ (71,301) | ||||
U.S. GAAP combined ratio | 84.00% | [3] | 88.00% | [3] | 87.00% | [4] | 103.00% | [3] |
Reinsurance [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Gross premium volume | $ 279,444 | $ 223,277 | $ 811,962 | $ 736,463 | ||||
Net written premiums | 257,355 | 188,830 | 751,440 | 641,579 | ||||
Earned premiums | 264,982 | 240,555 | 519,069 | 466,515 | ||||
Losses and loss adjustment expenses, current accident year | (166,853) | (147,163) | (339,354) | (320,893) | ||||
Losses and loss adjustment expenses, prior accident year | (21,741) | 12,280 | (50,396) | (1,632) | ||||
Amortization of policy acquisition costs | (67,986) | (63,411) | (129,974) | (119,802) | ||||
Other operating expenses | (13,414) | (17,506) | (27,575) | (33,392) | ||||
Underwriting profit (loss) | (5,012) | 24,755 | (28,230) | (9,204) | ||||
Net investment income | 0 | 0 | 0 | 0 | ||||
Net investment gains (losses) | 0 | 0 | 0 | 0 | ||||
Products revenues | 0 | 0 | 0 | 0 | ||||
Services and other revenues | 0 | 0 | 0 | 0 | ||||
Products expenses | 0 | 0 | 0 | 0 | ||||
Services and other expenses | 109 | 0 | 109 | 0 | ||||
Amortization of intangible assets | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Segment profit (loss) | $ (4,903) | $ 24,755 | $ (28,121) | $ (9,204) | ||||
U.S. GAAP combined ratio | 102.00% | [3] | 90.00% | [3] | 105.00% | [4] | 102.00% | [3] |
Investing [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Gross premium volume | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Net written premiums | 0 | 0 | 0 | 0 | ||||
Earned premiums | 0 | 0 | 0 | 0 | ||||
Losses and loss adjustment expenses, current accident year | 0 | 0 | 0 | 0 | ||||
Losses and loss adjustment expenses, prior accident year | 0 | 0 | 0 | 0 | ||||
Amortization of policy acquisition costs | 0 | 0 | 0 | 0 | ||||
Other operating expenses | 0 | 0 | 0 | 0 | ||||
Underwriting profit (loss) | 0 | 0 | 0 | 0 | ||||
Net investment income | 96,259 | 95,561 | 192,826 | 183,620 | ||||
Net investment gains (losses) | 674,753 | 911,243 | 1,201,624 | (770,198) | ||||
Products revenues | 0 | 0 | 0 | 0 | ||||
Services and other revenues | 0 | 0 | 0 | 0 | ||||
Products expenses | 0 | 0 | 0 | 0 | ||||
Services and other expenses | 0 | 0 | 0 | 0 | ||||
Amortization of intangible assets | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Segment profit (loss) | 771,012 | 1,006,804 | 1,394,450 | (586,578) | ||||
Markel Ventures [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Gross premium volume | 0 | [5] | 0 | [5] | 0 | [6] | 0 | [5] |
Net written premiums | 0 | [5] | 0 | [5] | 0 | [6] | 0 | [5] |
Earned premiums | 0 | [5] | 0 | [5] | 0 | [6] | 0 | [5] |
Losses and loss adjustment expenses, current accident year | 0 | [5] | 0 | [5] | 0 | [6] | 0 | [5] |
Losses and loss adjustment expenses, prior accident year | 0 | [5] | 0 | [5] | 0 | [6] | 0 | [5] |
Amortization of policy acquisition costs | 0 | [5] | 0 | [5] | 0 | [6] | 0 | [5] |
Other operating expenses | 0 | [5] | 0 | [5] | 0 | [6] | 0 | [5] |
Underwriting profit (loss) | 0 | [5] | 0 | [5] | 0 | [6] | 0 | [5] |
Net investment income | 2 | [5] | 54 | [5] | 5 | [6] | 238 | [5] |
Net investment gains (losses) | 0 | [5] | 0 | [5] | 0 | [6] | 0 | [5] |
Products revenues | 592,601 | [5] | 423,581 | [5] | 921,433 | [6] | 775,742 | [5] |
Services and other revenues | 482,903 | [5] | 254,504 | [5] | 860,670 | [6] | 413,380 | [5] |
Products expenses | (502,202) | [5] | (364,483) | [5] | (798,728) | [6] | (678,554) | [5] |
Services and other expenses | (450,781) | [5] | (222,656) | [5] | (795,689) | [6] | (366,208) | [5] |
Amortization of intangible assets | (13,858) | [1],[5] | (11,596) | [1],[5] | (27,563) | [2],[6] | (23,437) | [1],[5] |
Segment profit (loss) | 108,665 | [5] | 79,404 | [5] | 160,128 | [6] | 121,161 | [5] |
Depreciation | 15,800 | 14,300 | 31,800 | [6] | 28,100 | [5] | ||
Underwriting Segments [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Amortization of intangible assets | 10,400 | 10,700 | 20,800 | [7] | 21,100 | [8] | ||
Other [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Gross premium volume | 783,195 | [8] | 596,479 | [8] | 1,417,202 | [7] | 991,406 | [8] |
Net written premiums | (347) | [8] | (411) | [8] | (792) | [7] | (2,419) | [8] |
Earned premiums | (507) | [8] | (532) | [8] | (926) | [7] | (2,634) | [8] |
Losses and loss adjustment expenses, current accident year | 0 | [8] | 0 | [8] | 0 | [7] | 0 | [8] |
Losses and loss adjustment expenses, prior accident year | 2,419 | [8] | 663 | [8] | 2,840 | [7] | 2,460 | [8] |
Amortization of policy acquisition costs | 0 | [8] | 0 | [8] | 0 | [7] | 0 | [8] |
Other operating expenses | 2,481 | [8] | (2,363) | [8] | (217) | [7] | (2,527) | [8] |
Underwriting profit (loss) | 4,393 | [8] | (2,232) | [8] | 1,697 | [7] | (2,701) | [8] |
Net investment income | 0 | [8] | 0 | [8] | 0 | [7] | 0 | [8] |
Net investment gains (losses) | 0 | [8] | 0 | [8] | 0 | [7] | 0 | [8] |
Products revenues | 0 | [8] | 0 | [8] | 0 | [7] | 0 | [8] |
Services and other revenues | 86,217 | [8] | 86,898 | [8] | 158,676 | [7] | 174,016 | [8] |
Products expenses | 0 | [8] | 0 | [8] | 0 | [7] | 0 | [8] |
Services and other expenses | (65,579) | [8] | (62,284) | [8] | (132,768) | [7] | (136,288) | [8] |
Amortization of intangible assets | (25,871) | [1],[8] | (26,158) | [1],[8] | (51,719) | [2],[7] | (52,175) | [1],[8] |
Segment profit (loss) | $ (840) | [8] | $ (3,776) | [8] | $ (24,114) | [7] | $ (17,148) | [5] |
[1] | Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's Insurance and Reinsurance segments. | |||||||
[2] | Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's Insurance and Reinsurance segments. | |||||||
[3] | 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. | |||||||
[4] | 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. | |||||||
[5] | Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $28.1 million for the six months ended June 30, 2020. | |||||||
[6] | Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $31.8 million for the six months ended June 30, 2021. | |||||||
[7] | Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment as well as any amortization of intangible assets that is not allocated to a reportable segment. Amortization of intangible assets attributable to the Company's underwriting segments was $20.8 million for the six months ended June 30, 2021, however, the Company does not allocate amortization of intangible assets between the Insurance and Reinsurance segments. | |||||||
