Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 19, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
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 | 13,346,714 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001096343 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Assets [Abstract] | ||
Fixed maturity securities, available-for-sale (amortized cost of $13,142,991 in 2023 and $12,805,887 in 2022) | $ 12,403,118 | $ 11,856,835 |
Equity securities (cost of $3,169,913 in 2023 and $3,100,040 in 2022) | 8,113,476 | 7,671,912 |
Short-term investments, available-for-sale (estimated fair value approximates cost) | 2,487,501 | 2,669,262 |
Total Investments | 23,004,095 | 22,198,009 |
Cash and cash equivalents | 4,031,952 | 4,137,432 |
Restricted cash and cash equivalents | 972,901 | 1,084,081 |
Receivables | 3,192,078 | 2,961,056 |
Reinsurance recoverables | 8,585,580 | 8,446,745 |
Deferred policy acquisition costs | 994,365 | 925,483 |
Prepaid reinsurance premiums | 2,162,117 | 2,066,114 |
Goodwill | 2,642,877 | 2,638,838 |
Intangible assets | 1,706,206 | 1,747,464 |
Other assets | 3,650,090 | 3,586,037 |
Total Assets | 50,942,261 | 49,791,259 |
Liabilities and Equity [Abstract] | ||
Unpaid losses and loss adjustment expenses | 21,306,793 | 20,947,898 |
Life and annuity benefits | 668,848 | 650,721 |
Unearned premiums | 6,570,373 | 6,220,748 |
Payables to insurance and reinsurance companies | 800,371 | 669,742 |
Senior long-term debt and other debt (estimated fair value of $3,450,000 in 2023 and $3,541,000 in 2022) | 3,896,766 | 4,103,629 |
Other liabilities | 3,417,906 | 3,461,482 |
Total Liabilities | 36,661,057 | 36,054,220 |
Redeemable noncontrolling interests | 491,883 | 523,154 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Preferred Stock | 591,891 | 591,891 |
Common stock | 3,506,972 | 3,493,893 |
Retained earnings | 10,255,401 | 9,832,804 |
Accumulated other comprehensive loss | (609,781) | (767,494) |
Total Shareholders' Equity | 13,744,483 | 13,151,094 |
Noncontrolling interests | 44,838 | 62,791 |
Total Equity | 13,789,321 | 13,213,885 |
Total Liabilities and Equity | $ 50,942,261 | $ 49,791,259 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Fixed maturities, available-for-sale, amortized cost | $ 13,142,991 | $ 12,805,887 |
Equity securities, cost | 3,169,913 | 3,100,040 |
Senior long-term debt and other debt, fair value | $ 3,450,000 | $ 3,541,000 |
Consolidated Statements Of Inco
Consolidated Statements Of Income (Loss) And Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | ||||
OPERATING REVENUES | |||||
Earned premiums | $ 1,967,704 | $ 1,759,770 | |||
Net investment income | 159,335 | 92,304 | |||
Net investment gains (losses) | 372,563 | (358,399) | |||
Products revenues | 577,926 | 481,621 | |||
Services and other revenues | 565,861 | 630,940 | |||
Total Operating Revenues | 3,643,389 | 2,606,236 | |||
OPERATING EXPENSES | |||||
Losses and loss adjustment expenses | 1,173,014 | 972,372 | |||
Underwriting, acquisition and insurance expenses | 675,705 | 590,365 | |||
Products expenses | 515,756 | 447,819 | |||
Services and other expenses | 480,619 | [1] | 589,891 | ||
Amortization of intangible assets | 44,399 | [2] | 46,049 | [3] | |
Total Operating Expenses | 2,889,493 | 2,646,496 | |||
Operating Income (Loss) | 753,896 | (40,260) | |||
Interest expense | (49,438) | (49,692) | |||
Net foreign exchange gains (losses) | (32,928) | 23,004 | |||
Income (Loss) Before Income Taxes | 671,530 | (66,948) | |||
Income tax (expense) benefit | (133,731) | 18,136 | |||
Net Income (Loss) | 537,799 | (48,812) | |||
Net income attributable to noncontrolling interests | (49,147) | (2,929) | |||
Net Income (Loss) to Shareholders | 488,652 | (51,741) | |||
Preferred stock dividends | 0 | 0 | |||
Net Income (Loss) to Common Shareholders | 488,652 | (51,741) | |||
OTHER COMPREHENSIVE INCOME (LOSS) | |||||
Net holding gains (losses) arising during the period | 161,206 | (521,200) | |||
Reclassification adjustments for net losses included in net income (loss) | 2,994 | 437 | |||
Change in net unrealized gains (losses) on available-for-sale investments, net of taxes | 164,200 | (520,763) | |||
Change in discount rate for life and annuity benefits, net of taxes | (9,052) | 60,693 | |||
Change in foreign currency translation adjustments, net of taxes | 2,579 | (1,248) | |||
Change in net actuarial pension loss, net of taxes | 18 | 1,132 | |||
Total Other Comprehensive Income (Loss) | 157,745 | (460,186) | |||
Comprehensive Income (Loss) | 695,544 | (508,998) | |||
Comprehensive income attributable to noncontrolling interests | (49,179) | (2,916) | |||
Comprehensive Income (Loss) to Shareholders | $ 646,365 | $ (511,914) | |||
NET INCOME (LOSS) PER COMMON SHARE | |||||
Basic | $ 37.33 | $ (6.50) | |||
Diluted | [4] | $ 37.26 | $ (6.50) | ||
[1]Services and other expenses for Other for the three months ended March 31, 2023 included $44.8 million of favorable loss reserve development on the run-off of reinsurance contracts written by Markel CATCo Re Ltd., all of which was attributable to noncontrolling interests. See Note 11.[2]Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets attributable to the Company's underwriting segments, included in Other, was $9.6 million for the three months ended March 31, 2023.[3]Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets attributable to the Company's underwriting segments, included in Other, was $9.8 million for the three months ended March 31, 2022.[4]The impact of 27 thousand shares from restricted stock units and restricted stock was excluded from the computation of diluted net loss per common share for the three months ended March 31, 2022 because the effect would have been anti-dilutive. |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Equity - USD ($) $ in Thousands | Total | Total Equity [Member] | Total Shareholders' Equity [Member] | Preferred Stock [Member] | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests [Member] | Redeemable Noncontrolling Interests [Member] | Velocity [Member] Total Equity [Member] | Velocity [Member] Noncontrolling Interests [Member] | Metromont LLC [Member] Redeemable Noncontrolling Interests [Member] |
Balance at Dec. 31, 2021 | $ 14,722,732 | $ 14,699,872 | $ 591,891 | $ 3,441,079 | $ 10,444,895 | $ 222,007 | $ 22,860 | |||||
Balance, redeemable noncontrolling interests at Dec. 31, 2021 | $ 461,378 | |||||||||||
Net Income (Loss) | $ (48,812) | (52,314) | (51,741) | (51,741) | 0 | (573) | 3,502 | |||||
Other comprehensive income (loss) | (460,186) | (460,173) | (460,173) | 0 | (460,173) | 0 | (13) | |||||
Comprehensive Income (Loss) | (508,998) | (512,487) | (511,914) | (573) | 3,489 | |||||||
Repurchase of common stock | (79,296) | (79,296) | 0 | 0 | (79,296) | 0 | 0 | 0 | ||||
Restricted stock awards expensed | 28,464 | 28,464 | 0 | 28,464 | 0 | 0 | 0 | 0 | ||||
Adjustment of redeemable noncontrolling interests | (36,940) | (36,940) | 0 | 0 | (36,940) | 0 | 0 | 36,940 | ||||
Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $ (18,681) | ||||
Dispositions | 0 | 0 | 0 | 0 | 0 | 0 | $ (22,059) | $ (22,059) | ||||
Redemption of Markel CATCo Re noncontrolling interests | 0 | |||||||||||
Other | 5,953 | 627 | 0 | (94) | 721 | 0 | 5,326 | (2,775) | ||||
Balance at Mar. 31, 2022 | 14,106,367 | 14,100,813 | 591,891 | 3,469,449 | 10,277,639 | (238,166) | 5,554 | |||||
Balance, redeemable noncontrolling interests at Mar. 31, 2022 | 480,351 | |||||||||||
Balance at Dec. 31, 2022 | 13,213,885 | 13,213,885 | 13,151,094 | 591,891 | 3,493,893 | 9,832,804 | (767,494) | 62,791 | ||||
Balance, redeemable noncontrolling interests at Dec. 31, 2022 | 523,154 | 523,154 | ||||||||||
Net Income (Loss) | 537,799 | 533,345 | 488,652 | 488,652 | 0 | 44,693 | 4,454 | |||||
Other comprehensive income (loss) | 157,745 | 157,713 | 157,713 | 0 | 157,713 | 0 | 32 | |||||
Comprehensive Income (Loss) | 695,544 | 691,058 | 646,365 | 44,693 | 4,486 | |||||||
Repurchase of common stock | (81,964) | (81,964) | 0 | 0 | (81,964) | 0 | 0 | 0 | ||||
Restricted stock awards expensed | 21,698 | 21,698 | 0 | 21,698 | 0 | 0 | 0 | 0 | ||||
Adjustment of redeemable noncontrolling interests | 13,473 | 13,473 | 0 | 0 | 13,473 | 0 | 0 | (13,473) | ||||
Purchase of noncontrolling interest | (8,619) | (8,619) | 0 | (8,619) | 0 | 0 | 0 | (13,046) | ||||
Redemption of Markel CATCo Re noncontrolling interests | 88,997 | (62,646) | 0 | 0 | 0 | 0 | 0 | (62,646) | 0 | |||
Other | 2,436 | 2,436 | 0 | 0 | 2,436 | 0 | 0 | (9,238) | ||||
Balance at Mar. 31, 2023 | 13,789,321 | $ 13,789,321 | $ 13,744,483 | $ 591,891 | $ 3,506,972 | $ 10,255,401 | $ (609,781) | $ 44,838 | ||||
Balance, redeemable noncontrolling interests at Mar. 31, 2023 | $ 491,883 | $ 491,883 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
OPERATING ACTIVITIES | ||
Net income (loss) | $ 537,799 | $ (48,812) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | (253,618) | 463,685 |
Net Cash Provided By Operating Activities | 284,181 | 414,873 |
INVESTING ACTIVITIES | ||
Proceeds from sales, maturities, calls and prepayments of fixed maturity securities | 592,004 | 119,545 |
Cost of fixed maturity securities purchased | (806,704) | (517,400) |
Proceeds from sales of equity securities | 64,030 | 76,788 |
Cost of equity securities purchased | (129,163) | (112,783) |
Net change in short-term investments | 210,177 | (287,027) |
Additions to property and equipment | (37,179) | (51,696) |
Consolidation of Markel CATCo Re, net | 0 | 629,955 |
Proceeds from sale of business, net | 0 | 106,846 |
Other | (1,696) | (14,204) |
Net Cash Used By Investing Activities | (108,531) | (49,976) |
FINANCING ACTIVITIES | ||
Additions to senior long-term debt and other debt | 161,151 | 254,285 |
Repayment of senior long-term debt and other debt | (369,227) | (189,031) |
Repurchases of common stock | (81,964) | (79,296) |
Redemption of Markel CATCo Re noncontrolling interests | 88,997 | 0 |
Purchase of noncontrolling interests | (21,665) | 0 |
Other | (11,452) | (4,808) |
Net Cash Used By Financing Activities | (412,154) | (18,850) |
Effect of foreign currency rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | 19,844 | (19,411) |
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | (216,660) | 326,636 |
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period | 5,221,513 | 4,880,947 |
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS AT END OF PERIOD | $ 5,004,853 | $ 5,207,583 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
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 controlling 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 March 31, 2023 and the related consolidated statements of income (loss) and comprehensive income (loss) and changes in equity for three months ended March 31, 2023 and 2022, and the condensed consolidated statements of cash flows for the three months ended March 31, 2023 and 2022 are unaudited. In the opinion of management, all adjustments necessary for fair presentation of such consolidated financial statements have been included. Except for the adjustments described in note 1 c), 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, 2022 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. The following accounting policy was updated to reflect an accounting standard that became effective January 1, 2023. See note 1 c). For a more complete description of the Company's business and accounting policies, readers are urged to review the Company's 2022 Annual Report on Form 10-K. b) Life and Annuity Benefits. The Company has a run-off block of life and annuity reinsurance contracts that subject the Company to mortality, longevity and morbidity risks. Effective January 1, 2023, the Company adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts and restated all prior periods presented to reflect the new accounting standard. The primary component of the Company's liabilities for life and annuity benefits is the present value of the liability for future policyholder benefits. The cash flow assumptions used to determine the policyholder benefit reserves are reviewed and updated, as necessary, at least annually. Interest accretion for the reserves is calculated using the discount rate locked-in at contract inception. Policy benefit reserves are remeasured each period using current discount rates, based on yields for upper-medium grade fixed maturity securities, with the impact of changes in the discount rate included in other comprehensive income, net of taxes. All other results attributable to the run-off of life and annuity reinsurance contracts are included in services and other revenues and services and other expenses in the consolidated statements of income and comprehensive income. Investment income earned on the investments that support the policy benefit reserves are included in net investment income. Because of the uncertainty in the assumptions used to estimate reserves for life and annuity benefit obligations and the long-term nature of these reinsurance contracts, the ultimate liability may be greater or less than the estimates. See note 9 for further details regarding life and annuity benefits. c) Recent Accounting Pronouncements Accounting Standards Adopted Effective January 1, 2023, the Company adopted ASU No. 2018-12 and several ASUs issued as amendments to ASU No. 2018-12. This standard requires insurance companies 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; and (3) enhance certain qualitative and quantitative disclosures. ASU No. 2018-12 was applied using a modified retrospective approach that required restatement of prior periods presented, including a cumulative adjustment recorded to accumulated other comprehensive income as of January 1, 2021 (the transition date) as a result of updating the discount rate assumption. At the transition date, the adoption of ASU 2018-12 had no impact on retained earnings but resulted in a decrease to accumulated other comprehensive income, net of taxes, of $15.3 million as of January 1, 2021, which was comprised of the following corresponding adjustments to life and annuity benefits and deferred tax liabilities. (dollars in thousands) January 1, 2021 Reverse reserve deficiency adjustment related to unrealized gains on underlying investment portfolio of available-for-sale securities $ 119,548 Apply updated discount rate to the liability for future policyholder benefits (138,865) Increase in life and annuity benefits (19,317) Decrease in deferred tax liability 4,057 Decrease in accumulated other comprehensive income, net of taxes $ (15,260) The impact of changes in the discount rate on the liability for future policyholder benefits following the transition date are included in other comprehensive income (loss) in the respective periods and, combined with the transition adjustment, resulted in the following cumulative changes to the Company's previously presented consolidated balance sheets. December 31, (dollars in thousands) 2022 2021 Decrease (increase) in life and annuity benefits $ 113,396 $ (19,759) Decrease (increase) in deferred tax liability (23,813) 4,149 Increase (decrease) in accumulated other comprehensive income (loss), net of taxes $ 89,583 $ (15,610) Changes in the discount rate on the liability for future policyholder benefits also resulted in an increase, or benefit, of $16.0 million to the previously presented other comprehensive loss for the three months ended March 31, 2022, which was comprised of the following adjustments. (dollars in thousands) Three Months Ended March 31, 2022 Reverse benefit included in change in net unrealized gains (losses) on available-for-sale-investments, net of taxes, related to reversal of previously recognized reserve deficiency adjustment $ (44,682) Change in discount rate for life and annuity benefits, net of taxes 60,693 Increase in other comprehensive loss, net of taxes $ 16,011 The adoption of other provisions of this ASU did not have a material impact on the Company's financial position, results of operations or cash flows for any of the periods presented. Effective January 1, 2023, the Company adopted ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customer s. ASU No. 2021-08 requires contract assets and liabilities accounted for under FASB Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers , to be recorded at the acquisition date as if the acquirer entered into those contracts itself on the contract inception dates, rather than at fair value. At adoption, ASU No. 2021-08 did not impact the Company's financial position, results of operations or cash flows, but prospectively, this ASU will impact amounts recorded by the Company for assets acquired and liabilities assumed in conjunction with certain acquisitions. |
Segment Reporting Disclosures
Segment Reporting Disclosures | 3 Months Ended |
