Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 25, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-15811 | |
Entity Registrant Name | MARKEL GROUP INC. | |
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 | 13,218,534 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001096343 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Assets [Abstract] | ||
Fixed maturity securities, available-for-sale (amortized cost of $14,067,742 in 2023 and $12,805,887 in 2022) | $ 12,951,279 | $ 11,856,835 |
Equity securities (cost of $3,401,511 in 2023 and $3,100,040 in 2022) | 8,574,957 | 7,671,912 |
Short-term investments, available-for-sale (estimated fair value approximates cost) | 2,252,726 | 2,669,262 |
Total Investments | 23,778,962 | 22,198,009 |
Cash and cash equivalents | 4,354,858 | 4,137,432 |
Restricted cash and cash equivalents | 690,004 | 1,084,081 |
Receivables | 3,557,500 | 2,961,056 |
Reinsurance recoverables | 8,534,919 | 8,446,745 |
Deferred policy acquisition costs | 985,947 | 925,483 |
Prepaid reinsurance premiums | 2,707,925 | 2,066,114 |
Goodwill | 2,623,451 | 2,638,838 |
Intangible assets | 1,633,188 | 1,747,464 |
Other assets | 3,881,962 | 3,586,037 |
Total Assets | 52,748,716 | 49,791,259 |
Liabilities and Equity [Abstract] | ||
Unpaid losses and loss adjustment expenses | 22,144,366 | 20,947,898 |
Life and annuity benefits | 600,256 | 650,721 |
Unearned premiums | 7,196,808 | 6,220,748 |
Payables to insurance and reinsurance companies | 924,602 | 669,742 |
Senior long-term debt and other debt (estimated fair value of $3,060,000 in 2023 and $3,541,000 in 2022) | 3,769,248 | 4,103,629 |
Other liabilities | 3,590,807 | 3,461,482 |
Total Liabilities | 38,226,087 | 36,054,220 |
Redeemable noncontrolling interests | 467,386 | 523,154 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Preferred Stock | 591,891 | 591,891 |
Common stock | 3,519,534 | 3,493,893 |
Retained earnings | 10,778,567 | 9,832,804 |
Accumulated other comprehensive loss | (890,833) | (767,494) |
Total Shareholders' Equity | 13,999,159 | 13,151,094 |
Noncontrolling interests | 56,084 | 62,791 |
Total Equity | 14,055,243 | 13,213,885 |
Total Liabilities and Equity | $ 52,748,716 | $ 49,791,259 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Fixed maturities, available-for-sale, amortized cost | $ 14,067,742 | $ 12,805,887 |
Equity securities, cost | 3,401,511 | 3,100,040 |
Senior long-term debt and other debt, fair value | $ 3,060,000 | $ 3,541,000 |
Consolidated Statements Of Inco
Consolidated Statements Of Income (Loss) And Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |||||
OPERATING REVENUES | ||||||||
Earned premiums | $ 2,121,745 | $ 1,956,830 | $ 6,120,592 | $ 5,549,704 | ||||
Net investment income | 192,207 | 112,614 | 521,235 | 301,713 | ||||
Net investment gains (losses) | (265,917) | (281,483) | 591,173 | (2,194,525) | ||||
Products revenues | 601,524 | 586,531 | 1,964,332 | 1,845,111 | ||||
Services and other revenues | 725,627 | 691,653 | 1,963,779 | 1,962,585 | ||||
Total Operating Revenues | 3,375,186 | 3,066,145 | 11,161,111 | 7,464,588 | ||||
OPERATING EXPENSES | ||||||||
Losses and loss adjustment expenses | 1,404,325 | 1,185,313 | 3,765,215 | 3,216,495 | ||||
Underwriting, acquisition and insurance expenses | 698,129 | 643,272 | 2,071,721 | 1,843,106 | ||||
Products expenses | 545,567 | 580,830 | 1,712,792 | 1,726,367 | ||||
Services and other expenses | 606,810 | 546,384 | 1,678,246 | 1,693,756 | ||||
Amortization of intangible assets | 47,545 | [1] | 43,418 | [2] | 136,367 | [3] | 134,990 | [4] |
Total Operating Expenses | 3,302,376 | 2,999,217 | 9,364,341 | 8,614,714 | ||||
Operating Income (Loss) | 72,810 | 66,928 | 1,796,770 | (1,150,126) | ||||
Interest expense | (44,553) | (47,348) | (141,212) | (147,090) | ||||
Net foreign exchange gains (losses) | 39,246 | 113,635 | (8,658) | 241,706 | ||||
Income (Loss) Before Income Taxes | 67,503 | 133,215 | 1,646,900 | (1,055,510) | ||||
Income tax (expense) benefit | (14,235) | (16,460) | (339,903) | 240,629 | ||||
Net Income (Loss) | 53,268 | 116,755 | 1,306,997 | (814,881) | ||||
Net income attributable to noncontrolling interests | (10,677) | (57,161) | (80,243) | (93,062) | ||||
Net Income (Loss) to Shareholders | 42,591 | 59,594 | 1,226,754 | (907,943) | ||||
Preferred stock dividends | 0 | 0 | (18,000) | (18,000) | ||||
Net Income (Loss) to Common Shareholders | 42,591 | 59,594 | 1,208,754 | (925,943) | ||||
OTHER COMPREHENSIVE LOSS | ||||||||
Net holding losses arising during the period | (187,330) | (424,929) | (161,115) | (1,308,521) | ||||
Reclassification adjustments for net losses included in net income (loss) | 22,869 | 591 | 26,268 | 2,289 | ||||
Change in net unrealized gains (losses) on available-for-sale investments, net of taxes | (164,461) | (424,338) | (134,847) | (1,306,232) | ||||
Change in discount rate for life and annuity benefits, net of taxes | 14,609 | 25,244 | 8,781 | 149,135 | ||||
Change in foreign currency translation adjustments, net of taxes | (187) | (8,872) | 2,753 | (14,395) | ||||
Change in net actuarial pension loss, net of taxes | 20 | 303 | 56 | 1,808 | ||||
Total Other Comprehensive Loss | (150,019) | (407,663) | (123,257) | (1,169,684) | ||||
Comprehensive Income (Loss) | (96,751) | (290,908) | 1,183,740 | (1,984,565) | ||||
Comprehensive income attributable to noncontrolling interests | (10,749) | (57,051) | (80,326) | (92,996) | ||||
Comprehensive Income (Loss) to Shareholders | $ (107,500) | $ (347,959) | $ 1,103,414 | $ (2,077,561) | ||||
NET INCOME (LOSS) PER COMMON SHARE | ||||||||
Basic | $ 3.15 | $ 3.09 | $ 90.86 | $ (72.61) | ||||
Diluted | $ 3.14 | $ 3.08 | [5] | $ 90.69 | $ (72.61) | [5] | ||
[1]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 $9.1 million for the quarter ended September 30, 2023[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 quarter ended September 30, 2022[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 $28.0 million for the nine months ended September 30, 2023.[4]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 $29.0 million for the nine months ended September 30, 2022.[5]The impact of 28 thousand shares from restricted stock units and restricted stock was excluded from the computation of diluted net loss per common share for the nine months ended September 30, 2022 because the effect would have been anti-dilutive. |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Equity - USD ($) $ 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) | $ (814,881) | (829,660) | (907,943) | (907,943) | 0 | 78,283 | 14,779 | |||||
Other comprehensive income (loss) | (1,169,684) | (1,169,618) | (1,169,618) | 0 | (1,169,618) | 0 | (66) | |||||
Comprehensive Income (Loss) | (1,984,565) | (1,999,278) | (2,077,561) | 78,283 | 14,713 | |||||||
Repurchase of common stock | (208,090) | (208,090) | 0 | 0 | (208,090) | 0 | 0 | 0 | ||||
Preferred stock dividends | 18,000 | (18,000) | (18,000) | 0 | 0 | (18,000) | 0 | 0 | 0 | |||
Restricted stock awards expensed | 37,531 | 37,531 | 0 | 37,531 | 0 | 0 | 0 | 0 | ||||
Adjustment of redeemable noncontrolling interests | (62,168) | (62,168) | 0 | 0 | (62,168) | 0 | 0 | 62,168 | ||||
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 | (22,261) | 0 | 0 | 0 | 0 | 0 | (22,261) | 0 | |||
Other | 13,176 | 5,203 | 0 | 4,218 | 985 | 0 | 7,973 | (6,535) | ||||
Balance at Sep. 30, 2022 | 12,441,583 | 12,376,787 | 591,891 | 3,482,828 | 9,249,679 | (947,611) | 64,796 | |||||
Balance, redeemable noncontrolling interests at Sep. 30, 2022 | 513,043 | |||||||||||
Balance at Jun. 30, 2022 | 12,830,727 | 12,819,602 | 591,891 | 3,478,153 | 9,289,616 | (540,058) | 11,125 | |||||
Balance, redeemable noncontrolling interests at Jun. 30, 2022 | 495,378 | |||||||||||
Net Income (Loss) | 116,755 | 112,461 | 59,594 | 59,594 | 0 | 52,867 | 4,294 | |||||
Other comprehensive income (loss) | (407,663) | (407,553) | (407,553) | 0 | (407,553) | 0 | (110) | |||||
Comprehensive Income (Loss) | (290,908) | (295,092) | (347,959) | 52,867 | 4,184 | |||||||
Repurchase of common stock | (81,799) | (81,799) | 0 | 0 | (81,799) | 0 | 0 | 0 | ||||
Restricted stock awards expensed | 4,661 | 4,661 | 0 | 4,661 | 0 | 0 | 0 | 0 | ||||
Adjustment of redeemable noncontrolling interests | (17,730) | (17,730) | 0 | 0 | (17,730) | 0 | 0 | 17,730 | ||||
Other | 816 | 12 | 0 | 14 | (2) | 0 | 804 | (4,249) | ||||
Balance at Sep. 30, 2022 | 12,441,583 | 12,376,787 | 591,891 | 3,482,828 | 9,249,679 | (947,611) | 64,796 | |||||
Balance, redeemable noncontrolling interests at Sep. 30, 2022 | 513,043 | |||||||||||
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) | 1,306,997 | 1,282,694 | 1,226,754 | 1,226,754 | 0 | 55,940 | 24,303 | |||||
Other comprehensive income (loss) | (123,257) | (123,340) | (123,340) | 0 | (123,340) | 0 | 83 | |||||
Comprehensive Income (Loss) | 1,183,740 | 1,159,354 | 1,103,414 | 55,940 | 24,386 | |||||||
Repurchase of common stock | (269,593) | (269,593) | 0 | 0 | (269,593) | 0 | 0 | 0 | ||||
Preferred stock dividends | 18,000 | (18,000) | (18,000) | 0 | 0 | (18,000) | 0 | 0 | 0 | |||
Restricted stock awards expensed | 31,477 | 31,477 | 0 | 31,477 | 0 | 0 | 0 | 0 | ||||
Adjustment of redeemable noncontrolling interests | 7,087 | 7,087 | 0 | 0 | 7,087 | 0 | 0 | (7,087) | ||||
Purchase of noncontrolling interest | (5,464) | (5,464) | 0 | (5,464) | 0 | 0 | 0 | (48,907) | ||||
Redemption of Markel CATCo Re noncontrolling interests | (88,997) | (62,646) | 0 | 0 | 0 | 0 | 0 | (62,646) | 0 | |||
Other | (857) | (856) | 0 | (372) | (485) | 1 | (1) | (24,160) | ||||
Balance at Sep. 30, 2023 | 14,055,243 | 14,055,243 | 13,999,159 | 591,891 | 3,519,534 | 10,778,567 | (890,833) | 56,084 | ||||
Balance, redeemable noncontrolling interests at Sep. 30, 2023 | 467,386 | 467,386 | ||||||||||
Balance at Jun. 30, 2023 | 14,239,081 | 14,185,499 | 591,891 | 3,515,362 | 10,818,989 | (740,743) | 53,582 | |||||
Balance, redeemable noncontrolling interests at Jun. 30, 2023 | 464,442 | |||||||||||
Net Income (Loss) | 53,268 | 45,093 | 42,591 | 42,591 | 0 | 2,502 | 8,175 | |||||
Other comprehensive income (loss) | (150,019) | (150,091) | (150,091) | 0 | (150,091) | 0 | 72 | |||||
Comprehensive Income (Loss) | (96,751) | (104,998) | (107,500) | 2,502 | 8,247 | |||||||
Repurchase of common stock | (82,432) | (82,432) | 0 | 0 | (82,432) | 0 | 0 | 0 | ||||
Restricted stock awards expensed | 4,949 | 4,949 | 0 | 4,949 | 0 | 0 | 0 | 0 | ||||
Adjustment of redeemable noncontrolling interests | (628) | (628) | 0 | 0 | (628) | 0 | 0 | 628 | ||||
Purchase of noncontrolling interest | (776) | (776) | 0 | (776) | 0 | 0 | 0 | 570 | ||||
Other | 47 | 47 | 0 | (1) | 47 | 1 | 0 | (6,501) | ||||
Balance at Sep. 30, 2023 | 14,055,243 | $ 14,055,243 | $ 13,999,159 | $ 591,891 | $ 3,519,534 | $ 10,778,567 | $ (890,833) | $ 56,084 | ||||
Balance, redeemable noncontrolling interests at Sep. 30, 2023 | $ 467,386 | $ 467,386 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
OPERATING ACTIVITIES | ||
Net income (loss) | $ 1,306,997 | $ (814,881) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | 657,280 | 2,695,153 |
Net Cash Provided By Operating Activities | 1,964,277 | 1,880,272 |
INVESTING ACTIVITIES | ||
Proceeds from sales, maturities, calls and prepayments of fixed maturity securities | 1,359,948 | 557,742 |
Cost of fixed maturity securities purchased | (2,661,587) | (1,433,299) |
Proceeds from sales of equity securities | 179,665 | 164,277 |
Cost of equity securities purchased | (448,388) | (293,011) |
Net change in short-term investments | 487,839 | (625,261) |
Cost of equity method and other investments purchased | (159,591) | (18,782) |
Additions to property and equipment | (155,088) | (209,282) |
Consolidation of Markel CATCo Re, net | 0 | 629,955 |
Distributions to Markel CATCo Re noncontrolling interests for buy-out transaction | 0 | (169,380) |
Proceeds from sales of subsidiaries, net | 41,302 | 109,505 |
Other | 13,267 | 4,211 |
Net Cash Used By Investing Activities | (1,342,633) | (1,283,325) |
FINANCING ACTIVITIES | ||
Additions to senior long-term debt and other debt | 475,964 | 757,941 |
Repayment of senior long-term debt and other debt | (811,857) | (982,852) |
Repurchases of common stock | (269,593) | (208,090) |
Dividends paid on preferred stock | (18,000) | (18,000) |
Redemption of Markel CATCo Re noncontrolling interests | (88,997) | 0 |
Purchase of noncontrolling interests | (54,371) | (30) |
Other | (32,434) | (40,023) |
Net Cash Used By Financing Activities | (799,288) | (491,054) |
Effect of foreign currency rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | 993 | (190,972) |
Increase in cash, cash equivalents, restricted cash and restricted cash equivalents | (176,651) | (85,079) |
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 | $ 5,044,862 | $ 4,795,868 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Summary of Significant Accounting Policies Markel Group Inc., formerly Markel Corporation, is a holding company comprised of a diverse group of companies and investments with specialty insurance at its core. Effective May 26, 2023, Markel Corporation changed its name to Markel Group Inc. (Markel Group). Through its wholly owned subsidiary, Markel Ventures, Inc. (Markel Ventures), Markel Group owns controlling interests in businesses that operate in a variety of industries. See note 2 for details regarding reportable segments. a) Basis of Presentation. The consolidated balance sheet as of September 30, 2023 and the related consolidated statements of income (loss) and comprehensive income (loss) and changes in equity for the quarters and nine months ended September 30, 2023 and 2022, and the condensed consolidated statements of cash flows for the nine months ended September 30, 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 Group'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 Group and its consolidated subsidiaries, as well as 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 estimated liability. 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, 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 $25.2 million and $104.5 million to the other comprehensive loss previously presented for the quarter and nine months ended September 30, 2022, which was comprised of the following adjustments. (dollars in thousands) Quarter Ended September 30, 2022 Nine Months Ended September 30, 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 25,244 149,135 Increase in other comprehensive loss, net of taxes $ 25,244 $ 104,453 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 | 9 Months Ended |