[8] | Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment as well as any amortization of intangible assets that is not allocated to a reportable segment. Amortization of intangible assets attributable to the Company's underwriting segments was $21.1 million for the six months ended June 30, 2020, however, the Company does not allocate amortization of intangible assets between the Insurance and Reinsurance segments. |
Segment Reporting Disclosures_3
Segment Reporting Disclosures (Reconciliation Of Segment Assets To The Company's Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Segment Reporting Information [Line Items] | ||
Assets | $ 45,641,513 | $ 41,710,054 |
Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 6,590,612 | 6,063,751 |
Segment assets [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 39,050,901 | 35,646,303 |
Segment assets [Member] | Investing [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 27,208,704 | 24,781,946 |
Segment assets [Member] | Underwriting [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 8,049,139 | 7,228,297 |
Segment assets [Member] | Markel Ventures [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 3,793,058 | $ 3,636,060 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) $ in Thousands | Jun. 30, 2021USD ($)securities | Dec. 31, 2020USD ($)securities |
Schedule of Investments [Line Items] | ||
Available-for-sale fixed maturity securities in unrealized loss position, number of positions | securities | 139 | 36 |
Available-for-sale securities, estimated fair value | $ 4,838,036 | $ 502,004 |
Available-for-sale securities, gross unrealized holding losses | $ (17,065) | $ (963) |
Number of available-for-sale fixed maturity securities positions in a continuous unrealized loss position for one year or longer at period end | securities | 3 | 6 |
Available-for-sale securities, estimated fair value, 12 months or longer | $ 3,022 | $ 5,486 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | (8) | (20) |
Available-for-sale, allowance for credit losses | 0 | 0 |
Fixed Maturities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale securities, estimated fair value | 1,742,056 | 152,026 |
Available-for-sale securities, gross unrealized holding losses | (16,932) | (957) |
Available-for-sale securities, estimated fair value, 12 months or longer | 3,022 | 5,486 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | $ (8) | $ (20) |
Investments (Available-For-Sale
Investments (Available-For-Sale Investments) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale amortized cost | $ 10,667,968 | $ 9,655,261 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 788,619 | 1,027,430 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (16,932) | (957) |
Available-for-sale fixed maturity investments, estimated fair value | 11,439,655 | 10,681,734 |
Short-term investments, available-for-sale, amortized cost | 3,257,655 | 2,030,460 |
Short-term investments, available-for-sale, gross unrealized holding gains | 5,551 | 3,645 |
Short-term investments, available-for-sale, gross unrealized holding losses | (133) | (6) |
Short-term investments, available-for-sale, estimated fair value | 3,263,073 | 2,034,099 |
Investments, available-for-sale, amortized cost | 13,925,623 | 11,685,721 |
Investments, available-for-sale, gross unrealized holding gains | 794,170 | 1,031,075 |
Investments, available-for-sale, gross unrealized holding losses | (17,065) | (963) |
Investments, available-for-sale, estimated fair value | 14,702,728 | 12,715,833 |
U.S. Treasury securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale amortized cost | 1,400,765 | 580,716 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 5,063 | 9,091 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (4,613) | (507) |
Available-for-sale fixed maturity investments, estimated fair value | 1,401,215 | 589,300 |
U.S. government-sponsored enterprises [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale amortized cost | 725,412 | 500,053 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 38,428 | 51,593 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (3,075) | (92) |
Available-for-sale fixed maturity investments, estimated fair value | 760,765 | 551,554 |
Obligations of states, municipalities and political subdivisions [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale amortized cost | 3,862,463 | 3,903,292 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 321,796 | 386,784 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (3,565) | (235) |
Available-for-sale fixed maturity investments, estimated fair value | 4,180,694 | 4,289,841 |
Foreign governments [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale amortized cost | 1,423,017 | 1,352,616 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 194,614 | 275,450 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (2,270) | (57) |
Available-for-sale fixed maturity investments, estimated fair value | 1,615,361 | 1,628,009 |
Commercial mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale amortized cost | 1,736,946 | 1,736,257 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 107,924 | 149,359 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (1,778) | (34) |
Available-for-sale fixed maturity investments, estimated fair value | 1,843,092 | 1,885,582 |
Residential mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale amortized cost | 776,119 | 811,732 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 43,117 | 58,742 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (94) | (29) |
Available-for-sale fixed maturity investments, estimated fair value | 819,142 | 870,445 |
Asset-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale amortized cost | 3,505 | 5,812 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 99 | 154 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | 0 | 0 |
Available-for-sale fixed maturity investments, estimated fair value | 3,604 | 5,966 |