Mar. 31, 2023 | |
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 the Company's 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 on a risk-bearing basis within the Company's underwriting operations. The Reinsurance segment includes all treaty reinsurance written on a risk-bearing basis within the Company's underwriting operations. All investing activities related to the Company's insurance operations are included in the Investing segment. The Company's 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 income from the Company's investment portfolio, which is comprised of net investment income and net investment gains. Segment profit for the Investing segment also includes income from equity method investments, which is included within services and other revenues. 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. Three Months Ended March 31, 2023 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures Other (1) Consolidated Gross premium volume $ 2,097,938 $ 552,061 $ — $ — $ 786,013 $ 3,436,012 Net written premiums 1,702,141 516,091 — — (454) 2,217,778 Earned premiums 1,710,924 257,234 — — (454) 1,967,704 Losses and loss adjustment expenses: Current accident year (1,077,546) (166,785) — — — (1,244,331) Prior accident years 62,628 8,704 — — (15) 71,317 Underwriting, acquisition and insurance expenses: Amortization of policy acquisition costs (360,354) (61,778) — — — (422,132) Other underwriting expenses (239,148) (13,141) — — (1,284) (253,573) Underwriting profit (loss) 96,504 24,234 — — (1,753) 118,985 Net investment income — — 158,594 741 — 159,335 Net investment gains — — 372,563 — — 372,563 Products revenues — — — 577,926 — 577,926 Services and other revenues — — (2,380) 526,013 42,228 565,861 Products expenses — — — (515,756) — (515,756) Services and other expenses (2) — — — (496,746) 16,127 (480,619) Amortization of intangible assets (3) — — — (19,551) (24,848) (44,399) Segment profit $ 96,504 $ 24,234 $ 528,777 $ 72,627 $ 31,754 $ 753,896 Interest expense (49,438) Net foreign exchange losses (32,928) Income before income taxes $ 671,530 (1) Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment, as well as amortization of intangible assets attributable to underwriting segments, which is not allocated between the Insurance and Reinsurance segments. (2) Services and other expenses for Other for the three months ended March 31, 2023 included $44.8 million of favorable loss reserve development on the run-off of reinsurance contracts written by Markel CATCo Re Ltd., all of which was attributable to noncontrolling interests. See Note 11. (3) Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets attributable to the Company's underwriting segments, included in Other, was $9.6 million for the three months ended March 31, 2023. Three Months Ended March 31, 2022 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures Other (1) Consolidated Gross premium volume $ 1,943,306 $ 576,316 $ — $ — $ 878,665 $ 3,398,287 Net written premiums 1,611,020 555,220 — — (1,506) 2,164,734 Earned premiums 1,477,148 283,967 — — (1,345) 1,759,770 Losses and loss adjustment expenses: Current accident year (886,237) (182,458) — — — (1,068,695) Prior accident years 98,640 (2,083) — — (234) 96,323 Underwriting, acquisition and insurance expenses: Amortization of policy acquisition costs (310,406) (71,754) — — — (382,160) Other underwriting expenses (191,651) (14,389) — — (2,165) (208,205) Underwriting profit (loss) 187,494 13,283 — — (3,744) 197,033 Net investment income — — 92,297 7 — 92,304 Net investment losses — — (358,399) — — (358,399) Products revenues — — — 481,621 — 481,621 Services and other revenues — — (19,570) 468,764 181,746 630,940 Products expenses — — — (447,819) — (447,819) Services and other expenses — — — (431,903) (157,988) (589,891) Amortization of intangible assets (2) — — — (20,933) (25,116) (46,049) Segment profit (loss) $ 187,494 $ 13,283 $ (285,672) $ 49,737 $ (5,102) $ (40,260) Interest expense (49,692) Net foreign exchange gains 23,004 Loss before income taxes $ (66,948) (1) Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment, as well as amortization of intangible assets attributable to underwriting segments, which is not allocated between the 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 attributable to the Company's underwriting segments, included in Other, was $9.8 million for the three months ended March 31, 2022. b) The following amounts attributable to the Markel Ventures segment are also reviewed, or included in measures reviewed, by the Company's chief operating decision maker. Three Months Ended March 31, (dollars in thousands) 2023 2022 Depreciation expense $ 27,363 $ 25,035 Interest expense (1) $ 12,923 $ 11,178 Income tax expense $ 13,186 $ 8,660 Capital expenditures $ 31,498 $ 46,013 (1) Interest expense for the three months ended March 31, 2023 and 2022 included intercompany interest expense of $6.6 million and $7.0 million, respectively, which was eliminated in consolidation. c) The following table reconciles segment assets to the Company's consolidated balance sheets. (dollars in thousands) March 31, 2023 December 31, 2022 Segment assets: Investing $ 27,685,616 $ 26,982,280 Underwriting 9,346,628 8,853,559 Markel Ventures 5,329,269 5,315,677 Total segment assets 42,361,513 41,151,516 Other operations 8,580,748 8,639,743 Total assets $ 50,942,261 $ 49,791,259 |
Investments
Investments | 3 Months Ended |
Mar. 31, 2023 | |
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 (losses) in the tables below are presented before taxes. March 31, 2023 (dollars in thousands) Amortized Gross Gross Estimated Fixed maturity securities: U.S. Treasury securities $ 3,102,303 $ 8,523 $ (105,755) $ 3,005,071 U.S. government-sponsored enterprises 958,321 1,141 (90,484) 868,978 Obligations of states, municipalities and political subdivisions 4,010,997 11,477 (184,648) 3,837,826 Foreign governments 1,609,973 8,323 (133,640) 1,484,656 Commercial mortgage-backed securities 2,125,940 777 (149,548) 1,977,169 Residential mortgage-backed securities 531,907 8 (22,516) 509,399 Asset-backed securities 1,618 — (44) 1,574 Corporate bonds 801,932 1,853 (85,340) 718,445 Total fixed maturity securities 13,142,991 32,102 (771,975) 12,403,118 Short-term investments 2,482,609 4,978 (86) 2,487,501 Investments, available-for-sale $ 15,625,600 $ 37,080 $ (772,061) $ 14,890,619 December 31, 2022 (dollars in thousands) Amortized Gross Gross Estimated Fixed maturity securities: U.S. Treasury securities $ 3,050,089 $ 2,363 $ (138,493) $ 2,913,959 U.S. government-sponsored enterprises 871,463 154 (106,079) 765,538 Obligations of states, municipalities and political subdivisions 3,973,911 6,503 (247,231) 3,733,183 Foreign governments 1,473,658 2,843 (169,723) 1,306,778 Commercial mortgage-backed securities 2,109,721 395 (169,668) 1,940,448 Residential mortgage-backed securities 553,591 6 (26,804) 526,793 Asset-backed securities 1,693 — (53) 1,640 Corporate bonds 771,761 836 (104,101) 668,496 Total fixed maturity securities 12,805,887 13,100 (962,152) 11,856,835 Short-term investments 2,663,560 5,760 (58) 2,669,262 Investments, available-for-sale $ 15,469,447 $ 18,860 $ (962,210) $ 14,526,097 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. March 31, 2023 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 $ 405,092 $ (6,489) $ 2,075,779 $ (99,266) $ 2,480,871 $ (105,755) U.S. government-sponsored enterprises 225,734 (11,622) 520,955 (78,862) 746,689 (90,484) Obligations of states, municipalities and political subdivisions 1,547,495 (52,375) 983,268 (132,273) 2,530,763 (184,648) Foreign governments 668,871 (61,572) 513,644 (72,068) 1,182,515 (133,640) Commercial mortgage-backed securities 724,609 (31,249) 1,194,530 (118,299) 1,919,139 (149,548) Residential mortgage-backed securities 351,764 (11,215) 157,162 (11,301) 508,926 (22,516) Asset-backed securities — — 1,574 (44) 1,574 (44) Corporate bonds 311,457 (29,403) 342,078 (55,937) 653,535 (85,340) Total fixed maturity securities 4,235,022 (203,925) 5,788,990 (568,050) 10,024,012 (771,975) Short-term investments 27,118 (86) — — 27,118 (86) Total $ 4,262,140 $ (204,011) $ 5,788,990 $ (568,050) $ 10,051,130 $ (772,061) At March 31, 2023, the Company held 1,291 available-for-sale securities in an unrealized loss position with a total estimated fair value of $10.1 billion and gross unrealized losses of $772.1 million. Of these 1,291 securities, 637 securities had been in a continuous unrealized loss position for one year or longer and had a total estimated fair value of $5.8 billion and gross unrealized losses of $568.1 million. December 31, 2022 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 $ 735,605 $ (30,583) $ 1,907,922 $ (107,910) $ 2,643,527 $ (138,493) U.S. government-sponsored enterprises 413,495 (40,488) 331,391 (65,591) 744,886 (106,079) Obligations of states, municipalities and political subdivisions 2,474,289 (164,537) 348,943 (82,694) 2,823,232 (247,231) Foreign governments 900,322 (115,324) 300,423 (54,399) 1,200,745 (169,723) Commercial mortgage-backed securities 1,611,603 (117,482) 305,217 (52,186) 1,916,820 (169,668) Residential mortgage-backed securities 516,423 (25,232) 9,342 (1,572) 525,765 (26,804) Asset-backed securities 1,640 (53) — — 1,640 (53) Corporate bonds 496,766 (74,542) 153,035 (29,559) 649,801 (104,101) Total fixed maturity securities 7,150,143 (568,241) 3,356,273 (393,911) 10,506,416 (962,152) Short-term investments 774,480 (58) — — 774,480 (58) Total $ 7,924,623 $ (568,299) $ 3,356,273 $ (393,911) $ 11,280,896 $ (962,210) At December 31, 2022, the Company held 1,400 available-for-sale securities in an unrealized loss position with a total estimated fair value of $11.3 billion and gross unrealized losses of $962.2 million. Of these 1,400 securities, 246 securities had been in a continuous unrealized loss position for one year or longer and had a total estimated fair value of $3.4 billion and gross unrealized losses of $393.9 million. 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 March 31, 2023 or December 31, 2022. 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 a 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. As of March 31, 2023, t he Company did not intend to sell or believe it would be required to sell any available-for-sale securities in an unrealized loss position before recovery of their amortized cost. c) The amortized cost and estimated fair value of fixed maturity securities at March 31, 2023 are shown below by contractual maturity. (dollars in thousands) Amortized Estimated Due in one year or less $ 1,215,062 $ 1,195,653 Due after one year through five years 4,294,690 4,132,513 Due after five years through ten years 3,211,335 2,960,029 Due after ten years 1,762,439 1,626,781 10,483,526 9,914,976 Commercial mortgage-backed securities 2,125,940 1,977,169 Residential mortgage-backed securities 531,907 509,399 Asset-backed securities 1,618 1,574 Total fixed maturity securities $ 13,142,991 $ 12,403,118 d) The following table presents the components of net investment income. Three Months Ended March 31, (dollars in thousands) 2023 2022 Interest: Fixed maturity securities $ 82,128 $ 71,144 Short-term investments 26,619 974 Cash and cash equivalents 27,601 (198) Dividends on equity securities 27,482 24,737 163,830 96,657 Investment expenses (4,495) (4,353) Net investment income $ 159,335 $ 92,304 e) The following table presents the components of net investment gains (losses) included in net income (loss) and the change in net unrealized gains (losses) included in other comprehensive income (loss). Gross realized investment gains and losses on fixed maturity securities, short-term investments and other investments were not material to the consolidated financial statements and are presented on a net basis in the following table. Three Months Ended March 31, (dollars in thousands) 2023 2022 Fixed maturity securities, short-term investments and other investments: Net realized investment gains (losses) $ (3,221) $ 6,228 Equity securities: Change in fair value of securities sold during the period 5,637 (12,329) Change in fair value of securities held at the end of the period 370,147 (352,298) Total change in fair value 375,784 (364,627) Net investment gains (losses) $ 372,563 $ (358,399) Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income (loss): Fixed maturity securities $ 209,179 $ (665,810) Short-term investments (810) 5,862 Net increase (decrease) $ 208,369 $ (659,948) |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements FASB 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. Fair value is determined by the Company after considering various sources of information, including information provided by a third-party pricing service. The pricing service provides prices for substantially all of the Company's fixed 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 insurance-linked securities funds that are in run-off, which are not traded on an active exchange 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. 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 is generally derived through recent reported trades, 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. March 31, 2023 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Investments: Fixed maturity securities, available-for-sale: U.S. Treasury securities $ — $ 3,005,071 $ — $ 3,005,071 U.S. government-sponsored enterprises — 868,978 — 868,978 Obligations of states, municipalities and political subdivisions — 3,837,826 — 3,837,826 Foreign governments — 1,484,656 — 1,484,656 Commercial mortgage-backed securities — 1,977,169 — 1,977,169 Residential mortgage-backed securities — 509,399 — 509,399 Asset-backed securities — 1,574 — 1,574 Corporate bonds — 718,445 — 718,445 Total fixed maturity securities, available-for-sale — 12,403,118 — 12,403,118 Equity securities: Insurance, banks and other financial institutions 3,005,272 — 853 3,006,125 Industrial, consumer and all other 5,107,351 — — 5,107,351 Total equity securities 8,112,623 — 853 8,113,476 Short-term investments, available-for-sale 2,316,909 170,592 — 2,487,501 Total investments $ 10,429,532 $ 12,573,710 $ 853 $ 23,004,095 December 31, 2022 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Investments: Fixed maturity securities, available-for-sale: U.S. Treasury securities $ — $ 2,913,959 $ — $ 2,913,959 U.S. government-sponsored enterprises — 765,538 — 765,538 Obligations of states, municipalities and political subdivisions — 3,733,183 — 3,733,183 Foreign governments — 1,306,778 — 1,306,778 Commercial mortgage-backed securities — 1,940,448 — 1,940,448 Residential mortgage-backed securities — 526,793 — 526,793 Asset-backed securities — 1,640 — 1,640 Corporate bonds — 668,496 — 668,496 Total fixed maturity securities, available-for-sale — 11,856,835 — 11,856,835 Equity securities: Insurance, banks and other financial institutions 2,952,689 — 899 2,953,588 Industrial, consumer and all other 4,718,324 — — 4,718,324 Total equity securities 7,671,013 — 899 7,671,912 Short-term investments, available-for-sale 2,510,164 159,098 — 2,669,262 Total investments $ 10,181,177 $ 12,015,933 $ 899 $ 22,198,009 The following table summarizes changes in Level 3 investments measured at fair value on a recurring basis. Three Months Ended March 31, (dollars in thousands) 2023 2022 Equity securities, beginning of period $ 899 $ 56,472 Purchases — — Sales — (48,780) Net investment gains (losses) (46) 776 Equity securities, end of period $ 853 $ 8,468 Previously, Level 3 investments included the Company's investment in an insurance-linked securities fund managed by Markel CATCo Investment Management Ltd. (MCIM). During the first quarter of 2022, the Company's remaining investment was redeemed ($41.3 million) in conjunction with a buy-out transaction that provided for an accelerated return of all remaining capital to investors. See note 11 for further details about the Company's Markel CATCo operations and the buy-out transaction. The Company did not have any assets or liabilities measured at fair value on a non-recurring basis during the three months ended March 31, 2023 and 2022. |
Equity Method Investments
Equity Method Investments | 3 Months Ended |
Mar. 31, 2023 | |
Equity Method Investments [Abstract] | |