Sep. 30, 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 other insurance operations primarily consist of the results of the Company's insurance-linked securities operations and program services business. Other insurance 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 insurance operations are considered to be reportable segments. 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. 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. Quarter Ended September 30, 2023 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures Other (1) Consolidated Earned premiums $ 1,848,267 $ 274,161 $ — $ — $ (683) $ 2,121,745 Net investment income — — 191,015 1,192 — 192,207 Net investment losses — — (265,917) — — (265,917) Products revenues — — — 601,524 — 601,524 Services and other revenues — — (5,033) 644,053 86,607 725,627 Total operating revenues 1,848,267 274,161 (79,935) 1,246,769 85,924 3,375,186 Losses and loss adjustment expenses: Current accident year (1,258,864) (176,007) — — — (1,434,871) Prior accident years 55,374 (23,262) — — (1,566) 30,546 Underwriting, acquisition and insurance expenses: Amortization of policy acquisition costs (369,001) (68,919) — — — (437,920) Other underwriting expenses (250,684) (11,785) — — 2,260 (260,209) Products expenses — — — (545,567) — (545,567) Services and other expenses — — — (570,782) (36,028) (606,810) Amortization of intangible assets (2) — — — (23,118) (24,427) (47,545) Segment profit (loss) $ 25,092 $ (5,812) $ (79,935) $ 107,302 $ 26,163 $ 72,810 Interest expense (44,553) Net foreign exchange gains 39,246 Income before income taxes $ 67,503 (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 $9.1 million for the quarter ended September 30, 2023. Quarter Ended September 30, 2022 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures Other (1) Consolidated Earned premiums $ 1,695,029 $ 260,535 $ — $ — $ 1,266 $ 1,956,830 Net investment income — — 112,297 317 — 112,614 Net investment losses — — (281,483) — — (281,483) Products revenues — — — 586,531 — 586,531 Services and other revenues — — (4,883) 629,215 67,321 691,653 Total operating revenues 1,695,029 260,535 (174,069) 1,216,063 68,587 3,066,145 Losses and loss adjustment expenses: Current accident year (1,100,511) (166,485) — — — (1,266,996) Prior accident years 53,760 29,505 — — (1,582) 81,683 Underwriting, acquisition and insurance expenses: Amortization of policy acquisition costs (362,137) (68,662) — — (383) (431,182) Other underwriting expenses (200,604) (11,638) — — 152 (212,090) Products expenses — — — (580,830) — (580,830) Services and other expenses — — — (556,207) 9,823 (546,384) Amortization of intangible assets (2) — — — (18,567) (24,851) (43,418) Segment profit (loss) $ 85,537 $ 43,255 $ (174,069) $ 60,459 $ 51,746 $ 66,928 Interest expense (47,348) Net foreign exchange gains 113,635 Income before income taxes $ 133,215 (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 $9.6 million for the quarter ended September 30, 2022. Nine Months Ended September 30, 2023 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures Other (1) Consolidated Earned premiums $ 5,322,377 $ 799,683 $ — $ — $ (1,468) $ 6,120,592 Net investment income — — 518,536 2,699 — 521,235 Net investment gains — — 591,173 — — 591,173 Products revenues — — — 1,964,332 — 1,964,332 Services and other revenues — — (13,791) 1,770,997 206,573 1,963,779 Total operating revenues 5,322,377 799,683 1,095,918 3,738,028 205,105 11,161,111 Losses and loss adjustment expenses: Current accident year (3,415,860) (519,109) — — — (3,934,969) Prior accident years 179,564 (6,584) — — (3,226) 169,754 Underwriting, acquisition and insurance expenses: Amortization of policy acquisition costs (1,096,500) (202,271) — — — (1,298,771) Other underwriting expenses (733,334) (38,113) — — (1,503) (772,950) Products expenses — — — (1,712,792) — (1,712,792) Services and other expenses — — — (1,632,588) (45,658) (1,678,246) Amortization of intangible assets (2) — — — (62,528) (73,839) (136,367) Segment profit $ 256,247 $ 33,606 $ 1,095,918 $ 330,120 $ 80,879 $ 1,796,770 Interest expense (141,212) Net foreign exchange losses (8,658) Income before income taxes $ 1,646,900 (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 $28.0 million for the nine months ended September 30, 2023. Nine Months Ended September 30, 2022 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures Other (1) Consolidated Earned premiums $ 4,742,178 $ 808,656 $ — $ — $ (1,130) $ 5,549,704 Net investment income — — 301,289 424 — 301,713 Net investment losses — — (2,194,525) — — (2,194,525) Products revenues — — — 1,845,111 — 1,845,111 Services and other revenues — — (27,590) 1,682,318 307,857 1,962,585 Total operating revenues 4,742,178 808,656 (1,920,826) 3,527,853 306,727 7,464,588 Losses and loss adjustment expenses: Current accident year (2,906,031) (514,875) — — — (3,420,906) Prior accident years 196,093 13,845 — — (5,527) 204,411 Underwriting, acquisition and insurance expenses: Amortization of policy acquisition costs (996,369) (209,541) — — (415) (1,206,325) Other underwriting expenses (596,426) (37,708) — — (2,647) (636,781) Products expenses — — — (1,726,367) — (1,726,367) Services and other expenses — — — (1,524,167) (169,589) (1,693,756) Amortization of intangible assets (2) — — — (60,077) (74,913) (134,990) Segment profit (loss) $ 439,445 $ 60,377 $ (1,920,826) $ 217,242 $ 53,636 $ (1,150,126) Interest expense (147,090) Net foreign exchange gains 241,706 Loss before income taxes $ (1,055,510) (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 $29.0 million for the nine months ended September 30, 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. Quarter Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2023 2022 2023 2022 Depreciation expense $ 26,857 $ 23,738 $ 81,639 $ 75,304 Interest expense (1) $ 10,663 $ 11,921 $ 36,485 $ 34,124 Income tax expense $ 22,253 $ 12,603 $ 66,022 $ 43,682 Capital expenditures $ 65,616 $ 48,294 $ 135,159 $ 144,974 (1) Interest expense for the quarter and nine months ended September 30, 2023 included intercompany interest expense of $6.6 million and $19.9 million, respectively. Interest expense for the quarter and nine months ended September 30, 2022 included intercompany interest expense of $6.6 million and $20.7 million, respectively. Intercompany interest expense was eliminated in consolidation. c) The following table reconciles segment assets to the Company's consolidated balance sheets. (dollars in thousands) September 30, 2023 December 31, 2022 Segment assets: Investing $ 28,522,052 $ 26,982,280 Underwriting 9,884,553 8,853,559 Markel Ventures 5,444,105 5,315,677 Total segment assets 43,850,710 41,151,516 Other operations 8,898,006 8,639,743 Total assets $ 52,748,716 $ 49,791,259 |
Investments
Investments | 9 Months Ended |
Sep. 30, 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. September 30, 2023 (dollars in thousands) Amortized Gross Gross Estimated Fixed maturity securities: U.S. Treasury securities $ 3,440,991 $ — $ (130,162) $ 3,310,829 U.S. government-sponsored enterprises 1,133,417 — (137,733) 995,684 Obligations of states, municipalities and political subdivisions 4,106,251 879 (308,184) 3,798,946 Foreign governments 1,749,621 2,626 (189,128) 1,563,119 Commercial mortgage-backed securities 2,297,828 11 (208,466) 2,089,373 Residential mortgage-backed securities 511,525 1 (32,686) 478,840 Asset-backed securities 1,226 — (28) 1,198 Corporate bonds 826,883 758 (114,351) 713,290 Total fixed maturity securities 14,067,742 4,275 (1,120,738) 12,951,279 Short-term investments 2,250,219 3,253 (746) 2,252,726 Investments, available-for-sale $ 16,317,961 $ 7,528 $ (1,121,484) $ 15,204,005 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. September 30, 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 $ 1,339,577 $ (33,496) $ 1,971,252 $ (96,666) $ 3,310,829 $ (130,162) U.S. government-sponsored enterprises 302,362 (13,784) 693,322 (123,949) 995,684 (137,733) Obligations of states, municipalities and political subdivisions 1,469,105 (36,622) 2,240,788 (271,562) 3,709,893 (308,184) Foreign governments 442,453 (18,214) 1,095,516 (170,914) 1,537,969 (189,128) Commercial mortgage-backed securities 321,255 (13,554) 1,764,367 (194,912) 2,085,622 (208,466) Residential mortgage-backed securities 45,081 (1,074) 433,695 (31,612) 478,776 (32,686) Asset-backed securities — — 1,198 (28) 1,198 (28) Corporate bonds 98,459 (2,890) 605,598 (111,461) 704,057 (114,351) Total fixed maturity securities 4,018,292 (119,634) 8,805,736 (1,001,104) 12,824,028 (1,120,738) Short-term investments 203,710 (746) — — 203,710 (746) Total $ 4,222,002 $ (120,380) $ 8,805,736 $ (1,001,104) $ 13,027,738 $ (1,121,484) At September 30, 2023, the Company held 1,732 available-for-sale securities in an unrealized loss position with a total estimated fair value of $13.0 billion and gross unrealized losses of $1.1 billion. Of these 1,732 securities, 1,150 securities had been in a continuous unrealized loss position for one year or longer and had a total estimated fair value of $8.8 billion and gross unrealized losses of $1.0 billion. 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 issuer. 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 September 30, 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. c) The amortized cost and estimated fair value of fixed maturity securities at September 30, 2023 are shown below by contractual maturity. (dollars in thousands) Amortized Estimated Due in one year or less $ 1,245,195 $ 1,221,058 Due after one year through five years 4,731,573 4,490,492 Due after five years through ten years 3,655,839 3,269,429 Due after ten years 1,624,556 1,400,889 11,257,163 10,381,868 Commercial mortgage-backed securities 2,297,828 2,089,373 Residential mortgage-backed securities 511,525 478,840 Asset-backed securities 1,226 1,198 Total fixed maturity securities $ 14,067,742 $ 12,951,279 d) The following table presents the components of net investment income. Quarter Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2023 2022 2023 2022 Interest: Fixed maturity securities $ 98,891 $ 72,477 $ 269,438 $ 215,541 Short-term investments 26,768 10,316 77,099 14,644 Cash and cash equivalents and restricted cash and cash equivalents 39,473 7,794 102,565 9,619 Dividends on equity securities 31,134 25,962 84,968 74,289 196,266 116,549 534,070 314,093 Investment expenses (4,059) (3,935) (12,835) (12,380) Net investment income $ 192,207 $ 112,614 $ 521,235 $ 301,713 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 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. Quarter Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2023 2022 2023 2022 Fixed maturity securities, short-term investments and other investments: Net realized investment gains (losses) $ (36,093) $ 2,032 $ (38,159) $ 6,001 Equity securities: Change in fair value of securities sold during the period 2,683 2,553 16,706 (29,015) Change in fair value of securities held at the end of the period (232,507) (286,068) 612,626 (2,171,511) Total change in fair value (229,824) (283,515) 629,332 (2,200,526) Net investment gains (losses) $ (265,917) $ (281,483) $ 591,173 $ (2,194,525) Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive loss: Fixed maturity securities $ (208,598) $ (530,161) $ (167,411) $ (1,645,060) Short-term investments 193 (8,186) (3,195) (11,563) Net decrease $ (208,405) $ (538,347) $ (170,606) $ (1,656,623) |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 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. September 30, 2023 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Investments: Fixed maturity securities, available-for-sale: U.S. Treasury securities $ — $ 3,310,829 $ — $ 3,310,829 U.S. government-sponsored enterprises — 995,684 — 995,684 Obligations of states, municipalities and political subdivisions — 3,798,946 — 3,798,946 Foreign governments — 1,563,119 — 1,563,119 Commercial mortgage-backed securities — 2,089,373 — 2,089,373 Residential mortgage-backed securities — 478,840 — 478,840 Asset-backed securities — 1,198 — 1,198 Corporate bonds — 713,290 — 713,290 Total fixed maturity securities, available-for-sale — 12,951,279 — 12,951,279 Equity securities: Insurance, banks and other financial institutions 3,304,299 — 942 3,305,241 Industrial, consumer and all other 5,269,716 — — 5,269,716 Total equity securities 8,574,015 — 942 8,574,957 Short-term investments, available-for-sale 2,085,072 167,654 — 2,252,726 Total investments $ 10,659,087 $ 13,118,933 $ 942 $ 23,778,962 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. Quarter Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2023 2022 2023 2022 Equity securities, beginning of period $ 936 $ 4,380 $ 899 $ 56,472 Purchases — — — — Sales — (3,528) — (56,335) Net investment gains 6 69 43 784 Equity securities, end of period $ 942 $ 921 $ 942 $ 921 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 nine months ended September 30, 2023 and 2022. |
Equity Method Investments
Equity Method Investments | 9 Months Ended |
Sep. 30, 2023 | |
Equity Method Investments [Abstract] | |
Equity Method Investments Disclosure [Text Block] | Equity Method Investments The 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 $582.8 million and $494.0 million as of September 30, 2023 and December 31, 2022, respectively. The Company's proportionate share of earnings in its equity method investments was income of $4.2 million and losses of $0.4 million for the quarter and nine months ended September 30, 2023, respectively, and losses of $7.1 million and $36.1 million for the quarter and nine months ended September 30, 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's common stock was 23% as of September 30, 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 September 30, 2023 and December 31, 2022, the carrying value of the Company's investment in Hagerty was $235.4 million and $245.1 million, respectively. As of September 30, 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 $637.3 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 | 9 Months Ended |
Sep. 30, 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. Quarter Ended September 30, 2023 2022 (dollars in thousands) Markel Ventures Other Total Markel Ventures Other Total Products $ 585,707 $ — $ 585,707 $ 575,277 $ — $ 575,277 Services 597,512 2,904 600,416 594,717 11,529 606,246 Investment management — 44,204 44,204 — 15,641 15,641 Total revenues from contracts with customers 1,183,219 47,108 1,230,327 1,169,994 27,170 1,197,164 Program services and other fronting — 39,499 39,499 — 40,033 40,033 Equity method investments income (loss) (21) 4,264 4,243 (546) (6,555) (7,101) Other 62,379 (9,297) 53,082 46,298 1,790 48,088 Total $ 1,245,577 $ 81,574 $ 1,327,151 $ 1,215,746 $ 62,438 $ 1,278,184 Nine Months Ended September 30, 2023 2022 (dollars in thousands) Markel Ventures Other Total Markel Ventures Other Total Products $ 1,921,773 $ — $ 1,921,773 $ 1,809,276 $ — $ 1,809,276 Services 1,652,187 7,542 1,659,729 1,593,946 41,547 1,635,493 Investment management — 76,108 76,108 — 55,197 55,197 Total revenues from contracts with customers 3,573,960 83,650 3,657,610 3,403,222 96,744 3,499,966 Program services and other fronting — 105,952 105,952 — 103,096 103,096 Disposition gain — 16,923 16,923 — 107,293 107,293 Equity method investments income (loss) 1,087 (1,485) (398) 1,537 (37,639) (36,102) Other 160,282 (12,258) 148,024 122,670 10,773 133,443 Total $ 3,735,329 $ 192,782 $ 3,928,111 $ 3,527,429 $ 280,267 $ 3,807,696 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. In June 2023, the Company sold one of its licensed insurance subsidiaries to Velocity, which resulted in a gain of $16.9 million. Both gains were included in services and other revenues. |
Unpaid Losses And Loss Adjustme
Unpaid Losses And Loss Adjustment Expenses | 9 Months Ended |