Corporate bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale amortized cost | 739,741 | 764,783 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 77,578 | 96,257 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (1,537) | (3) |
Available-for-sale fixed maturity investments, estimated fair value | $ 815,782 | $ 861,037 |
Investments (Summary Of Gross U
Investments (Summary Of Gross Unrealized Investment Losses By Length Of Time That Securities Have Continuously Been In An Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | $ 4,835,014 | $ 496,518 |
Available-for-sale securities, gross unrealized holding losses, less than 12 months | (17,057) | (943) |
Available-for-sale securities, estimated fair value, 12 months or longer | 3,022 | 5,486 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | (8) | (20) |
Available-for-sale securities, estimated fair value | 4,838,036 | 502,004 |
Available-for-sale securities, gross unrealized holding losses | (17,065) | (963) |
Short-term investments, estimated fair value, less than 12 months | 3,095,980 | 349,978 |
Short-term investments, gross unrealized holding losses, less than 12 months | (133) | (6) |
Short-term investments, estimated fair value, 12 months or longer | 0 | 0 |
Short-term investments, gross unrealized holding losses, 12 months or longer | 0 | 0 |
Short-term investments, estimated fair value | 3,095,980 | 349,978 |
Short-term investments, gross unrealized holding losses | (133) | (6) |
U.S. Treasury securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | 1,014,543 | 66,220 |
Available-for-sale securities, gross unrealized holding losses, less than 12 months | (4,613) | (507) |
Available-for-sale securities, estimated fair value, 12 months or longer | 0 | 0 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | 0 | 0 |
Available-for-sale securities, estimated fair value | 1,014,543 | 66,220 |
Available-for-sale securities, gross unrealized holding losses | (4,613) | (507) |
U.S. government-sponsored enterprises [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | 176,254 | 14,878 |
Available-for-sale securities, gross unrealized holding losses, less than 12 months | (3,075) | (92) |
Available-for-sale securities, estimated fair value, 12 months or longer | 0 | 0 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | 0 | 0 |
Available-for-sale securities, estimated fair value | 176,254 | 14,878 |
Available-for-sale securities, gross unrealized holding losses | (3,075) | (92) |
Obligations of states, municipalities and political subdivisions [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | 230,831 | 28,037 |
Available-for-sale securities, gross unrealized holding losses, less than 12 months | (3,560) | (223) |
Available-for-sale securities, estimated fair value, 12 months or longer | 2,892 | 2,960 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | (5) | (12) |
Available-for-sale securities, estimated fair value | 233,723 | 30,997 |
Available-for-sale securities, gross unrealized holding losses | (3,565) | (235) |
Foreign governments [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | 146,779 | 20,790 |
Available-for-sale securities, gross unrealized holding losses, less than 12 months | (2,270) | (57) |
Available-for-sale securities, estimated fair value, 12 months or longer | 0 | 0 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | 0 | 0 |
Available-for-sale securities, estimated fair value | 146,779 | 20,790 |
Available-for-sale securities, gross unrealized holding losses | (2,270) | (57) |
Commercial mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | 84,621 | 13,178 |
Available-for-sale securities, gross unrealized holding losses, less than 12 months | (1,778) | (26) |
Available-for-sale securities, estimated fair value, 12 months or longer | 0 | 2,526 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | 0 | (8) |
Available-for-sale securities, estimated fair value | 84,621 | 15,704 |
Available-for-sale securities, gross unrealized holding losses | (1,778) | (34) |
Residential mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | 8,582 | 3,345 |
Available-for-sale securities, gross unrealized holding losses, less than 12 months | (91) | (29) |
Available-for-sale securities, estimated fair value, 12 months or longer | 130 | 0 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | (3) | 0 |
Available-for-sale securities, estimated fair value | 8,712 | 3,345 |
Available-for-sale securities, gross unrealized holding losses | (94) | (29) |
Corporate bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | 77,424 | 92 |
Available-for-sale securities, gross unrealized holding losses, less than 12 months | (1,537) | (3) |
Available-for-sale securities, estimated fair value, 12 months or longer | 0 | 0 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | 0 | 0 |
Available-for-sale securities, estimated fair value | 77,424 | 92 |
Available-for-sale securities, gross unrealized holding losses | (1,537) | (3) |
Total fixed maturities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | 1,739,034 | 146,540 |
Available-for-sale securities, gross unrealized holding losses, less than 12 months | (16,924) | (937) |
Available-for-sale securities, estimated fair value, 12 months or longer | 3,022 | 5,486 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | (8) | (20) |
Available-for-sale securities, estimated fair value | 1,742,056 | 152,026 |
Available-for-sale securities, gross unrealized holding losses | $ (16,932) | $ (957) |
Investments (Schedule Of Amorti
Investments (Schedule Of Amortized Cost And Estimated Fair Value Of Fixed Maturity Securities By Contractual Maturity Date) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Due in one year or less, amortized cost | $ 419,585 | |
Due after one year through five years, amortized cost | 2,849,923 | |
Due after five years through ten years, amortized cost | 2,570,434 | |
Due after ten years, amortized cost | 2,311,456 | |
Amortized cost, sub-total | 8,151,398 | |
Total fixed maturities, amortized cost | 10,667,968 | $ 9,655,261 |
Due in one year or less, estimated fair value | 425,283 | |
Due after one year through five years, estimated fair value | 2,972,522 | |
Due after five years through ten years, estimated fair value | 2,748,079 | |
Due after ten years, estimated fair value | 2,627,933 | |
Estimated fair value, sub-total | 8,773,817 | |