Equity Method Investments Disclosure [Text Block] | Equity Method InvestmentsThe Company holds certain investments that are accounted for under the equity method of accounting. The Company's equity method investments, which are included in other assets on the consolidated balance sheets, totaled $491.8 million and $494.0 million as of March 31, 2023 and December 31, 2022, respectively. The Company's proportionate share of earnings in its equity method investments were losses of $1.5 million and $23.2 million for three months ended March 31, 2023 and 2022, respectively. The Company's most significant equity method investment is an investment in Hagerty, Inc. (Hagerty), which is accounted for on a quarter lag. Hagerty is an automotive enthusiast brand offering integrated membership products and programs as well as a specialty insurance provider focused on the global automobile enthusiast market. The Company's ownership interest in Hagerty was 23% as of March 31, 2023 and December 31, 2022. The Company's investment is comprised of Class A common shares, which are listed for trading on the New York Stock Exchange, as well as Class V common shares, associated with the Company's original investment, that have special voting rights and can be converted on a one-for-one basis into Class A common shares. The Company accounts for its investment under the equity method as it is deemed to have the ability to exercise significant influence over Hagerty's operating and financial policies through a combination of its voting interest, its right to designate a board member and business it conducts with Hagerty. As of March 31, 2023 and December 31, 2022, the carrying value of the Company's investment in Hagerty was $236.6 million and $245.1 million, respectively. As of March 31, 2023 and December 31, 2022, the estimated value of the Company's investment, based on the closing stock price of Hagerty's Class A common shares, was $681.7 million and $656.0 million, respectively. See note 12 for further details regarding related party transactions with Hagerty. |
Products, Services and Other Re
Products, Services and Other Revenues | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Products, Services and Other Revenues | Products, Services, and Other Revenues The following tables present revenues from contracts with customers by 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. Three Months Ended March 31, 2023 2022 (dollars in thousands) Markel Ventures Other Total Markel Ventures Other Total Products $ 565,895 $ — $ 565,895 $ 469,456 $ — $ 469,456 Services 485,662 2,854 488,516 449,449 21,568 471,017 Investment management — 10,459 10,459 — 19,228 19,228 Total revenues from contracts with customers 1,051,557 13,313 1,064,870 918,905 40,796 959,701 Program services and other fronting — 28,890 28,890 — 33,332 33,332 Disposition gain — — — — 107,293 107,293 Equity method investments income (loss) 1,495 (3,013) (1,518) 3,058 (26,246) (23,188) Other 50,887 658 51,545 28,422 7,001 35,423 Total $ 1,103,939 $ 39,848 $ 1,143,787 $ 950,385 $ 162,176 $ 1,112,561 In February 2022, the Company sold the majority of its controlling interest in its Velocity managing general agent companies, which resulted in a gain of $107.3 million that was included in services and other revenues. Receivables from contracts with customers were $514.9 million and $624.1 million as of March 31, 2023 and December 31, 2022, respectively. |
Unpaid Losses And Loss Adjustme
Unpaid Losses And Loss Adjustment Expenses | 3 Months Ended |
Mar. 31, 2023 | |
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. Three Months Ended March 31, (dollars in thousands) 2023 2022 Gross reserves for losses and loss adjustment expenses, beginning of year $ 20,947,898 $ 18,178,894 Reinsurance recoverables on unpaid losses, beginning of year 7,994,884 6,876,317 Net reserves for losses and loss adjustment expenses, beginning of year 12,953,014 11,302,577 Effect of foreign currency rate changes on beginning of year balance 36,637 (27,505) Adjusted net reserves for losses and loss adjustment expenses, beginning of year 12,989,651 11,275,072 Incurred losses and loss adjustment expenses: Current accident year 1,244,331 1,068,695 Prior accident years (71,317) (96,323) Total incurred losses and loss adjustment expenses 1,173,014 972,372 Payments: Current accident year 72,167 40,852 Prior accident years 708,115 697,192 Total payments 780,282 738,044 Effect of foreign currency rate changes on current year activity (3,649) (267) Change in net reserves for losses and loss adjustment expenses of Markel CATCo Re (see note 11) (115,141) 546,760 Reinsurance recoverable for retroactive reinsurance transaction (125,067) — Net reserves for losses and loss adjustment expenses, end of period 13,138,526 12,055,893 Reinsurance recoverables on unpaid losses 8,168,267 6,787,237 Gross reserves for losses and loss adjustment expenses, end of period $ 21,306,793 $ 18,843,130 For the three months ended March 31, 2023, prior accident years losses and loss adjustment expenses included $71.3 million of favorable development on prior years loss reserves, which included $63.8 million of favorable development on the Company's marine and energy, property, workers' compensation and programs product lines within its Insurance segment. For the three months ended March 31, 2022, prior accident years losses and loss adjustment expenses included $96.3 million of favorable development on prior years loss reserves, which included $69.4 million of favorable development on the Company's general liability, marine and energy, workers' compensation and property product lines within the Insurance segment. In March 2023, the Company completed a retroactive reinsurance transaction to cede its portfolio of policies comprised of liabilities for its run-off book of United Kingdom motor casualty business in exchange for payments totaling $125.1 million, which approximated the carrying value of the Company's reserves for losses and loss adjustment expenses on the ceded policies. |
Reinsurance
Reinsurance | 3 Months Ended |
Mar. 31, 2023 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance | Reinsurance The following tables summarize the effect of reinsurance and retrocessional reinsurance on premiums written and earned. Three Months Ended March 31, 2023 2022 (dollars in thousands) Direct Assumed Ceded Net Premiums Direct Assumed Ceded Net Premiums Underwriting: Written $ 1,969,363 $ 688,895 $ (440,029) $ 2,218,229 $ 1,823,255 $ 696,360 $ (353,382) $ 2,166,233 Earned 1,971,876 398,719 (402,440) 1,968,155 1,697,970 403,067 (339,929) 1,761,108 Program services and other fronting: Written 573,211 204,543 (778,205) (451) 696,974 181,698 (880,171) (1,499) Earned 641,113 74,717 (716,281) (451) 699,605 48,860 (749,803) (1,338) Consolidated: Written 2,542,574 893,438 (1,218,234) 2,217,778 2,520,229 878,058 (1,233,553) 2,164,734 Earned $ 2,612,989 $ 473,436 $ (1,118,721) $ 1,967,704 $ 2,397,575 $ 451,927 $ (1,089,732) $ 1,759,770 Substantially all of the premiums written and earned in the Company's program services and other fronting operations for the three months ended March 31, 2023 and 2022 were ceded. The percentage of consolidated ceded earned premiums to gross earned premiums was 36% and 38% for the three months ended March 31, 2023 and 2022, respectively. The percentage of consolidated assumed earned premiums to net earned premiums was 24% and 26% for the three months ended March 31, 2023 and 2022, respectively. Substantially all of the incurred losses and loss adjustment expenses in the Company's program services and other fronting operations were ceded. These gross losses totaled $496.6 million and $415.7 million for the three months ended March 31, 2023 and 2022, respectively. The following table summarizes the effect of reinsurance and retrocessional reinsurance on losses and loss adjustment expenses in the Company's underwriting operations. Three Months Ended March 31, (dollars in thousands) 2023 2022 Gross losses and loss adjustment expenses $ 1,392,348 $ 1,150,349 Ceded losses and loss adjustment expenses (219,255) (177,994) Net losses and loss adjustment expenses $ 1,173,093 $ 972,355 |
Life and Annuity Benefits
Life and Annuity Benefits | 3 Months Ended |
Mar. 31, 2023 | |
Liability for Future Policy Benefit, before Reinsurance [Abstract] | |
Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block] | Life and Annuity Benefits The Company's run-off block of life and annuity reinsurance contracts consists primarily of Euro and U.S. Dollar denominated life-contingent payout annuities and traditional and universal life contracts. The following table presents the components of the Company's liabilities for life and annuity benefits. (dollars in thousands) March 31, 2023 December 31, 2022 Liability for future policyholder benefits $ 566,751 $ 554,366 Deferred profit liability 48,342 48,569 Other 53,755 47,786 Total $ 668,848 $ 650,721 The primary component of the Company's liabilities for life and annuity benefits is the liability for future policyholder benefits. Life and annuity benefit reserves are calculated for aggregated cohorts of contracts, which are determined based on the attributes of the underlying contracts, 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 makes estimates and assumptions based on cedent experience and industry mortality tables. The cash flow assumptions used to determine the Company's life and annuity benefit reserves are updated at least annually. The discount rate assumptions are updated at each reporting date. The following table presents a rollforward of the present value of the liability for future policyholder benefits. Three Months Ended March 31, (dollars in thousands) 2023 2022 Liability for future policyholder benefits, beginning of year $ 554,366 $ 821,632 Liability for future policyholder benefits at original discount rate, beginning of year 667,761 745,313 Effect of changes in cash flow assumptions — — Effect of actual variances from expected experience — — Adjusted liability for future policyholder benefits, beginning of year 667,761 745,313 Interest accretion 3,815 4,186 Benefit payments (13,283) (14,349) Effect of foreign currency rate changes 10,396 (11,900) Liability for future policyholder benefits at original discount rate, end of period 668,689 723,250 Cumulative effect of changes in discount rate assumptions (101,938) (508) Liability for future policyholder benefits, end of period (1) $ 566,751 $ 722,742 (1) The undiscounted liability for future policyholder benefits was $862.7 million and $933.6 million as of March 31, 2023 and 2022, respectively. The following table summarizes additional details for the Company's liability for future policyholder benefits. March 31, 2023 December 31, 2022 Weighted-average interest rate: Interest accretion rate 2.3 % 2.3 % Current discount rate 4.1 % 4.3 % Weighted-average liability duration 9 years 9 years |
Senior Long-Term Debt and Other
Senior Long-Term Debt and Other Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | Senior Long-Term Debt and Other Debt In March 2023, the Company retired its 3.625% unsecured senior notes due March 30, 2023 ($250.0 million aggregate principal outstanding at December 31, 2022). The Company maintains a corporate revolving credit facility which provides up to $300 million of capacity for future acquisitions, investments and stock repurchases, and for other working capital and general corporate purposes. At the Company's discretion, up to $200 million of the total capacity may be used for letters of credit. The Company may increase the capacity of the facility by up to $200 million subject to obtaining commitments for the increase and certain other terms and conditions. At March 31, 2023 and December 31, 2022, the Company had no borrowings outstanding under this revolving credit facility. This facility expires in April 2024. As of March 31, 2023, the Company was in compliance with all covenants contained in its corporate revolving credit facility. Various of the Company's Markel Ventures subsidiaries maintain revolving credit facilities or lines of credit, which provide up to $650 million of aggregate capacity for working capital and other general operational purposes. A portion of the capacity on certain of these credit facilities may be used as security for letters of credit and other obligations. At March 31, 2023 and December 31, 2022, the Company had $288.9 million and $238.1 million, respectively, of borrowings outstanding under these credit facilities. As of March 31, 2023, all of the Company's subsidiaries were in compliance with all covenants contained in their respective credit facilities. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2023 | |
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). Voting shares in Markel CATCo Reinsurance Fund Ltd. and Markel CATCo Re are held by MCIM, which has the power to direct the activities that most significantly impact the economic performance of these entities. The Markel CATCo Funds issued 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 investors through its nonvoting preference shares. Both Markel CATCo Re and the Markel CATCo Funds were placed into run-off in July 2019. In March 2022, the Company completed a buy-out transaction with Markel CATCo Re and the Markel CATCo Funds that provided for an accelerated return of all remaining capital to investors in the Markel CATCo Funds. Under the terms of the transaction, the Company provided cash funding of $45.1 million to purchase substantially all of the Markel CATCo Funds' interests in Markel CATCo Re and substantially all of the preference shares held by investors in the Markel CATCo Funds were redeemed, including preference shares previously held by the Company. See note 4 for details regarding the Company's investment in the Markel CATCo Funds. In order to complete the transaction, the Company also made $101.9 million in additional payments, net of insurance proceeds, to or for the benefit of investors, which were recognized as an expense to the Company and included in services and other expenses for the quarter ended March 31, 2022. In June 2022, the Company received a return of $24.9 million of the capital it provided in March 2022 and the related preference shares were redeemed. As of March 31, 2023 and December 31, 2022, the Company's investment in the remaining preference shares of Markel CATCo Re totaled $20.1 million, which comprised 28% and 23% of the equity of Markel CATCo Re, respectively. Through that investment, the Company has exposure to adverse loss development on reinsurance contracts previously written by Markel CATCo Re for loss events that occurred from 2014 to 2020. If loss reserves held by Markel CATCo Re are sufficient to settle claims on the remaining open contracts, the Company will receive a full return of the remaining $20.1 million in capital provided in March 2022. Favorable development on loss reserves held by Markel CATCo Re, less operating expenses, will be distributed to the Markel CATCo Funds, and ultimately to investors in the Markel CATCo Funds. Markel CATCo Re is considered a VIE, as the equity at risk does not have the right to receive residual returns that exceed the capital provided by the Company in the buy-out transaction. As a result of the preference shares acquired by the Company in the buy-out transaction, and the voting shares held by its consolidated subsidiary, MCIM, the Company consolidates Markel CATCo Re as its primary beneficiary. Results attributed to the run-off of Markel CATCo Re are reported with the Company's other ILS operations, within services and other revenues and expenses, and are not included in a reportable segment. For the three months ended March 31, 2023, there was $44.8 million of favorable loss reserve development on the run-off of reinsurance contracts written by Markel CATCo Re, all of which was included in services and other expenses and attributable to noncontrolling interests. During the three months ended March 31, 2023, $62.6 million of preference shares of Markel CATCo Re held by noncontrolling interests were redeemed. The Company's consolidated balance sheets include the following amounts attributable to Markel CATCo Re. (dollars in thousands) March 31, 2023 December 31, 2022 Assets Cash and cash equivalents $ 62,524 $ 104,443 Restricted cash and cash equivalents 210,293 317,577 Other assets and receivables due from cedents 31,225 41,357 Total Assets $ 304,042 $ 463,377 Liabilities and Equity Unpaid losses and loss adjustment expenses $ 232,780 $ 347,921 Other liabilities 378 26,717 Total Liabilities 233,158 374,638 Shareholders' equity 21,139 21,139 Noncontrolling interests 49,745 67,600 Total Equity 70,884 88,739 Total Liabilities and Equity $ 304,042 $ 463,377 In connection with the buy-out transaction, the Company also entered into a tail risk cover with Markel CATCo Re. Through this contract, the Company has $142.7 million of uncollateralized exposure to adverse development on loss reserves held by Markel CATCo Re for loss exposures in excess of limits that the Company believes are unlikely to be exceeded. |
Related Party Transactions Rela
Related Party Transactions Related Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
