Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 24, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
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 | 12,945,385 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001096343 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Assets [Abstract] | ||
Fixed maturity securities, available-for-sale (amortized cost of $15,721,795 in 2024 and $14,932,286 in 2023) | $ 14,977,514 | $ 14,372,732 |
Equity securities (cost of $3,707,792 in 2024 and $3,497,071 in 2023) | 10,592,844 | 9,577,871 |
Short-term investments, available-for-sale (estimated fair value approximates cost) | 2,787,758 | 2,571,382 |
Total Investments | 28,358,116 | 26,521,985 |
Cash and cash equivalents | 3,510,558 | 3,747,060 |
Restricted cash and cash equivalents | 705,444 | 584,974 |
Receivables | 4,227,835 | 3,455,306 |
Reinsurance recoverables | 9,756,660 | 9,235,501 |
Deferred policy acquisition costs | 1,001,435 | 931,344 |
Prepaid reinsurance premiums | 3,672,976 | 2,365,243 |
Goodwill | 2,738,147 | 2,624,749 |
Intangible assets | 1,552,843 | 1,588,684 |
Other assets | 4,185,607 | 3,990,864 |
Total Assets | 59,709,621 | 55,045,710 |
Liabilities and Equity [Abstract] | ||
Unpaid losses and loss adjustment expenses | 24,646,618 | 23,483,321 |
Life and annuity benefits | 594,749 | 649,054 |
Unearned premiums | 8,243,981 | 6,642,426 |
Payables to insurance and reinsurance companies | 1,418,983 | 1,037,722 |
Senior long-term debt and other debt (estimated fair value of $3,877,000 in 2024 and $3,353,000 in 2023) | 4,399,876 | 3,779,796 |
Other liabilities | 3,980,342 | 3,927,498 |
Total Liabilities | 43,284,549 | 39,519,817 |
Redeemable noncontrolling interests | 476,518 | 469,685 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Preferred Stock | 591,891 | 591,891 |
Common stock | 3,546,661 | 3,517,146 |
Retained earnings | 12,329,827 | 11,353,101 |
Accumulated other comprehensive loss | (618,355) | (478,210) |
Total Shareholders' Equity | 15,850,024 | 14,983,928 |
Noncontrolling interests | 98,530 | 72,280 |
Total Equity | 15,948,554 | 15,056,208 |
Total Liabilities and Equity | $ 59,709,621 | $ 55,045,710 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Fixed maturities, available-for-sale, amortized cost | $ 15,721,795 | $ 14,932,286 |
Equity securities, cost | 3,707,792 | 3,497,071 |
Senior long-term debt and other debt, fair value | $ 3,877,000 | $ 3,353,000 |
Consolidated Statements Of Inco
Consolidated Statements Of Income And Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
OPERATING REVENUES | ||||
Earned premiums | $ 2,077,099 | $ 2,031,143 | $ 4,204,726 | $ 3,998,847 |
Net investment income | 223,061 | 169,693 | 441,330 | 329,028 |
Net investment gains (losses) | (130,017) | 484,527 | 772,264 | 857,090 |
Products revenues | 847,219 | 784,882 | 1,448,059 | 1,362,808 |
Services and other revenues | 684,481 | 672,291 | 1,302,119 | 1,238,152 |
Total Operating Revenues | 3,701,843 | 4,142,536 | 8,168,498 | 7,785,925 |
OPERATING EXPENSES | ||||
Losses and loss adjustment expenses | 1,232,575 | 1,187,876 | 2,520,322 | 2,360,890 |
Underwriting, acquisition and insurance expenses | 710,295 | 697,887 | 1,449,047 | 1,373,592 |
Products expenses | 693,693 | 651,469 | 1,216,940 | 1,167,225 |
Services and other expenses | 611,063 | 590,817 | 1,147,901 | 1,071,436 |
Amortization of acquired intangible assets | 44,237 | 44,423 | 88,522 | 88,822 |
Total Operating Expenses | 3,291,863 | 3,172,472 | 6,422,732 | 6,061,965 |
Operating Income | 409,980 | 970,064 | 1,745,766 | 1,723,960 |
Interest expense | (52,597) | (47,221) | (98,145) | (96,659) |
Foreign exchange gains (losses) | 8,711 | (14,976) | 60,211 | (47,904) |
Income Before Income Taxes | 366,094 | 907,867 | 1,707,832 | 1,579,397 |
Income tax expense | (76,244) | (191,937) | (368,800) | (325,668) |
Net Income | 289,850 | 715,930 | 1,339,032 | 1,253,729 |
Net income attributable to noncontrolling interests | (22,149) | (20,419) | (46,147) | (69,566) |
Net Income to Shareholders | 267,701 | 695,511 | 1,292,885 | 1,184,163 |
Preferred stock dividends | (18,000) | (18,000) | (18,000) | (18,000) |
Net Income to Common Shareholders | 249,701 | 677,511 | 1,274,885 | 1,166,163 |
OTHER COMPREHENSIVE INCOME (LOSS) | ||||
Net holding gains (losses) arising during the period | (40,299) | (134,991) | (168,724) | 26,215 |
Reclassification adjustments for net losses in net income | 11,429 | 405 | 17,152 | 3,399 |
Change in net unrealized losses on available-for-sale investments, net of taxes | (28,870) | (134,586) | (151,572) | 29,614 |
Change in discount rate for life and annuity benefits, net of taxes | 5,973 | 3,224 | 12,391 | (5,828) |
Change in foreign currency translation adjustments, net of taxes | (455) | 361 | (930) | 2,940 |
Change in net actuarial pension loss, net of taxes | 19 | 18 | 39 | 36 |
Total Other Comprehensive Income (Loss) | (23,333) | (130,983) | (140,072) | 26,762 |
Comprehensive Income | 266,517 | 584,947 | 1,198,960 | 1,280,491 |
Comprehensive income attributable to noncontrolling interests | (22,161) | (20,398) | (46,219) | (69,577) |
Comprehensive Income to Shareholders | $ 244,356 | $ 564,549 | $ 1,152,741 | $ 1,210,914 |
NET INCOME PER COMMON SHARE | ||||
Basic | $ 18.66 | $ 50.20 | $ 94.40 | $ 87.50 |
Diluted | $ 18.62 | $ 50.09 | $ 94.24 | $ 87.34 |
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 Loss [Member] | Noncontrolling Interests [Member] | Redeemable Noncontrolling Interests [Member] |
Balance at Dec. 31, 2022 | $ 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 | ||||||||
Net Income | $ 1,253,729 | 1,237,601 | 1,184,163 | 1,184,163 | 0 | 53,438 | 16,128 | ||
Other comprehensive income (loss) | 26,762 | 26,751 | 26,751 | 0 | 26,751 | 0 | 11 | ||
Comprehensive Income | 1,280,491 | 1,264,352 | 1,210,914 | 53,438 | 16,139 | ||||
Repurchase of common stock | (187,161) | (187,161) | 0 | 0 | (187,161) | 0 | 0 | 0 | |
Preferred stock dividends | (18,000) | (18,000) | 0 | 0 | (18,000) | 0 | 0 | 0 | |
Equity awards expensed | 26,528 | 26,528 | 0 | 26,528 | 0 | 0 | 0 | 0 | |
Adjustment of redeemable noncontrolling interests | 7,715 | 7,715 | 0 | 0 | 7,715 | 0 | 0 | (7,715) | |
Purchase of noncontrolling interest | (4,688) | (4,688) | 0 | (4,688) | 0 | 0 | 0 | (49,477) | |
Redemption of Markel CATCo Re noncontrolling interests | (88,997) | (62,646) | 0 | 0 | 0 | 0 | 0 | (62,646) | 0 |
Other | (904) | (903) | 0 | (371) | (532) | 0 | (1) | (17,659) | |
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 | ||||||||
Balance at Mar. 31, 2023 | 13,789,321 | 13,744,483 | 591,891 | 3,506,972 | 10,255,401 | (609,781) | 44,838 | ||
Balance, redeemable noncontrolling interests at Mar. 31, 2023 | 491,883 | ||||||||
Net Income | 715,930 | 704,256 | 695,511 | 695,511 | 0 | 8,745 | 11,674 | ||
Other comprehensive income (loss) | (130,983) | (130,962) | (130,962) | 0 | (130,962) | 0 | (21) | ||
Comprehensive Income | 584,947 | 573,294 | 564,549 | 8,745 | 11,653 | ||||
Repurchase of common stock | (105,197) | (105,197) | 0 | 0 | (105,197) | 0 | 0 | 0 | |
Preferred stock dividends | 18,000 | (18,000) | (18,000) | 0 | 0 | (18,000) | 0 | 0 | 0 |
Equity awards expensed | 4,830 | 4,830 | 0 | 4,830 | 0 | 0 | 0 | 0 | |
Adjustment of redeemable noncontrolling interests | (5,758) | (5,758) | 0 | 0 | (5,758) | 0 | 0 | 5,758 | |
Purchase of noncontrolling interest | 3,931 | 3,931 | 0 | 3,931 | 0 | 0 | 0 | (36,431) | |
Other | (3,340) | (3,339) | 0 | (371) | (2,968) | 0 | (1) | (8,421) | |
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 | ||||||||
Balance at Dec. 31, 2023 | 15,056,208 | 15,056,208 | 14,983,928 | 591,891 | 3,517,146 | 11,353,101 | (478,210) | 72,280 | |
Balance, redeemable noncontrolling interests at Dec. 31, 2023 | 469,685 | 469,685 | |||||||
Net Income | 1,339,032 | 1,316,312 | 1,292,885 | 1,292,885 | 0 | 23,427 | 22,720 | ||
Other comprehensive income (loss) | (140,072) | (140,144) | (140,144) | 0 | (140,144) | 0 | 72 | ||
Comprehensive Income | 1,198,960 | 1,176,168 | 1,152,741 | 23,427 | 22,792 | ||||
Repurchase of common stock | (260,192) | (260,192) | 0 | 0 | (260,192) | 0 | 0 | 0 | |
Preferred stock dividends | (18,000) | (18,000) | 0 | 0 | (18,000) | 0 | 0 | 0 | |
Equity awards expensed | 39,111 | 39,111 | 0 | 39,111 | 0 | 0 | 0 | 0 | |
Adjustment of redeemable noncontrolling interests | (38,702) | (38,702) | 0 | 0 | (38,702) | 0 | 0 | 38,702 | |
Purchase of noncontrolling interest | (9,596) | (9,596) | 0 | (9,596) | 0 | 0 | 0 | (36,896) | |
Redemption of Markel CATCo Re noncontrolling interests | 0 | ||||||||
Other | 3,557 | 734 | 0 | 0 | 735 | (1) | 2,823 | (17,765) | |
Balance at Jun. 30, 2024 | 15,948,554 | 15,948,554 | 15,850,024 | 591,891 | 3,546,661 | 12,329,827 | (618,355) | 98,530 | |
Balance, redeemable noncontrolling interests at Jun. 30, 2024 | 476,518 | 476,518 | |||||||