Total fixed maturities, estimated fair value | 11,439,655 | 10,681,734 |
Commercial mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, amortized cost | 1,736,946 | |
Total fixed maturities, amortized cost | 1,736,946 | 1,736,257 |
Fixed maturities, estimated fair value | 1,843,092 | |
Total fixed maturities, estimated fair value | 1,843,092 | 1,885,582 |
Residential mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, amortized cost | 776,119 | |
Total fixed maturities, amortized cost | 776,119 | 811,732 |
Fixed maturities, estimated fair value | 819,142 | |
Total fixed maturities, estimated fair value | 819,142 | 870,445 |
Asset-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, amortized cost | 3,505 | |
Total fixed maturities, amortized cost | 3,505 | 5,812 |
Fixed maturities, estimated fair value | 3,604 | |
Total fixed maturities, estimated fair value | $ 3,604 | $ 5,966 |
Investments (Components Of Net
Investments (Components Of Net Investment Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Tax-exempt municipal bonds | $ 14,102 | $ 16,157 | $ 29,338 | $ 32,758 |
Short-term investments, including overnight deposits | 874 | 2,379 | 1,546 | 12,622 |
Dividends on equity securities | 19,798 | 18,020 | 45,183 | 46,634 |
Income (loss) from equity method investments | 9,018 | 5,647 | 12,943 | (14,332) |
Other | (417) | (46) | 612 | (803) |
Total investment income | 100,414 | 98,699 | 201,327 | 191,802 |
Investment expenses | (4,153) | (3,084) | (8,496) | (7,944) |
Net investment income | 96,261 | 95,615 | 192,831 | 183,858 |
Taxable municipal bonds [Member] | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Taxable bonds | 16,421 | 16,834 | 32,916 | 33,729 |
Other taxable bonds [Member] | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Taxable bonds | $ 40,618 | $ 39,616 | $ 80,013 | $ 79,588 |
Investments (Summary Of Net Inv
Investments (Summary Of Net Investment Gains (Losses) And The Change In Net Unrealized Gains On Investments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Gain (Loss) on Securities [Line Items] | ||||
Cost method investments, realized gains | $ 0 | $ 0 | $ 4,722 | $ 11,167 |
Net realized investment gains | 4,402 | (2,812) | 7,811 | 6,926 |
Equity securities, Change in fair value of securities sold during the period | 1,345 | 82,523 | 3,971 | (450,907) |
Equity securities, Change in fair value of securities held at the end of the period | 669,006 | 831,532 | 1,189,842 | (326,217) |
Total change in fair value of equity securities | 670,351 | 914,055 | 1,193,813 | (777,124) |
Net investment gains (losses) | 674,753 | 911,243 | 1,201,624 | (770,198) |
Change in net unrealized gains on available-for-sale investments included in other comprehensive income | 64,972 | 216,909 | (206,243) | 295,898 |
Reserve deficiency adjustment for life and annuity benefit reserves | 929 | (22,740) | 50,262 | (35,612) |
Sales of fixed maturities [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Fixed maturity securities, realized gains | 4,792 | 5,348 | 4,875 | 6,733 |
Fixed maturity securities, realized losses | (81) | (5,126) | (81) | (6,271) |
Change in allowance for expected credit losses | 0 | 1,537 | 0 | (202) |
Sales of short-term investments [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Short-term investments, available-for-sale, realized gains | 278 | 1,002 | 308 | 1,100 |
Short-term investments, available-for-sale, realized losses | (633) | (184) | (727) | (356) |
Sales of Other Investments | ||||
Gain (Loss) on Securities [Line Items] | ||||
Other investment gains (losses) | 46 | (5,389) | (1,286) | (5,245) |
Fixed Maturities [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Change in net unrealized gains on available-for-sale investments included in other comprehensive income | 62,948 | 236,521 | (258,284) | 335,088 |
Short-term investments [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Change in net unrealized gains on available-for-sale investments included in other comprehensive income | $ 1,095 | $ 3,128 | $ 1,779 | $ (3,578) |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Net investment gains (losses) | $ 674,753 | $ 911,243 | $ 1,201,624 | $ (770,198) | |
Equity securities | 8,205,708 | 8,205,708 | $ 6,994,110 | ||
Fair value, recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value, level 1 to level 2 transfers, amount | 0 | 0 | |||
Fair value, level 2 to level 1 transfers, amount | 0 | 0 | |||
Equity securities | 8,205,708 | 8,205,708 | $ 6,994,110 | ||
Fair value, nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets measured at fair value on a nonrecurring basis | 0 | 0 | 0 | 0 | |
Liabilities measured at fair value on a nonrecurring basis | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value Measurements (Balanc
Fair Value Measurements (Balances Of Assets Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | $ 11,439,655 | $ 10,681,734 |
Equity securities | 8,205,708 | 6,994,110 |
Short-term investments, available-for-sale | 3,263,073 | 2,034,099 |
Total Investments | 22,908,436 | 19,709,943 |
U.S. Treasury securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 1,401,215 | 589,300 |
U.S. government-sponsored enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 760,765 | 551,554 |
Obligations of states, municipalities and political subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 4,180,694 | 4,289,841 |
Foreign governments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 1,615,361 | 1,628,009 |
Commercial mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 1,843,092 | 1,885,582 |
Residential mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 819,142 | 870,445 |
Asset-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 3,604 | 5,966 |
Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 815,782 | 861,037 |
Fair value, recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 11,439,655 | 10,681,734 |
Equity securities | 8,205,708 | 6,994,110 |
Short-term investments, available-for-sale | 3,263,073 | 2,034,099 |
Total Investments | 22,908,436 | 19,709,943 |
Fair value, recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Equity securities | 8,164,642 | 6,935,617 |
Short-term investments, available-for-sale | 3,145,608 | 1,922,459 |
Total Investments | 11,310,250 | 8,858,076 |