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 subsidiaries, Nephila). Nephila serves as the investment manager to several Bermuda based private funds (the Nephila Funds). To provide access for the Nephila Funds to a variety of insurance-linked securities in the property catastrophe, climate and specialty markets, Nephila also acts as an insurance manager to certain Bermuda Class 3 and 3A reinsurance companies, Lloyd's Syndicate 2357 and Lloyd's Syndicate 2358 (collectively, the Nephila Reinsurers). Nephila receives management fees for investment and insurance management services provided through its insurance-linked securities operations primarily based on the net asset value of the accounts managed, and, for certain funds, incentive fees based on their annual performance. Prior to the disposition of Velocity in February 2022, Nephila also provided managing general agent services to the Nephila Reinsurers in exchange for commissions. For the three months ended March 31, 2023 and 2022, total revenues attributed to unconsolidated entities managed by Nephila were $9.8 million and $22.4 million, respectively. Through the Company's program services and other fronting operations, as well as its underwriting operations, the Company has programs with Nephila through which the Company writes insurance policies that are either partially or fully ceded to Nephila Reinsurers. Through the Company's program services and other fronting platforms, 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. For the three months ended March 31, 2023 and 2022, gross premiums written through the Company's program services and other fronting platforms on behalf of Nephila were $236.9 million and $315.6 million, respectively, all of which were ceded to Nephila Reinsurers. Though the Company's insurance underwriting operations, the Company has a quota share agreement with Nephila through which it cedes a portion of its property business to Nephila Reinsurers. For the three months ended March 31, 2023 and 2022, the Company's underwriting operations ceded premiums of $13.5 million and $16.1 million, respectively, to Nephila Reinsurers as part of its quota share agreement. As of March 31, 2023 and December 31, 2022, reinsurance recoverables on the consolidated balance sheets included $1.3 billion and $1.4 billion, respectively, due from Nephila Reinsurers. Under its programs with Nephila Reinsurers, 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. Hagerty The Company holds a minority ownership interest in Hagerty, which operates primarily as a managing general agent and also includes Hagerty Reinsurance Limited (Hagerty Re), a Bermuda Class 3 reinsurance company. Through the Company's underwriting operations, the Company underwrites insurance for Hagerty, and a portion of this insurance is ceded to Hagerty Re. For the three months ended March 31, 2023 and 2022, the Company's gross written premiums attributable to Hagerty were $165.0 million and $139.0 million, respectively, of which $124.6 million and $92.1 million, respectively, were ceded to Hagerty Re. As of March 31, 2023 and December 31, 2022, reinsurance recoverables on the consolidated balance sheets included $156.1 million and $159.7 million, respectively, due from Hagerty Re. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
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. Three Months Ended March 31, (in thousands) 2023 2022 Issued and outstanding common shares, beginning of period 13,423 13,632 Issuance of common shares 2 1 Repurchase of common shares (63) (63) Issued and outstanding common shares, end of period 13,362 13,570 b) The Company also has 10,000,000 shares of no par value preferred stock authorized, of which 600,000 shares were issued and outstanding at March 31, 2023 and December 31, 2022. 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. The following table presents net income (loss) per common share and diluted net income (loss) per common share. Three Months Ended March 31, (in thousands, except per share amounts) 2023 2022 Net income (loss) to common shareholders $ 488,652 $ (51,741) Adjustment of redeemable noncontrolling interests 13,473 (36,940) Adjusted net income (loss) to common shareholders $ 502,125 $ (88,681) Basic common shares outstanding 13,450 13,652 Dilutive potential common shares from restricted stock units and restricted stock (1) 25 — Diluted common shares outstanding 13,475 13,652 Basic net income (loss) per common share $ 37.33 $ (6.50) Diluted net income (loss) per common share (1) $ 37.26 $ (6.50) (1) The impact of 27 thousand shares from restricted stock units and restricted stock was excluded from the computation of diluted net loss per common share for the three months ended March 31, 2022 because the effect would have been anti-dilutive. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Loss Contingency [Abstract] | |
Contingencies | Contingencies Contingencies arise in the normal course of the Company's operations and are not expected to have a material impact on the Company's financial condition or results of operations. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation. The consolidated balance sheet as of March 31, 2023 and the related consolidated statements of income (loss) and comprehensive income (loss) and changes in equity for three months ended March 31, 2023 and 2022, and the condensed consolidated statements of cash flows for the three months ended March 31, 2023 and 2022 are unaudited. In the opinion of management, all adjustments necessary for fair presentation of such consolidated financial statements have been included. Except for the adjustments described in note 1 c), 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, 2022 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. The following accounting policy was updated to reflect an accounting standard that became effective January 1, 2023. See note 1 c). For a more complete description of the Company's business and accounting policies, readers are urged to review the Company's 2022 Annual Report on Form 10-K. |
Life and Annuity Benefits | Life and Annuity Benefits. The Company has a run-off block of life and annuity reinsurance contracts that subject the Company to mortality, longevity and morbidity risks. Effective January 1, 2023, the Company adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts and restated all prior periods presented to reflect the new accounting standard. The primary component of the Company's liabilities for life and annuity benefits is the present value of the liability for future policyholder benefits. The cash flow assumptions used to determine the policyholder benefit reserves are reviewed and updated, as necessary, at least annually. Interest accretion for the reserves is calculated using the discount rate locked-in at contract inception. Policy benefit reserves are remeasured each period using current discount rates, based on yields for upper-medium grade fixed maturity securities, with the impact of changes in the discount rate included in other comprehensive income, net of taxes. All other results attributable to the run-off of life and annuity reinsurance contracts are included in services and other revenues and services and other expenses in the consolidated statements of income and comprehensive income. Investment income earned on the investments that support the policy benefit reserves are included in net investment income. Because of the uncertainty in the assumptions used to estimate reserves for life and annuity benefit obligations and the long-term nature of these reinsurance contracts, the ultimate liability may be greater or less than the estimates. See note 9 for further details regarding life and annuity benefits. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Standards Adopted Effective January 1, 2023, the Company adopted ASU No. 2018-12 and several ASUs issued as amendments to ASU No. 2018-12. This standard requires insurance companies 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; and (3) enhance certain qualitative and quantitative disclosures. ASU No. 2018-12 was applied using a modified retrospective approach that required restatement of prior periods presented, including a cumulative adjustment recorded to accumulated other comprehensive income as of January 1, 2021 (the transition date) as a result of updating the discount rate assumption. At the transition date, the adoption of ASU 2018-12 had no impact on retained earnings but resulted in a decrease to accumulated other comprehensive income, net of taxes, of $15.3 million as of January 1, 2021, which was comprised of the following corresponding adjustments to life and annuity benefits and deferred tax liabilities. (dollars in thousands) January 1, 2021 Reverse reserve deficiency adjustment related to unrealized gains on underlying investment portfolio of available-for-sale securities $ 119,548 Apply updated discount rate to the liability for future policyholder benefits (138,865) Increase in life and annuity benefits (19,317) Decrease in deferred tax liability 4,057 Decrease in accumulated other comprehensive income, net of taxes $ (15,260) The impact of changes in the discount rate on the liability for future policyholder benefits following the transition date are included in other comprehensive income (loss) in the respective periods and, combined with the transition adjustment, resulted in the following cumulative changes to the Company's previously presented consolidated balance sheets. December 31, (dollars in thousands) 2022 2021 Decrease (increase) in life and annuity benefits $ 113,396 $ (19,759) Decrease (increase) in deferred tax liability (23,813) 4,149 Increase (decrease) in accumulated other comprehensive income (loss), net of taxes $ 89,583 $ (15,610) Changes in the discount rate on the liability for future policyholder benefits also resulted in an increase, or benefit, of $16.0 million to the previously presented other comprehensive loss for the three months ended March 31, 2022, which was comprised of the following adjustments. (dollars in thousands) Three Months Ended March 31, 2022 Reverse benefit included in change in net unrealized gains (losses) on available-for-sale-investments, net of taxes, related to reversal of previously recognized reserve deficiency adjustment $ (44,682) Change in discount rate for life and annuity benefits, net of taxes 60,693 Increase in other comprehensive loss, net of taxes $ 16,011 The adoption of other provisions of this ASU did not have a material impact on the Company's financial position, results of operations or cash flows for any of the periods presented. Effective January 1, 2023, the Company adopted ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customer s. ASU No. 2021-08 requires contract assets and liabilities accounted for under FASB Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers , to be recorded at the acquisition date as if the acquirer entered into those contracts itself on the contract inception dates, rather than at fair value. At adoption, ASU No. 2021-08 did not impact the Company's financial position, results of operations or cash flows, but prospectively, this ASU will impact amounts recorded by the Company for assets acquired and liabilities assumed in conjunction with certain acquisitions. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | |
Jan. 01, 2021 | Mar. 31, 2023 | |
Accounting Policies [Abstract] | ||
Reconciliation of Impact of Adopting ASU 2018-12 on AOCI, Transition Date [Table Text Block] | At the transition date, the adoption of ASU 2018-12 had no impact on retained earnings but resulted in a decrease to accumulated other comprehensive income, net of taxes, of $15.3 million as of January 1, 2021, which was comprised of the following corresponding adjustments to life and annuity benefits and deferred tax liabilities. (dollars in thousands) January 1, 2021 Reverse reserve deficiency adjustment related to unrealized gains on underlying investment portfolio of available-for-sale securities $ 119,548 Apply updated discount rate to the liability for future policyholder benefits (138,865) Increase in life and annuity benefits (19,317) Decrease in deferred tax liability 4,057 Decrease in accumulated other comprehensive income, net of taxes $ (15,260) | |
Reconciliation of Impact of Adopting ASU 2018-12 on AOCI, Previously Presented Balance Sheets [Table Text Block] | The impact of changes in the discount rate on the liability for future policyholder benefits following the transition date are included in other comprehensive income (loss) in the respective periods and, combined with the transition adjustment, resulted in the following cumulative changes to the Company's previously presented consolidated balance sheets. December 31, (dollars in thousands) 2022 2021 Decrease (increase) in life and annuity benefits $ 113,396 $ (19,759) Decrease (increase) in deferred tax liability (23,813) 4,149 Increase (decrease) in accumulated other comprehensive income (loss), net of taxes $ 89,583 $ (15,610) | |
Reconciliation of Impact of Adopting ASU 2018-12 on OCI, Prior Period [Table Text Block] | Changes in the discount rate on the liability for future policyholder benefits also resulted in an increase, or benefit, of $16.0 million to the previously presented other comprehensive loss for the three months ended March 31, 2022, which was comprised of the following adjustments. (dollars in thousands) Three Months Ended March 31, 2022 Reverse benefit included in change in net unrealized gains (losses) on available-for-sale-investments, net of taxes, related to reversal of previously recognized reserve deficiency adjustment $ (44,682) Change in discount rate for life and annuity benefits, net of taxes 60,693 Increase in other comprehensive loss, net of taxes $ 16,011 |
Segment Reporting Disclosures (
Segment Reporting Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Company's Segment Disclosures | The following tables summarize the Company's segment disclosures. Three Months Ended March 31, 2023 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures Other (1) Consolidated Gross premium volume $ 2,097,938 $ 552,061 $ — $ — $ 786,013 $ 3,436,012 Net written premiums 1,702,141 516,091 — — (454) 2,217,778 Earned premiums 1,710,924 257,234 — — (454) 1,967,704 Losses and loss adjustment expenses: Current accident year (1,077,546) (166,785) — — — (1,244,331) Prior accident years 62,628 8,704 — — (15) 71,317 Underwriting, acquisition and insurance expenses: Amortization of policy acquisition costs (360,354) (61,778) — — — (422,132) Other underwriting expenses (239,148) (13,141) — — (1,284) (253,573) Underwriting profit (loss) 96,504 24,234 — — (1,753) 118,985 Net investment income — — 158,594 741 — 159,335 Net investment gains — — 372,563 — — 372,563 Products revenues — — — 577,926 — 577,926 Services and other revenues — — (2,380) 526,013 42,228 565,861 Products expenses — — — (515,756) — (515,756) Services and other expenses (2) — — — (496,746) 16,127 (480,619) Amortization of intangible assets (3) — — — (19,551) (24,848) (44,399) Segment profit $ 96,504 $ 24,234 $ 528,777 $ 72,627 $ 31,754 $ 753,896 Interest expense (49,438) Net foreign exchange losses (32,928) Income before income taxes $ 671,530 (1) Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment, as well as amortization of intangible assets attributable to underwriting segments, which is not allocated between the Insurance and Reinsurance segments. (2) Services and other expenses for Other for the three months ended March 31, 2023 included $44.8 million of favorable loss reserve development on the run-off of reinsurance contracts written by Markel CATCo Re Ltd., all of which was attributable to noncontrolling interests. See Note 11. (3) Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets attributable to the Company's underwriting segments, included in Other, was $9.6 million for the three months ended March 31, 2023. Three Months Ended March 31, 2022 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures Other (1) Consolidated Gross premium volume $ 1,943,306 $ 576,316 $ — $ — $ 878,665 $ 3,398,287 Net written premiums 1,611,020 555,220 — — (1,506) 2,164,734 Earned premiums 1,477,148 283,967 — — (1,345) 1,759,770 Losses and loss adjustment expenses: Current accident year (886,237) (182,458) — — — (1,068,695) Prior accident years 98,640 (2,083) — — (234) 96,323 Underwriting, acquisition and insurance expenses: Amortization of policy acquisition costs (310,406) (71,754) — — — (382,160) Other underwriting expenses (191,651) (14,389) — — (2,165) (208,205) Underwriting profit (loss) 187,494 13,283 — — (3,744) 197,033 Net investment income — — 92,297 7 — 92,304 Net investment losses — — (358,399) — — (358,399) Products revenues — — — 481,621 — 481,621 Services and other revenues — — (19,570) 468,764 181,746 630,940 Products expenses — — — (447,819) — (447,819) Services and other expenses — — — (431,903) (157,988) (589,891) Amortization of intangible assets (2) — — — (20,933) (25,116) (46,049) Segment profit (loss) $ 187,494 $ 13,283 $ (285,672) $ 49,737 $ (5,102) $ (40,260) Interest expense (49,692) Net foreign exchange gains 23,004 Loss before income taxes $ (66,948) (1) Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment, as well as amortization of intangible assets attributable to underwriting segments, which is not allocated between the 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 attributable to the Company's underwriting segments, included in Other, was $9.8 million for the three months ended March 31, 2022. |