Balance at Mar. 31, 2024 | 15,817,523 | 15,729,719 | 591,891 | 3,547,912 | 12,184,925 | (595,009) | 87,804 | ||
Balance, redeemable noncontrolling interests at Mar. 31, 2024 | 499,993 | ||||||||
Net Income | 289,850 | 275,604 | 267,701 | 267,701 | 0 | 7,903 | 14,246 | ||
Other comprehensive income (loss) | (23,333) | (23,345) | (23,345) | 0 | (23,345) | 0 | 12 | ||
Comprehensive Income | 266,517 | 252,259 | 244,356 | 7,903 | 14,258 | ||||
Repurchase of common stock | (99,310) | (99,310) | 0 | 0 | (99,310) | 0 | 0 | 0 | |
Preferred stock dividends | 18,000 | (18,000) | (18,000) | 0 | 0 | (18,000) | 0 | 0 | 0 |
Equity awards expensed | 8,345 | 8,345 | 0 | 8,345 | 0 | 0 | 0 | 0 | |
Adjustment of redeemable noncontrolling interests | (6,100) | (6,100) | 0 | 0 | (6,100) | 0 | 0 | 6,100 | |
Purchase of noncontrolling interest | (9,596) | (9,596) | 0 | (9,596) | 0 | 0 | 0 | (36,896) | |
Other | 3,433 | 610 | 0 | 0 | 611 | (1) | 2,823 | (6,937) | |
Balance at Jun. 30, 2024 | 15,948,554 | $ 15,948,554 | $ 15,850,024 | $ 591,891 | $ 3,546,661 | $ 12,329,827 | $ (618,355) | $ 98,530 | |
Balance, redeemable noncontrolling interests at Jun. 30, 2024 | $ 476,518 | $ 476,518 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
OPERATING ACTIVITIES | ||
Net income | $ 1,339,032 | $ 1,253,729 |
Adjustments to reconcile net income to net cash provided by operating activities | (129,753) | (245,108) |
Net Cash Provided By Operating Activities | 1,209,279 | 1,008,621 |
INVESTING ACTIVITIES | ||
Proceeds from sales, maturities, calls and prepayments of fixed maturity securities | 1,184,109 | 993,834 |
Cost of fixed maturity securities purchased | (1,969,203) | (1,771,986) |
Proceeds from sales of equity securities | 64,905 | 138,702 |
Cost of equity securities purchased | (288,247) | (293,322) |
Net change in short-term investments | (161,306) | 675,339 |
Cost of other investments purchased | (66,207) | (83,490) |
Additions to property and equipment | (129,148) | (79,443) |
Acquisitions, net of cash acquired | 207,231 | 0 |
Proceeds from sales of subsidiaries, net | 0 | (41,302) |
Other | 14,039 | 5,503 |
Net Cash Used By Investing Activities | (1,558,289) | (373,561) |
FINANCING ACTIVITIES | ||
Additions to senior long-term debt and other debt | 1,101,516 | 356,085 |
Repayment of senior long-term debt and other debt | (493,786) | (646,264) |
Repurchases of common stock | (260,192) | (187,161) |
Dividends paid on preferred stock | (18,000) | (18,000) |
Redemption of Markel CATCo Re noncontrolling interests | 0 | (88,997) |
Purchase of noncontrolling interests | (46,492) | (21,665) |
Other | (27,851) | (23,879) |
Net Cash Provided (Used) By Financing Activities | 255,195 | (629,881) |
Effect of foreign currency rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | (22,217) | 14,237 |
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | (116,032) | 19,416 |
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period | 4,332,034 | 5,221,513 |
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS AT END OF PERIOD | $ 4,216,002 | $ 5,240,929 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Summary of Significant Accounting Policies Markel Group Inc. (Markel Group) is a holding company comprised of a diverse group of companies and investments with specialty insurance at its core. 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 June 30, 2024 and the related consolidated statements of income and comprehensive income and changes in equity for the quarters and six months ended June 30, 2024 and 2023, and the condensed consolidated statements of cash flows for the six months ended June 30, 2024 and 2023 are unaudited. In the opinion of management, all adjustments necessary for fair presentation of such consolidated financial statements have been included. Such adjustments consist only of normal, recurring items. Interim results are not necessarily indicative of results of operations for the entire year. The consolidated balance sheet as of December 31, 2023 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. For a more complete description of the Company's business and accounting policies, readers are urged to review the Company's 2023 Annual Report on Form 10-K. b) Recent Accounting Pronouncements Accounting Standards Not Yet Adopted In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The standard requires public companies to, among other things: (1) disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss; (2) disclose, on an annual and interim basis, an amount for other segment expenses that are not separately disclosed as significant segment expenses and a description of its composition; (3) provide all annual disclosures about a reportable segment's profit or loss and assets currently required by Topic 280 in interim periods; and (4) disclose the title and position of the chief operating decision maker and an explanation of how the chief operating decision maker uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. ASU No. 2023-07 becomes effective for the Company in the fourth quarter of 2024 and will be applied using a retrospective approach that requires recasting of all prior periods presented. The standard only impacts required disclosures and will not impact the Company's financial position, results of operations or cash flows. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The standard requires public companies, on an annual basis, to provide enhanced rate reconciliation disclosures, including disclosure of specific categories and additional information for reconciling items that meet a quantitative threshold. The standard also requires public companies to, among other things, disaggregate income taxes paid by federal, state and foreign taxes. ASU No. 2023-09 becomes effective for the Company's 2025 Annual Report on Form 10-K. The standard only impacts required disclosures and will not impact the Company's financial position, results of operations or cash flows. |
Segment Reporting Disclosures
Segment Reporting Disclosures | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Segment Reporting Disclosures | Segment Reporting Disclosures The Company has four reportable segments: Insurance, Reinsurance, Investing and Markel Ventures. The chief operating decision maker reviews the Company's ongoing underwriting operations on a global basis in the following two segments: Insurance and Reinsurance. The Insurance segment includes all direct business and facultative reinsurance 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. The Company's other insurance operations primarily consist of the results of the Company's program services and other fronting business and insurance-linked securities operations. 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 Investing segment includes all investing activities related to the Company's insurance operations, as well as investing activities at Markel Group. Invested assets managed through the Investing segment include the Company's portfolio of publicly traded fixed maturity and equity securities, as well as cash and short-term investments. The Markel Ventures segment primarily consists of controlling interests in a diverse portfolio of businesses that operate in various industries. The Company's chief operating decision maker reviews and assesses Markel Ventures' performance in the aggregate, as a single operating segment. Segment profit for all of the Company's segments is measured by operating income. Segment operating income excludes amortization of intangible assets arising from purchase accounting for acquisitions, which the chief operating decision maker does not consider in assessing the financial performance of, or allocating resources to, operating segments. Amortization of acquired intangible assets is considered a corporate expense because it is not a cost of operating the underlying businesses. For the Insurance and Reinsurance segments, segment operating income is typically consistent with underwriting profit, which the property and casualty insurance industry commonly defines as earned premiums net of losses and loss adjustment expenses and underwriting, acquisition and insurance expenses. Segment operating income for these two segments may also include other revenues and expenses that are not captured in underwriting profit. Prior to 2024, the segment profitability metric for the Markel Ventures segment included amortization of acquired intangible assets. The new metric, as previously described, better aligns with how the chief operating decision maker reviews and assesses the performance of the Markel Ventures segment. Prior periods have been recast to conform to the current presentation. Management continues to evaluate the Company's segments as its business evolves and may further refine its segments and segment profitability metric. 