Fair value, recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 11,439,655 | 10,681,734 |
Equity securities | 0 | 0 |
Short-term investments, available-for-sale | 117,465 | 111,640 |
Total Investments | 11,557,120 | 10,793,374 |
Fair value, recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Equity securities | 41,066 | 58,493 |
Short-term investments, available-for-sale | 0 | 0 |
Total Investments | 41,066 | 58,493 |
Fair value, recurring [Member] | U.S. Treasury securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 1,401,215 | 589,300 |
Fair value, recurring [Member] | U.S. Treasury securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair value, recurring [Member] | U.S. Treasury securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 1,401,215 | 589,300 |
Fair value, recurring [Member] | U.S. Treasury securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair value, recurring [Member] | U.S. government-sponsored enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 760,765 | 551,554 |
Fair value, recurring [Member] | U.S. government-sponsored enterprises [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair value, recurring [Member] | U.S. government-sponsored enterprises [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 760,765 | 551,554 |
Fair value, recurring [Member] | U.S. government-sponsored enterprises [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair value, recurring [Member] | Obligations of states, municipalities and political subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 4,180,694 | 4,289,841 |
Fair value, 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] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair value, 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] | ||
Available-for-sale fixed maturity investments, estimated fair value | 4,180,694 | 4,289,841 |
Fair value, 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] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair value, recurring [Member] | Foreign governments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 1,615,361 | 1,628,009 |
Fair value, recurring [Member] | Foreign governments [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair value, recurring [Member] | Foreign governments [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 1,615,361 | 1,628,009 |
Fair value, recurring [Member] | Foreign governments [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair value, recurring [Member] | Commercial mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 1,843,092 | 1,885,582 |
Fair value, recurring [Member] | Commercial mortgage-backed securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair value, recurring [Member] | Commercial mortgage-backed securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 1,843,092 | 1,885,582 |
Fair value, recurring [Member] | Commercial mortgage-backed securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair value, recurring [Member] | Residential mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 819,142 | 870,445 |
Fair value, recurring [Member] | Residential mortgage-backed securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair value, recurring [Member] | Residential mortgage-backed securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 819,142 | 870,445 |
Fair value, recurring [Member] | Residential mortgage-backed securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair value, recurring [Member] | Asset-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 3,604 | 5,966 |
Fair value, recurring [Member] | Asset-backed securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair value, recurring [Member] | Asset-backed securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 3,604 | 5,966 |
Fair value, recurring [Member] | Asset-backed securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair value, recurring [Member] | Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 815,782 | 861,037 |
Fair value, recurring [Member] | Corporate bonds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair value, recurring [Member] | Corporate bonds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 815,782 | 861,037 |
Fair value, recurring [Member] | Corporate bonds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair value, recurring [Member] | Insurance, banks and other financial institutions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 3,090,158 | 2,574,854 |
Fair value, 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] | ||
Equity securities | 3,049,092 | 2,516,361 |
Fair value, 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] | ||
Equity securities | 0 | 0 |
Fair value, 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] | ||
Equity securities | 41,066 | 58,493 |
Fair value, recurring [Member] | Industrial, consumer and all other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 5,115,550 | 4,419,256 |
Fair value, recurring [Member] | Industrial, consumer and all other [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 5,115,550 | 4,419,256 |
Fair value, recurring [Member] | Industrial, consumer and all other [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Fair value, recurring [Member] | Industrial, consumer and all other [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | $ 0 | $ 0 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Changes In Level 3 Investments Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases | $ 90,000 | $ 0 | $ 0 | $ 0 | $ 90,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 41,066 | 115,648 | 41,066 | 115,648 | |
Equity securities, beginning of period | 45,992 | 56,138 | 131,307 | 58,493 | 45,992 |
Purchases | $ 90,000 | 0 | 0 | 0 | 90,000 |
Sales | (15,015) | (16,529) | (15,015) | (17,893) | |
Net investment gains (losses) on Level 3 investments | (57) | 870 | (2,412) | (2,451) | |
Equity securities, end of period | 41,066 | 115,648 | 41,066 | 115,648 | |
Sales of fixed maturities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturity securities, realized gains | $ 4,792 | $ 5,348 | $ 4,875 | $ 6,733 |
Products, Services and Other _3
Products, Services and Other Revenues (Schedule Of Revenues From Contracts With Customers By Type) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Other revenues | $ 1,161,721 | $ 764,983 | $ 1,940,779 | $ 1,363,138 |