Summary of Additional Measures for Markel Ventures | The following amounts attributable to the Markel Ventures segment are also reviewed, or included in measures reviewed, by the Company's chief operating decision maker. Three Months Ended March 31, (dollars in thousands) 2023 2022 Depreciation expense $ 27,363 $ 25,035 Interest expense (1) $ 12,923 $ 11,178 Income tax expense $ 13,186 $ 8,660 Capital expenditures $ 31,498 $ 46,013 (1) Interest expense for the three months ended March 31, 2023 and 2022 included intercompany interest expense of $6.6 million and $7.0 million, respectively, which was eliminated in consolidation. |
Reconciliation Of Segment Assets To The Company's Consolidated Balance Sheets | The following table reconciles segment assets to the Company's consolidated balance sheets. (dollars in thousands) March 31, 2023 December 31, 2022 Segment assets: Investing $ 27,685,616 $ 26,982,280 Underwriting 9,346,628 8,853,559 Markel Ventures 5,329,269 5,315,677 Total segment assets 42,361,513 41,151,516 Other operations 8,580,748 8,639,743 Total assets $ 50,942,261 $ 49,791,259 |
Investments (Tables)
Investments (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
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 (losses) in the tables below are presented before taxes. March 31, 2023 (dollars in thousands) Amortized Gross Gross Estimated Fixed maturity securities: U.S. Treasury securities $ 3,102,303 $ 8,523 $ (105,755) $ 3,005,071 U.S. government-sponsored enterprises 958,321 1,141 (90,484) 868,978 Obligations of states, municipalities and political subdivisions 4,010,997 11,477 (184,648) 3,837,826 Foreign governments 1,609,973 8,323 (133,640) 1,484,656 Commercial mortgage-backed securities 2,125,940 777 (149,548) 1,977,169 Residential mortgage-backed securities 531,907 8 (22,516) 509,399 Asset-backed securities 1,618 — (44) 1,574 Corporate bonds 801,932 1,853 (85,340) 718,445 Total fixed maturity securities 13,142,991 32,102 (771,975) 12,403,118 Short-term investments 2,482,609 4,978 (86) 2,487,501 Investments, available-for-sale $ 15,625,600 $ 37,080 $ (772,061) $ 14,890,619 December 31, 2022 (dollars in thousands) Amortized Gross Gross Estimated Fixed maturity securities: U.S. Treasury securities $ 3,050,089 $ 2,363 $ (138,493) $ 2,913,959 U.S. government-sponsored enterprises 871,463 154 (106,079) 765,538 Obligations of states, municipalities and political subdivisions 3,973,911 6,503 (247,231) 3,733,183 Foreign governments 1,473,658 2,843 (169,723) 1,306,778 Commercial mortgage-backed securities 2,109,721 395 (169,668) 1,940,448 Residential mortgage-backed securities 553,591 6 (26,804) 526,793 Asset-backed securities 1,693 — (53) 1,640 Corporate bonds 771,761 836 (104,101) 668,496 Total fixed maturity securities 12,805,887 13,100 (962,152) 11,856,835 Short-term investments 2,663,560 5,760 (58) 2,669,262 Investments, available-for-sale $ 15,469,447 $ 18,860 $ (962,210) $ 14,526,097 | |
Summary Of Gross Unrealized Investment Losses By Length Of Time That Securities Have Continuously Been In An Unrealized Loss Position | The following tables summarize gross unrealized investment losses on available-for-sale investments by the length of time that securities have continuously been in an unrealized loss position. March 31, 2023 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 $ 405,092 $ (6,489) $ 2,075,779 $ (99,266) $ 2,480,871 $ (105,755) U.S. government-sponsored enterprises 225,734 (11,622) 520,955 (78,862) 746,689 (90,484) Obligations of states, municipalities and political subdivisions 1,547,495 (52,375) 983,268 (132,273) 2,530,763 (184,648) Foreign governments 668,871 (61,572) 513,644 (72,068) 1,182,515 (133,640) Commercial mortgage-backed securities 724,609 (31,249) 1,194,530 (118,299) 1,919,139 (149,548) Residential mortgage-backed securities 351,764 (11,215) 157,162 (11,301) 508,926 (22,516) Asset-backed securities — — 1,574 (44) 1,574 (44) Corporate bonds 311,457 (29,403) 342,078 (55,937) 653,535 (85,340) Total fixed maturity securities 4,235,022 (203,925) 5,788,990 (568,050) 10,024,012 (771,975) Short-term investments 27,118 (86) — — 27,118 (86) Total $ 4,262,140 $ (204,011) $ 5,788,990 $ (568,050) $ 10,051,130 $ (772,061) | December 31, 2022 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 $ 735,605 $ (30,583) $ 1,907,922 $ (107,910) $ 2,643,527 $ (138,493) U.S. government-sponsored enterprises 413,495 (40,488) 331,391 (65,591) 744,886 (106,079) Obligations of states, municipalities and political subdivisions 2,474,289 (164,537) 348,943 (82,694) 2,823,232 (247,231) Foreign governments 900,322 (115,324) 300,423 (54,399) 1,200,745 (169,723) Commercial mortgage-backed securities 1,611,603 (117,482) 305,217 (52,186) 1,916,820 (169,668) Residential mortgage-backed securities 516,423 (25,232) 9,342 (1,572) 525,765 (26,804) Asset-backed securities 1,640 (53) — — 1,640 (53) Corporate bonds 496,766 (74,542) 153,035 (29,559) 649,801 (104,101) Total fixed maturity securities 7,150,143 (568,241) 3,356,273 (393,911) 10,506,416 (962,152) Short-term investments 774,480 (58) — — 774,480 (58) Total $ 7,924,623 $ (568,299) $ 3,356,273 $ (393,911) $ 11,280,896 $ (962,210) |
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 March 31, 2023 are shown below by contractual maturity. (dollars in thousands) Amortized Estimated Due in one year or less $ 1,215,062 $ 1,195,653 Due after one year through five years 4,294,690 4,132,513 Due after five years through ten years 3,211,335 2,960,029 Due after ten years 1,762,439 1,626,781 10,483,526 9,914,976 Commercial mortgage-backed securities 2,125,940 1,977,169 Residential mortgage-backed securities 531,907 509,399 Asset-backed securities 1,618 1,574 Total fixed maturity securities $ 13,142,991 $ 12,403,118 | |
Components Of Net Investment Income | The following table presents the components of net investment income. Three Months Ended March 31, (dollars in thousands) 2023 2022 Interest: Fixed maturity securities $ 82,128 $ 71,144 Short-term investments 26,619 974 Cash and cash equivalents 27,601 (198) Dividends on equity securities 27,482 24,737 163,830 96,657 Investment expenses (4,495) (4,353) Net investment income $ 159,335 $ 92,304 | |
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) included in net income (loss) and the change in net unrealized gains (losses) included in other comprehensive income (loss). Gross realized investment gains and losses on fixed maturity securities, short-term investments and other investments were not material to the consolidated financial statements and are presented on a net basis in the following table. Three Months Ended March 31, (dollars in thousands) 2023 2022 Fixed maturity securities, short-term investments and other investments: Net realized investment gains (losses) $ (3,221) $ 6,228 Equity securities: Change in fair value of securities sold during the period 5,637 (12,329) Change in fair value of securities held at the end of the period 370,147 (352,298) Total change in fair value 375,784 (364,627) Net investment gains (losses) $ 372,563 $ (358,399) Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income (loss): Fixed maturity securities $ 209,179 $ (665,810) Short-term investments (810) 5,862 Net increase (decrease) $ 208,369 $ (659,948) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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. March 31, 2023 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Investments: Fixed maturity securities, available-for-sale: U.S. Treasury securities $ — $ 3,005,071 $ — $ 3,005,071 U.S. government-sponsored enterprises — 868,978 — 868,978 Obligations of states, municipalities and political subdivisions — 3,837,826 — 3,837,826 Foreign governments — 1,484,656 — 1,484,656 Commercial mortgage-backed securities — 1,977,169 — 1,977,169 Residential mortgage-backed securities — 509,399 — 509,399 Asset-backed securities — 1,574 — 1,574 Corporate bonds — 718,445 — 718,445 Total fixed maturity securities, available-for-sale — 12,403,118 — 12,403,118 Equity securities: Insurance, banks and other financial institutions 3,005,272 — 853 3,006,125 Industrial, consumer and all other 5,107,351 — — 5,107,351 Total equity securities 8,112,623 — 853 8,113,476 Short-term investments, available-for-sale 2,316,909 170,592 — 2,487,501 Total investments $ 10,429,532 $ 12,573,710 $ 853 $ 23,004,095 December 31, 2022 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Investments: Fixed maturity securities, available-for-sale: U.S. Treasury securities $ — $ 2,913,959 $ — $ 2,913,959 U.S. government-sponsored enterprises — 765,538 — 765,538 Obligations of states, municipalities and political subdivisions — 3,733,183 — 3,733,183 Foreign governments — 1,306,778 — 1,306,778 Commercial mortgage-backed securities — 1,940,448 — 1,940,448 Residential mortgage-backed securities — 526,793 — 526,793 Asset-backed securities — 1,640 — 1,640 Corporate bonds — 668,496 — 668,496 Total fixed maturity securities, available-for-sale — 11,856,835 — 11,856,835 Equity securities: Insurance, banks and other financial institutions 2,952,689 — 899 2,953,588 Industrial, consumer and all other 4,718,324 — — 4,718,324 Total equity securities 7,671,013 — 899 7,671,912 Short-term investments, available-for-sale 2,510,164 159,098 — 2,669,262 Total investments $ 10,181,177 $ 12,015,933 $ 899 $ 22,198,009 |
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. Three Months Ended March 31, (dollars in thousands) 2023 2022 Equity securities, beginning of period $ 899 $ 56,472 Purchases — — Sales — (48,780) Net investment gains (losses) (46) 776 Equity securities, end of period $ 853 $ 8,468 |
Products, Services and Other _2
Products, Services and Other Revenues (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 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. Three Months Ended March 31, 2023 2022 (dollars in thousands) Markel Ventures Other Total Markel Ventures Other Total Products $ 565,895 $ — $ 565,895 $ 469,456 $ — $ 469,456 Services 485,662 2,854 488,516 449,449 21,568 471,017 Investment management — 10,459 10,459 — 19,228 19,228 Total revenues from contracts with customers 1,051,557 13,313 1,064,870 918,905 40,796 959,701 Program services and other fronting — 28,890 28,890 — 33,332 33,332 Disposition gain — — — — 107,293 107,293 Equity method investments income (loss) 1,495 (3,013) (1,518) 3,058 (26,246) (23,188) Other 50,887 658 51,545 28,422 7,001 35,423 Total $ 1,103,939 $ 39,848 $ 1,143,787 $ 950,385 $ 162,176 $ 1,112,561 |
Unpaid Losses And Loss Adjust_2
Unpaid Losses And Loss Adjustment Expenses (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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. Three Months Ended March 31, (dollars in thousands) 2023 2022 Gross reserves for losses and loss adjustment expenses, beginning of year $ 20,947,898 $ 18,178,894 Reinsurance recoverables on unpaid losses, beginning of year 7,994,884 6,876,317 Net reserves for losses and loss adjustment expenses, beginning of year 12,953,014 11,302,577 Effect of foreign currency rate changes on beginning of year balance 36,637 (27,505) Adjusted net reserves for losses and loss adjustment expenses, beginning of year 12,989,651 11,275,072 Incurred losses and loss adjustment expenses: Current accident year 1,244,331 1,068,695 Prior accident years (71,317) (96,323) Total incurred losses and loss adjustment expenses 1,173,014 972,372 Payments: Current accident year 72,167 40,852 Prior accident years 708,115 697,192 Total payments 780,282 738,044 Effect of foreign currency rate changes on current year activity (3,649) (267) Change in net reserves for losses and loss adjustment expenses of Markel CATCo Re (see note 11) (115,141) 546,760 Reinsurance recoverable for retroactive reinsurance transaction (125,067) — Net reserves for losses and loss adjustment expenses, end of period 13,138,526 12,055,893 Reinsurance recoverables on unpaid losses 8,168,267 6,787,237 Gross reserves for losses and loss adjustment expenses, end of period $ 21,306,793 $ 18,843,130 |
Reinsurance (Tables)
Reinsurance (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Reinsurance Disclosures [Abstract] | |
Effect Of Reinsurance And Retrocessional Reinsurance On Premiums Written And Earned | The following tables summarize the effect of reinsurance and retrocessional reinsurance on premiums written and earned. Three Months Ended March 31, 2023 2022 (dollars in thousands) Direct Assumed Ceded Net Premiums Direct Assumed Ceded Net Premiums Underwriting: Written $ 1,969,363 $ 688,895 $ (440,029) $ 2,218,229 $ 1,823,255 $ 696,360 $ (353,382) $ 2,166,233 Earned 1,971,876 398,719 (402,440) 1,968,155 1,697,970 403,067 (339,929) 1,761,108 Program services and other fronting: Written 573,211 204,543 (778,205) (451) 696,974 181,698 (880,171) (1,499) Earned 641,113 74,717 (716,281) (451) 699,605 48,860 (749,803) (1,338) Consolidated: Written 2,542,574 893,438 (1,218,234) 2,217,778 2,520,229 878,058 (1,233,553) 2,164,734 Earned $ 2,612,989 $ 473,436 $ (1,118,721) $ 1,967,704 $ 2,397,575 $ 451,927 $ (1,089,732) $ 1,759,770 |
Effect Of Reinsurance And Retrocessional Reinsurance On Losses and Loss Adjustment Expenses | The following table summarizes the effect of reinsurance and retrocessional reinsurance on losses and loss adjustment expenses in the Company's underwriting operations. Three Months Ended March 31, (dollars in thousands) 2023 2022 Gross losses and loss adjustment expenses $ 1,392,348 $ 1,150,349 Ceded losses and loss adjustment expenses (219,255) (177,994) Net losses and loss adjustment expenses $ 1,173,093 $ 972,355 |
Life and Annuity Benefits (Tabl
Life and Annuity Benefits (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Liability for Future Policy Benefit, before Reinsurance [Abstract] | |
Schedule of Future Policyholder Benefits, Life and Annuity [Table Text Block] | The following table presents the components of the Company's liabilities for life and annuity benefits. (dollars in thousands) March 31, 2023 December 31, 2022 Liability for future policyholder benefits $ 566,751 $ 554,366 Deferred profit liability 48,342 48,569 Other 53,755 47,786 Total $ 668,848 $ 650,721 |
Liability for Future Policy Benefit, Activity [Table Text Block] | The following table presents a rollforward of the present value of the liability for future policyholder benefits. Three Months Ended March 31, (dollars in thousands) 2023 2022 Liability for future policyholder benefits, beginning of year $ 554,366 $ 821,632 Liability for future policyholder benefits at original discount rate, beginning of year 667,761 745,313 Effect of changes in cash flow assumptions — — Effect of actual variances from expected experience — — Adjusted liability for future policyholder benefits, beginning of year 667,761 745,313 Interest accretion 3,815 4,186 Benefit payments (13,283) (14,349) Effect of foreign currency rate changes 10,396 (11,900) Liability for future policyholder benefits at original discount rate, end of period 668,689 723,250 Cumulative effect of changes in discount rate assumptions (101,938) (508) Liability for future policyholder benefits, end of period (1) $ 566,751 $ 722,742 (1) The undiscounted liability for future policyholder benefits was $862.7 million and $933.6 million as of March 31, 2023 and 2022, respectively. |
Schedule of Additional Details of Liability for Future Policyholder Benefits, Life and Annuity [Table Text Block] | The following table summarizes additional details for the Company's liability for future policyholder benefits. March 31, 2023 December 31, 2022 Weighted-average interest rate: Interest accretion rate 2.3 % 2.3 % Current discount rate 4.1 % 4.3 % Weighted-average liability duration 9 years 9 years |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Amounts attributable to Markel CATCo Re in Markel's consolidated balance sheet | The Company's consolidated balance sheets include the following amounts attributable to Markel CATCo Re. (dollars in thousands) March 31, 2023 December 31, 2022 Assets Cash and cash equivalents $ 62,524 $ 104,443 Restricted cash and cash equivalents 210,293 317,577 Other assets and receivables due from cedents 31,225 41,357 Total Assets $ 304,042 $ 463,377 Liabilities and Equity Unpaid losses and loss adjustment expenses $ 232,780 $ 347,921 Other liabilities 378 26,717 Total Liabilities 233,158 374,638 Shareholders' equity 21,139 21,139 Noncontrolling interests 49,745 67,600 Total Equity 70,884 88,739 Total Liabilities and Equity $ 304,042 $ 463,377 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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. Three Months Ended March 31, (in thousands) 2023 2022 Issued and outstanding common shares, beginning of period 13,423 13,632 Issuance of common shares 2 1 Repurchase of common shares (63) (63) Issued and outstanding common shares, end of period 13,362 13,570 |