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 insurance operations, including its program services and other fronting business and insurance-linked securities business. 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 insurance operations. Generally, the Company manages its underwriting assets in the aggregate and therefore does not allocate assets to individual underwriting segments. a) The following tables summarize the Company's segment disclosures. Quarter Ended June 30, 2024 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures Other insurance operations Corporate Consolidated Earned premiums $ 1,813,003 $ 264,630 $ — $ — $ (534) $ — $ 2,077,099 Net investment income — — 220,454 2,607 — — 223,061 Net investment losses — — (130,017) — — — (130,017) Products revenues — — — 847,219 — — 847,219 Services and other revenues — — 9,357 603,955 71,169 — 684,481 Total operating revenues 1,813,003 264,630 99,794 1,453,781 70,635 — 3,701,843 Losses and loss adjustment expenses: Current accident year (1,191,955) (184,895) — — — — (1,376,850) Prior accident years 146,603 (2,414) — — 86 — 144,275 Underwriting, acquisition and insurance expenses: Amortization of policy acquisition costs (358,158) (63,481) — — — — (421,639) Other underwriting expenses (276,314) (12,519) — — 177 — (288,656) Products expenses — — — (693,693) — — (693,693) Services and other expenses — — — (582,590) (28,473) — (611,063) Amortization of acquired intangible assets (44,237) (44,237) Operating income $ 133,179 $ 1,321 $ 99,794 $ 177,498 $ 42,425 $ (44,237) $ 409,980 Interest expense (52,597) Net foreign exchange gains 8,711 Income before income taxes $ 366,094 Quarter Ended June 30, 2023 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures Other insurance operations Corporate Consolidated Earned premiums $ 1,763,186 $ 268,288 $ — $ — $ (331) $ — $ 2,031,143 Net investment income — — 168,927 766 — — 169,693 Net investment gains — — 484,527 — — — 484,527 Products revenues — — — 784,882 — — 784,882 Services and other revenues — — (6,378) 600,931 77,738 — 672,291 Total operating revenues 1,763,186 268,288 647,076 1,386,579 77,407 — 4,142,536 Losses and loss adjustment expenses: Current accident year (1,079,450) (176,317) — — — — (1,255,767) Prior accident years 61,562 7,974 — — (1,645) — 67,891 Underwriting, acquisition and insurance expenses: Amortization of policy acquisition costs (367,145) (71,574) — — — — (438,719) Other underwriting expenses (243,502) (13,187) — — (2,479) — (259,168) Products expenses — — — (651,469) — — (651,469) Services and other expenses — — — (565,060) (25,757) — (590,817) Amortization of acquired intangible assets (44,423) (44,423) Operating income $ 134,651 $ 15,184 $ 647,076 $ 170,050 $ 47,526 $ (44,423) $ 970,064 Interest expense (47,221) Net foreign exchange losses (14,976) Income before income taxes $ 907,867 Six Months Ended June 30, 2024 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures Other insurance operations Corporate Consolidated Earned premiums $ 3,687,464 $ 517,969 $ — $ — $ (707) $ — $ 4,204,726 Net investment income — — 437,658 3,672 — — 441,330 Net investment gains — — 772,264 — — — 772,264 Products revenues — — — 1,448,059 — — 1,448,059 Services and other revenues — — 30,203 1,142,656 129,260 — 1,302,119 Total operating revenues 3,687,464 517,969 1,240,125 2,594,387 128,553 — 8,168,498 Losses and loss adjustment expenses: Current accident year (2,393,510) (348,110) — — — — (2,741,620) Prior accident years 243,784 (5,812) — — (16,674) — 221,298 Underwriting, acquisition and insurance expenses: Amortization of policy acquisition costs (731,936) (124,290) — — — — (856,226) Other underwriting expenses (565,313) (26,426) — — (1,082) — (592,821) Products expenses — — — (1,216,940) — — (1,216,940) Services and other expenses — — — (1,096,034) (51,867) — (1,147,901) Amortization of acquired intangible assets (88,522) (88,522) Operating income $ 240,489 $ 13,331 $ 1,240,125 $ 281,413 $ 58,930 $ (88,522) $ 1,745,766 Interest expense (98,145) Net foreign exchange gains 60,211 Income before income taxes $ 1,707,832 Six Months Ended June 30, 2023 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures Other insurance operations Corporate Consolidated Earned premiums $ 3,474,110 $ 525,522 $ — $ — $ (785) $ — $ 3,998,847 Net investment income — — 327,521 1,507 — — 329,028 Net investment gains — — 857,090 — — — 857,090 Products revenues — — — 1,362,808 — — 1,362,808 Services and other revenues — — (8,758) 1,126,944 119,966 — 1,238,152 Total operating revenues 3,474,110 525,522 1,175,853 2,491,259 119,181 — 7,785,925 Losses and loss adjustment expenses: Current accident year (2,156,996) (343,102) — — — — (2,500,098) Prior accident years 124,190 16,678 — — (1,660) — 139,208 Underwriting, acquisition and insurance expenses: Amortization of policy acquisition costs (727,499) (133,352) — — — — (860,851) Other underwriting expenses (482,650) (26,328) — — (3,763) — (512,741) Products expenses — — — (1,167,225) — — (1,167,225) Services and other expenses — — — (1,061,806) (9,630) — (1,071,436) Amortization of acquired intangible assets (88,822) (88,822) Operating income $ 231,155 $ 39,418 $ 1,175,853 $ 262,228 $ 104,128 $ (88,822) $ 1,723,960 Interest expense (96,659) Net foreign exchange losses (47,904) Income before income taxes $ 1,579,397 b) The following table reconciles segment assets to the Company's consolidated balance sheets. (dollars in thousands) June 30, 2024 December 31, 2023 Segment assets: Investing $ 32,394,504 $ 30,542,282 Underwriting 10,965,840 9,897,689 Markel Ventures 5,839,116 5,519,542 Total segment assets 49,199,460 45,959,513 Other insurance operations 10,510,161 9,086,197 Total assets $ 59,709,621 $ 55,045,710 |
Acquisitions and Dispositions
Acquisitions and Dispositions | 6 Months Ended |
Jun. 30, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
Acquisitions and Dispositions | Acquisition Valor Environmental In June 2024, the Company acquired 98% of Valor Environmental (Valor), an environmental services company providing erosion control and related services to commercial development sites and homebuilders throughout the United States. The Company has the option to acquire the remaining equity interests and the remaining equity holders have the option to sell their interests to the Company in the future. Total consideration for the transaction was $156.4 million, all of which was cash. The purchase price was preliminarily allocated to the acquired assets and liabilities of Valor based on estimated fair value at the acquisition date. The Company recognized goodwill of $107.5 million and intangible assets of $49.0 million. Goodwill is primarily attributable to expected future earnings and cash flow potential of Valor, and it is not expected to be deductible for income tax purposes. Results attributable to Valor will be included in the Company's Markel Ventures segment beginning in the third quarter of 2024. The Company has not completed the process of determining the fair value of the assets acquired and liabilities assumed. As a result, the fair value recorded for these items is a provisional estimate and is subject to adjustment. Once completed, any adjustments resulting from the valuations may impact the individual amounts recorded for assets acquired and liabilities assumed, as well as the residual goodwill. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2024 | |
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. June 30, 2024 (dollars in thousands) Amortized Gross Gross Estimated Fixed maturity securities: U.S. Treasury securities $ 4,600,441 $ 7,250 $ (83,294) $ 4,524,397 U.S. government-sponsored enterprises 1,347,637 3,567 (103,335) 1,247,869 Obligations of states, municipalities and political subdivisions 4,000,057 6,859 (214,490) 3,792,426 Foreign governments 1,984,422 1,915 (138,458) 1,847,879 Commercial mortgage-backed securities 2,325,529 3,433 (129,334) 2,199,628 Residential mortgage-backed securities 433,954 143 (21,647) 412,450 Corporate bonds 1,029,755 4,268 (81,158) 952,865 Total fixed maturity securities 15,721,795 27,435 (771,716) 14,977,514 Short-term investments 2,788,636 531 (1,409) 2,787,758 Investments, available-for-sale $ 18,510,431 $ 27,966 $ (773,125) $ 17,765,272 December 31, 2023 (dollars in thousands) Amortized Gross Gross Estimated Fixed maturity securities: U.S. Treasury securities $ 3,811,293 $ 35,824 $ (62,404) $ 3,784,713 U.S. government-sponsored enterprises 1,225,426 7,292 (89,904) 1,142,814 Obligations of states, municipalities and political subdivisions 4,196,096 14,787 (181,578) 4,029,305 Foreign governments 1,858,845 21,450 (96,874) 1,783,421 Commercial mortgage-backed securities 2,371,406 8,605 (136,353) 2,243,658 Residential mortgage-backed