Sep. 30, 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. Nine Months Ended September 30, (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 16,246 (275,364) Adjusted net reserves for losses and loss adjustment expenses, beginning of year 12,969,260 11,027,213 Incurred losses and loss adjustment expenses: Current accident year 3,934,969 3,420,906 Prior accident years (169,754) (204,411) Total incurred losses and loss adjustment expenses 3,765,215 3,216,495 Payments: Current accident year 419,998 350,684 Prior accident years 2,018,199 1,880,471 Total payments 2,438,197 2,231,155 Effect of foreign currency rate changes on current year activity 416 (7,499) Change in net reserves for losses and loss adjustment expenses of Markel CATCo Re (see note 11) (146,895) 375,222 Reinsurance recoverable for retroactive reinsurance transaction (125,067) — Net reserves for losses and loss adjustment expenses, end of period 14,024,732 12,380,276 Reinsurance recoverables on unpaid losses 8,119,634 7,814,098 Gross reserves for losses and loss adjustment expenses, end of period $ 22,144,366 $ 20,194,374 For the nine months ended September 30, 2023, current accident year losses and loss adjustment expenses included $46.2 million of net losses and loss adjustment expenses attributed to the Hawaiian wildfires and Hurricane Idalia (2023 Catastrophes). The net losses and loss adjustment expenses attributed to the 2023 Catastrophes as of September 30, 2023 represent the Company's best estimate based upon information currently available. The estimate for these losses is based on preliminary industry loss estimates and output from industry, broker and proprietary models, as well as policy level reviews. This estimate is based on various assumptions about coverage and liability and is therefore subject to change. While the Company believes its net reserves for the 2023 Catastrophes as of September 30, 2023 are adequate, it continues to closely monitor reported claims and may adjust the estimate of net losses as new information becomes available. During 2023, the Company also recognized losses on its intellectual property collateral protection insurance product written within the Insurance segment's professional liability product line. These losses reflect higher than anticipated levels of claims and loss experience, as well as the recognition of $25.0 million of credit losses in connection with a $50.0 million fraudulent letter of credit that was provided by an affiliate of Vesttoo Ltd. as collateral for reinsurance purchased on one of the policies that resulted in a claim during the quarter. An affiliate of Vesttoo Ltd. is also the counterparty to a second ceded reinsurance contract on this product line with an aggregate limit of $77.8 million for which the underlying letter of credit was also deemed to be fraudulent. Although a loss has not yet been incurred under this policy, the Company believes the potential for a covered loss event is reasonably possible. The Company is actively pursuing remedies to make recoveries on the reinsurance recoverable impacted by the fraudulent letter of credit and to mitigate the potential for additional losses resulting from the second fraudulent letter of credit if a claim is made under the related contract. The Company does not have any other ceded reinsurance contracts with Vesttoo Ltd. or its affiliates. For the nine months ended September 30, 2023, prior accident years losses and loss adjustment expenses included $169.8 million of favorable development on prior years loss reserves, which included $239.8 million of favorable development on the Company's professional liability, property, marine and energy, workers' compensation and personal lines product lines within its Insurance segment and $34.1 million of favorable development on the Company's professional liability and property product lines within its Reinsurance segment. Favorable development on prior years loss reserves for the nine months ended September 30, 2023 was partially offset by $70.5 million of adverse development on the Company's general liability product lines within its Insurance segment and $60.9 million of adverse development on the Company's public entity and general liability product lines within its Reinsurance 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. For the nine months ended September 30, 2022, current accident year losses and loss adjustment expenses included $70.0 million and $35.0 million of net losses and loss adjustment expenses attributed to Hurricane Ian and the Russia-Ukraine conflict, respectively. For the nine months ended September 30, 2022, prior accident years losses and loss adjustment expenses included $204.4 million of favorable development on prior years loss reserves, which included $155.0 million of favorable development on the Company's workers' compensation, property, marine and energy and programs product lines within the Insurance segment and $41.7 million of favorable development on the Company's property and credit and surety product lines within its Reinsurance segment. |
Reinsurance
Reinsurance | 9 Months Ended |
Sep. 30, 2023 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance | Reinsurance The following tables summarize the effect of reinsurance and retrocessional reinsurance on premiums written and earned. Quarter Ended September 30, 2023 2022 (dollars in thousands) Direct Assumed Ceded Net Premiums Direct Assumed Ceded Net Premiums Underwriting: Written $ 2,223,988 $ 282,070 $ (478,035) $ 2,028,023 $ 2,133,822 $ 349,650 $ (473,885) $ 2,009,587 Earned $ 2,127,244 $ 424,620 $ (429,901) $ 2,121,963 $ 1,899,816 $ 408,561 $ (351,118) $ 1,957,259 Program services and other fronting: Written 615,424 557,324 (1,172,966) (218) 663,631 327,668 (991,719) (420) Earned 669,544 313,079 (982,841) (218) 729,312 218,439 (948,180) (429) Consolidated: Written $ 2,839,412 $ 839,394 $ (1,651,001) $ 2,027,805 $ 2,797,453 $ 677,318 $ (1,465,604) $ 2,009,167 Earned $ 2,796,788 $ 737,699 $ (1,412,742) $ 2,121,745 $ 2,629,128 $ 627,000 $ (1,299,298) $ 1,956,830 Nine Months Ended September 30, 2023 2022 (dollars in thousands) Direct Assumed Ceded Net Premiums Direct Assumed Ceded Net Premiums Underwriting: Written $ 6,479,090 $ 1,419,802 $ (1,444,626) $ 6,454,266 $ 6,065,936 $ 1,466,036 $ (1,255,226) $ 6,276,746 Earned $ 6,124,444 $ 1,247,743 $ (1,250,605) $ 6,121,582 $ 5,370,481 $ 1,194,504 $ (1,012,485) $ 5,552,500 Program services and other fronting: Written 2,012,806 991,305 (3,005,101) (990) 2,025,195 595,940 (2,624,185) (3,050) Earned 1,960,219 546,871 (2,508,080) (990) 2,036,016 332,415 (2,371,227) (2,796) Consolidated: Written $ 8,491,896 $ 2,411,107 $ (4,449,727) $ 6,453,276 $ 8,091,131 $ 2,061,976 $ (3,879,411) $ 6,273,696 Earned $ 8,084,663 $ 1,794,614 $ (3,758,685) $ 6,120,592 $ 7,406,497 $ 1,526,919 $ (3,383,712) $ 5,549,704 Substantially all of the premiums written and earned in the Company's program services and other fronting operations for the nine months ended September 30, 2023 and 2022 were ceded. The percentage of consolidated ceded earned premiums to gross earned premiums was 40% and 38% for the quarter and nine months ended September 30, 2023, respectively, and 40% and 38% for the quarter and nine months ended September 30, 2022, respectively. The percentage of consolidated assumed earned premiums to net earned premiums was 35% and 29% for the quarter and nine months ended September 30, 2023, respectively, and 32% and 28% for the quarter and nine months ended September 30, 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 $743.8 million and $1.8 billion for the quarter and nine months ended September 30, 2023, respectively, and $1.3 billion and $2.3 billion for the quarter and nine months ended September 30, 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. Quarter Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2023 2022 2023 2022 Gross losses and loss adjustment expenses $ 1,684,389 $ 1,423,526 $ 4,552,926 $ 3,760,566 Ceded losses and loss adjustment expenses (278,945) (238,220) (786,876) (544,109) Net losses and loss adjustment expenses $ 1,405,444 $ 1,185,306 $ 3,766,050 $ 3,216,457 |
Life and Annuity Benefits
Life and Annuity Benefits | 9 Months Ended |
Sep. 30, 2023 | |
Liability for Future Policy Benefit, before Reinsurance [Abstract] | |
Life and Annuity Benefits | 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) September 30, 2023 December 31, 2022 Liability for future policyholder benefits $ 508,436 $ 554,366 Deferred profit liability 52,034 48,569 Other 39,786 47,786 Total $ 600,256 $ 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 reviewed, and updated as necessary, at least annually. The discount rate assumptions are updated at each reporting date. There were no changes to the cash flow assumptions used to measure the Company's life and annuity benefit reserves as a result of the annual review of cash flow assumptions completed in the third quarter of 2023 and 2022. The following table presents a rollforward of the present value of the liability for future policyholder benefits. Nine Months Ended September 30, (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 (5,890) (3,859) Adjusted liability for future policyholder benefits, beginning of year 661,871 741,454 Interest accretion 11,251 11,909 Benefit payments (39,819) (40,643) Effect of foreign currency rate changes (356) (77,166) Liability for future policyholder benefits at original discount rate, end of period 632,947 635,554 Cumulative effect of changes in discount rate assumptions (124,511) (112,459) Liability for future policyholder benefits, end of period (1) $ 508,436 $ 523,095 (1) The undiscounted liability for future policyholder benefits was $813.6 million and $822.3 million as of September 30, 2023 and 2022, respectively. The following table summarizes additional details for the Company's liability for future policyholder benefits. September 30, 2023 December 31, 2022 Weighted-average interest rate: Interest accretion rate 2.3 % 2.3 % Current discount rate 4.7 % 4.3 % Weighted-average liability duration 8.2 years 8.6 years |
Senior Long-Term Debt and Other
Senior Long-Term Debt and Other Debt | 9 Months Ended |
Sep. 30, 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). In June 2023, the Company entered into an amended and restated credit agreement for its 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. The Company pays interest on balances outstanding under the facility and fees for letters of credit issued under the facility. The Company also pays a commitment fee on the unused portion of the facility based on the Company's leverage ratio as calculated under the credit agreement. The credit agreement includes financial covenants that require that the Company not exceed a maximum debt to capitalization (leverage) ratio and maintain a minimum amount of consolidated net worth, as well as other customary covenants and events of default. Markel Group guaranteed the obligations under the facility of certain subsidiaries that are also parties to the credit agreement. This facility expires in June 2028. The credit agreement for this revolving credit facility amended and restated the credit agreement for the Company's previous $300 million revolving credit facility. At September 30, 2023 and December 31, 2022, the Company had no borrowings outstanding under either revolving credit facility. As of September 30, 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 $715 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 September 30, 2023 and December 31, 2022, the Company had $171.3 million and $238.1 million, respectively, of borrowings outstanding under these credit facilities. As of September 30, 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 | 9 Months Ended |
Sep. 30, 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 first quarter of 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 September 30, 2023 and December 31, 2022, the Company's investment in the remaining preference shares of Markel CATCo Re totaled $20.1 million, which comprised 25% 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. Favorable loss reserve development on the run-off of reinsurance contracts written by Markel CATCo Re was $2.2 million and $55.7 million for the quarter and nine months ended September 30, 2023, respectively, and $53.4 million and $81.6 million for the quarter and nine months ended September 30, 2022, respectively. For all periods, the favorable development was included in services and other expenses and attributable to noncontrolling interests. During the nine months ended September 30, 2023 and 2022, $62.6 million and $22.3 million, respectively, 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) September 30, 2023 December 31, 2022 Assets Cash and cash equivalents $ 70,852 $ 104,443 Restricted cash and cash equivalents 193,778 317,577 Other assets and receivables due from cedents 19,416 41,357 Total Assets $ 284,046 $ 463,377 Liabilities and Equity Unpaid losses and loss adjustment expenses $ 201,026 $ 347,921 Other liabilities 1,232 26,717 Total Liabilities 202,258 374,638 Shareholders' equity 21,139 21,139 Noncontrolling interests 60,649 67,600 Total Equity 81,788 88,739 Total Liabilities and Equity $ 284,046 $ 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
Related Party Transactions | 9 Months Ended |
Sep. 30, 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 quarter and nine months ended September 30, 2023, total revenues attributed to unconsolidated entities managed by Nephila were $43.6 million and $74.1 million, respectively. For the quarter and nine months ended September 30, 2022, total revenues attributed to unconsolidated entities managed by Nephila were $17.1 million and $57.0 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 these programs, Nephila utilizes certain of the Company's licensed insurance companies to write U.S. catastrophe-exposed property risk that is then ceded to Nephila Reinsurers. A portion of this business is placed by Velocity, which the Company retained a minority interest in following its disposition. Additionally, through 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. The following table summarizes the premiums ceded to Nephila Reinsurers. Quarter Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2023 2022 2023 2022 Program services and other fronting: Gross and ceded written premiums attributable to Nephila programs $ 501,838 $ 398,872 $ 1,036,126 $ 889,644 Underwriting: Premiums ceded to Nephila Reinsurers $ 10,058 $ 15,037 $ 39,905 $ 44,656 As of September 30, 2023 and December 31, 2022, reinsurance recoverables on the consolidated balance sheets included $874.1 million 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. In June 2023, the Company sold one of the licensed insurance subsidiaries within its program services operations to Velocity, which resulted in a gain of $16.9 million during the second quarter of 2023. 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, a portion of which is ceded to Hagerty Re. The amounts attributed to these arrangements are summarized in the following table. Quarter Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2023 2022 2023 2022 Gross written premiums attributable to Hagerty $ 227,693 $ 197,041 $ 628,889 $ 540,447 Premiums ceded to Hagerty Re $ 174,455 $ 130,430 $ 480,924 $ 357,729 As of September 30, 2023 and December 31, 2022, reinsurance recoverables on the consolidated balance sheets included $200.0 million and $159.7 million, respectively, due from Hagerty Re. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders' Equity a) The Company has 50,000,000 shares of no par value common stock authorized. The following table presents a rollforward of changes in common shares issued and outstanding. Quarter Ended September 30, Nine Months Ended September 30, (shares in ones) 2023 2022 2023 2022 Issued and outstanding common shares, beginning of period 13,284,998 13,537,895 13,422,692 13,631,740 Issuance of common shares 3,007 694 5,475 2,886 Repurchase of common shares (56,483) (67,696) (196,645) (163,733) Issued and outstanding common shares, end of period 13,231,522 13,470,893 13,231,522 13,470,893 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 September 30, 2023 and December 31, 2022. The Company declared and paid dividends on preferred shares of $18.0 million, or $30 per share, in both the second quarter of 2023 and 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. Quarter Ended September 30, Nine Months Ended September 30, (in thousands, except per share amounts) 2023 2022 2023 2022 Net income (loss) to common shareholders $ 42,591 $ 59,594 $ 1,208,754 $ (925,943) Adjustment of redeemable noncontrolling interests (628) (17,730) 7,087 (62,168) Adjusted net income (loss) to common shareholders $ 41,963 $ 41,864 $ 1,215,841 $ (988,111) Basic common shares outstanding 13,315 13,564 13,382 13,609 Dilutive potential common shares from restricted stock units and restricted stock (1) 30 31 24 — Diluted common shares outstanding 13,345 13,595 13,406 13,609 Basic net income (loss) per common share $ 3.15 $ 3.09 $ 90.86 $ (72.61) Diluted net income (loss) per common share (1) $ 3.14 $ 3.08 $ 90.69 $ (72.61) (1) The impact of 28 thousand shares from restricted stock units and restricted stock was excluded from the computation of diluted net loss per common share for the nine months ended September 30, 2022 because the effect would have been anti-dilutive. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 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. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net income (loss) to common shareholders | $ 42,591 | $ 59,594 | $ 1,226,754 | $ (907,943) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation. The consolidated balance sheet as of September 30, 2023 and the related consolidated statements of income (loss) and comprehensive income (loss) and changes in equity for the quarters and nine months ended September 30, 2023 and 2022, and the condensed consolidated statements of cash flows for the nine months ended September 30, 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 Group'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 Group and its consolidated subsidiaries, as well as 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 estimated liability. 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, 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 $25.2 million and $104.5 million to the other comprehensive loss previously presented for the quarter and nine months ended September 30, 2022, which was comprised of the following adjustments. (dollars in thousands) Quarter Ended September 30, 2022 Nine Months Ended September 30, 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 25,244 149,135 Increase in other comprehensive loss, net of taxes $ 25,244 $ 104,453 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) | 9 Months Ended | |
Jan. 01, 2021 | Sep. 30, 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, 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 $25.2 million and $104.5 million to the other comprehensive loss previously presented for the quarter and nine months ended September 30, 2022, which was comprised of the following adjustments. (dollars in thousands) Quarter Ended September 30, 2022 Nine Months Ended September 30, 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 25,244 149,135 Increase in other comprehensive loss, net of taxes $ 25,244 $ 104,453 |
Segment Reporting Disclosures (
Segment Reporting Disclosures (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Company's Segment Disclosures | The following tables summarize the Company's segment disclosures. Quarter Ended September 30, 2023 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures Other (1) Consolidated Earned premiums $ 1,848,267 $ 274,161 $ — $ — $ (683) $ 2,121,745 Net investment income — — 191,015 1,192 — 192,207 Net investment losses — — (265,917) — — (265,917) Products revenues — — — 601,524 — 601,524 Services and other revenues — — (5,033) 644,053 86,607 725,627 Total operating revenues 1,848,267 274,161 (79,935) 1,246,769 85,924 3,375,186 Losses and loss adjustment expenses: Current accident year (1,258,864) (176,007) — — — (1,434,871) Prior accident years 55,374 (23,262) — — (1,566) 30,546 Underwriting, acquisition and insurance expenses: Amortization of policy acquisition costs (369,001) (68,919) — — — (437,920) Other underwriting expenses (250,684) (11,785) — — 2,260 (260,209) Products expenses — — — (545,567) — (545,567) Services and other expenses — — — (570,782) (36,028) (606,810) Amortization of intangible assets (2) — — — (23,118) (24,427) (47,545) Segment profit (loss) $ 25,092 $ (5,812) $ (79,935) $ 107,302 $ 26,163 $ 72,810 Interest expense (44,553) Net foreign exchange gains 39,246 Income before income taxes $ 67,503 (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 $9.1 million for the quarter ended September 30, 2023. Quarter Ended September 30, 2022 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures Other (1) Consolidated Earned premiums $ 1,695,029 $ 260,535 $ — $ — $ 1,266 $ 1,956,830 Net investment income — — 112,297 317 — 112,614 Net investment losses — — (281,483) — — (281,483) Products revenues — — — 586,531 — 586,531 Services and other revenues — — (4,883) 629,215 67,321 691,653 Total operating revenues 1,695,029 260,535 (174,069) 1,216,063 68,587 3,066,145 Losses and loss adjustment expenses: Current accident year (1,100,511) (166,485) — — — (1,266,996) Prior accident years 53,760 29,505 — — (1,582) 81,683 Underwriting, acquisition and insurance expenses: Amortization of policy acquisition costs (362,137) (68,662) — — (383) (431,182) Other underwriting expenses (200,604) (11,638) — — 152 (212,090) Products expenses — — — (580,830) — (580,830) Services and other expenses — — — (556,207) 9,823 (546,384) Amortization of intangible assets (2) — — — (18,567) (24,851) (43,418) Segment profit (loss) $ 85,537 $ 43,255 $ (174,069) $ 60,459 $ 51,746 $ 66,928 Interest expense (47,348) Net foreign exchange gains 113,635 Income before income taxes $ 133,215 (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 $9.6 million for the quarter ended September 30, 2022. Nine Months Ended September 30, 2023 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures Other (1) Consolidated Earned premiums $ 5,322,377 $ 799,683 $ — $ — $ (1,468) $ 6,120,592 Net investment income — — 518,536 2,699 — 521,235 Net investment gains — — 591,173 — — 591,173 Products revenues — — — 1,964,332 — 1,964,332 Services and other revenues — — (13,791) 1,770,997 206,573 1,963,779 Total operating revenues 5,322,377 799,683 1,095,918 3,738,028 205,105 11,161,111 Losses and loss adjustment expenses: Current accident year (3,415,860) (519,109) — — — (3,934,969) Prior accident years 179,564 (6,584) — — (3,226) 169,754 Underwriting, acquisition and insurance expenses: Amortization of policy acquisition costs (1,096,500) (202,271) — — — (1,298,771) Other underwriting expenses (733,334) (38,113) — — (1,503) (772,950) Products expenses — — — (1,712,792) — (1,712,792) Services and other expenses — — — (1,632,588) (45,658) (1,678,246) Amortization of intangible assets (2) — — — (62,528) (73,839) (136,367) Segment profit $ 256,247 $ 33,606 $ 1,095,918 $ 330,120 $ 80,879 $ 1,796,770 Interest expense (141,212) Net foreign exchange losses (8,658) Income before income taxes $ 1,646,900 (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 $28.0 million for the nine months ended September 30, 2023. Nine Months Ended September 30, 2022 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures Other (1) Consolidated Earned premiums $ 4,742,178 $ 808,656 $ — $ — $ (1,130) $ 5,549,704 Net investment income — — 301,289 424 — 301,713 Net investment losses — — (2,194,525) — — (2,194,525) Products revenues — — — 1,845,111 — 1,845,111 Services and other revenues — — (27,590) 1,682,318 307,857 1,962,585 Total operating revenues 4,742,178 808,656 (1,920,826) 3,527,853 306,727 7,464,588 Losses and loss adjustment expenses: Current accident year (2,906,031) (514,875) — — — (3,420,906) Prior accident years 196,093 13,845 — — (5,527) 204,411 Underwriting, acquisition and insurance expenses: Amortization of policy acquisition costs (996,369) (209,541) — — (415) (1,206,325) Other underwriting expenses (596,426) (37,708) — — (2,647) (636,781) Products expenses — — — (1,726,367) — (1,726,367) Services and other expenses — — — (1,524,167) (169,589) (1,693,756) Amortization of intangible assets (2) — — — (60,077) (74,913) (134,990) Segment profit (loss) $ 439,445 $ 60,377 $ (1,920,826) $ 217,242 $ 53,636 $ (1,150,126) Interest expense (147,090) Net foreign exchange gains 241,706 Loss before income taxes $ (1,055,510) (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 $29.0 million for the nine months ended September 30, 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. Quarter Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2023 2022 2023 2022 Depreciation expense $ 26,857 $ 23,738 $ 81,639 $ 75,304 Interest expense (1) $ 10,663 $ 11,921 $ 36,485 $ 34,124 Income tax expense $ 22,253 $ 12,603 $ 66,022 $ 43,682 Capital expenditures $ 65,616 $ 48,294 $ 135,159 $ 144,974 (1) Interest expense for the quarter and nine months ended September 30, 2023 included intercompany interest expense of $6.6 million and $19.9 million, respectively. Interest expense for the quarter and nine months ended September 30, 2022 included intercompany interest expense of $6.6 million and $20.7 million, respectively. Intercompany interest expense 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) September 30, 2023 December 31, 2022 Segment assets: Investing $ 28,522,052 $ 26,982,280 Underwriting 9,884,553 8,853,559 Markel Ventures 5,444,105 5,315,677 Total segment assets 43,850,710 41,151,516 Other operations 8,898,006 8,639,743 Total assets $ 52,748,716 $ 49,791,259 |
Investments (Tables)
Investments (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 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. September 30, 2023 (dollars in thousands) Amortized Gross Gross Estimated Fixed maturity securities: U.S. Treasury securities $ 3,440,991 $ — $ (130,162) $ 3,310,829 U.S. government-sponsored enterprises 1,133,417 — (137,733) 995,684 Obligations of states, municipalities and political subdivisions 4,106,251 879 (308,184) 3,798,946 Foreign governments 1,749,621 2,626 (189,128) 1,563,119 Commercial mortgage-backed securities 2,297,828 11 (208,466) 2,089,373 Residential mortgage-backed securities 511,525 1 (32,686) 478,840 Asset-backed securities 1,226 — (28) 1,198 Corporate bonds 826,883 758 (114,351) 713,290 Total fixed maturity securities 14,067,742 4,275 (1,120,738) 12,951,279 Short-term investments 2,250,219 3,253 (746) 2,252,726 Investments, available-for-sale $ 16,317,961 $ 7,528 $ (1,121,484) $ 15,204,005 | 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. September 30, 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 $ 1,339,577 $ (33,496) $ 1,971,252 $ (96,666) $ 3,310,829 $ (130,162) U.S. government-sponsored enterprises 302,362 (13,784) 693,322 (123,949) 995,684 (137,733) Obligations of states, municipalities and political subdivisions 1,469,105 (36,622) 2,240,788 (271,562) 3,709,893 (308,184) Foreign governments 442,453 (18,214) 1,095,516 (170,914) 1,537,969 (189,128) Commercial mortgage-backed securities 321,255 (13,554) 1,764,367 (194,912) 2,085,622 (208,466) Residential mortgage-backed securities 45,081 (1,074) 433,695 (31,612) 478,776 (32,686) Asset-backed securities — — 1,198 (28) 1,198 (28) Corporate bonds 98,459 (2,890) 605,598 (111,461) 704,057 (114,351) Total fixed maturity securities 4,018,292 (119,634) 8,805,736 (1,001,104) 12,824,028 (1,120,738) Short-term investments 203,710 (746) — — 203,710 (746) Total $ 4,222,002 $ (120,380) $ 8,805,736 $ (1,001,104) $ 13,027,738 $ (1,121,484) | 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 September 30, 2023 are shown below by contractual maturity. (dollars in thousands) Amortized Estimated Due in one year or less $ 1,245,195 $ 1,221,058 Due after one year through five years 4,731,573 4,490,492 Due after five years through ten years 3,655,839 3,269,429 Due after ten years 1,624,556 1,400,889 11,257,163 10,381,868 Commercial mortgage-backed securities 2,297,828 2,089,373 Residential mortgage-backed securities 511,525 478,840 Asset-backed securities 1,226 1,198 Total fixed maturity securities $ 14,067,742 $ 12,951,279 | |
Components Of Net Investment Income | The following table presents the components of net investment income. Quarter Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2023 2022 2023 2022 Interest: Fixed maturity securities $ 98,891 $ 72,477 $ 269,438 $ 215,541 Short-term investments 26,768 10,316 77,099 14,644 Cash and cash equivalents and restricted cash and cash equivalents 39,473 7,794 102,565 9,619 Dividends on equity securities 31,134 25,962 84,968 74,289 196,266 116,549 534,070 314,093 Investment expenses (4,059) (3,935) (12,835) (12,380) Net investment income $ 192,207 $ 112,614 $ 521,235 $ 301,713 | |
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 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. Quarter Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2023 2022 2023 2022 Fixed maturity securities, short-term investments and other investments: Net realized investment gains (losses) $ (36,093) $ 2,032 $ (38,159) $ 6,001 Equity securities: Change in fair value of securities sold during the period 2,683 2,553 16,706 (29,015) Change in fair value of securities held at the end of the period (232,507) (286,068) 612,626 (2,171,511) Total change in fair value (229,824) (283,515) 629,332 (2,200,526) Net investment gains (losses) $ (265,917) $ (281,483) $ 591,173 $ (2,194,525) Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive loss: Fixed maturity securities $ (208,598) $ (530,161) $ (167,411) $ (1,645,060) Short-term investments 193 (8,186) (3,195) (11,563) Net decrease $ (208,405) $ (538,347) $ (170,606) $ (1,656,623) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 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. September 30, 2023 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Investments: Fixed maturity securities, available-for-sale: U.S. Treasury securities $ — $ 3,310,829 $ — $ 3,310,829 U.S. government-sponsored enterprises — 995,684 — 995,684 Obligations of states, municipalities and political subdivisions — 3,798,946 — 3,798,946 Foreign governments — 1,563,119 — 1,563,119 Commercial mortgage-backed securities — 2,089,373 — 2,089,373 Residential mortgage-backed securities — 478,840 — 478,840 Asset-backed securities — 1,198 — 1,198 Corporate bonds — 713,290 — 713,290 Total fixed maturity securities, available-for-sale — 12,951,279 — 12,951,279 Equity securities: Insurance, banks and other financial institutions 3,304,299 — 942 3,305,241 Industrial, consumer and all other 5,269,716 — — 5,269,716 Total equity securities 8,574,015 — 942 8,574,957 Short-term investments, available-for-sale 2,085,072 167,654 — 2,252,726 Total investments $ 10,659,087 $ 13,118,933 $ 942 $ 23,778,962 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. Quarter Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2023 2022 2023 2022 Equity securities, beginning of period $ 936 $ 4,380 $ 899 $ 56,472 Purchases — — — — Sales — (3,528) — (56,335) Net investment gains 6 69 43 784 Equity securities, end of period $ 942 $ 921 $ 942 $ 921 |
Products, Services and Other _2
Products, Services and Other Revenues (Tables) | 9 Months Ended |