Schedule Of Net Income (Loss) Per Common Share | The following table presents net income (loss) per common share and diluted net income (loss) per common share. Three Months Ended March 31, (in thousands, except per share amounts) 2023 2022 Net income (loss) to common shareholders $ 488,652 $ (51,741) Adjustment of redeemable noncontrolling interests 13,473 (36,940) Adjusted net income (loss) to common shareholders $ 502,125 $ (88,681) Basic common shares outstanding 13,450 13,652 Dilutive potential common shares from restricted stock units and restricted stock (1) 25 — Diluted common shares outstanding 13,475 13,652 Basic net income (loss) per common share $ 37.33 $ (6.50) Diluted net income (loss) per common share (1) $ 37.26 $ (6.50) (1) The impact of 27 thousand shares from restricted stock units and restricted stock was excluded from the computation of diluted net loss per common share for the three months ended March 31, 2022 because the effect would have been anti-dilutive. |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Reconciliation of Impact of Adopting ASU 2018-12 on AOCI, Transition Date) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 |
Accounting Policies [Abstract] | |||
Reverse reserve deficiency adjustment related to unrealized gains on underlying investment portfolio of available-for-sale securities | $ 119,548 | ||
Apply updated discount rate to the liability for future policyholder benefits | (138,865) | ||
Decrease (increase) in life and annuity benefits | $ 113,396 | $ (19,759) | (19,317) |
Decrease (increase) in deferred tax liability | (23,813) | 4,149 | 4,057 |
Increase (decrease) in accumulated other comprehensive income (loss), net of taxes | $ 89,583 | $ (15,610) | $ (15,260) |
Accounting Policies (Details)
Accounting Policies (Details) $ in Thousands | Jan. 01, 2021 USD ($) |
Accounting Policies [Abstract] | |
Cumulative Effect of Adopting ASU 2018-12, Retained Earning | $ 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Reconciliation of Impact of Adopting ASU 2018-12 on AOCI, Previously Presented Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 |
Accounting Policies [Abstract] | |||
Decrease (increase) in life and annuity benefits | $ 113,396 | $ (19,759) | $ (19,317) |
Decrease (increase) in deferred tax liability | (23,813) | 4,149 | 4,057 |
Increase (decrease) in accumulated other comprehensive income (loss), net of taxes | $ 89,583 | $ (15,610) | $ (15,260) |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Reconciliation of Impact of Adopting ASU 2018-12 on OCI, Prior Period) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accounting Policies [Abstract] | ||
Reverse benefit included in change in net unrealized gains (losses) on available-for-sale-investments, net of taxes, related to reversal of previously recognized reserve deficiency adjustment | $ (44,682) | |
Change in discount rate for life and annuity benefits, net of taxes | $ (9,052) | 60,693 |
Increase in other comprehensive loss, net of taxes | $ 16,011 |
Segment Reporting Disclosures_2
Segment Reporting Disclosures (Company's Segment Disclosures) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | ||||
Segment Reporting Information [Line Items] | |||||
Gross premium volume | $ 3,436,012 | $ 3,398,287 | |||
Net written premiums | 2,217,778 | 2,164,734 | |||
Earned premiums | 1,967,704 | 1,759,770 | |||
Losses and loss adjustment expenses, current accident year | (1,244,331) | (1,068,695) | |||
Losses and loss adjustment expenses, prior accident year | 71,317 | 96,323 | |||
Amortization of policy acquisition costs | (422,132) | (382,160) | |||
Other underwriting expenses | (253,573) | (208,205) | |||
Underwriting profit (loss) | 118,985 | 197,033 | |||
Net investment income | 159,335 | 92,304 | |||
Net investment gains (losses) | 372,563 | (358,399) | |||
Products revenues | 577,926 | 481,621 | |||
Services and other revenues | 565,861 | 630,940 | |||
Products expenses | (515,756) | (447,819) | |||
Services and other expenses | (480,619) | [1] | (589,891) | ||
Amortization of intangible assets | (44,399) | [2] | (46,049) | [3] | |
Segment profit (loss) | 753,896 | (40,260) | |||
Interest expense | (49,438) | (49,692) | |||
Net foreign exchange gains (losses) | (32,928) | 23,004 | |||
Income (Loss) before income taxes | 671,530 | (66,948) | |||
Favorable development on prior years' loss reserves | (71,317) | (96,323) | |||
Markel CATCo Re | |||||
Segment Reporting Information [Line Items] | |||||
Favorable development on prior years' loss reserves | 44,800 | ||||
Insurance [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Gross premium volume | 2,097,938 | 1,943,306 | |||
Net written premiums | 1,702,141 | 1,611,020 | |||
Earned premiums | 1,710,924 | 1,477,148 | |||
Losses and loss adjustment expenses, current accident year | (1,077,546) | (886,237) | |||
Losses and loss adjustment expenses, prior accident year | 62,628 | 98,640 | |||
Amortization of policy acquisition costs | (360,354) | (310,406) | |||
Other underwriting expenses | (239,148) | (191,651) | |||
Underwriting profit (loss) | 96,504 | 187,494 | |||
Net investment income | 0 | 0 | |||
Net investment gains (losses) | 0 | 0 | |||
Products revenues | 0 | 0 | |||
Services and other revenues | 0 | 0 | |||
Products expenses | 0 | 0 | |||
Services and other expenses | 0 | 0 | |||
Amortization of intangible assets | 0 | [2] | 0 | [3] | |
Segment profit (loss) | 96,504 | 187,494 | |||
Reinsurance [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Gross premium volume | 552,061 | 576,316 | |||
Net written premiums | 516,091 | 555,220 | |||
Earned premiums | 257,234 | 283,967 | |||
Losses and loss adjustment expenses, current accident year | (166,785) | (182,458) | |||
Losses and loss adjustment expenses, prior accident year | 8,704 | (2,083) | |||
Amortization of policy acquisition costs | (61,778) | (71,754) | |||
Other underwriting expenses | (13,141) | (14,389) | |||
Underwriting profit (loss) | 24,234 | 13,283 | |||
Net investment income | 0 | 0 | |||
Net investment gains (losses) | 0 | 0 | |||
Products revenues | 0 | 0 | |||
Services and other revenues | 0 | 0 | |||
Products expenses | 0 | 0 | |||
Services and other expenses | 0 | 0 | |||
Amortization of intangible assets | 0 | [2] | 0 | [3] | |
Segment profit (loss) | 24,234 | 13,283 | |||
Investing [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Gross premium volume | 0 | 0 | |||
Net written premiums | 0 | 0 | |||
Earned premiums | 0 | 0 | |||
Losses and loss adjustment expenses, current accident year | 0 | 0 | |||
Losses and loss adjustment expenses, prior accident year | 0 | 0 | |||
Amortization of policy acquisition costs | 0 | 0 | |||
Other underwriting expenses | 0 | 0 | |||
Underwriting profit (loss) | 0 | 0 | |||
Net investment income | 158,594 | 92,297 | |||
Net investment gains (losses) | 372,563 | (358,399) | |||
Products revenues | 0 | 0 | |||
Services and other revenues | (2,380) | (19,570) | |||
Products expenses | 0 | 0 | |||
Services and other expenses | 0 | 0 | |||
Amortization of intangible assets | 0 | [2] | 0 | [3] | |
Segment profit (loss) | 528,777 | (285,672) | |||
Markel Ventures [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Gross premium volume | 0 | 0 | |||
Net written premiums | 0 | 0 | |||
Earned premiums | 0 | 0 | |||
Losses and loss adjustment expenses, current accident year | 0 | 0 | |||
Losses and loss adjustment expenses, prior accident year | 0 | 0 | |||
Amortization of policy acquisition costs | 0 | 0 | |||
Other underwriting expenses | 0 | 0 | |||
Underwriting profit (loss) | 0 | 0 | |||
Net investment income | 741 | 7 | |||
Net investment gains (losses) | 0 | 0 | |||
Products revenues | 577,926 | 481,621 | |||
Services and other revenues | 526,013 | 468,764 | |||
Products expenses | (515,756) | (447,819) | |||
Services and other expenses | (496,746) | (431,903) | |||
Amortization of intangible assets | (19,551) | [2] | (20,933) | [3] | |
Segment profit (loss) | 72,627 | 49,737 | |||
Interest expense | [4] | (12,923) | (11,178) | ||
Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Gross premium volume | 786,013 | [5] | 878,665 | [6] | |
Net written premiums | (454) | [5] | (1,506) | [6] | |
Earned premiums | (454) | [5] | (1,345) | [6] | |
Losses and loss adjustment expenses, current accident year | 0 | [5] | 0 | [6] | |
Losses and loss adjustment expenses, prior accident year | (15) | [5] | (234) | [6] | |
Amortization of policy acquisition costs | 0 | [5] | 0 | [6] | |
Other underwriting expenses | (1,284) | [5] | (2,165) | [6] | |
Underwriting profit (loss) | (1,753) | [5] | (3,744) | [6] | |
Net investment income | 0 | [5] | 0 | [6] | |
Net investment gains (losses) | 0 | [5] | 0 | [6] | |
Products revenues | 0 | [5] | 0 | [6] | |
Services and other revenues | 42,228 | [5] | 181,746 | [6] | |
Products expenses | 0 | [5] | 0 | [6] | |
Services and other expenses | 16,127 | [1],[5] | (157,988) | [6] | |
Amortization of intangible assets | (24,848) | [2],[5] | (25,116) | [3],[6] | |
Segment profit (loss) | 31,754 | [5] | (5,102) | [6] | |
Other [Member] | Markel CATCo Re | |||||
Segment Reporting Information [Line Items] | |||||
Favorable development on prior years' loss reserves | [1] | 44,800 | |||
Underwriting Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Amortization of intangible assets | $ 9,600 | [2] | $ 9,800 | [3] | |
[1]Services and other expenses for Other for the three months ended March 31, 2023 included $44.8 million of favorable loss reserve development on the run-off of reinsurance contracts written by Markel CATCo Re Ltd., all of which was attributable to noncontrolling interests. See Note 11.[2]Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets attributable to the Company's underwriting segments, included in Other, was $9.6 million for the three months ended March 31, 2023.[3]Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets attributable to the Company's underwriting segments, included in Other, was $9.8 million for the three months ended March 31, 2022.[4]Interest expense for the three months ended March 31, 2023 and 2022 included intercompany interest expense of $6.6 million and $7.0 million, respectively, which was eliminated in consolidation.[5]Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment, as well as amortization of intangible assets attributable to underwriting segments, which is not allocated between the Insurance and Reinsurance segments.[6]Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment, as well as amortization of intangible assets attributable to underwriting segments, which is not allocated between the Insurance and Reinsurance segments. |
Segment Reporting Disclosures_3
Segment Reporting Disclosures (Summary of Additional Measures for Markel Ventures) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Segment Reporting Information [Line Items] | |||
Interest expense | $ 49,438 | $ 49,692 | |
Income tax expense | 133,731 | (18,136) | |
Markel Ventures [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation expense | 27,363 | 25,035 | |
Interest expense | [1] | 12,923 | 11,178 |
Income tax expense | 13,186 | 8,660 | |
Capital expenditures | 31,498 | 46,013 | |
Intercompany interest expense | [1] | $ 6,600 | $ 7,000 |
[1]Interest expense for the three months ended March 31, 2023 and 2022 included intercompany interest expense of $6.6 million and $7.0 million, respectively, which was eliminated in consolidation. |
Segment Reporting Disclosures_4
Segment Reporting Disclosures (Reconciliation Of Segment Assets To The Company's Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Assets | $ 50,942,261 | $ 49,791,259 |
Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 8,580,748 | 8,639,743 |
Segment assets [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 42,361,513 | 41,151,516 |
Segment assets [Member] | Investing [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 27,685,616 | 26,982,280 |
Segment assets [Member] | Underwriting [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 9,346,628 | 8,853,559 |
Segment assets [Member] | Markel Ventures [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 5,329,269 | $ 5,315,677 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) $ in Thousands | Mar. 31, 2023 USD ($) securities | Dec. 31, 2022 USD ($) securities |
Schedule of Investments [Line Items] | ||
Available-for-sale fixed maturity securities in unrealized loss position, number of positions | securities | 1,291 | 1,400 |
Available-for-sale securities, estimated fair value | $ 10,051,130 | $ 11,280,896 |
Available-for-sale securities, gross unrealized holding losses | $ (772,061) | $ (962,210) |
Number of available-for-sale fixed maturity securities positions in a continuous unrealized loss position for one year or longer at period end | securities | 637 | 246 |
Available-for-sale securities, estimated fair value, 12 months or longer | $ 5,788,990 | $ 3,356,273 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | (568,050) | (393,911) |
Investments, available-for-sale, allowance for credit losses | 0 | 0 |
Fixed Maturities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale securities, estimated fair value | 10,024,012 | 10,506,416 |
Available-for-sale securities, gross unrealized holding losses | (771,975) | (962,152) |
Available-for-sale securities, estimated fair value, 12 months or longer | 5,788,990 | 3,356,273 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | $ (568,050) | $ (393,911) |
Investments (Available-For-Sale
Investments (Available-For-Sale Investments) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale, amortized cost | $ 13,142,991 | $ 12,805,887 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 32,102 | 13,100 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (771,975) | (962,152) |
Available-for-sale fixed maturity investments, estimated fair value | 12,403,118 | 11,856,835 |
Short-term investments, available-for-sale, amortized cost | 2,482,609 | 2,663,560 |
Short-term investments, available-for-sale, gross unrealized holding gains | 4,978 | 5,760 |
Short-term investments, available-for-sale, gross unrealized holding losses | (86) | (58) |
Short-term investments, available-for-sale, estimated fair value | 2,487,501 | 2,669,262 |
Investments, available-for-sale, amortized cost | 15,625,600 | 15,469,447 |
Investments, available-for-sale, gross unrealized holding gains | 37,080 | 18,860 |
Investments, available-for-sale, gross unrealized holding losses | (772,061) | (962,210) |
Investments, available-for-sale, estimated fair value | 14,890,619 | 14,526,097 |
U.S. Treasury securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale, amortized cost | 3,102,303 | 3,050,089 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 8,523 | 2,363 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (105,755) | (138,493) |
Available-for-sale fixed maturity investments, estimated fair value | 3,005,071 | 2,913,959 |
U.S. government-sponsored enterprises [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale, amortized cost | 958,321 | 871,463 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 1,141 | 154 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (90,484) | (106,079) |
Available-for-sale fixed maturity investments, estimated fair value | 868,978 | 765,538 |
Obligations of states, municipalities and political subdivisions [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale, amortized cost | 4,010,997 | 3,973,911 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 11,477 | 6,503 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (184,648) | (247,231) |
Available-for-sale fixed maturity investments, estimated fair value | 3,837,826 | 3,733,183 |
Foreign governments [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale, amortized cost | 1,609,973 | 1,473,658 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 8,323 | 2,843 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (133,640) | (169,723) |
Available-for-sale fixed maturity investments, estimated fair value | 1,484,656 | 1,306,778 |