securities 491,949 334 (21,861) 470,422 Corporate bonds 977,271 13,043 (71,915) 918,399 Total fixed maturity securities 14,932,286 101,335 (660,889) 14,372,732 Short-term investments 2,564,620 7,155 (393) 2,571,382 Investments, available-for-sale $ 17,496,906 $ 108,490 $ (661,282) $ 16,944,114 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. Unrealized losses on available-for-sale investments are typically the result of declines in the fair value of the investments due to increases in interest rates. June 30, 2024 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 $ 1,851,326 $ (13,288) $ 1,626,173 $ (70,006) $ 3,477,499 $ (83,294) U.S. government-sponsored enterprises 175,742 (1,717) 842,483 (101,618) 1,018,225 (103,335) Obligations of states, municipalities and political subdivisions 644,166 (6,282) 2,663,971 (208,208) 3,308,137 (214,490) Foreign governments 421,032 (6,875) 1,019,706 (131,583) 1,440,738 (138,458) Commercial mortgage-backed securities 246,505 (1,957) 1,706,126 (127,377) 1,952,631 (129,334) Residential mortgage-backed securities 25,119 (603) 373,828 (21,044) 398,947 (21,647) Corporate bonds 186,931 (3,853) 575,024 (77,305) 761,955 (81,158) Total fixed maturity securities 3,550,821 (34,575) 8,807,311 (737,141) 12,358,132 (771,716) Short-term investments 2,548,368 (1,409) — — 2,548,368 (1,409) Total $ 6,099,189 $ (35,984) $ 8,807,311 $ (737,141) $ 14,906,500 $ (773,125) At June 30, 2024, the Company held 1,575 available-for-sale securities in an unrealized loss position with a total estimated fair value of $14.9 billion and gross unrealized losses of $773.1 million. Of these 1,575 securities, 1,223 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 $737.1 million. December 31, 2023 Less than 12 months 12 months or longer Total (dollars in thousands) Estimated Gross Estimated Gross Estimated Gross Fixed maturity securities: U.S. Treasury securities $ 317,027 $ (2,147) $ 1,507,784 $ (60,257) $ 1,824,811 $ (62,404) U.S. government-sponsored enterprises 145,143 (2,134) 723,537 (87,770) 868,680 (89,904) Obligations of states, municipalities and political subdivisions 679,124 (3,881) 2,332,281 (177,697) 3,011,405 (181,578) Foreign governments 49,056 (128) 1,113,616 (96,746) 1,162,672 (96,874) Commercial mortgage-backed securities 169,557 (1,792) 1,790,637 (134,561) 1,960,194 (136,353) Residential mortgage-backed securities 20,420 (80) 431,705 (21,781) 452,125 (21,861) Corporate bonds 34,340 (266) 615,501 (71,649) 649,841 (71,915) Total fixed maturity securities 1,414,667 (10,428) 8,515,061 (650,461) 9,929,728 (660,889) Short-term investments 52,601 (393) — — 52,601 (393) Total $ 1,467,268 $ (10,821) $ 8,515,061 $ (650,461) $ 9,982,329 $ (661,282) At December 31, 2023, the Company held 1,386 available-for-sale securities in an unrealized loss position with a total estimated fair value of $10.0 billion and gross unrealized losses of $661.3 million. Of these 1,386 securities, 1,131 securities had been in a continuous unrealized loss position for one year or longer and had a total estimated fair value of $8.5 billion and gross unrealized losses of $650.5 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 for any available-for-sale securities as of June 30, 2024 or December 31, 2023. 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 June 30, 2024 are shown below by contractual maturity. (dollars in thousands) Amortized Estimated Due in one year or less $ 1,076,011 $ 1,062,673 Due after one year through five years 5,685,191 5,482,759 Due after five years through ten years 4,727,163 4,508,491 Due after ten years 1,473,947 1,311,513 12,962,312 12,365,436 Commercial mortgage-backed securities 2,325,529 2,199,628 Residential mortgage-backed securities 433,954 412,450 Total fixed maturity securities $ 15,721,795 $ 14,977,514 d) The following table presents the components of net investment income. Quarter Ended June 30, Six Months Ended June 30, (dollars in thousands) 2024 2023 2024 2023 Interest: Fixed maturity securities $ 121,189 $ 88,419 $ 240,665 $ 170,547 Short-term investments 31,654 23,712 63,838 50,331 Cash and cash equivalents and restricted cash and cash equivalents 42,542 35,491 81,620 63,092 Dividends on equity securities 31,831 26,352 64,524 53,834 227,216 173,974 450,647 337,804 Investment expenses (4,155) (4,281) (9,317) (8,776) Net investment income $ 223,061 $ 169,693 $ 441,330 $ 329,028 e) The following table presents the components of net investment gains (losses) included in net income and the change in net unrealized losses included in other comprehensive income (loss). Gross realized investment gains and losses on fixed maturity securities, short-term investments and other investments were not material to the consolidated financial statements and are presented on a net basis in the following table. Quarter Ended June 30, Six Months Ended June 30, (dollars in thousands) 2024 2023 2024 2023 Fixed maturity securities, short-term investments and other investments: Net realized investment gains (losses) $ (14,007) $ 1,155 $ (18,495) $ (2,066) Equity securities: Change in fair value of securities sold during the period (4,654) 2,434 (4,611) 13,487 Change in fair value of securities held at the end of the period (111,356) 480,938 795,370 845,669 Total change in fair value (116,010) 483,372 790,759 859,156 Net investment gains (losses) $ (130,017) $ 484,527 $ 772,264 $ 857,090 Change in net unrealized losses on available-for-sale investments included in other comprehensive income (loss): Fixed maturity securities $ (36,240) $ (167,992) $ (184,727) $ 41,187 Short-term investments (358) (2,578) (7,640) (3,388) Net increase (decrease) $ (36,598) $ (170,570) $ (192,367) $ 37,799 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
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 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 and residential mortgage-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. June 30, 2024 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Investments: Fixed maturity securities, available-for-sale: U.S. Treasury securities $ — $ 4,524,397 $ — $ 4,524,397 U.S. government-sponsored enterprises — 1,247,869 — 1,247,869 Obligations of states, municipalities and political subdivisions — 3,792,426 — 3,792,426 Foreign governments — 1,847,879 — 1,847,879 Commercial mortgage-backed securities — 2,199,628 — 2,199,628 Residential mortgage-backed securities — 412,450 — 412,450 Corporate bonds — 952,865 — 952,865 Total fixed maturity securities, available-for-sale — 14,977,514 — 14,977,514 Equity securities: Insurance, banks and other financial institutions 4,101,406 — 1,321 4,102,727 Industrial, consumer and all other 6,490,117 — — 6,490,117 Total equity securities 10,591,523 — 1,321 10,592,844 Short-term investments, available-for-sale 2,633,686 154,072 — 2,787,758 Total investments $ 13,225,209 $ 15,131,586 $ 1,321 $ 28,358,116 December 31, 2023 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Investments: Fixed maturity securities, available-for-sale: U.S. Treasury securities $ — $ 3,784,713 $ — $ 3,784,713 U.S. government-sponsored enterprises — 1,142,814 — 1,142,814 Obligations of states, municipalities and political subdivisions — 4,029,305 — 4,029,305 Foreign governments — 1,783,421 — 1,783,421 Commercial mortgage-backed securities — 2,243,658 — 2,243,658 Residential mortgage-backed securities — 470,422 — 470,422 Corporate bonds — 918,399 — 918,399 Total fixed maturity securities, available-for-sale — 14,372,732 — 14,372,732 Equity securities: Insurance, banks and other financial institutions 3,694,375 — 994 3,695,369 Industrial, consumer and all other 5,882,502 — — 5,882,502 Total equity securities 9,576,877 — 994 9,577,871 Short-term investments, available-for-sale 2,402,099 169,283 — 2,571,382 Total investments $ 11,978,976 $ 14,542,015 $ 994 $ 26,521,985 Except as disclosed in note 3, the Company did not have any assets or liabilities measured at fair value on a non-recurring basis during the six months ended June 30, 2024 and 2023. |
Equity Method Investments
Equity Method Investments | 6 Months Ended |
Jun. 30, 2024 | |
Equity Method Investments [Abstract] | |