Revenue from contracts with customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 1,108,432 | 716,867 | 1,828,078 | 1,259,077 |
Products [Member] | Revenue from contracts with customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 581,321 | 414,516 | 899,963 | 752,754 |
Services [Member] | Revenue from contracts with customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 506,326 | 277,342 | 890,993 | 451,491 |
Investment management [Member] | Revenue from contracts with customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 20,785 | 25,009 | 37,122 | 54,832 |
Program services and other fronting [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 27,399 | 24,790 | 55,016 | 50,494 |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 25,890 | 23,326 | 57,685 | 53,567 |
Markel Ventures [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 1,075,504 | 678,085 | 1,782,103 | 1,189,122 |
Markel Ventures [Member] | Revenue from contracts with customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 1,049,745 | 654,736 | 1,725,075 | 1,136,238 |
Markel Ventures [Member] | Products [Member] | Revenue from contracts with customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 581,321 | 414,516 | 899,963 | 752,754 |
Markel Ventures [Member] | Services [Member] | Revenue from contracts with customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 468,424 | 240,220 | 825,112 | 383,484 |
Markel Ventures [Member] | Investment management [Member] | Revenue from contracts with customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 0 | 0 | 0 | 0 |
Markel Ventures [Member] | Program services and other fronting [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 0 | 0 | 0 | 0 |
Markel Ventures [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 25,759 | 23,349 | 57,028 | 52,884 |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 86,217 | 86,898 | 158,676 | 174,016 |
Other [Member] | Revenue from contracts with customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 58,687 | 62,131 | 103,003 | 122,839 |
Other [Member] | Products [Member] | Revenue from contracts with customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 0 | 0 | 0 | 0 |
Other [Member] | Services [Member] | Revenue from contracts with customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 37,902 | 37,122 | 65,881 | 68,007 |
Other [Member] | Investment management [Member] | Revenue from contracts with customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 20,785 | 25,009 | 37,122 | 54,832 |
Other [Member] | Program services and other fronting [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 27,399 | 24,790 | 55,016 | 50,494 |
Other [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | $ 131 | $ (23) | $ 657 | $ 683 |
Products, Services and Other _4
Products, Services and Other Revenues (Schedule Of Receivables And Customer Deposits Related To Contracts With Customers) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Receivables and Customer Deposits [Line Items] | |||||
Receivables | $ 2,627,218 | $ 2,627,218 | $ 1,930,211 | ||
Other revenues | 1,161,721 | $ 764,983 | 1,940,779 | $ 1,363,138 | |
Contracts with customers [Member] | |||||
Receivables and Customer Deposits [Line Items] | |||||
Trade and Other Receivables, Net | 615,100 | 615,100 | $ 406,400 | ||
Revenue from contracts with customers [Member] | |||||
Receivables and Customer Deposits [Line Items] | |||||
Other revenues | $ 1,108,432 | $ 716,867 | $ 1,828,078 | $ 1,259,077 |
Unpaid Losses And Loss Adjust_3
Unpaid Losses And Loss Adjustment Expenses (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Incurred losses and loss adjustment expenses, current accident years | $ 950,159 | $ 877,364 | $ 1,920,907 | $ 2,057,729 |
Favorable (adverse) development on prior years' loss reserves | 226,059 | 268,220 | ||
Prof Liab General Liab And Workers Comp Insurance Segment and Property and General Liab Reinsurance Segment | ||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Favorable (adverse) development on prior years' loss reserves | 206,600 | |||
2021 Catastrophes [Member] | ||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Incurred losses and loss adjustment expenses, current accident years | 67,900 | |||
COVID-19 Pandemic [Member] | ||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Incurred losses and loss adjustment expenses, current accident years | 325,000 | |||
Insurance [Member] | ||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Incurred losses and loss adjustment expenses, current accident years | 783,306 | 730,201 | 1,581,553 | 1,736,836 |
Insurance [Member] | General Liab Workers Comp Marine & Energy Property And Professional Liab Insurance Segment | ||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Favorable (adverse) development on prior years' loss reserves | 213,300 | |||
Reinsurance [Member] | ||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Incurred losses and loss adjustment expenses, current accident years | $ 166,853 | $ 147,163 | 339,354 | $ 320,893 |
Reinsurance [Member] | Property | ||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Favorable (adverse) development on prior years' loss reserves | $ (32,800) |
Unpaid Losses And Loss Adjust_4
Unpaid Losses And Loss Adjustment Expenses (Reconciliation Of Consolidated Reserves For Losses And Loss Adjustment Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims [Abstract] | ||||
Net reserves for losses and loss adjustment expenses, beginning of year | $ 10,485,717 | $ 9,475,261 | ||
Effect of foreign currency rate changes on beginning of year balance | $ 5,198 | $ (75,037) | 5,198 | (75,037) |
Effect of adoption of ASU No. 2016-13 | 0 | 3,849 | 0 | 3,849 |
Adjusted net reserves for losses and loss adjustment expenses, beginning of year | 10,490,915 | 9,404,073 | ||
Incurred losses and loss adjustment expenses, current accident years | 950,159 | 877,364 | 1,920,907 | 2,057,729 |
Incurred losses and loss adjustment expenses, prior accident years | (226,059) | (268,220) | ||
Total incurred losses and loss adjustment expenses | 1,694,848 | 1,789,509 | ||
Payments, current accident year | 198,402 | 217,466 | ||