Commercial mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale, amortized cost | 2,125,940 | 2,109,721 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 777 | 395 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (149,548) | (169,668) |
Available-for-sale fixed maturity investments, estimated fair value | 1,977,169 | 1,940,448 |
Residential mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale, amortized cost | 531,907 | 553,591 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 8 | 6 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (22,516) | (26,804) |
Available-for-sale fixed maturity investments, estimated fair value | 509,399 | 526,793 |
Asset-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale, amortized cost | 1,618 | 1,693 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 0 | 0 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (44) | (53) |
Available-for-sale fixed maturity investments, estimated fair value | 1,574 | 1,640 |
Corporate bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale, amortized cost | 801,932 | 771,761 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 1,853 | 836 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (85,340) | (104,101) |
Available-for-sale fixed maturity investments, estimated fair value | $ 718,445 | $ 668,496 |
Investments (Summary Of Gross U
Investments (Summary Of Gross Unrealized Investment Losses By Length Of Time That Securities Have Continuously Been In An Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | $ 4,262,140 | $ 7,924,623 |
Available-for-sale securities, gross unrealized holding losses, less than 12 months | (204,011) | (568,299) |
Available-for-sale securities, estimated fair value, 12 months or longer | 5,788,990 | 3,356,273 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | (568,050) | (393,911) |
Available-for-sale securities, estimated fair value | 10,051,130 | 11,280,896 |
Available-for-sale securities, gross unrealized holding losses | (772,061) | (962,210) |
Short-term investments, estimated fair value, less than 12 months | 27,118 | 774,480 |
Short-term investments, gross unrealized holding losses, less than 12 months | (86) | (58) |
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 | 27,118 | 774,480 |
Short-term investments, gross unrealized holding losses | (86) | (58) |
U.S. Treasury securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | 405,092 | 735,605 |
Available-for-sale securities, gross unrealized holding losses, less than 12 months | (6,489) | (30,583) |
Available-for-sale securities, estimated fair value, 12 months or longer | 2,075,779 | 1,907,922 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | (99,266) | (107,910) |
Available-for-sale securities, estimated fair value | 2,480,871 | 2,643,527 |
Available-for-sale securities, gross unrealized holding losses | (105,755) | (138,493) |
U.S. government-sponsored enterprises [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | 225,734 | 413,495 |
Available-for-sale securities, gross unrealized holding losses, less than 12 months | (11,622) | (40,488) |
Available-for-sale securities, estimated fair value, 12 months or longer | 520,955 | 331,391 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | (78,862) | (65,591) |
Available-for-sale securities, estimated fair value | 746,689 | 744,886 |
Available-for-sale securities, gross unrealized holding losses | (90,484) | (106,079) |
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 | 1,547,495 | 2,474,289 |
Available-for-sale securities, gross unrealized holding losses, less than 12 months | (52,375) | (164,537) |
Available-for-sale securities, estimated fair value, 12 months or longer | 983,268 | 348,943 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | (132,273) | (82,694) |
Available-for-sale securities, estimated fair value | 2,530,763 | 2,823,232 |
Available-for-sale securities, gross unrealized holding losses | (184,648) | (247,231) |
Foreign governments [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | 668,871 | 900,322 |
Available-for-sale securities, gross unrealized holding losses, less than 12 months | (61,572) | (115,324) |
Available-for-sale securities, estimated fair value, 12 months or longer | 513,644 | 300,423 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | (72,068) | (54,399) |
Available-for-sale securities, estimated fair value | 1,182,515 | 1,200,745 |
Available-for-sale securities, gross unrealized holding losses | (133,640) | (169,723) |
Commercial mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | 724,609 | 1,611,603 |
Available-for-sale securities, gross unrealized holding losses, less than 12 months | (31,249) | (117,482) |
Available-for-sale securities, estimated fair value, 12 months or longer | 1,194,530 | 305,217 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | (118,299) | (52,186) |
Available-for-sale securities, estimated fair value | 1,919,139 | 1,916,820 |
Available-for-sale securities, gross unrealized holding losses | (149,548) | (169,668) |
Residential mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | 351,764 | 516,423 |
Available-for-sale securities, gross unrealized holding losses, less than 12 months | (11,215) | (25,232) |
Available-for-sale securities, estimated fair value, 12 months or longer | 157,162 | 9,342 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | (11,301) | (1,572) |
Available-for-sale securities, estimated fair value | 508,926 | 525,765 |
Available-for-sale securities, gross unrealized holding losses | (22,516) | (26,804) |
Asset-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | 0 | 1,640 |
Available-for-sale securities, gross unrealized holding losses, less than 12 months | 0 | (53) |
Available-for-sale securities, estimated fair value, 12 months or longer | 1,574 | 0 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | (44) | 0 |
Available-for-sale securities, estimated fair value | 1,574 | 1,640 |
Available-for-sale securities, gross unrealized holding losses | (44) | (53) |
Corporate bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | 311,457 | 496,766 |
Available-for-sale securities, gross unrealized holding losses, less than 12 months | (29,403) | (74,542) |
Available-for-sale securities, estimated fair value, 12 months or longer | 342,078 | 153,035 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | (55,937) | (29,559) |
Available-for-sale securities, estimated fair value | 653,535 | 649,801 |
Available-for-sale securities, gross unrealized holding losses | (85,340) | (104,101) |
Total fixed maturities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | 4,235,022 | 7,150,143 |
Available-for-sale securities, gross unrealized holding losses, less than 12 months | (203,925) | (568,241) |
Available-for-sale securities, estimated fair value, 12 months or longer | 5,788,990 | 3,356,273 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | (568,050) | (393,911) |
Available-for-sale securities, estimated fair value | 10,024,012 | 10,506,416 |
Available-for-sale securities, gross unrealized holding losses | $ (771,975) | $ (962,152) |
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 | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Due in one year or less, amortized cost | $ 1,215,062 | |
Due after one year through five years, amortized cost | 4,294,690 | |
Due after five years through ten years, amortized cost | 3,211,335 | |
Due after ten years, amortized cost | 1,762,439 | |
Amortized cost, sub-total | 10,483,526 | |
Total fixed maturities, amortized cost | 13,142,991 | $ 12,805,887 |
Due in one year or less, estimated fair value | 1,195,653 | |
Due after one year through five years, estimated fair value | 4,132,513 | |
Due after five years through ten years, estimated fair value | 2,960,029 | |
Due after ten years, estimated fair value | 1,626,781 | |
Estimated fair value, sub-total | 9,914,976 | |
Total fixed maturities, estimated fair value | 12,403,118 | 11,856,835 |
Commercial mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, amortized cost | 2,125,940 | |
Total fixed maturities, amortized cost | 2,125,940 | 2,109,721 |
Fixed maturities, estimated fair value | 1,977,169 | |
Total fixed maturities, estimated fair value | 1,977,169 | 1,940,448 |
Residential mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, amortized cost | 531,907 | |
Total fixed maturities, amortized cost | 531,907 | 553,591 |
Fixed maturities, estimated fair value | 509,399 | |
Total fixed maturities, estimated fair value | 509,399 | 526,793 |
Asset-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, amortized cost | 1,618 | |
Total fixed maturities, amortized cost | 1,618 | 1,693 |
Fixed maturities, estimated fair value | 1,574 | |
Total fixed maturities, estimated fair value | $ 1,574 | $ 1,640 |
Investments (Components Of Net
Investments (Components Of Net Investment Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Dividends on equity securities | $ 27,482 | $ 24,737 |
Total investment income | 163,830 | 96,657 |
Investment expenses | (4,495) | (4,353) |
Net investment income | 159,335 | 92,304 |
Fixed Maturities [Member] | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Interest income | 82,128 | 71,144 |
Short-term investments [Member] | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Interest income | 26,619 | 974 |
Cash and Cash Equivalents | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Interest income | $ 27,601 | $ (198) |
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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Gain (Loss) on Securities [Line Items] | ||
Net realized investment gains (losses) | $ (3,221) | $ 6,228 |
Equity securities, Change in fair value of securities sold during the period | 5,637 | (12,329) |
Equity securities, Change in fair value of securities held at the end of the period | 370,147 | (352,298) |
Total change in fair value of equity securities | 375,784 | (364,627) |
Net investment gains (losses) | 372,563 | (358,399) |
Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income (loss): | 208,369 | (659,948) |
Fixed Maturities [Member] | ||
Gain (Loss) on Securities [Line Items] | ||
Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income (loss): | 209,179 | (665,810) |
Short-term investments [Member] | ||
Gain (Loss) on Securities [Line Items] | ||
Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income (loss): | $ (810) | $ 5,862 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity securities | $ 8,113,476 | $ 7,671,912 | |
Purchases | 0 | $ 0 | |
Sales | 0 | (48,780) | |
Unconsolidated Markel CATCo Fund 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Sales | (41,300) | ||
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 | 8,113,476 | $ 7,671,912 | |
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 | |
Liabilities measured at fair value on a nonrecurring basis | $ 0 | $ 0 |
Fair Value Measurements (Balanc
Fair Value Measurements (Balances Of Assets Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | $ 12,403,118 | $ 11,856,835 |
Equity securities | 8,113,476 | 7,671,912 |
Short-term investments, available-for-sale | 2,487,501 | 2,669,262 |
Total Investments | 23,004,095 | 22,198,009 |
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 | 3,005,071 | 2,913,959 |
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 | 868,978 | 765,538 |
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 | 3,837,826 | 3,733,183 |
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 | 1,484,656 | 1,306,778 |
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 | 1,977,169 | 1,940,448 |
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 | 509,399 | 526,793 |
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 | 1,574 | 1,640 |
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 | 718,445 | 668,496 |
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 | 12,403,118 | 11,856,835 |
Equity securities | 8,113,476 | 7,671,912 |
Short-term investments, available-for-sale | 2,487,501 | 2,669,262 |
Total Investments | 23,004,095 | 22,198,009 |
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 | 8,112,623 | 7,671,013 |
Short-term investments, available-for-sale | 2,316,909 | 2,510,164 |
Total Investments | 10,429,532 | 10,181,177 |
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 | 12,403,118 | 11,856,835 |
Equity securities | 0 | 0 |
Short-term investments, available-for-sale | 170,592 | 159,098 |
Total Investments | 12,573,710 | 12,015,933 |
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 | 853 | 899 |
Short-term investments, available-for-sale | 0 | 0 |
Total Investments | 853 | 899 |
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 | 3,005,071 | 2,913,959 |
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 | 3,005,071 | 2,913,959 |
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 | 868,978 | 765,538 |
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 | 868,978 | 765,538 |
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 | 3,837,826 | 3,733,183 |
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 | 3,837,826 | 3,733,183 |
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 | 1,484,656 | 1,306,778 |
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 | 1,484,656 | 1,306,778 |
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 | 1,977,169 | 1,940,448 |
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 | 1,977,169 | 1,940,448 |
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 | 509,399 | 526,793 |
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 | 509,399 | 526,793 |
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 | 1,574 | 1,640 |
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 | 1,574 | 1,640 |
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 | 718,445 | 668,496 |
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 | 718,445 | 668,496 |
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 | 3,006,125 | 2,953,588 |
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 | 3,005,272 | 2,952,689 |
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 | 853 | 899 |
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 | 5,107,351 | 4,718,324 |
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 | 5,107,351 | 4,718,324 |
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 | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, beginning of period | $ 899 | $ 56,472 |
Purchases | 0 | 0 |
Sales | 0 | (48,780) |
Net investment gains (losses) on Level 3 investments | (46) | 776 |
Equity securities, end of period | 853 | $ 8,468 |
Unconsolidated Markel CATCo Fund 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Sales | $ (41,300) |
Equity Method Investments (Deta
Equity Method Investments (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 491.8 | $ 494 | |
Income (loss) from equity method investments | (1.5) | $ (23.2) | |
Hagerty, Inc. [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 236.6 | $ 245.1 | |
Equity method investment, ownership percentage | 23% | 23% | |
Equity method investment, quoted market value | $ 681.7 | $ 656 |
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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Other revenues | $ 1,143,787 | $ 1,112,561 |
Income (loss) from equity method investments | (1,500) | (23,200) |
Revenue from contracts with customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 1,064,870 | 959,701 |
Products [Member] | Revenue from contracts with customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 565,895 | 469,456 |
Services [Member] | Revenue from contracts with customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 488,516 | 471,017 |
Investment management [Member] | Revenue from contracts with customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 10,459 | 19,228 |
Program services and other fronting [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 28,890 | 33,332 |
Disposition gain | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 0 | 107,293 |
Equity method investments income (loss) [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Income (loss) from equity method investments | (1,518) | (23,188) |
Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 51,545 | 35,423 |
Markel Ventures [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 1,103,939 | 950,385 |
Markel Ventures [Member] | Revenue from contracts with customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 1,051,557 | 918,905 |
Markel Ventures [Member] | Products [Member] | Revenue from contracts with customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 565,895 | 469,456 |
Markel Ventures [Member] | Services [Member] | Revenue from contracts with customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 485,662 | 449,449 |
Markel Ventures [Member] | Investment management [Member] | Revenue from contracts with customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 0 | 0 |