Equity Method Investments Disclosure [Text Block] | Equity Method Investments The Company's equity method investments, which are included in other assets on the consolidated balance sheets, totaled $657.5 million and $605.9 million as of June 30, 2024 and December 31, 2023, respectively. The Company's proportionate share of earnings in its equity method investments was income of $10.7 million and $36.6 million for the quarter and six months ended June 30, 2024, respectively, and losses of $7.1 million and $8.7 million for the quarter and six months ended June 30, 2023, respectively. The Company's most significant equity method investment is an investment in Hagerty, Inc. (Hagerty), which is accounted for on a quarter lag. Hagerty is an automotive enthusiast brand offering integrated membership products and programs as well as a specialty insurance provider focused on the global automobile enthusiast market. The Company's ownership interest in Hagerty was 23% as of June 30, 2024 and December 31, 2023. 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 June 30, 2024 and December 31, 2023, the carrying value of the Company's investment in Hagerty was $236.9 million and $237.4 million, respectively. As of June 30, 2024 and December 31, 2023, the estimated value of the Company's investment, based on the closing stock price of Hagerty's Class A common shares, was $811.2 million and $608.4 million, respectively. See note 13 for further details regarding related party transactions with Hagerty. |
Products, Services and Other Re
Products, Services and Other Revenues | 6 Months Ended |
Jun. 30, 2024 | |
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, along with a reconciliation to total products revenues and services and other revenues. Quarter Ended June 30, 2024 2023 (dollars in thousands) Markel Ventures Other Total Markel Ventures Other Total Products $ 840,636 $ — $ 840,636 $ 770,171 $ — $ 770,171 Services 570,319 2,415 572,734 569,399 1,784 571,183 Investment management — 22,546 22,546 — 21,445 21,445 Total revenues from contracts with customers 1,410,955 24,961 1,435,916 1,339,570 23,229 1,362,799 Leasing revenues 37,035 — 37,035 37,305 — 37,305 Program services and other fronting — 46,218 46,218 — 37,563 37,563 Equity method and other investments income (loss) 1,407 9,357 10,764 (387) (6,378) (6,765) Disposition gain — — — — 16,923 16,923 Other 1,777 (10) 1,767 9,325 23 9,348 Total $ 1,451,174 $ 80,526 $ 1,531,700 $ 1,385,813 $ 71,360 $ 1,457,173 Six Months Ended June 30, 2024 2023 (dollars in thousands) Markel Ventures Other Total Markel Ventures Other Total Products $ 1,435,228 $ — $ 1,435,228 $ 1,336,066 $ — $ 1,336,066 Services 1,068,609 4,548 1,073,157 1,055,880 4,638 1,060,518 Investment management — 42,482 42,482 — 31,904 31,904 Total revenues from contracts with customers 2,503,837 47,030 2,550,867 2,391,946 36,542 2,428,488 Leasing revenues 77,788 — 77,788 79,057 — 79,057 Program services and other fronting fees — 82,248 82,248 — 66,453 66,453 Equity method and other investments income (loss) 6,586 30,203 36,789 1,108 (8,758) (7,650) Disposition gain — — — — 16,923 16,923 Other 2,504 (18) 2,486 17,641 48 17,689 Total $ 2,590,715 $ 159,463 $ 2,750,178 $ 2,489,752 $ 111,208 $ 2,600,960 In June 2023, the Company sold one of its licensed insurance subsidiaries, which resulted in a gain of $16.9 million. The gain was included in services and other revenues. Receivables from contracts with customers were $750.0 million and $616.4 million as of June 30, 2024 and December 31, 2023, respectively. |
Unpaid Losses And Loss Adjustme
Unpaid Losses And Loss Adjustment Expenses | 6 Months Ended |
Jun. 30, 2024 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims [Abstract] | |
Unpaid Losses And Loss Adjustment Expenses | Unpaid Losses and Loss Adjustment Expenses The following table presents a reconciliation of consolidated beginning and ending reserves for losses and loss adjustment expenses. Six Months Ended June 30, (dollars in thousands) 2024 2023 Gross reserves for losses and loss adjustment expenses, beginning of year $ 23,483,321 $ 20,947,898 Reinsurance recoverables on unpaid losses, beginning of year 8,820,567 7,994,884 Net reserves for losses and loss adjustment expenses, beginning of year 14,662,754 12,953,014 Effect of foreign currency rate changes on beginning of year balance (41,045) 46,000 Adjusted net reserves for losses and loss adjustment expenses, beginning of year 14,621,709 12,999,014 Incurred losses and loss adjustment expenses: Current accident year 2,741,620 2,500,098 Prior accident years (221,298) (139,208) Total incurred losses and loss adjustment expenses 2,520,322 2,360,890 Payments: Current accident year 196,079 164,713 Prior accident years 1,639,765 1,461,051 Total payments 1,835,844 1,625,764 Effect of foreign currency rate changes on current year activity (1,272) (2,949) Change in net reserves for losses and loss adjustment expenses of Markel CATCo Re (see note 12) (25,726) (131,874) Reinsurance recoverable for retroactive reinsurance transaction — (125,067) Net reserves for losses and loss adjustment expenses, end of period 15,279,189 13,474,250 Reinsurance recoverables on unpaid losses 9,367,429 7,900,563 Gross reserves for losses and loss adjustment expenses, end of period $ 24,646,618 $ 21,374,813 For the six months ended June 30, 2024, prior accident years losses and loss adjustment expenses included $221.3 million of favorable development on prior years loss reserves, which included $190.7 million of favorable development on the Company's international professional liability, marine and energy, credit and surety and general liability product lines within its Insurance segment. For the six months ended June 30, 2023, prior accident years losses and loss adjustment expenses included $139.2 million of favorable development on prior years loss reserves, which included $169.6 million of favorable development on the Company's professional liability, property, marine and energy and workers' compensation product lines within its Insurance segment and $20.9 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 six months ended June 30, 2023 was partially offset by $53.0 million of adverse development on the Company's general liability product lines within its Insurance segment. In March 2023, the Company completed a retroactive reinsurance transaction to cede its portfolio of policies comprised of liabilities for its run-off book of United Kingdom motor casualty business in exchange for payments totaling $125.1 million, which approximated the carrying value of the Company's reserves for losses and loss adjustment expenses on the ceded policies. |
Reinsurance
Reinsurance | 6 Months Ended |
Jun. 30, 2024 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance | Reinsurance The following tables summarize the effect of reinsurance and retrocessional reinsurance on premiums written and earned. Quarter Ended June 30, 2024 2023 (dollars in thousands) Direct Assumed Ceded Net Premiums Direct Assumed Ceded Net Premiums Underwriting: Written $ 2,356,536 $ 564,851 $ (642,448) $ 2,278,939 $ 2,285,739 $ 448,837 $ (526,562) $ 2,208,014 Earned $ 2,149,773 $ 414,488 $ (487,002) $ 2,077,259 $ 2,025,324 $ 424,404 $ (418,264) $ 2,031,464 Program services and other fronting: Written 943,140 847,603 (1,790,903) (160) 824,171 229,438 (1,053,930) (321) Earned 811,377 240,844 (1,052,381) (160) 649,562 159,075 (808,958) (321) Consolidated: Written $ 3,299,676 $ 1,412,454 $ (2,433,351) $ 2,278,779 $ 3,109,910 $ 678,275 $ (1,580,492) $ 2,207,693 Earned $ 2,961,150 $ 655,332 $ (1,539,383) $ 2,077,099 $ 2,674,886 $ 583,479 $ (1,227,222) $ 2,031,143 Six Months Ended June 30, 2024 2023 (dollars in thousands) Direct Assumed Ceded Net Premiums Direct Assumed Ceded Net Premiums Underwriting: Written $ 4,464,003 $ 1,233,550 $ (1,186,404) $ 4,511,149 $ 4,255,102 $ 1,137,732 $ (966,591) $ 4,426,243 Earned $ 4,348,011 $ 807,430 $ (950,382) $ 4,205,059 $ 3,997,200 $ 823,123 $ (820,704) $ 3,999,619 Program services and other fronting: Written 1,688,098 1,266,878 (2,955,309) (333) 1,397,382 433,981 (1,832,135) (772) Earned 1,515,059 364,115 (1,879,507) (333) 1,290,675 233,792 (1,525,239) (772) Consolidated: Written $ 6,152,101 $ 2,500,428 $ (4,141,713) $ 4,510,816 $ 5,652,484 $ 1,571,713 $ (2,798,726) $ 4,425,471 Earned $ 5,863,070 $ 1,171,545 $ (2,829,889) $ 4,204,726 $ 5,287,875 $ 1,056,915 $ (2,345,943) $ 3,998,847 Substantially all of the premiums written and earned in the Company's program services and other fronting operations for the quarter and six months ended June 30, 2024 and 2023 were ceded. The percentage of consolidated ceded earned premiums to gross earned premiums was 43% and 40% for the quarter and six months ended June 30, 2024, respectively, and 38% and 37% for the quarter and six months ended June 30, 2023, respectively. The percentage of consolidated assumed earned premiums to net earned premiums was 32% and 28% for the quarter and six months ended June 30, 2024, respectively, and 29% and 26% for the quarter and six months ended June 30, 2023, 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 $593.9 million and $1.2 billion for the quarter and six months ended June 30, 2024, respectively, and $594.7 million and $1.1 billion for the quarter and six months ended June 30, 2023, 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 June 30, Six Months Ended June 30, (dollars in thousands) 2024 2023 2024 2023 Gross losses and loss adjustment expenses $ 1,577,820 $ 1,476,189 $ 3,271,667 $ 2,868,537 Ceded losses and loss adjustment expenses (345,224) (288,676) (751,391) (507,931) Net losses and loss adjustment expenses $ 1,232,596 $ 1,187,513 $ 2,520,276 $ 2,360,606 |