Sep. 30, 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. Quarter Ended September 30, 2023 2022 (dollars in thousands) Markel Ventures Other Total Markel Ventures Other Total Products $ 585,707 $ — $ 585,707 $ 575,277 $ — $ 575,277 Services 597,512 2,904 600,416 594,717 11,529 606,246 Investment management — 44,204 44,204 — 15,641 15,641 Total revenues from contracts with customers 1,183,219 47,108 1,230,327 1,169,994 27,170 1,197,164 Program services and other fronting — 39,499 39,499 — 40,033 40,033 Equity method investments income (loss) (21) 4,264 4,243 (546) (6,555) (7,101) Other 62,379 (9,297) 53,082 46,298 1,790 48,088 Total $ 1,245,577 $ 81,574 $ 1,327,151 $ 1,215,746 $ 62,438 $ 1,278,184 Nine Months Ended September 30, 2023 2022 (dollars in thousands) Markel Ventures Other Total Markel Ventures Other Total Products $ 1,921,773 $ — $ 1,921,773 $ 1,809,276 $ — $ 1,809,276 Services 1,652,187 7,542 1,659,729 1,593,946 41,547 1,635,493 Investment management — 76,108 76,108 — 55,197 55,197 Total revenues from contracts with customers 3,573,960 83,650 3,657,610 3,403,222 96,744 3,499,966 Program services and other fronting — 105,952 105,952 — 103,096 103,096 Disposition gain — 16,923 16,923 — 107,293 107,293 Equity method investments income (loss) 1,087 (1,485) (398) 1,537 (37,639) (36,102) Other 160,282 (12,258) 148,024 122,670 10,773 133,443 Total $ 3,735,329 $ 192,782 $ 3,928,111 $ 3,527,429 $ 280,267 $ 3,807,696 |
Unpaid Losses And Loss Adjust_2
Unpaid Losses And Loss Adjustment Expenses (Tables) | 9 Months Ended |
Sep. 30, 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. Nine Months Ended September 30, (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 16,246 (275,364) Adjusted net reserves for losses and loss adjustment expenses, beginning of year 12,969,260 11,027,213 Incurred losses and loss adjustment expenses: Current accident year 3,934,969 3,420,906 Prior accident years (169,754) (204,411) Total incurred losses and loss adjustment expenses 3,765,215 3,216,495 Payments: Current accident year 419,998 350,684 Prior accident years 2,018,199 1,880,471 Total payments 2,438,197 2,231,155 Effect of foreign currency rate changes on current year activity 416 (7,499) Change in net reserves for losses and loss adjustment expenses of Markel CATCo Re (see note 11) (146,895) 375,222 Reinsurance recoverable for retroactive reinsurance transaction (125,067) — Net reserves for losses and loss adjustment expenses, end of period 14,024,732 12,380,276 Reinsurance recoverables on unpaid losses 8,119,634 7,814,098 Gross reserves for losses and loss adjustment expenses, end of period $ 22,144,366 $ 20,194,374 |
Reinsurance (Tables)
Reinsurance (Tables) | 9 Months Ended |
Sep. 30, 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. Quarter Ended September 30, 2023 2022 (dollars in thousands) Direct Assumed Ceded Net Premiums Direct Assumed Ceded Net Premiums Underwriting: Written $ 2,223,988 $ 282,070 $ (478,035) $ 2,028,023 $ 2,133,822 $ 349,650 $ (473,885) $ 2,009,587 Earned $ 2,127,244 $ 424,620 $ (429,901) $ 2,121,963 $ 1,899,816 $ 408,561 $ (351,118) $ 1,957,259 Program services and other fronting: Written 615,424 557,324 (1,172,966) (218) 663,631 327,668 (991,719) (420) Earned 669,544 313,079 (982,841) (218) 729,312 218,439 (948,180) (429) Consolidated: Written $ 2,839,412 $ 839,394 $ (1,651,001) $ 2,027,805 $ 2,797,453 $ 677,318 $ (1,465,604) $ 2,009,167 Earned $ 2,796,788 $ 737,699 $ (1,412,742) $ 2,121,745 $ 2,629,128 $ 627,000 $ (1,299,298) $ 1,956,830 Nine Months Ended September 30, 2023 2022 (dollars in thousands) Direct Assumed Ceded Net Premiums Direct Assumed Ceded Net Premiums Underwriting: Written $ 6,479,090 $ 1,419,802 $ (1,444,626) $ 6,454,266 $ 6,065,936 $ 1,466,036 $ (1,255,226) $ 6,276,746 Earned $ 6,124,444 $ 1,247,743 $ (1,250,605) $ 6,121,582 $ 5,370,481 $ 1,194,504 $ (1,012,485) $ 5,552,500 Program services and other fronting: Written 2,012,806 991,305 (3,005,101) (990) 2,025,195 595,940 (2,624,185) (3,050) Earned 1,960,219 546,871 (2,508,080) (990) 2,036,016 332,415 (2,371,227) (2,796) Consolidated: Written $ 8,491,896 $ 2,411,107 $ (4,449,727) $ 6,453,276 $ 8,091,131 $ 2,061,976 $ (3,879,411) $ 6,273,696 Earned $ 8,084,663 $ 1,794,614 $ (3,758,685) $ 6,120,592 $ 7,406,497 $ 1,526,919 $ (3,383,712) $ 5,549,704 |
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. Quarter Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2023 2022 2023 2022 Gross losses and loss adjustment expenses $ 1,684,389 $ 1,423,526 $ 4,552,926 $ 3,760,566 Ceded losses and loss adjustment expenses (278,945) (238,220) (786,876) (544,109) Net losses and loss adjustment expenses $ 1,405,444 $ 1,185,306 $ 3,766,050 $ 3,216,457 |
Life and Annuity Benefits (Tabl
Life and Annuity Benefits (Tables) | 9 Months Ended |
Sep. 30, 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) September 30, 2023 December 31, 2022 Liability for future policyholder benefits $ 508,436 $ 554,366 Deferred profit liability 52,034 48,569 Other 39,786 47,786 Total $ 600,256 $ 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. Nine Months Ended September 30, (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 (5,890) (3,859) Adjusted liability for future policyholder benefits, beginning of year 661,871 741,454 Interest accretion 11,251 11,909 Benefit payments (39,819) (40,643) Effect of foreign currency rate changes (356) (77,166) Liability for future policyholder benefits at original discount rate, end of period 632,947 635,554 Cumulative effect of changes in discount rate assumptions (124,511) (112,459) Liability for future policyholder benefits, end of period (1) $ 508,436 $ 523,095 (1) The undiscounted liability for future policyholder benefits was $813.6 million and $822.3 million as of September 30, 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. September 30, 2023 December 31, 2022 Weighted-average interest rate: Interest accretion rate 2.3 % 2.3 % Current discount rate 4.7 % 4.3 % Weighted-average liability duration 8.2 years 8.6 years |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 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) September 30, 2023 December 31, 2022 Assets Cash and cash equivalents $ 70,852 $ 104,443 Restricted cash and cash equivalents 193,778 317,577 Other assets and receivables due from cedents 19,416 41,357 Total Assets $ 284,046 $ 463,377 Liabilities and Equity Unpaid losses and loss adjustment expenses $ 201,026 $ 347,921 Other liabilities 1,232 26,717 Total Liabilities 202,258 374,638 Shareholders' equity 21,139 21,139 Noncontrolling interests 60,649 67,600 Total Equity 81,788 88,739 Total Liabilities and Equity $ 284,046 $ 463,377 |
Related Party Disclosures (Tabl
Related Party Disclosures (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Nephila Related Party | 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 these programs, Nephila utilizes certain of the Company's licensed insurance companies to write U.S. catastrophe-exposed property risk that is then ceded to Nephila Reinsurers. A portion of this business is placed by Velocity, which the Company retained a minority interest in following its disposition. Additionally, through 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. The following table summarizes the premiums ceded to Nephila Reinsurers. Quarter Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2023 2022 2023 2022 Program services and other fronting: Gross and ceded written premiums attributable to Nephila programs $ 501,838 $ 398,872 $ 1,036,126 $ 889,644 Underwriting: Premiums ceded to Nephila Reinsurers $ 10,058 $ 15,037 $ 39,905 $ 44,656 |
Hagarty Related Party | 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, a portion of which is ceded to Hagerty Re. The amounts attributed to these arrangements are summarized in the following table. Quarter Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2023 2022 2023 2022 Gross written premiums attributable to Hagerty $ 227,693 $ 197,041 $ 628,889 $ 540,447 Premiums ceded to Hagerty Re $ 174,455 $ 130,430 $ 480,924 $ 357,729 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 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. Quarter Ended September 30, Nine Months Ended September 30, (shares in ones) 2023 2022 2023 2022 Issued and outstanding common shares, beginning of period 13,284,998 13,537,895 13,422,692 13,631,740 Issuance of common shares 3,007 694 5,475 2,886 Repurchase of common shares (56,483) (67,696) (196,645) (163,733) Issued and outstanding common shares, end of period 13,231,522 13,470,893 13,231,522 13,470,893 |
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. Quarter Ended September 30, Nine Months Ended September 30, (in thousands, except per share amounts) 2023 2022 2023 2022 Net income (loss) to common shareholders $ 42,591 $ 59,594 $ 1,208,754 $ (925,943) Adjustment of redeemable noncontrolling interests (628) (17,730) 7,087 (62,168) Adjusted net income (loss) to common shareholders $ 41,963 $ 41,864 $ 1,215,841 $ (988,111) Basic common shares outstanding 13,315 13,564 13,382 13,609 Dilutive potential common shares from restricted stock units and restricted stock (1) 30 31 24 — Diluted common shares outstanding 13,345 13,595 13,406 13,609 Basic net income (loss) per common share $ 3.15 $ 3.09 $ 90.86 $ (72.61) Diluted net income (loss) per common share (1) $ 3.14 $ 3.08 $ 90.69 $ (72.61) (1) The impact of 28 thousand shares from restricted stock units and restricted stock was excluded from the computation of diluted net loss per common share for the nine months ended September 30, 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 ($) | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jan. 01, 2021 |
Accounting Policies [Abstract] | ||||
Accumulated other comprehensive income (loss), net of tax | $ (890,833,000) | $ (767,494,000) | ||
Cumulative effect of changes in discount rate assumptions | (124,511,000) | $ (112,459,000) | ||
Life and annuity benefits | 600,256,000 | 650,721,000 | ||
Retained earnings | 10,778,567,000 | 9,832,804,000 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Retained earnings | 10,778,567,000 | 9,832,804,000 | ||
Cumulative effect of changes in discount rate assumptions | (124,511,000) | $ (112,459,000) | ||
Life and annuity benefits | 600,256,000 | 650,721,000 | ||
Accumulated other comprehensive income (loss), net of tax | $ (890,833,000) | $ (767,494,000) | ||
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 | ||||
Accounting Policies [Abstract] | ||||
Accumulated other comprehensive income (loss), net of tax | $ (15,260,000) | |||
Reverse reserve deficiency adjustment related to unrealized gains on underlying investment portfolio of available-for-sale securities | 119,548,000 | |||
Cumulative effect of changes in discount rate assumptions | (138,865,000) | |||
Life and annuity benefits | (19,317,000) | |||
Deferred tax liabilities, net | 4,057,000 | |||
Retained earnings | 0 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Retained earnings | 0 | |||
Reverse reserve deficiency adjustment related to unrealized gains on underlying investment portfolio of available-for-sale securities | 119,548,000 | |||
Cumulative effect of changes in discount rate assumptions | (138,865,000) | |||
Life and annuity benefits | (19,317,000) | |||
Deferred tax liabilities, net | 4,057,000 | |||
Accumulated other comprehensive income (loss), net of tax | $ (15,260,000) |
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 | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | |||
Life and annuity benefits | $ 600,256 | $ 650,721 | |
Accumulated other comprehensive income (loss), net of tax | (890,833) | (767,494) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Life and annuity benefits | 600,256 | 650,721 | |
Accumulated other comprehensive loss | $ (890,833) | (767,494) | |
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 | |||
Accounting Policies [Abstract] | |||
Life and annuity benefits | 113,396 | $ (19,759) | |
Deferred tax liabilities, net | (23,813) | 4,149 | |
Accumulated other comprehensive income (loss), net of tax | 89,583 | (15,610) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Life and annuity benefits | 113,396 | (19,759) | |
Deferred tax liabilities, net | (23,813) | 4,149 | |
Accumulated other comprehensive loss | $ 89,583 | $ (15,610) |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Accounting Policies [Abstract] | ||||
Other Comprehensive Income (Loss), Net of Tax | $ (150,019) | $ (407,663) | $ (123,257) | $ (1,169,684) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Other Comprehensive Income (Loss), Net of Tax | $ (150,019) | (407,663) | $ (123,257) | (1,169,684) |
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 | ||||
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 | 0 | (44,682) | ||
Change in discount rate for life and annuity benefits, net of taxes | 25,244 | 149,135 | ||
Other Comprehensive Income (Loss), Net of Tax | 25,244 | 104,453 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
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 | 0 | (44,682) | ||
Change in discount rate for life and annuity benefits, net of taxes | 25,244 | 149,135 | ||
Other Comprehensive Income (Loss), Net of Tax | $ 25,244 | $ 104,453 |
Segment Reporting Disclosures_2
Segment Reporting Disclosures (Company's Segment Disclosures) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||||||
Segment Reporting Information [Line Items] | |||||||||
Earned premiums | $ 2,121,745 | $ 1,956,830 | $ 6,120,592 | $ 5,549,704 | |||||
Net investment income | 192,207 | 112,614 | 521,235 | 301,713 | |||||
Net investment gains (losses) | (265,917) | (281,483) | 591,173 | (2,194,525) | |||||
Products revenues | 601,524 | 586,531 | 1,964,332 | 1,845,111 | |||||
Services and other revenues | 725,627 | 691,653 | 1,963,779 | 1,962,585 | |||||
Operating revenues | 3,375,186 | 3,066,145 | 11,161,111 | 7,464,588 | |||||
Losses and loss adjustment expenses, current accident year | (1,434,871) | (1,266,996) | (3,934,969) | (3,420,906) | |||||
Losses and loss adjustment expenses, prior accident year | 30,546 | 81,683 | 169,754 | 204,411 | |||||
Amortization of policy acquisition costs | (437,920) | (431,182) | (1,298,771) | (1,206,325) | |||||
Other underwriting expenses | (260,209) | (212,090) | (772,950) | (636,781) | |||||
Products expenses | (545,567) | (580,830) | (1,712,792) | (1,726,367) | |||||
Services and other expenses | (606,810) | (546,384) | (1,678,246) | (1,693,756) | |||||
Amortization of intangible assets | (47,545) | [1] | (43,418) | [2] | (136,367) | [3] | (134,990) | [4] | |
Segment profit (loss) | 72,810 | 66,928 | 1,796,770 | (1,150,126) | |||||
Interest expense | (44,553) | (47,348) | (141,212) | (147,090) | |||||
Net foreign exchange gains (losses) | 39,246 | 113,635 | (8,658) | 241,706 | |||||
Income (Loss) before income taxes | 67,503 | 133,215 | 1,646,900 | (1,055,510) | |||||
Insurance [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Earned premiums | 1,848,267 | 1,695,029 | 5,322,377 | 4,742,178 | |||||
Net investment income | 0 | 0 | 0 | 0 | |||||
Net investment gains (losses) | 0 | 0 | 0 | 0 | |||||
Products revenues | 0 | 0 | 0 | 0 | |||||
Services and other revenues | 0 | 0 | 0 | 0 | |||||
Operating revenues | 1,848,267 | 1,695,029 | 5,322,377 | 4,742,178 | |||||
Losses and loss adjustment expenses, current accident year | (1,258,864) | (1,100,511) | (3,415,860) | (2,906,031) | |||||
Losses and loss adjustment expenses, prior accident year | 55,374 | 53,760 | 179,564 | 196,093 | |||||
Amortization of policy acquisition costs | (369,001) | (362,137) | (1,096,500) | (996,369) | |||||
Other underwriting expenses | (250,684) | (200,604) | (733,334) | (596,426) | |||||
Products expenses | 0 | 0 | 0 | 0 | |||||
Services and other expenses | 0 | 0 | 0 | 0 | |||||
Amortization of intangible assets | 0 | [1] | 0 | [2] | 0 | [3] | 0 | [4] | |
Segment profit (loss) | 25,092 | 85,537 | 256,247 | 439,445 | |||||
Reinsurance [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Earned premiums | 274,161 | 260,535 | 799,683 | 808,656 | |||||
Net investment income | 0 | 0 | 0 | 0 | |||||
Net investment gains (losses) | 0 | 0 | 0 | 0 | |||||