Payments, prior accident years | 1,190,303 | 1,033,176 | ||
Total payments | 1,388,705 | 1,250,642 | ||
Effect of foreign currency rate changes on current year activity | (476) | (1,997) | ||
Net reserves for losses and loss adjustment expenses of insurance companies sold | (2,762) | 0 | ||
Net reserves for losses and loss adjustment expenses, end of period | 10,793,820 | 9,940,943 | 10,793,820 | 9,940,943 |
Reinsurance recoverable on unpaid losses | 6,205,996 | 5,304,562 | 6,205,996 | 5,304,562 |
Gross reserves for losses and loss adjustment expenses, end of period | $ 16,999,816 | $ 15,245,505 | $ 16,999,816 | $ 15,245,505 |
Reinsurance (Narrative) (Detail
Reinsurance (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||
Percentage of ceded earned premiums to gross earned premiums | 37.00% | 37.00% | 37.00% | 38.00% |
Percentage of assumed earned premiums to net earned premiums | 24.00% | 27.00% | 25.00% | 27.00% |
Program services and other fronting [Member] | ||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||
Policyholder Benefits and Claims Incurred, Gross | $ 636.8 | $ 394.5 | $ 1,100 | $ 702.5 |
Reinsurance recoverables | $ (637.3) | $ (395) | $ (1,100) | $ (703.1) |
Reinsurance (Effect Of Reinsura
Reinsurance (Effect Of Reinsurance And Retrocessional Reinsurance On Premiums Written And Earned) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Effects of Reinsurance [Line Items] | ||||
Direct premiums written | $ 2,493,790 | $ 2,027,954 | $ 4,650,924 | $ 3,766,119 |
Direct premiums earned | 2,094,225 | 1,785,649 | 4,108,718 | 3,606,663 |
Assumed premiums written | 390,223 | 345,238 | 1,037,941 | 929,897 |
Assumed premiums earned | 375,694 | 372,850 | 756,497 | 713,273 |
Ceded premiums written | (1,132,562) | (916,797) | (2,056,344) | (1,593,143) |
Ceded premiums earned | (901,882) | (798,325) | (1,799,483) | (1,629,053) |
Net premiums written | 1,751,451 | 1,456,395 | 3,632,521 | 3,102,873 |
Net premiums earned | 1,568,037 | 1,360,174 | 3,065,732 | 2,690,883 |
Underwriting [Member] | ||||
Effects of Reinsurance [Line Items] | ||||
Direct premiums written | 1,756,680 | 1,460,090 | 3,305,777 | 2,809,331 |
Direct premiums earned | 1,511,416 | 1,287,268 | 2,942,749 | 2,562,939 |
Assumed premiums written | 344,279 | 316,905 | 966,027 | 895,561 |
Assumed premiums earned | 351,931 | 346,262 | 717,829 | 672,962 |
Ceded premiums written | (349,037) | (319,772) | (638,350) | (599,161) |
Ceded premiums earned | (294,679) | (272,600) | (593,779) | (542,138) |
Net premiums written | 1,751,922 | 1,457,223 | 3,633,454 | 3,105,731 |
Net premiums earned | 1,568,668 | 1,360,930 | 3,066,799 | 2,693,763 |
Program services and other fronting [Member] | ||||
Effects of Reinsurance [Line Items] | ||||
Direct premiums written | 737,110 | 567,864 | 1,345,147 | 956,788 |
Direct premiums earned | 582,809 | 498,381 | 1,165,969 | 1,043,724 |
Assumed premiums written | 45,944 | 28,333 | 71,914 | 34,336 |
Assumed premiums earned | 23,763 | 26,588 | 38,668 | 40,311 |
Ceded premiums written | (783,525) | (597,025) | (1,417,994) | (993,982) |
Ceded premiums earned | (607,203) | (525,725) | (1,205,704) | (1,086,915) |
Net premiums written | (471) | (828) | (933) | (2,858) |
Net premiums earned | $ (631) | $ (756) | $ (1,067) | $ (2,880) |
Reinsurance Reinsurance (Effect
Reinsurance Reinsurance (Effect Of Reinsurance And Retrocessional Reinsurance On Losses) (Details) - Underwriting [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Effects of Reinsurance [Line Items] | ||||
Gross | $ 993,138 | $ 868,069 | $ 2,067,061 | $ 2,111,626 |
Ceded | (177,674) | (154,307) | (369,645) | (321,487) |
Net losses and loss adjustment expenses | $ 815,464 | $ 713,762 | $ 1,697,416 | $ 1,790,139 |
Life and Annuity Benefits Lif_2
Life and Annuity Benefits Life and Annuity Benefits (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Liability for Future Policy Benefit, before Reinsurance [Abstract] | |||||
Adjustment to life and annuity benefits | $ (0.9) | $ 22.7 | $ (50.3) | $ 35.6 | |
Cumulative adjustment to life and annuity benefits | $ 69.3 | $ 69.3 | $ 119.6 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | May 04, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | |||
Senior long-term debt and other debt (estimated fair value) | $ 4,868,000 | $ 4,367,000 | |
Debt Instrument [Line Items] | |||
Senior long-term debt and other debt (estimated fair value) | $ 4,868,000 | $ 4,367,000 | |
Three Point Four Five Percent Unsecured Senior Notes Due May 2052 | |||
Debt Disclosure [Abstract] | |||
Debt Instrument, Face Amount | $ 600,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.45% | ||
Proceeds from Debt, Net of Issuance Costs | $ 591,400 | ||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 600,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.45% | ||
Proceeds from Debt, Net of Issuance Costs | $ 591,400 | ||
Four Point Nine Percent Unsecured Senior Notes Due July 2022 | |||
Debt Disclosure [Abstract] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.90% | ||
Senior long-term debt and other debt (estimated fair value) | $ 350,000 | ||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.90% | ||
Senior long-term debt and other debt (estimated fair value) | $ 350,000 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Unconsolidated Markel CATCo Fund 2 [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, consolidated, carrying amount, investment in one of the unconsolidated funds | $ 41.1 | $ 58.5 |
Unconsolidated Markel CATCo Funds [Member] | ||
Variable Interest Entity [Line Items] | ||
Net assets under management of MCIM for unconsolidated VIEs | $ 726.6 | $ 929.2 |
Related Party Transactions Re_2
Related Party Transactions Related Party Transactions (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||||
Services and other revenues | $ 569,120 | $ 341,402 | $ 1,019,346 | $ 587,396 | |
Gross premium volume | 2,884,013 | 2,373,192 | 5,688,865 | 4,696,016 | |
Ceded premiums written | 1,132,562 | 916,797 | 2,056,344 | 1,593,143 | |
Reinsurance recoverables | 6,484,269 | 6,484,269 | $ 5,989,337 | ||
Syndicate 2357 and certain other Nephila Reinsurers [Member] | |||||
Related Party Transaction [Line Items] | |||||
Gross premium volume | 186,700 | 122,900 | 304,000 | 213,400 | |