Life and Annuity Benefits
Life and Annuity Benefits | 6 Months Ended |
Jun. 30, 2024 | |
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [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) June 30, 2024 December 31, 2023 Liability for future policyholder benefits $ 507,926 $ 557,763 Deferred profit liability 49,238 52,287 Other 37,585 39,004 Total $ 594,749 $ 649,054 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. The following table presents a rollforward of the present value of the liability for future policyholder benefits. Six Months Ended June 30, (dollars in thousands) 2024 2023 Liability for future policyholder benefits, beginning of year $ 557,763 $ 554,366 Liability for future policyholder benefits at original discount rate, beginning of year 642,877 667,761 Effect of changes in cash flow assumptions — — Effect of actual variances from expected experience — — Adjusted liability for future policyholder benefits, beginning of year 642,877 667,761 Interest accretion 7,113 7,594 Benefit payments (25,750) (26,661) Effect of foreign currency rate changes (15,515) 6,926 Liability for future policyholder benefits at original discount rate, end of period 608,725 655,620 Cumulative effect of changes in discount rate assumptions (100,799) (106,019) Liability for future policyholder benefits, end of period (1) $ 507,926 $ 549,601 (1) The undiscounted liability for future policyholder benefits was $779.6 million and $843.3 million as of June 30, 2024 and 2023, respectively. The following table summarizes additional details for the Company's liability for future policyholder benefits. June 30, 2024 December 31, 2023 Weighted-average interest rate: Interest accretion rate 2.3 % 2.3 % Current discount rate 4.3 % 3.8 % Weighted-average liability duration 8.2 years 8.6 years |
Senior Long-Term Debt and Other
Senior Long-Term Debt and Other Debt | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Senior Long-Term Debt and Other Debt | Senior Long-Term Debt and Other Debt In May 2024, the Company issued $600 million of 6.0% unsecured senior notes due May 2054. Net proceeds to the Company were $592.6 million, before expenses. The Company intends to use these proceeds for general corporate purposes, which may include the redemption, in whole or in part, of the Company's outstanding preferred shares. As of June 30, 2024, the Company had 600,000 preferred shares issued and outstanding, which the Company has the option to redeem, in whole or in part, on June 1, 2025, at $1,000 per preferred share, plus accrued and unpaid dividends. |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities Markel CATCo Investment Management Ltd. (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 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. As part of the transaction, substantially all of the preference shares held by investors in the Markel CATCo Funds were redeemed, including preference shares previously held by the Company. The Company has received a return of $24.9 million of the initial cash funding provided, and the related preference shares were redeemed. As of June 30, 2024 and December 31, 2023, the Company's investment in the remaining preference shares of Markel CATCo Re totaled $20.1 million, which comprised 16% and 23%, respectively, of the equity of Markel CATCo Re. 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. 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 insurance 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 $8.4 million and $24.1 million for the quarter and six months ended June 30, 2024, respectively, and $8.7 million and $53.5 million for the quarter and six months ended June 30, 2023, respectively. For all periods, the favorable development was included in services and other expenses and attributable to noncontrolling interests. During the six months ended June 30, 2023, $62.6 million of preference shares of Markel CATCo Re held by noncontrolling interests were redeemed. The Company's consolidated balance sheets include the following amounts attributable to Markel CATCo Re. (dollars in thousands) June 30, 2024 December 31, 2023 Assets Cash and cash equivalents $ 108,625 $ 91,301 Restricted cash and cash equivalents 156,548 173,800 Other assets and receivables due from cedents 18,992 19,292 Total Assets $ 284,165 $ 284,393 Liabilities and Equity Unpaid losses and loss adjustment expenses $ 159,242 $ 184,967 Other liabilities 824 1,842 Total Liabilities 160,066 186,809 Shareholders' equity 21,139 21,139 Noncontrolling interests 102,960 76,445 Total Equity 124,099 97,584 Total Liabilities and Equity $ 284,165 $ 284,393 In connection with the buy-out transaction, the Company also entered into a tail risk cover with Markel CATCo Re to allow for the release of collateral to investors. Through this contract, the Company has $95.0 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 | 6 Months Ended |
Jun. 30, 2024 | |
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, and, for certain funds, incentive fees based on their annual performance. For the quarter and six months ended June 30, 2024, total revenues attributed to unconsolidated entities managed by Nephila were $21.8 million and $41.1 million, respectively. For the quarter and six months ended June 30, 2023, total revenues attributed to unconsolidated entities managed by Nephila were $20.8 million and $30.6 million, respectively. Through the Company's program services and other fronting operations, the Company has programs with Nephila through which the Company writes insurance policies that are fully ceded to the Nephila Reinsurers. Through these programs, Nephila utilizes certain of the Company's licensed insurance companies to write U.S. catastrophe-exposed property and specialty risks that are then ceded to the Nephila Reinsurers. Gross premiums written through the Company's program services and other fronting platforms on behalf of Nephila were $741.7 million and $1.1 billion for the quarter and six months ended June 30, 2024, respectively, and $297.4 million and $534.3 million for the quarter and six months ended June 30, 2023, respectively, all of which were ceded to the Nephila Reinsurers. As of June 30, 2024 and December 31, 2023, reinsurance recoverables on the consolidated balance sheets included $687.1 million and $794.3 million, respectively, due from the Nephila Reinsurers. Under its programs with the 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. Beginning in 2024, in order for the Nephila Reinsurers to obtain reinsurance protection for a portion of their exposures, the Company also fronted ceded reinsurance contracts, primarily in the form of industry loss warranties, for the Nephila Reinsurers. Through this arrangement, the underlying risk of the Nephila Reinsurers was retroceded back to the Company and then fully ceded to third-party reinsurers. For the quarter and six months ended June 30, 2024, the Company's gross written premiums from the Nephila Reinsurers under this program were $168.0 million, all of which were ceded to third parties. The Company has also entered into other assumed and ceded reinsurance transactions with the Nephila Reinsurers in the normal course of business, which are not material to the Company's consolidated financial statements. Hagerty The Company holds a minority ownership interest in Hagerty, which operates primarily as a managing general agent and also includes Hagerty Reinsurance Limited (Hagerty Re), a Bermuda Class 3 reinsurance company. Through the Company's underwriting operations, the Company underwrites insurance for Hagerty, a portion of which is ceded to Hagerty Re. The amounts attributed to these arrangements are summarized in the following table. Quarter Ended June 30, Six Months Ended June 30, (dollars in thousands) 2024 2023 2024 2023 Gross written premiums attributable to Hagerty $ 275,642 $ 236,225 $ 473,924 $ 401,196 Premiums ceded to Hagerty Re $ 211,052 $ 181,841 $ 363,737 $ 306,469 As of June 30, 2024 and December 31, 2023, reinsurance recoverables on the consolidated balance sheets included $239.4 million and $214.8 million, respectively, due from Hagerty Re. |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, Six Months Ended June 30, (shares in ones) 2024 2023 2024 2023 Issued and outstanding common shares, beginning of period 13,023,511 13,361,613 13,131,672 13,422,692 Issuance of common shares 2,603 1,495 3,987 3,312 Repurchase of common shares (64,082) (78,110) (173,627) (141,006) Issued and outstanding common shares, end of period 12,962,032 13,284,998 