Products revenues | 0 | 0 | 0 | 0 | |||||
Services and other revenues | 0 | 0 | 0 | 0 | |||||
Operating revenues | 274,161 | 260,535 | 799,683 | 808,656 | |||||
Losses and loss adjustment expenses, current accident year | (176,007) | (166,485) | (519,109) | (514,875) | |||||
Losses and loss adjustment expenses, prior accident year | (23,262) | 29,505 | (6,584) | 13,845 | |||||
Amortization of policy acquisition costs | (68,919) | (68,662) | (202,271) | (209,541) | |||||
Other underwriting expenses | (11,785) | (11,638) | (38,113) | (37,708) | |||||
Products expenses | 0 | 0 | 0 | 0 | |||||
Services and other expenses | 0 | 0 | 0 | 0 | |||||
Amortization of intangible assets | 0 | [1] | 0 | [2] | 0 | [3] | 0 | [4] | |
Segment profit (loss) | (5,812) | 43,255 | 33,606 | 60,377 | |||||
Investing [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Earned premiums | 0 | 0 | 0 | 0 | |||||
Net investment income | 191,015 | 112,297 | 518,536 | 301,289 | |||||
Net investment gains (losses) | (265,917) | (281,483) | 591,173 | (2,194,525) | |||||
Products revenues | 0 | 0 | 0 | 0 | |||||
Services and other revenues | (5,033) | (4,883) | (13,791) | (27,590) | |||||
Operating revenues | (79,935) | (174,069) | 1,095,918 | (1,920,826) | |||||
Losses and loss adjustment expenses, current accident year | 0 | 0 | 0 | 0 | |||||
Losses and loss adjustment expenses, prior accident year | 0 | 0 | 0 | 0 | |||||
Amortization of policy acquisition costs | 0 | 0 | 0 | 0 | |||||
Other underwriting expenses | 0 | 0 | 0 | 0 | |||||
Products expenses | 0 | 0 | 0 | 0 | |||||
Services and other expenses | 0 | 0 | 0 | 0 | |||||
Amortization of intangible assets | 0 | [1] | 0 | [2] | 0 | [3] | 0 | [4] | |
Segment profit (loss) | (79,935) | (174,069) | 1,095,918 | (1,920,826) | |||||
Markel Ventures [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Earned premiums | 0 | 0 | 0 | 0 | |||||
Net investment income | 1,192 | 317 | 2,699 | 424 | |||||
Net investment gains (losses) | 0 | 0 | 0 | 0 | |||||
Products revenues | 601,524 | 586,531 | 1,964,332 | 1,845,111 | |||||
Services and other revenues | 644,053 | 629,215 | 1,770,997 | 1,682,318 | |||||
Operating revenues | 1,246,769 | 1,216,063 | 3,738,028 | 3,527,853 | |||||
Losses and loss adjustment expenses, current accident year | 0 | 0 | 0 | 0 | |||||
Losses and loss adjustment expenses, prior accident year | 0 | 0 | 0 | 0 | |||||
Amortization of policy acquisition costs | 0 | 0 | 0 | 0 | |||||
Other underwriting expenses | 0 | 0 | 0 | 0 | |||||
Products expenses | (545,567) | (580,830) | (1,712,792) | (1,726,367) | |||||
Services and other expenses | (570,782) | (556,207) | (1,632,588) | (1,524,167) | |||||
Amortization of intangible assets | (23,118) | [1] | (18,567) | [2] | (62,528) | [3] | (60,077) | [4] | |
Segment profit (loss) | 107,302 | 60,459 | 330,120 | 217,242 | |||||
Interest expense | [5] | (10,663) | (11,921) | (36,485) | (34,124) | ||||
Other [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Earned premiums | (683) | [6] | 1,266 | [7] | (1,468) | [8] | (1,130) | [9] | |
Net investment income | 0 | [6] | 0 | [7] | 0 | [8] | 0 | [9] | |
Net investment gains (losses) | 0 | [6] | 0 | [7] | 0 | [8] | 0 | [9] | |
Products revenues | 0 | [6] | 0 | [7] | 0 | [8] | 0 | [9] | |
Services and other revenues | 86,607 | [6] | 67,321 | [7] | 206,573 | [8] | 307,857 | [9] | |
Operating revenues | 85,924 | [6] | 68,587 | [7] | 205,105 | [8] | 306,727 | [9] | |
Losses and loss adjustment expenses, current accident year | 0 | [6] | 0 | [7] | 0 | [8] | 0 | [9] | |
Losses and loss adjustment expenses, prior accident year | (1,566) | [6] | (1,582) | [7] | (3,226) | [8] | (5,527) | [9] | |
Amortization of policy acquisition costs | 0 | [6] | (383) | [7] | 0 | [8] | (415) | [9] | |
Other underwriting expenses | 2,260 | [6] | 152 | [7] | (1,503) | [8] | (2,647) | [9] | |
Products expenses | 0 | [6] | 0 | [7] | 0 | [8] | 0 | [9] | |
Services and other expenses | (36,028) | [6] | 9,823 | [7] | (45,658) | [8] | (169,589) | [9] | |
Amortization of intangible assets | (24,427) | [1],[6] | (24,851) | [2],[7] | (73,839) | [3],[8] | (74,913) | [4],[9] | |
Segment profit (loss) | 26,163 | [6] | 51,746 | [7] | 80,879 | [8] | 53,636 | [9] | |
Underwriting Segments [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Amortization of intangible assets | $ 9,100 | [6] | $ 9,600 | [2] | $ 28,000 | [3] | $ 29,000 | [4] | |
[1]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 $9.1 million for the quarter ended September 30, 2023[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 quarter ended September 30, 2022[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 $28.0 million for the nine months ended September 30, 2023.[4]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 $29.0 million for the nine months ended September 30, 2022.[5]Interest expense for the quarter and nine months ended September 30, 2023 included intercompany interest expense of $6.6 million and $19.9 million, respectively. Interest expense for the quarter and nine months ended September 30, 2022 included intercompany interest expense of $6.6 million and $20.7 million, respectively. Intercompany interest expense was eliminated in consolidation.[6]Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment, as well as amortization of intangible assets attributable to underwriting segments, which is not allocated between the Insurance and Reinsurance segments.[7]Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment, as well as amortization of intangible assets attributable to underwriting segments, which is not allocated between the Insurance and Reinsurance segments.[8]Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment, as well as amortization of intangible assets attributable to underwriting segments, which is not allocated between the Insurance and Reinsurance segments.[9]Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment, as well as amortization of intangible assets attributable to underwriting segments, which is not allocated between the Insurance and Reinsurance segments. |
Segment Reporting Disclosures_3
Segment Reporting Disclosures (Summary of Additional Measures for Markel Ventures) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Segment Reporting Information [Line Items] | |||||
Interest expense | $ 44,553 | $ 47,348 | $ 141,212 | $ 147,090 | |
Income tax expense | 14,235 | 16,460 | 339,903 | (240,629) | |
Markel Ventures [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation expense | 26,857 | 23,738 | 81,639 | 75,304 | |
Interest expense | [1] | 10,663 | 11,921 | 36,485 | 34,124 |
Income tax expense | 22,253 | 12,603 | 66,022 | 43,682 | |
Capital expenditures | 65,616 | 48,294 | 135,159 | 144,974 | |
Markel Ventures [Member] | Intercompany interest expense | |||||
Segment Reporting Information [Line Items] | |||||
Interest expense | [1] | $ 6,600 | $ 6,600 | $ 19,900 | $ 20,700 |
[1]Interest expense for the quarter and nine months ended September 30, 2023 included intercompany interest expense of $6.6 million and $19.9 million, respectively. Interest expense for the quarter and nine months ended September 30, 2022 included intercompany interest expense of $6.6 million and $20.7 million, respectively. Intercompany interest expense was eliminated in consolidation. |
Segment Reporting Disclosures_4
Segment Reporting Disclosures (Reconciliation Of Segment Assets To The Company's Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Assets | $ 52,748,716 | $ 49,791,259 |
Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 8,898,006 | 8,639,743 |
Segment assets [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 43,850,710 | 41,151,516 |
Segment assets [Member] | Investing [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 28,522,052 | 26,982,280 |
Segment assets [Member] | Underwriting [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 9,884,553 | 8,853,559 |
Segment assets [Member] | Markel Ventures [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 5,444,105 | $ 5,315,677 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) $ in Thousands | Sep. 30, 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 | 1,732 | 1,400 |
Available-for-sale securities, estimated fair value | $ 13,027,738 | $ 11,280,896 |
Available-for-sale securities, gross unrealized holding losses | $ (1,121,484) | $ (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 | 1,150 | 246 |
Available-for-sale securities, estimated fair value, 12 months or longer | $ 8,805,736 | $ 3,356,273 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | (1,001,104) | (393,911) |
Investments, available-for-sale, allowance for credit losses | $ 0 | $ 0 |
Investments (Available-For-Sale
Investments (Available-For-Sale Investments) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale, amortized cost | $ 14,067,742 | $ 12,805,887 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 4,275 | 13,100 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (1,120,738) | (962,152) |
Available-for-sale fixed maturity investments, estimated fair value | 12,951,279 | 11,856,835 |
Short-term investments, available-for-sale, amortized cost | 2,250,219 | 2,663,560 |
Short-term investments, available-for-sale, gross unrealized holding gains | 3,253 | 5,760 |
Short-term investments, available-for-sale, gross unrealized holding losses | (746) | (58) |
Short-term investments, available-for-sale, estimated fair value | 2,252,726 | 2,669,262 |
Investments, available-for-sale, amortized cost | 16,317,961 | 15,469,447 |
Investments, available-for-sale, gross unrealized holding gains | 7,528 | 18,860 |
Investments, available-for-sale, gross unrealized holding losses | (1,121,484) | (962,210) |
Investments, available-for-sale, estimated fair value | 15,204,005 | 14,526,097 |
U.S. Treasury securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale, amortized cost | 3,440,991 | 3,050,089 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 0 | 2,363 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (130,162) | (138,493) |
Available-for-sale fixed maturity investments, estimated fair value | 3,310,829 | 2,913,959 |
U.S. government-sponsored enterprises [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale, amortized cost | 1,133,417 | 871,463 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 0 | 154 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (137,733) | (106,079) |
Available-for-sale fixed maturity investments, estimated fair value | 995,684 | 765,538 |
Obligations of states, municipalities and political subdivisions [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale, amortized cost | 4,106,251 | 3,973,911 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 879 | 6,503 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (308,184) | (247,231) |
Available-for-sale fixed maturity investments, estimated fair value | 3,798,946 | 3,733,183 |
Foreign governments [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale, amortized cost | 1,749,621 | 1,473,658 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 2,626 | 2,843 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (189,128) | (169,723) |
Available-for-sale fixed maturity investments, estimated fair value | 1,563,119 | 1,306,778 |
Commercial mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale, amortized cost | 2,297,828 | 2,109,721 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 11 | 395 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (208,466) | (169,668) |
Available-for-sale fixed maturity investments, estimated fair value | 2,089,373 | 1,940,448 |
Residential mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale, amortized cost | 511,525 | 553,591 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 1 | 6 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (32,686) | (26,804) |
Available-for-sale fixed maturity investments, estimated fair value | 478,840 | 526,793 |
Asset-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale, amortized cost | 1,226 | 1,693 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 0 | 0 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (28) | (53) |
Available-for-sale fixed maturity investments, estimated fair value | 1,198 | 1,640 |
Corporate bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale, amortized cost | 826,883 | 771,761 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 758 | 836 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (114,351) | (104,101) |
Available-for-sale fixed maturity investments, estimated fair value | $ 713,290 | $ 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 | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | $ 4,222,002 | $ 7,924,623 |
Available-for-sale securities, gross unrealized holding losses, less than 12 months | (120,380) | (568,299) |
Available-for-sale securities, estimated fair value, 12 months or longer | 8,805,736 | 3,356,273 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | (1,001,104) | (393,911) |
Available-for-sale securities, estimated fair value | 13,027,738 | 11,280,896 |
Available-for-sale securities, gross unrealized holding losses | (1,121,484) | (962,210) |
Short-term investments, estimated fair value, less than 12 months | 203,710 | 774,480 |
Short-term investments, gross unrealized holding losses, less than 12 months | (746) | (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 | 203,710 | 774,480 |
Short-term investments, gross unrealized holding losses | (746) | (58) |
U.S. Treasury securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | 1,339,577 | 735,605 |
Available-for-sale securities, gross unrealized holding losses, less than 12 months | (33,496) | (30,583) |
Available-for-sale securities, estimated fair value, 12 months or longer | 1,971,252 | 1,907,922 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | (96,666) | (107,910) |
Available-for-sale securities, estimated fair value | 3,310,829 | 2,643,527 |
Available-for-sale securities, gross unrealized holding losses | (130,162) | (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 | 302,362 | 413,495 |
Available-for-sale securities, gross unrealized holding losses, less than 12 months | (13,784) | (40,488) |
Available-for-sale securities, estimated fair value, 12 months or longer | 693,322 | 331,391 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | (123,949) | (65,591) |
Available-for-sale securities, estimated fair value | 995,684 | 744,886 |
Available-for-sale securities, gross unrealized holding losses | (137,733) | (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 | 1,469,105 | 2,474,289 |
Available-for-sale securities, gross unrealized holding losses, less than 12 months | (36,622) | (164,537) |
Available-for-sale securities, estimated fair value, 12 months or longer | 2,240,788 | 348,943 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | (271,562) | (82,694) |
Available-for-sale securities, estimated fair value | 3,709,893 | 2,823,232 |
Available-for-sale securities, gross unrealized holding losses | (308,184) | (247,231) |
Foreign governments [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | 442,453 | 900,322 |
Available-for-sale securities, gross unrealized holding losses, less than 12 months | (18,214) | (115,324) |
Available-for-sale securities, estimated fair value, 12 months or longer | 1,095,516 | 300,423 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | (170,914) | (54,399) |
Available-for-sale securities, estimated fair value | 1,537,969 | 1,200,745 |
Available-for-sale securities, gross unrealized holding losses | (189,128) | (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 | 321,255 | 1,611,603 |