Markel Ventures [Member] | Program services and other fronting [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 0 | 0 |
Markel Ventures [Member] | Disposition gain | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 0 | 0 |
Markel Ventures [Member] | Equity method investments income (loss) [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Income (loss) from equity method investments | 1,495 | 3,058 |
Markel Ventures [Member] | Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 50,887 | 28,422 |
Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 39,848 | 162,176 |
Other [Member] | Revenue from contracts with customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 13,313 | 40,796 |
Other [Member] | Products [Member] | Revenue from contracts with customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 0 | 0 |
Other [Member] | Services [Member] | Revenue from contracts with customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 2,854 | 21,568 |
Other [Member] | Investment management [Member] | Revenue from contracts with customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 10,459 | 19,228 |
Other [Member] | Program services and other fronting [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 28,890 | 33,332 |
Other [Member] | Disposition gain | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 0 | 107,293 |
Other [Member] | Equity method investments income (loss) [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Income (loss) from equity method investments | (3,013) | (26,246) |
Other [Member] | Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | $ 658 | $ 7,001 |
Products, Services and Other _4
Products, Services and Other Revenues (Schedule Of Revenues From Disposition of Business) (Details) $ in Millions | Feb. 01, 2022 USD ($) |
Velocity [Member] | |
Schedule of Business Dispositions, by Dispositions [Line Items] | |
Gain on sale of business | $ 107.3 |
Products, Services and Other _5
Products, Services and Other Revenues (Schedule Of Receivables And Customer Deposits Related To Contracts With Customers) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Contracts with customers [Member] | ||
Receivables [Line Items] | ||
Trade and Other Receivables, Net | $ 514.9 | $ 624.1 |
Unpaid Losses And Loss Adjust_3
Unpaid Losses And Loss Adjustment Expenses (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Incurred losses and loss adjustment expenses, current accident years | $ 1,244,331 | $ 1,068,695 |
Favorable (adverse) development on prior years' loss reserves | 71,317 | 96,323 |
Reinsurance recoverable for retroactive reinsurance transaction | (125,067) | 0 |
Insurance [Member] | ||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Incurred losses and loss adjustment expenses, current accident years | 1,077,546 | 886,237 |
Insurance [Member] | Workers Comp, Property, Marine and Energy and Programs Insurance Segment [Member] | ||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Favorable (adverse) development on prior years' loss reserves | 63,800 | |
Insurance [Member] | General Liab Property Workers Comp and Marine and Energy Insurance Segment [Member] | ||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Favorable (adverse) development on prior years' loss reserves | 69,400 | |
Reinsurance [Member] | ||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Incurred losses and loss adjustment expenses, current accident years | 166,785 | $ 182,458 |
Reinsurance recoverable for retroactive reinsurance transaction | $ (125,100) |
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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims [Abstract] | ||
Gross reserves for losses and loss adjustment expenses, beginning of year | $ 20,947,898 | $ 18,178,894 |
Reinsurance recoverable on unpaid losses, beginning of year | 7,994,884 | 6,876,317 |
Net reserves for losses and loss adjustment expenses, beginning of year | 12,953,014 | 11,302,577 |
Effect of foreign currency rate changes on beginning of year balance | 36,637 | (27,505) |
Adjusted net reserves for losses and loss adjustment expenses, beginning of year | 12,989,651 | 11,275,072 |
Incurred losses and loss adjustment expenses, current accident years | 1,244,331 | 1,068,695 |
Incurred losses and loss adjustment expenses, prior accident years | (71,317) | (96,323) |
Total incurred losses and loss adjustment expenses | 1,173,014 | 972,372 |
Payments, current accident year | 72,167 | 40,852 |
Payments, prior accident years | 708,115 | 697,192 |
Total payments | 780,282 | 738,044 |
Effect of foreign currency rate changes on current year activity | (3,649) | (267) |
Net reserves for losses and loss adjustment expenses of Markel CATCo Re | (115,141) | 546,760 |
Reinsurance recoverable for retroactive reinsurance transaction | (125,067) | 0 |
Net reserves for losses and loss adjustment expenses, end of period | 13,138,526 | 12,055,893 |
Reinsurance recoverable on unpaid losses | 8,168,267 | 6,787,237 |
Gross reserves for losses and loss adjustment expenses, end of period | $ 21,306,793 | $ 18,843,130 |
Reinsurance (Narrative) (Detail
Reinsurance (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Percentage of ceded earned premiums to gross earned premiums | 36% | 38% |
Percentage of assumed earned premiums to net earned premiums | 24% | 26% |
Underwriting [Member] | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Gross losses and loss adjustment expenses | $ 1,392,348 | $ 1,150,349 |
Ceded losses | 219,255 | 177,994 |
Program services and other fronting [Member] | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Gross losses and loss adjustment expenses | 496,600 | 415,700 |
Ceded losses | $ (496,700) | $ (415,700) |
Reinsurance (Effect Of Reinsura
Reinsurance (Effect Of Reinsurance And Retrocessional Reinsurance On Premiums Written And Earned) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Effects of Reinsurance [Line Items] | ||
Direct premiums written | $ 2,542,574 | $ 2,520,229 |
Direct premiums earned | 2,612,989 | 2,397,575 |
Assumed premiums written | 893,438 | 878,058 |
Assumed premiums earned | 473,436 | 451,927 |
Ceded premiums written | (1,218,234) | (1,233,553) |
Ceded premiums earned | (1,118,721) | (1,089,732) |
Net premiums written | 2,217,778 | 2,164,734 |
Net premiums earned | 1,967,704 | 1,759,770 |
Underwriting [Member] | ||
Effects of Reinsurance [Line Items] | ||
Direct premiums written | 1,969,363 | 1,823,255 |
Direct premiums earned | 1,971,876 | 1,697,970 |
Assumed premiums written | 688,895 | 696,360 |
Assumed premiums earned | 398,719 | 403,067 |
Ceded premiums written | (440,029) | (353,382) |
Ceded premiums earned | (402,440) | (339,929) |
Net premiums written | 2,218,229 | 2,166,233 |
Net premiums earned | 1,968,155 | 1,761,108 |
Program services and other fronting [Member] | ||
Effects of Reinsurance [Line Items] | ||
Direct premiums written | 573,211 | 696,974 |
Direct premiums earned | 641,113 | 699,605 |
Assumed premiums written | 204,543 | 181,698 |
Assumed premiums earned | 74,717 | 48,860 |
Ceded premiums written | (778,205) | (880,171) |
Ceded premiums earned | (716,281) | (749,803) |
Net premiums written | (451) | (1,499) |
Net premiums earned | $ (451) | $ (1,338) |
Reinsurance Reinsurance (Effect
Reinsurance Reinsurance (Effect Of Reinsurance And Retrocessional Reinsurance On Losses) (Details) - Underwriting [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Effects of Reinsurance [Line Items] | ||
Gross losses and loss adjustment expenses | $ 1,392,348 | $ 1,150,349 |
Ceded losses and loss adjustment expenses | (219,255) | (177,994) |
Net losses and loss adjustment expenses | $ 1,173,093 | $ 972,355 |
Life and Annuity Benefits (Sche
Life and Annuity Benefits (Schedule of Future Policyholder Benefits) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | [1] | Dec. 31, 2021 | |
Liability for Future Policy Benefit, before Reinsurance [Abstract] | ||||||
Liability for future policyholder benefits | $ 566,751 | [1] | $ 554,366 | $ 722,742 | $ 821,632 | |
Deferred profit liability | 48,342 | 48,569 | ||||
Other | 53,755 | 47,786 | ||||
Total | $ 668,848 | $ 650,721 | ||||
[1]The undiscounted liability for future policyholder benefits was $862.7 million and $933.6 million as of March 31, 2023 and 2022, respectively. |
Life and Annuity Benefits (Liab
Life and Annuity Benefits (Liability for Future Policy Benefit, Activity) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Liability for Future Policy Benefits Activity [Abstract] | |||||
Liability for future policyholder benefits, beginning of year | $ 554,366 | $ 821,632 | |||
Liability for future policyholder benefits at original discount rate, beginning of year | 667,761 | 745,313 | |||
Effect of changes in cash flow assumptions | $ 0 | $ 0 | |||
Effect of actual variances from expected experience | 0 | $ 0 | |||
Adjusted liability for future policyholder benefits, beginning of year | 667,761 | 745,313 | |||
Interest accretion | 3,815 | 4,186 | |||
Benefit payments | (13,283) | (14,349) | |||
Effect of foreign currency changes | 10,396 | (11,900) | |||
Liability for future policy holder benefits t original discount rate, end of period | 668,689 | 723,250 | |||
Cumulative effect of changes in discount rate assumptions | (101,938) | (508) | |||
Liability for future policyholder benefits, beginning of year, ending of period | [1] | 566,751 | $ 722,742 | ||
Undiscounted liability for future policyholder benefits | $ 862,700 | $ 933,600 | |||
[1]The undiscounted liability for future policyholder benefits was $862.7 million and $933.6 million as of March 31, 2023 and 2022, respectively. |
Life and Annuity Benefits (Sc_2
Life and Annuity Benefits (Schedule of Additional Details of Liability for Future Policyholder Benefits) (Details) | Mar. 31, 2023 Rate | Dec. 31, 2022 Rate |
Schedule of Additional Details of Liability for Future Policyholder Benefits, Life and Annuity Benefits [Abstract] | ||
Interest accretion rate | 2.30% | 2.30% |
Current discount rate | 4.10% | 4.30% |
Weighted-average liability duration | 9 years | 9 years |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Initiation Date | Apr. 10, 2019 | |
Line of Credit Facility, Expiration Date | Apr. 10, 2024 | |
Senior Notes | 3.625% Unsecured Senior Notes due March 30, 2023 | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.625% | |
Debt Instrument, Face Amount | $ 250 | |
Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 300 | |
Line of Credit Facility, Increase (Decrease), Net | 200 | |
Long-term Line of Credit | 0 | $ 0 |
Revolving Credit Facility | Markel Ventures [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 650 | |
Long-term Line of Credit | 288.9 | $ 238.1 |
Revolving Credit Facility | Secured Letters of Credit | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Jun. 30, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Variable Interest Entity [Line Items] | ||||
Cash funding used to purchase Markel CATCo Funds' interests in Markel CATCo Re | $ 45,100 | |||
Additional payments made, net of insurance in proceeds, to Markel CATCo Funds investors | 101,900 | |||
Returned capital from Markel CATCo Re | $ 24,900 | |||
Investment in Markel CATCo Re | $ 20,100 | $ 20,100 | ||
Percentage of Markel CATCo Re net equity held by the Company | 28% | 23% | ||
Tail risk cover in Markel CATCo transaction | $ 142,700 | |||
Favorable development on prior years' loss reserves | 71,317 | 96,323 | ||
Redemption of Markel CATCo Re noncontrolling interests | 88,997 | $ 0 | ||
Noncontrolling Interests [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Redemption of Markel CATCo Re noncontrolling interests | (62,646) | |||
Markel CATCo Re | ||||
Variable Interest Entity [Line Items] | ||||
Favorable development on prior years' loss reserves | $ (44,800) |
Variable Interest Entities (Mar
Variable Interest Entities (Markel CATCo Re Balance Sheet) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | $ 4,031,952 | $ 4,137,432 | ||
Restricted cash and cash equivalents | 972,901 | 1,084,081 | ||
Total Assets | 50,942,261 | 49,791,259 | ||
Unpaid losses and loss adjustment expenses | 21,306,793 | 20,947,898 | $ 18,843,130 | $ 18,178,894 |
Other liabilities | 3,417,906 | 3,461,482 | ||
Total Liabilities | 36,661,057 | 36,054,220 | ||
Shareholders' equity | 13,744,483 | 13,151,094 | ||
Noncontrolling interests | 44,838 | 62,791 | ||
Total Equity | 13,789,321 | 13,213,885 | ||
Total Liabilities and Equity | 50,942,261 | 49,791,259 | ||
Markel CATCo Re | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | 62,524 | 104,443 | ||
Restricted cash and cash equivalents | 210,293 | 317,577 | ||
Other assets and receivables due from cedents | 31,225 | 41,357 | ||
Total Assets | 304,042 | 463,377 | ||
Unpaid losses and loss adjustment expenses | 232,780 | 347,921 | ||
Other liabilities | 378 | 26,717 | ||
Total Liabilities | 233,158 | 374,638 | ||
Shareholders' equity | 21,139 | 21,139 | ||
Noncontrolling interests | 49,745 | 67,600 | ||
Total Equity | 70,884 | 88,739 | ||
Total Liabilities and Equity | $ 304,042 | $ 463,377 |
Related Party Transactions Re_2
Related Party Transactions Related Party Transactions (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||
Services and other revenues | $ 565,861 | $ 630,940 | |
Gross premium volume | 3,436,012 | 3,398,287 | |
Reinsurance recoverables | 8,585,580 | $ 8,446,745 | |
Ceded premiums written | 1,218,234 | 1,233,553 | |
Nephila Reinsurers [Member] | |||
Related Party Transaction [Line Items] | |||
Reinsurance recoverables | 1,300,000 | 1,400,000 | |
Ceded premiums written | 236,900 | 315,600 | |
Hagerty, Inc. [Member] | |||
Related Party Transaction [Line Items] | |||
Gross premium volume | 165,000 | 139,000 | |
Reinsurance recoverables | 156,100 | $ 159,700 | |
Ceded premiums written | 124,600 | 92,100 | |
Insurance-linked Securities Operations [Member] | Unconsolidated entities managed by Nephila [Member] | |||
Related Party Transaction [Line Items] | |||
Services and other revenues | 9,800 | 22,400 | |
Program services and other fronting [Member] | Nephila Reinsurers [Member] | |||
Related Party Transaction [Line Items] | |||
Gross premium volume | 236,900 | 315,600 | |
Underwriting [Member] | Nephila Reinsurers [Member] | |||
Related Party Transaction [Line Items] | |||
Ceded premiums written | $ 13,500 | $ 16,100 |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule of Common Stock Outstanding Roll Forward) (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Class of Stock [Line Items] | ||
Common stock, shares authorized | 50,000,000 | |
Common stock, no par value | $ 0 | |
Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Shares, Issued, Beginning Balance | 13,423,000 | 13,632,000 |
Repurchase of common shares | (63,000) | (63,000) |
Shares, Issued, Ending Balance | 13,362,000 | 13,570,000 |
Shares, outstanding | 13,362,000 | 13,570,000 |
Common Stock [Member] | Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Issuance of common shares | 2,000 | 1,000 |
Shareholders' Equity (Schedul_2
Shareholders' Equity (Schedule Of Net Income (Loss) Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Earnings Per Share [Line Items] | |||
Net income (loss) to common shareholders | $ 488,652 | $ (51,741) | |
Adjustment of redeemable noncontrolling interests | 13,473 | (36,940) | |
Adjusted net income (loss) to common shareholders | $ 502,125 | $ (88,681) | |
Basic common shares outstanding | 13,450 | 13,652 | |
Diluted common shares outstanding | 13,475 | 13,652 | |
Basic net income (loss) per common share | $ 37.33 | $ (6.50) | |
Earnings Per Share, Diluted | [1] | $ 37.26 | $ (6.50) |
Restricted Stock Units (RSUs) [Member] | |||
Earnings Per Share [Line Items] | |||
Dilutive potential common shares from restricted stock units and restricted stock | [1] | 25 | 0 |
Potential Incremental Common Shares Attributable to Share-based Payment Arrangements | 27 | ||
[1]The impact of 27 thousand shares from restricted stock units and restricted stock was excluded from the computation of diluted net loss per common share for the three months ended March 31, 2022 because the effect would have been anti-dilutive. |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - $ / shares | 3 Months Ended | ||
Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Line Items] | |||
Preferred stock, shares authorized | 10,000,000 | ||
Preferred stock, no par value | $ 0 | ||
Preferred stock, dividends, per share, cash paid | $ 0 | ||
Common Stock [Member] | |||
Earnings Per Share [Line Items] | |||
Shares, outstanding | 13,362,000 | 13,570,000 | |
Series A preferred stock [Member] | |||
Earnings Per Share [Line Items] | |||
Preferred stock, shares issued | 600,000 | 600,000 | |
Preferred stock, shares outstanding | 600,000 | 600,000 |