12,962,032 13,284,998 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 June 30, 2024 and December 31, 2023. The Company declared and paid dividends on preferred shares of $18.0 million, or $30 per share, in both the quarters ended June 30, 2024 and 2023. c) Net income per common share was determined by dividing adjusted net income 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 per common share is computed by dividing adjusted net income to common shareholders by the weighted average number of common shares and dilutive potential common shares outstanding during the period. The following table presents basic net income per common share and diluted net income per common share. Quarter Ended June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2024 2023 2024 2023 Net income to common shareholders $ 249,701 $ 677,511 $ 1,274,885 $ 1,166,163 Adjustment of redeemable noncontrolling interests (6,100) (5,758) (38,702) 7,715 Adjusted net income to common shareholders $ 243,601 $ 671,753 $ 1,236,183 $ 1,173,878 Basic common shares outstanding 13,053 13,382 13,095 13,416 Dilutive potential common shares from restricted stock units and restricted stock 28 29 23 25 Diluted common shares outstanding 13,081 13,411 13,118 13,441 Basic net income per common share $ 18.66 $ 50.20 $ 94.40 $ 87.50 Diluted net income per common share $ 18.62 $ 50.09 $ 94.24 $ 87.34 |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net income (loss) to common shareholders | $ 267,701 | $ 695,511 | $ 1,292,885 | $ 1,184,163 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
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) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation. The consolidated balance sheet as of June 30, 2024 and the related consolidated statements of income and comprehensive income and changes in equity for the quarters and six months ended June 30, 2024 and 2023, and the condensed consolidated statements of cash flows for the six months ended June 30, 2024 and 2023 are unaudited. In the opinion of management, all adjustments necessary for fair presentation of such consolidated financial statements have been included. Such adjustments consist only of normal, recurring items. Interim results are not necessarily indicative of results of operations for the entire year. The consolidated balance sheet as of December 31, 2023 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. For a more complete description of the Company's business and accounting policies, readers are urged to review the Company's 2023 Annual Report on Form 10-K. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Standards Not Yet Adopted In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The standard requires public companies to, among other things: (1) disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss; (2) disclose, on an annual and interim basis, an amount for other segment expenses that are not separately disclosed as significant segment expenses and a description of its composition; (3) provide all annual disclosures about a reportable segment's profit or loss and assets currently required by Topic 280 in interim periods; and (4) disclose the title and position of the chief operating decision maker and an explanation of how the chief operating decision maker uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. ASU No. 2023-07 becomes effective for the Company in the fourth quarter of 2024 and will be applied using a retrospective approach that requires recasting of all prior periods presented. The standard only impacts required disclosures and will not impact the Company's financial position, results of operations or cash flows. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The standard requires public companies, on an annual basis, to provide enhanced rate reconciliation disclosures, including disclosure of specific categories and additional information for reconciling items that meet a quantitative threshold. The standard also requires public companies to, among other things, disaggregate income taxes paid by federal, state and foreign taxes. ASU No. 2023-09 becomes effective for the Company's 2025 Annual Report on Form 10-K. The standard only impacts required disclosures and will not impact the Company's financial position, results of operations or cash flows. |
Segment Reporting Disclosures (
Segment Reporting Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Company's Segment Disclosures | The following tables summarize the Company's segment disclosures. Quarter Ended June 30, 2024 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures Other insurance operations Corporate Consolidated Earned premiums $ 1,813,003 $ 264,630 $ — $ — $ (534) $ — $ 2,077,099 Net investment income — — 220,454 2,607 — — 223,061 Net investment losses — — (130,017) — — — (130,017) Products revenues — — — 847,219 — — 847,219 Services and other revenues — — 9,357 603,955 71,169 — 684,481 Total operating revenues 1,813,003 264,630 99,794 1,453,781 70,635 — 3,701,843 Losses and loss adjustment expenses: Current accident year (1,191,955) (184,895) — — — — (1,376,850) Prior accident years 146,603 (2,414) — — 86 — 144,275 Underwriting, acquisition and insurance expenses: Amortization of policy acquisition costs (358,158) (63,481) — — — — (421,639) Other underwriting expenses (276,314) (12,519) — — 177 — (288,656) Products expenses — — — (693,693) — — (693,693) Services and other expenses — — — (582,590) (28,473) — (611,063) Amortization of acquired intangible assets (44,237) (44,237) Operating income $ 133,179 $ 1,321 $ 99,794 $ 177,498 $ 42,425 $ (44,237) $ 409,980 Interest expense (52,597) Net foreign exchange gains 8,711 Income before income taxes $ 366,094 Quarter Ended June 30, 2023 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures Other insurance operations Corporate Consolidated Earned premiums $ 1,763,186 $ 268,288 $ — $ — $ (331) $ — $ 2,031,143 Net investment income — — 168,927 766 — — 169,693 Net investment gains — — 484,527 — — — 484,527 Products revenues — — — 784,882 — — 784,882 Services and other revenues — — (6,378) 600,931 77,738 — 672,291 Total operating revenues 1,763,186 268,288 647,076 1,386,579 77,407 — 4,142,536 Losses and loss adjustment expenses: Current accident year (1,079,450) (176,317) — — — — (1,255,767) Prior accident years 61,562 7,974 — — (1,645) — 67,891 Underwriting, acquisition and insurance expenses: Amortization of policy acquisition costs (367,145) (71,574) — — — — (438,719) Other underwriting expenses (243,502) (13,187) — — (2,479) — (259,168) Products expenses — — — (651,469) — — (651,469) Services and other expenses — — — (565,060) (25,757) — (590,817) Amortization of acquired intangible assets (44,423) (44,423) Operating income $ 134,651 $ 15,184 $ 647,076 $ 170,050 $ 47,526 $ (44,423) $ 970,064 Interest expense (47,221) Net foreign exchange losses (14,976) Income before income taxes $ 907,867 Six Months Ended June 30, 2024 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures Other insurance operations Corporate Consolidated Earned premiums $ 3,687,464 $ 517,969 $ — $ — $ (707) $ — $ 4,204,726 Net investment income — — 437,658 3,672 — — 441,330 Net investment gains — — 772,264 — — — 772,264 Products revenues — — — 1,448,059 — — 1,448,059 Services and other revenues — — 30,203 1,142,656 129,260 — 1,302,119 Total operating revenues 3,687,464 517,969 1,240,125 2,594,387 128,553 — 8,168,498 Losses and loss adjustment expenses: Current accident year (2,393,510) (348,110) — — — — (2,741,620) Prior accident years 243,784 (5,812) — — (16,674) — 221,298 Underwriting, acquisition and insurance expenses: Amortization of policy acquisition costs (731,936) (124,290) — — — — (856,226) Other underwriting expenses (565,313) (26,426) — — (1,082) — (592,821) Products expenses — — — (1,216,940) — — (1,216,940) Services and other expenses — — — (1,096,034) (51,867) — (1,147,901) Amortization of acquired intangible assets (88,522) (88,522) Operating income $ 240,489 $ 13,331 $ 1,240,125 $ 281,413 $ 58,930 $ (88,522) $ 1,745,766 Interest expense (98,145) Net foreign exchange gains 60,211 Income before income taxes $ 1,707,832 Six Months Ended June 30, 2023 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures Other insurance operations Corporate Consolidated Earned premiums $ 3,474,110 $ 525,522 $ — $ — $ (785) $ — $ 3,998,847 Net investment income — — 327,521 1,507 — — 329,028 Net investment gains — — 857,090 — — — 857,090 Products revenues — — — 1,362,808 — — 1,362,808 Services and other revenues — — (8,758) 1,126,944 119,966 — 1,238,152 Total operating revenues 3,474,110 525,522 1,175,853 2,491,259 119,181 — 7,785,925 Losses and loss adjustment expenses: Current accident year (2,156,996) (343,102) — — — — (2,500,098) Prior accident years 124,190 16,678 — — (1,660) — 139,208 Underwriting, acquisition and insurance expenses: Amortization of policy acquisition costs (727,499) (133,352) — — — — (860,851) Other underwriting expenses (482,650) (26,328) — — (3,763) — (512,741) Products expenses — — — (1,167,225) — — (1,167,225) Services and other expenses — — — (1,061,806) (9,630) — (1,071,436) Amortization of acquired intangible assets (88,822) (88,822) Operating income $ 231,155 $ 39,418 $ 1,175,853 $ 262,228 $ 104,128 $ (88,822) $ 1,723,960 Interest expense (96,659) Net foreign exchange losses (47,904) Income before income taxes $ 1,579,397 |