Ceded premiums written | 304,000 | 213,400 | |||
Reinsurance recoverables | 466,700 | 466,700 | $ 353,800 | ||
Hagerty Group, LLC [Member] | |||||
Related Party Transaction [Line Items] | |||||
Gross premium volume | 176,800 | 154,000 | 296,700 | 254,900 | |
Ceded premiums written | 100,500 | 72,800 | 168,400 | 120,600 | |
Insurance-linked Securities Operations [Member] | Unconsolidated entities managed by Nephila [Member] | |||||
Related Party Transaction [Line Items] | |||||
Services and other revenues | $ 42,000 | $ 42,200 | $ 70,700 | $ 83,700 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) | May 27, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Stockholders' Equity Note [Abstract] | |||||||||
Issuance of preferred stock, net | $ 0 | $ 591,891,000 | |||||||
Preferred stock, no par value | $ 0 | $ 0 | |||||||
Earnings Per Share [Line Items] | |||||||||
Preferred stock, no par value | $ 0 | $ 0 | |||||||
Issuance of preferred stock, net | $ 0 | 591,891,000 | |||||||
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 | |||||||
Common Stock, No Par Value | $ 0 | $ 0 | |||||||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | |||||||
Common Stock [Member] | |||||||||
Stockholders' Equity Note [Abstract] | |||||||||
Issuance of stock | $ 0 | 0 | |||||||
Earnings Per Share [Line Items] | |||||||||
Issuance of stock | $ 0 | $ 0 | |||||||
Shares, Issued | 13,734,000 | 13,776,000 | 13,734,000 | 13,776,000 | 13,765,000 | 13,783,000 | 13,775,000 | 13,794,000 | |
Repurchase of common stock, shares | (33,000) | 0 | (52,000) | (21,000) | |||||
Shares, Outstanding | 13,765,000 | 13,775,000 | 13,765,000 | 13,775,000 | 13,783,000 | 13,794,000 | |||
Preferred stock dividends | $ 0 | $ 0 | |||||||
Series A preferred stock [Member] | |||||||||
Stockholders' Equity Note [Abstract] | |||||||||
Preferred stock, shares issued | 600,000 | 600,000 | 600,000 | ||||||
Issuance of preferred stock, net | $ 591,900,000 | ||||||||
Issuance of stock | 600,000,000 | ||||||||
Earnings Per Share [Line Items] | |||||||||
Preferred stock, shares issued | 600,000 | 600,000 | 600,000 | ||||||
Preferred Stock, Shares Outstanding | 600,000 | 600,000 | 600,000 | ||||||
Issuance of stock | 600,000,000 | ||||||||
Issuance of preferred stock, net | $ 591,900,000 | ||||||||
Preferred stock dividends | $ 18,000,000 | ||||||||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $ 30 | ||||||||
Common Stock [Member] | Common Stock [Member] | |||||||||
Earnings Per Share [Line Items] | |||||||||
Issuance of stock, shares | 2,000 | 1,000 | 3,000 | 3,000 |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule Of Net Income (Loss) Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Earnings Per Share [Line Items] | |||||
Net income (loss) to common stockholders | $ 774,110 | $ 921,768 | $ 1,347,804 | $ (483,995) | |
Adjustment of redeemable noncontrolling interests | 13,717 | (13,073) | 21,623 | 2,940 | |
Adjusted net income (loss) to common shareholders | $ 787,827 | $ 908,695 | $ 1,369,427 | $ (481,055) | |
Basic common shares outstanding | 13,793 | 13,808 | 13,806 | 13,812 | |
Diluted shares outstanding | 13,817 | 13,821 | 13,828 | 13,812 | |
Basic net income (loss) per common share | $ 57.12 | $ 65.81 | $ 99.19 | $ (34.83) | |
Diluted net income (loss) per common share | $ 57.02 | $ 65.75 | $ 99.03 | $ (34.83) | [1] |
Restricted Stock Units (RSUs) [Member] | |||||
Earnings Per Share [Line Items] | |||||
Dilutive potential common shares from restricted stock units and restricted stock | 24 | 13 | 22 | 0 | [1] |
Potential incremental common shares attributable to share-based payment arrangements | 11 | ||||
[1] | The impact of restricted stock units and restricted stock of 11 thousand shares was excluded from the computation of diluted earnings per common share for the six months ended June 30, 2020 because the effect would have been anti-dilutive. |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | Jul. 01, 2021 | Jun. 30, 2021 |
Subsequent Event | ||
Loss Contingencies [Line Items] | ||
Investor Capital in Lodgepine Fund Limited | $ 98.9 | |
Investment in Lodgepine Fund Limited | $ 18.9 | |
Lodgepine Fund Limited [Member] | ||
Loss Contingencies [Line Items] | ||
Other commitment | $ 100 |
Uncategorized Items - mkl-20210
Label | Element | Value |
AOCI Attributable to Parent [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | mkl_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance | $ 208,772,000 |
Cumulative Effect of Adoption of ASU No 2016-13, Net of Taxes | mkl_CumulativeEffectofAdoptionofASUNo201613NetofTaxes | 0 |
Parent [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | mkl_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance | 11,067,040,000 |
Cumulative Effect of Adoption of ASU No 2016-13, Net of Taxes | mkl_CumulativeEffectofAdoptionofASUNo201613NetofTaxes | (3,827,000) |
Noncontrolling Interest [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | mkl_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance | 7,549,000 |
Cumulative Effect of Adoption of ASU No 2016-13, Net of Taxes | mkl_CumulativeEffectofAdoptionofASUNo201613NetofTaxes | 0 |
Common Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | mkl_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance | 3,404,919,000 |
Preferred Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | mkl_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance | 0 |
Total Equity [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | mkl_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance | 11,074,589,000 |
Cumulative Effect of Adoption of ASU No 2016-13, Net of Taxes | mkl_CumulativeEffectofAdoptionofASUNo201613NetofTaxes | (3,827,000) |
Redeemable Noncontrolling Interests, Temporary Equity [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | mkl_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance | 177,562,000 |
Cumulative Effect of Adoption of ASU No 2016-13, Net of Taxes | mkl_CumulativeEffectofAdoptionofASUNo201613NetofTaxes | 0 |
Retained Earnings [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | mkl_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance | 7,453,349,000 |
Cumulative Effect of Adoption of ASU No 2016-13, Net of Taxes | mkl_CumulativeEffectofAdoptionofASUNo201613NetofTaxes | $ (3,827,000) |