Available-for-sale securities, gross unrealized holding losses, less than 12 months | (13,554) | (117,482) |
Available-for-sale securities, estimated fair value, 12 months or longer | 1,764,367 | 305,217 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | (194,912) | (52,186) |
Available-for-sale securities, estimated fair value | 2,085,622 | 1,916,820 |
Available-for-sale securities, gross unrealized holding losses | (208,466) | (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 | 45,081 | 516,423 |
Available-for-sale securities, gross unrealized holding losses, less than 12 months | (1,074) | (25,232) |
Available-for-sale securities, estimated fair value, 12 months or longer | 433,695 | 9,342 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | (31,612) | (1,572) |
Available-for-sale securities, estimated fair value | 478,776 | 525,765 |
Available-for-sale securities, gross unrealized holding losses | (32,686) | (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 | 1,198 | 0 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | (28) | 0 |
Available-for-sale securities, estimated fair value | 1,198 | 1,640 |
Available-for-sale securities, gross unrealized holding losses | (28) | (53) |
Corporate bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | 98,459 | 496,766 |
Available-for-sale securities, gross unrealized holding losses, less than 12 months | (2,890) | (74,542) |
Available-for-sale securities, estimated fair value, 12 months or longer | 605,598 | 153,035 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | (111,461) | (29,559) |
Available-for-sale securities, estimated fair value | 704,057 | 649,801 |
Available-for-sale securities, gross unrealized holding losses | (114,351) | (104,101) |
Total fixed maturities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | 4,018,292 | 7,150,143 |
Available-for-sale securities, gross unrealized holding losses, less than 12 months | (119,634) | (568,241) |
Available-for-sale securities, estimated fair value, 12 months or longer | 8,805,736 | 3,356,273 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | (1,001,104) | (393,911) |
Available-for-sale securities, estimated fair value | 12,824,028 | 10,506,416 |
Available-for-sale securities, gross unrealized holding losses | $ (1,120,738) | $ (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 | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Due in one year or less, amortized cost | $ 1,245,195 | |
Due after one year through five years, amortized cost | 4,731,573 | |
Due after five years through ten years, amortized cost | 3,655,839 | |
Due after ten years, amortized cost | 1,624,556 | |
Amortized cost, sub-total | 11,257,163 | |
Total fixed maturities, amortized cost | 14,067,742 | $ 12,805,887 |
Due in one year or less, estimated fair value | 1,221,058 | |
Due after one year through five years, estimated fair value | 4,490,492 | |
Due after five years through ten years, estimated fair value | 3,269,429 | |
Due after ten years, estimated fair value | 1,400,889 | |
Estimated fair value, sub-total | 10,381,868 | |
Total fixed maturities, estimated fair value | 12,951,279 | 11,856,835 |
Commercial mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, amortized cost | 2,297,828 | |
Total fixed maturities, amortized cost | 2,297,828 | 2,109,721 |
Fixed maturities, estimated fair value | 2,089,373 | |
Total fixed maturities, estimated fair value | 2,089,373 | 1,940,448 |
Residential mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, amortized cost | 511,525 | |
Total fixed maturities, amortized cost | 511,525 | 553,591 |
Fixed maturities, estimated fair value | 478,840 | |
Total fixed maturities, estimated fair value | 478,840 | 526,793 |
Asset-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, amortized cost | 1,226 | |
Total fixed maturities, amortized cost | 1,226 | 1,693 |
Fixed maturities, estimated fair value | 1,198 | |
Total fixed maturities, estimated fair value | $ 1,198 | $ 1,640 |
Investments (Components Of Net
Investments (Components Of Net Investment Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Dividends on equity securities | $ 31,134 | $ 25,962 | $ 84,968 | $ 74,289 |
Total investment income | 196,266 | 116,549 | 534,070 | 314,093 |
Investment expenses | (4,059) | (3,935) | (12,835) | (12,380) |
Net investment income | 192,207 | 112,614 | 521,235 | 301,713 |
Fixed Maturities [Member] | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Interest income | 98,891 | 72,477 | 269,438 | 215,541 |
Short-term investments [Member] | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Interest income | 26,768 | 10,316 | 77,099 | 14,644 |
Cash and Cash Equivalents | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Interest income | $ 39,473 | $ 7,794 | $ 102,565 | $ 9,619 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Gain (Loss) on Securities [Line Items] | ||||
Net realized investment gains (losses) | $ (36,093) | $ 2,032 | $ (38,159) | $ 6,001 |
Equity securities, Change in fair value of securities sold during the period | 2,683 | 2,553 | 16,706 | (29,015) |
Equity securities, Change in fair value of securities held at the end of the period | (232,507) | (286,068) | 612,626 | (2,171,511) |
Total change in fair value of equity securities | (229,824) | (283,515) | 629,332 | (2,200,526) |
Net investment gains (losses) | (265,917) | (281,483) | 591,173 | (2,194,525) |
Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive loss: | (208,405) | (538,347) | (170,606) | (1,656,623) |
Fixed Maturities [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive loss: | (208,598) | (530,161) | (167,411) | (1,645,060) |
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 loss: | $ 193 | $ (8,186) | $ (3,195) | $ (11,563) |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Sales | $ 0 | $ (3,528) | $ 0 | $ (56,335) |
Unconsolidated Markel CATCo Fund 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Sales | (41,300) | |||
Fair value, nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets measured at fair value on a nonrecurring basis | 0 | 0 | 0 | 0 |
Liabilities measured at fair value on a nonrecurring basis | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value Measurements (Balanc
Fair Value Measurements (Balances Of Assets Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 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 | $ 12,951,279 | $ 11,856,835 |
Equity securities | 8,574,957 | 7,671,912 |
Short-term investments, available-for-sale | 2,252,726 | 2,669,262 |
Total Investments | 23,778,962 | 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 | 3,310,829 | 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 | 995,684 | 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 | 3,798,946 | 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 | 1,563,119 | 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 | 2,089,373 | 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 | 478,840 | 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 | 1,198 | 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 | 713,290 | 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 | 12,951,279 | 11,856,835 |
Equity securities | 8,574,957 | 7,671,912 |
Short-term investments, available-for-sale | 2,252,726 | 2,669,262 |
Total Investments | 23,778,962 | 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 | 8,574,015 | 7,671,013 |
Short-term investments, available-for-sale | 2,085,072 | 2,510,164 |
Total Investments | 10,659,087 | 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 | 12,951,279 | 11,856,835 |
Equity securities | 0 | 0 |
Short-term investments, available-for-sale | 167,654 | 159,098 |
Total Investments | 13,118,933 | 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 | 942 | 899 |
Short-term investments, available-for-sale | 0 | 0 |
Total Investments | 942 | 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 | 3,310,829 | 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 | 3,310,829 | 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 | 995,684 | 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 | 995,684 | 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 | 3,798,946 | 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 | 3,798,946 | 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 | 1,563,119 | 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 | 1,563,119 | 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 | 2,089,373 | 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 | 2,089,373 | 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 | 478,840 | 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 | 478,840 | 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 | 1,198 | 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 | 1,198 | 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 | 713,290 | 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 | 713,290 | 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 | 3,305,241 | 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 | 3,304,299 | 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 | 942 | 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 | 5,269,716 | 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 | 5,269,716 | 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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities, beginning of period | $ 936 | $ 4,380 | $ 899 | $ 56,472 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | (3,528) | 0 | (56,335) |
Net investment gains | 6 | 69 | 43 | 784 |
Equity securities, end of period | $ 942 | $ 921 | $ 942 | $ 921 |
Equity Method Investments (Deta
Equity Method Investments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments | $ 582.8 | $ 582.8 | $ 494 | ||
Income (loss) from equity method investments | 4.2 | $ (7.1) | (0.4) | $ (36.1) | |
Hagerty, Inc. [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments | $ 235.4 | $ 235.4 | $ 245.1 | ||
Equity method investment, ownership percentage | 23% | 23% | 23% | ||
Equity method investment, quoted market value | $ 637.3 | $ 637.3 | $ 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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Other revenues | $ 1,327,151 | $ 1,278,184 | $ 3,928,111 | $ 3,807,696 |
Income (loss) from equity method investments | 4,200 | (7,100) | (400) | (36,100) |
Revenue from contracts with customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 1,230,327 | 1,197,164 | 3,657,610 | 3,499,966 |
Products [Member] | Revenue from contracts with customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 585,707 | 575,277 | 1,921,773 | 1,809,276 |
Services [Member] | Revenue from contracts with customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 600,416 | 606,246 | 1,659,729 | 1,635,493 |
Investment management [Member] | Revenue from contracts with customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 44,204 | 15,641 | 76,108 | 55,197 |
Program services and other fronting [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 39,499 | 40,033 | 105,952 | 103,096 |
Disposition gain | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 16,923 | 107,293 | ||
Equity method investments income (loss) [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Income (loss) from equity method investments | 4,243 | (7,101) | (398) | (36,102) |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 53,082 | 48,088 | 148,024 | 133,443 |
Markel Ventures [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 1,245,577 | 1,215,746 | 3,735,329 | 3,527,429 |
Markel Ventures [Member] | Revenue from contracts with customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 1,183,219 | 1,169,994 | 3,573,960 | 3,403,222 |
Markel Ventures [Member] | Products [Member] | Revenue from contracts with customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 585,707 | 575,277 | 1,921,773 | 1,809,276 |
Markel Ventures [Member] | Services [Member] | Revenue from contracts with customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 597,512 | 594,717 | 1,652,187 | 1,593,946 |
Markel Ventures [Member] | Investment management [Member] | Revenue from contracts with customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 0 | 0 | 0 | 0 |
Markel Ventures [Member] | Program services and other fronting [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 0 | 0 | 0 | 0 |
Markel Ventures [Member] | 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 | (21) | (546) | 1,087 | 1,537 |
Markel Ventures [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 62,379 | 46,298 | 160,282 | 122,670 |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 81,574 | 62,438 | 192,782 | 280,267 |
Other [Member] | Revenue from contracts with customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 47,108 | 27,170 | 83,650 | 96,744 |
Other [Member] | Products [Member] | Revenue from contracts with customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 0 | 0 | 0 | 0 |
Other [Member] | Services [Member] | Revenue from contracts with customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 2,904 | 11,529 | 7,542 | 41,547 |
Other [Member] | Investment management [Member] | Revenue from contracts with customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 44,204 | 15,641 | 76,108 | 55,197 |
Other [Member] | Program services and other fronting [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 39,499 | 40,033 | 105,952 | 103,096 |
Other [Member] | Disposition gain | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 16,923 | 107,293 | ||
Other [Member] | Equity method investments income (loss) [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Income (loss) from equity method investments | 4,264 | (6,555) | (1,485) | (37,639) |
Other [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | $ (9,297) | $ 1,790 | $ (12,258) | $ 10,773 |
Products, Services and Other _4
Products, Services and Other Revenues (Schedule Of Revenues From Disposition of Business) (Details) - USD ($) $ in Millions | Jun. 01, 2023 | Feb. 01, 2022 |
Velocity [Member] | ||
Schedule of Business Dispositions, by Dispositions [Line Items] | ||
Gain on sale of business | $ 107.3 | |
ISIC [Member] | ||
Schedule of Business Dispositions, by Dispositions [Line Items] | ||
Gain on sale of business | $ 16.9 |
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 | Sep. 30, 2023 | Dec. 31, 2022 |
Contracts with customers [Member] | ||
Receivables [Line Items] | ||
Trade and Other Receivables, Net | $ 683.1 | $ 624.1 |
Unpaid Losses And Loss Adjust_3
Unpaid Losses And Loss Adjustment Expenses (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Aug. 31, 2023 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Incurred losses and loss adjustment expenses, current accident years | $ 1,434,871 | $ 1,266,996 | $ 3,934,969 | $ 3,420,906 | |
Reinsurance Recoverable, Allowance for Credit Loss, Period Increase (Decrease) | 25,000 | ||||
Favorable (adverse) development on prior years' loss reserves | 169,754 | 204,411 | |||
Reinsurance recoverable for retroactive reinsurance transaction | (125,067) | 0 | (125,067) | 0 | |
Vesttoo LOC 1 | |||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Letters of Credit, Collateral for Reinsurance Recoverable | $ 50,000 | ||||
Vesttoo LOC 2 | |||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Letters of Credit, Collateral for Reinsurance Recoverable | $ 77,800 | ||||
Hawaiian wildfires and Hurricane Idalia | |||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Incurred losses and loss adjustment expenses, current accident years | 46,200 | ||||
Hurricane Ian (2022) | |||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Incurred losses and loss adjustment expenses, current accident years | 70,000 | ||||
Russian-Ukraine Conflict | |||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Incurred losses and loss adjustment expenses, current accident years | 35,000 | ||||
Insurance [Member] | |||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Incurred losses and loss adjustment expenses, current accident years | 1,258,864 | 1,100,511 | 3,415,860 | 2,906,031 | |
Insurance [Member] | Professional Liability, Property, Marine and Energy, Workers Comp and Personal lines [Member] | |||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Favorable (adverse) development on prior years' loss reserves | 239,800 | ||||
Insurance [Member] | General Liability [Member] | |||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Favorable (adverse) development on prior years' loss reserves | 70,500 | ||||
Insurance [Member] | Workers' Compensation, Property, Marine and Energy and Programs [Member] | |||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Favorable (adverse) development on prior years' loss reserves | 155,000 | ||||
Reinsurance [Member] | |||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Incurred losses and loss adjustment expenses, current accident years | 176,007 | $ 166,485 | 519,109 | 514,875 | |
Reinsurance recoverable for retroactive reinsurance transaction | $ (125,100) | (125,100) | |||
Reinsurance [Member] | Professional liability and Property [Member] | |||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Favorable (adverse) development on prior years' loss reserves | 34,100 | ||||
Reinsurance [Member] | Public Entity and General Liability | |||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Favorable (adverse) development on prior years' loss reserves | $ (60,900) | ||||
Reinsurance [Member] | Property and Credit and Surety | |||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Favorable (adverse) development on prior years' loss reserves | $ 41,700 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 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 | $ 16,246 | $ (275,364) | 16,246 | (275,364) |
Adjusted net reserves for losses and loss adjustment expenses, beginning of year | 12,969,260 | 11,027,213 | ||
Incurred losses and loss adjustment expenses, current accident years | 1,434,871 | 1,266,996 | 3,934,969 | 3,420,906 |
Incurred losses and loss adjustment expenses, prior accident years | (169,754) | (204,411) | ||
Total incurred losses and loss adjustment expenses | 3,765,215 | 3,216,495 | ||
Payments, current accident year | 419,998 | 350,684 | ||
Payments, prior accident years | 2,018,199 | 1,880,471 | ||
Total payments | 2,438,197 | 2,231,155 | ||
Effect of foreign currency rate changes on current year activity | 416 | (7,499) | ||
Net reserves for losses and loss adjustment expenses of Markel CATCo Re | (146,895) | 375,222 | ||
Reinsurance recoverable for retroactive reinsurance transaction | (125,067) | 0 | (125,067) | 0 |
Net reserves for losses and loss adjustment expenses, end of period | 14,024,732 | 12,380,276 | 14,024,732 | 12,380,276 |
Reinsurance recoverable on unpaid losses | 8,119,634 | 7,814,098 | 8,119,634 | 7,814,098 |
Gross reserves for losses and loss adjustment expenses, end of period | $ 22,144,366 | $ 20,194,374 | $ 22,144,366 | $ 20,194,374 |
Reinsurance (Narrative) (Detail
Reinsurance (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||
Percentage of ceded earned premiums to gross earned premiums | 40% | 40% | 38% | 38% |
Percentage of assumed earned premiums to net earned premiums | 35% | 32% | 29% | 28% |
Underwriting [Member] | ||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||
Gross losses and loss adjustment expenses | $ 1,684,389 | $ 1,423,526 | $ 4,552,926 | $ 3,760,566 |
Ceded losses | 278,945 | 238,220 | 786,876 | 544,109 |
Program services and other fronting [Member] | ||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||
Gross losses and loss adjustment expenses | 743,800 | 1,300,000 | 1,800,000 | 2,300,000 |
Ceded losses | $ (744,900) | $ (1,330,700) | $ (1,835,900) | $ (2,321,200) |
Reinsurance (Effect Of Reinsura
Reinsurance (Effect Of Reinsurance And Retrocessional Reinsurance On Premiums Written And Earned) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Effects of Reinsurance [Line Items] | ||||
Direct premiums written | $ 2,839,412 | $ 2,797,453 | $ 8,491,896 | $ 8,091,131 |
Direct premiums earned | 2,796,788 | 2,629,128 | 8,084,663 | 7,406,497 |
Assumed premiums written | 839,394 | 677,318 | 2,411,107 | 2,061,976 |
Assumed premiums earned | 737,699 | 627,000 | 1,794,614 | 1,526,919 |
Ceded premiums written | (1,651,001) | (1,465,604) | (4,449,727) | (3,879,411) |
Ceded premiums earned | (1,412,742) | (1,299,298) | (3,758,685) | (3,383,712) |
Net premiums written | 2,027,805 | 2,009,167 | 6,453,276 | 6,273,696 |
Net premiums earned | 2,121,745 | 1,956,830 | 6,120,592 | 5,549,704 |
Underwriting [Member] | ||||
Effects of Reinsurance [Line Items] | ||||
Direct premiums written | 2,223,988 | 2,133,822 | 6,479,090 | 6,065,936 |
Direct premiums earned | 2,127,244 | 1,899,816 | 6,124,444 | 5,370,481 |
Assumed premiums written | 282,070 | 349,650 | 1,419,802 | 1,466,036 |
Assumed premiums earned | 424,620 | 408,561 | 1,247,743 | 1,194,504 |
Ceded premiums written | (478,035) | (473,885) | (1,444,626) | (1,255,226) |
Ceded premiums earned | (429,901) | (351,118) | (1,250,605) | (1,012,485) |
Net premiums written | 2,028,023 | 2,009,587 | 6,454,266 | 6,276,746 |
Net premiums earned | 2,121,963 | 1,957,259 | 6,121,582 | 5,552,500 |
Program services and other fronting [Member] | ||||
Effects of Reinsurance [Line Items] | ||||
Direct premiums written | 615,424 | 663,631 | 2,012,806 | 2,025,195 |
Direct premiums earned | 669,544 | 729,312 | 1,960,219 | 2,036,016 |
Assumed premiums written | 557,324 | 327,668 | 991,305 | 595,940 |
Assumed premiums earned | 313,079 | 218,439 | 546,871 | 332,415 |
Ceded premiums written | (1,172,966) | (991,719) | (3,005,101) | (2,624,185) |
Ceded premiums earned | (982,841) | (948,180) | (2,508,080) | (2,371,227) |
Net premiums written | (218) | (420) | (990) | (3,050) |
Net premiums earned | $ (218) | $ (429) | $ (990) | $ (2,796) |
Reinsurance Reinsurance (Effect
Reinsurance Reinsurance (Effect Of Reinsurance And Retrocessional Reinsurance On Losses) (Details) - Underwriting [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Effects of Reinsurance [Line Items] | ||||
Gross losses and loss adjustment expenses | $ 1,684,389 | $ 1,423,526 | $ 4,552,926 | $ 3,760,566 |
Ceded losses and loss adjustment expenses | (278,945) | (238,220) | (786,876) | (544,109) |
Net losses and loss adjustment expenses | $ 1,405,444 | $ 1,185,306 | $ 3,766,050 | $ 3,216,457 |
Life and Annuity Benefits (Sche
Life and Annuity Benefits (Schedule of Future Policyholder Benefits) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | [1] | Dec. 31, 2021 | |
Liability for Future Policy Benefit, before Reinsurance [Abstract] | ||||||
Liability for future policyholder benefits | $ 508,436 | [1] | $ 554,366 | $ 523,095 | $ 821,632 | |
Deferred profit liability | 52,034 | 48,569 | ||||
Other | 39,786 | 47,786 | ||||
Total | $ 600,256 | $ 650,721 | ||||
[1]The undiscounted liability for future policyholder benefits was $813.6 million and $822.3 million as of September 30, 2023 and 2022, respectively. |
Life and Annuity Benefits (Liab
Life and Annuity Benefits (Liability for Future Policy Benefit, Activity) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 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 | (5,890) | $ (3,859) | |||
Adjusted liability for future policyholder benefits, beginning of year | 661,871 | 741,454 | |||
Interest accretion | 11,251 | 11,909 | |||
Benefit payments | (39,819) | (40,643) | |||
Effect of foreign currency changes | (356) | (77,166) | |||
Liability for future policy holder benefits t original discount rate, end of period | 632,947 | 635,554 | |||
Cumulative effect of changes in discount rate assumptions | (124,511) | (112,459) | |||
Liability for future policyholder benefits, beginning of year, ending of period | [1] | 508,436 | $ 523,095 | ||
Undiscounted liability for future policyholder benefits | $ 813,600 | $ 822,300 | |||
[1]The undiscounted liability for future policyholder benefits was $813.6 million and $822.3 million as of September 30, 2023 and 2022, respectively. |
Life and Annuity Benefits (Sc_2
Life and Annuity Benefits (Schedule of Additional Details of Liability for Future Policyholder Benefits) (Details) | Sep. 30, 2023 Rate | Dec. 31, 2022 Rate |
Schedule of Additional Details of Liability for Future Policyholder Benefits, Life and Annuity Benefits [Abstract] | ||
Interest accretion rate | 2.30% | 2.30% |
Current discount rate | 4.70% | 4.30% |
Weighted-average liability duration | 8 years 2 months 12 days | 8 years 7 months 6 days |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Initiation Date | Jun. 23, 2023 | |
Line of Credit Facility, Expiration Date | Jun. 23, 2028 | |
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 | 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 | 715 | |
Long-term Line of Credit | 171.3 | $ 238.1 |
Revolving Credit Facility | Secured Letters of Credit | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 200 | |
Previous line of credit facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Mar. 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 | $ 20,100 | ||||
Percentage of Markel CATCo Re net equity held by the Company | 25% | 25% | 23% | ||||
Tail risk cover in Markel CATCo transaction | $ 142,700 | $ 142,700 | |||||
Favorable development on prior years' loss reserves | 169,754 | $ 204,411 | |||||
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) | (22,261) | |||||
Markel CATCo Re | |||||||
Variable Interest Entity [Line Items] | |||||||
Favorable development on prior years' loss reserves | $ (2,200) | $ (53,400) | $ (55,700) | $ (81,600) |
Variable Interest Entities (Mar
Variable Interest Entities (Markel CATCo Re Balance Sheet) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | $ 4,354,858 | $ 4,137,432 | ||
Restricted cash and cash equivalents | 690,004 | 1,084,081 | ||
Total Assets | 52,748,716 | 49,791,259 | ||
Unpaid losses and loss adjustment expenses | 22,144,366 | 20,947,898 | $ 20,194,374 | $ 18,178,894 |
Other liabilities | 3,590,807 | 3,461,482 | ||
Total Liabilities | 38,226,087 | 36,054,220 | ||
Shareholders' equity | 13,999,159 | 13,151,094 | ||
Noncontrolling interests | 56,084 | 62,791 | ||
Total Equity | 14,055,243 | 13,213,885 | ||
Total Liabilities and Equity | 52,748,716 | 49,791,259 | ||
Markel CATCo Re | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | 70,852 | 104,443 | ||
Restricted cash and cash equivalents | 193,778 | 317,577 | ||
Other assets and receivables due from cedents | 19,416 | 41,357 | ||
Total Assets | 284,046 | 463,377 | ||
Unpaid losses and loss adjustment expenses | 201,026 | 347,921 | ||
Other liabilities | 1,232 | 26,717 | ||
Total Liabilities | 202,258 | 374,638 | ||
Shareholders' equity | 21,139 | 21,139 | ||
Noncontrolling interests | 60,649 | 67,600 | ||
Total Equity | 81,788 | 88,739 | ||
Total Liabilities and Equity | $ 284,046 | $ 463,377 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Jun. 01, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | ||||||
Services and other revenues | $ 725,627 | $ 691,653 | $ 1,963,779 | $ 1,962,585 | ||
Reinsurance recoverables | 8,534,919 | 8,534,919 | $ 8,446,745 | |||
ISIC [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Gain on sale of business | $ 16,900 | |||||
Nephila Reinsurers [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Reinsurance recoverables | 874,100 | 874,100 | 1,400,000 | |||
Hagerty, Inc. [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Reinsurance recoverables | 200,000 | 200,000 | $ 159,700 | |||
Insurance-linked Securities Operations [Member] | Unconsolidated entities managed by Nephila [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Services and other revenues | $ 43,600 | $ 17,100 | $ 74,100 | $ 57,000 |
Related Party Disclosures (Neph
Related Party Disclosures (Nephila) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Related Party Transaction [Line Items] | ||||
Premiums ceded | $ 1,651,001 | $ 1,465,604 | $ 4,449,727 | $ 3,879,411 |
Program services and other fronting [Member] | Nephila Reinsurers [Member] | ||||
Related Party Transaction [Line Items] | ||||
Gross premium volume | 501,838 | 398,872 | 1,036,126 | 889,644 |
Premiums ceded | 501,838 | 398,872 | 1,036,126 | 889,644 |
Underwriting [Member] | Nephila Reinsurers [Member] | ||||
Related Party Transaction [Line Items] | ||||
Premiums ceded | $ 10,058 | $ 15,037 | $ 39,905 | $ 44,656 |
Related Party Disclosures (Haga
Related Party Disclosures (Hagarty) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Related Party Transaction [Line Items] | ||||
Premiums ceded | $ 1,651,001 | $ 1,465,604 | $ 4,449,727 | $ 3,879,411 |
Hagerty, Inc. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Gross premium volume | 227,693 | 197,041 | 628,889 | 540,447 |
Premiums ceded | $ 174,455 | $ 130,430 | $ 480,924 | $ 357,729 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Earnings Per Share [Line Items] | |||
Common stock, shares authorized | 50,000,000 | ||
Common stock, no par value | $ 0 | ||
Preferred stock, shares authorized | 10,000,000 | ||
Preferred stock, no par value | $ 0 | ||
Preferred stock dividends | $ 18,000 | $ 18,000 | |
Preferred stock, dividends, per share, cash paid | $ 30 | $ 30 | |
Common Stock [Member] | |||
Earnings Per Share [Line Items] | |||
Preferred stock dividends | $ 0 | $ 0 | |
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 |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule of Common Stock Outstanding Roll Forward) (Details) - Common Stock [Member] - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Class of Stock [Line Items] | ||||
Shares, Issued, Beginning Balance | 13,284,998 | 13,537,895 | 13,422,692 | 13,631,740 |
Repurchase of common shares | (56,483) | (67,696) | (196,645) | (163,733) |
Shares, Issued, Ending Balance | 13,231,522 | 13,470,893 | 13,231,522 | 13,470,893 |
Shares, outstanding | 13,231,522 | 13,470,893 | 13,231,522 | 13,470,893 |
Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Issuance of common shares | 3,007 | 694 | 5,475 | 2,886 |
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 | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |||
Earnings Per Share [Line Items] | ||||||
Net income (loss) to common shareholders | $ 42,591 | $ 59,594 | $ 1,208,754 | $ (925,943) | ||
Adjustment of redeemable noncontrolling interests | (628) | (17,730) | 7,087 | (62,168) | ||
Adjusted net income (loss) to common shareholders | $ 41,963 | $ 41,864 | $ 1,215,841 | $ (988,111) | ||
Basic common shares outstanding | 13,315 | 13,564 | 13,382 | 13,609 | ||
Diluted common shares outstanding | 13,345 | 13,595 | 13,406 | 13,609 | ||
Basic net income (loss) per common share | $ 3.15 | $ 3.09 | $ 90.86 | $ (72.61) | ||
Earnings Per Share, Diluted | $ 3.14 | $ 3.08 | [1] | $ 90.69 | $ (72.61) | [1] |
Restricted Stock Units (RSUs) [Member] | ||||||
Earnings Per Share [Line Items] | ||||||
Dilutive potential common shares from restricted stock units and restricted stock | 30 | 31 | [1] | 24 | 0 | [1] |
Potential Incremental Common Shares Attributable to Share-based Payment Arrangements | 28 | |||||
[1]The impact of 28 thousand shares from restricted stock units and restricted stock was excluded from the computation of diluted net loss per common share for the nine months ended September 30, 2022 because the effect would have been anti-dilutive. |