Reconciliation Of Segment Assets To The Company's Consolidated Balance Sheets | The following table reconciles segment assets to the Company's consolidated balance sheets. (dollars in thousands) June 30, 2024 December 31, 2023 Segment assets: Investing $ 32,394,504 $ 30,542,282 Underwriting 10,965,840 9,897,689 Markel Ventures 5,839,116 5,519,542 Total segment assets 49,199,460 45,959,513 Other insurance operations 10,510,161 9,086,197 Total assets $ 59,709,621 $ 55,045,710 |
Investments (Tables)
Investments (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
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. June 30, 2024 (dollars in thousands) Amortized Gross Gross Estimated Fixed maturity securities: U.S. Treasury securities $ 4,600,441 $ 7,250 $ (83,294) $ 4,524,397 U.S. government-sponsored enterprises 1,347,637 3,567 (103,335) 1,247,869 Obligations of states, municipalities and political subdivisions 4,000,057 6,859 (214,490) 3,792,426 Foreign governments 1,984,422 1,915 (138,458) 1,847,879 Commercial mortgage-backed securities 2,325,529 3,433 (129,334) 2,199,628 Residential mortgage-backed securities 433,954 143 (21,647) 412,450 Corporate bonds 1,029,755 4,268 (81,158) 952,865 Total fixed maturity securities 15,721,795 27,435 (771,716) 14,977,514 Short-term investments 2,788,636 531 (1,409) 2,787,758 Investments, available-for-sale $ 18,510,431 $ 27,966 $ (773,125) $ 17,765,272 | December 31, 2023 (dollars in thousands) Amortized Gross Gross Estimated Fixed maturity securities: U.S. Treasury securities $ 3,811,293 $ 35,824 $ (62,404) $ 3,784,713 U.S. government-sponsored enterprises 1,225,426 7,292 (89,904) 1,142,814 Obligations of states, municipalities and political subdivisions 4,196,096 14,787 (181,578) 4,029,305 Foreign governments 1,858,845 21,450 (96,874) 1,783,421 Commercial mortgage-backed securities 2,371,406 8,605 (136,353) 2,243,658 Residential mortgage-backed securities 491,949 334 (21,861) 470,422 Corporate bonds 977,271 13,043 (71,915) 918,399 Total fixed maturity securities 14,932,286 101,335 (660,889) 14,372,732 Short-term investments 2,564,620 7,155 (393) 2,571,382 Investments, available-for-sale $ 17,496,906 $ 108,490 $ (661,282) $ 16,944,114 |
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. Unrealized losses on available-for-sale investments are typically the result of declines in the fair value of the investments due to increases in interest rates. June 30, 2024 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 $ 1,851,326 $ (13,288) $ 1,626,173 $ (70,006) $ 3,477,499 $ (83,294) U.S. government-sponsored enterprises 175,742 (1,717) 842,483 (101,618) 1,018,225 (103,335) Obligations of states, municipalities and political subdivisions 644,166 (6,282) 2,663,971 (208,208) 3,308,137 (214,490) Foreign governments 421,032 (6,875) 1,019,706 (131,583) 1,440,738 (138,458) Commercial mortgage-backed securities 246,505 (1,957) 1,706,126 (127,377) 1,952,631 (129,334) Residential mortgage-backed securities 25,119 (603) 373,828 (21,044) 398,947 (21,647) Corporate bonds 186,931 (3,853) 575,024 (77,305) 761,955 (81,158) Total fixed maturity securities 3,550,821 (34,575) 8,807,311 (737,141) 12,358,132 (771,716) Short-term investments 2,548,368 (1,409) — — 2,548,368 (1,409) Total $ 6,099,189 $ (35,984) $ 8,807,311 $ (737,141) $ 14,906,500 $ (773,125) | December 31, 2023 Less than 12 months 12 months or longer Total (dollars in thousands) Estimated Gross Estimated Gross Estimated Gross Fixed maturity securities: U.S. Treasury securities $ 317,027 $ (2,147) $ 1,507,784 $ (60,257) $ 1,824,811 $ (62,404) U.S. government-sponsored enterprises 145,143 (2,134) 723,537 (87,770) 868,680 (89,904) Obligations of states, municipalities and political subdivisions 679,124 (3,881) 2,332,281 (177,697) 3,011,405 (181,578) Foreign governments 49,056 (128) 1,113,616 (96,746) 1,162,672 (96,874) Commercial mortgage-backed securities 169,557 (1,792) 1,790,637 (134,561) 1,960,194 (136,353) Residential mortgage-backed securities 20,420 (80) 431,705 (21,781) 452,125 (21,861) Corporate bonds 34,340 (266) 615,501 (71,649) 649,841 (71,915) Total fixed maturity securities 1,414,667 (10,428) 8,515,061 (650,461) 9,929,728 (660,889) Short-term investments 52,601 (393) — — 52,601 (393) Total $ 1,467,268 $ (10,821) $ 8,515,061 $ (650,461) $ 9,982,329 $ (661,282) |
Schedule Of Amortized Cost And Estimated Fair Value Of Fixed Maturity Securities By Contractual Maturity Date | The amortized cost and estimated fair value of fixed maturity securities at June 30, 2024 are shown below by contractual maturity. (dollars in thousands) Amortized Estimated Due in one year or less $ 1,076,011 $ 1,062,673 Due after one year through five years 5,685,191 5,482,759 Due after five years through ten years 4,727,163 4,508,491 Due after ten years 1,473,947 1,311,513 12,962,312 12,365,436 Commercial mortgage-backed securities 2,325,529 2,199,628 Residential mortgage-backed securities 433,954 412,450 Total fixed maturity securities $ 15,721,795 $ 14,977,514 | |
Components Of Net Investment Income | The following table presents the components of net investment income. Quarter Ended June 30, Six Months Ended June 30, (dollars in thousands) 2024 2023 2024 2023 Interest: Fixed maturity securities $ 121,189 $ 88,419 $ 240,665 $ 170,547 Short-term investments 31,654 23,712 63,838 50,331 Cash and cash equivalents and restricted cash and cash equivalents 42,542 35,491 81,620 63,092 Dividends on equity securities 31,831 26,352 64,524 53,834 227,216 173,974 450,647 337,804 Investment expenses (4,155) (4,281) (9,317) (8,776) Net investment income $ 223,061 $ 169,693 $ 441,330 $ 329,028 | |
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 and the change in net unrealized losses included in other comprehensive income (loss). Gross realized investment gains and losses on fixed maturity securities, short-term investments and other investments were not material to the consolidated financial statements and are presented on a net basis in the following table. Quarter Ended June 30, Six Months Ended June 30, (dollars in thousands) 2024 2023 2024 2023 Fixed maturity securities, short-term investments and other investments: Net realized investment gains (losses) $ (14,007) $ 1,155 $ (18,495) $ (2,066) Equity securities: Change in fair value of securities sold during the period (4,654) 2,434 (4,611) 13,487 Change in fair value of securities held at the end of the period (111,356) 480,938 795,370 845,669 Total change in fair value (116,010) 483,372 790,759 859,156 Net investment gains (losses) $ (130,017) $ 484,527 $ 772,264 $ 857,090 Change in net unrealized losses on available-for-sale investments included in other comprehensive income (loss): Fixed maturity securities $ (36,240) $ (167,992) $ (184,727) $ 41,187 Short-term investments (358) (2,578) (7,640) (3,388) Net increase (decrease) $ (36,598) $ (170,570) $ (192,367) $ 37,799 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Balances Of Assets Measured At Fair Value On A Recurring Basis | The following tables present the balances of assets measured at fair value on a recurring basis by level within the fair value hierarchy. June 30, 2024 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Investments: Fixed maturity securities, available-for-sale: U.S. Treasury securities $ — $ 4,524,397 $ — $ 4,524,397 U.S. government-sponsored enterprises — 1,247,869 — 1,247,869 Obligations of states, municipalities and political subdivisions — 3,792,426 — 3,792,426 Foreign governments — 1,847,879 — 1,847,879 Commercial mortgage-backed securities — 2,199,628 — 2,199,628 Residential mortgage-backed securities — 412,450 — 412,450 Corporate bonds — 952,865 — 952,865 Total fixed maturity securities, available-for-sale — 14,977,514 — 14,977,514 Equity securities: Insurance, banks and other financial institutions 4,101,406 — 1,321 4,102,727 Industrial, consumer and all other 6,490,117 — — 6,490,117 Total equity securities 10,591,523 — 1,321 10,592,844 Short-term investments, available-for-sale 2,633,686 154,072 — 2,787,758 Total investments $ 13,225,209 $ 15,131,586 $ 1,321 $ 28,358,116 December 31, 2023 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Investments: Fixed maturity securities, available-for-sale: U.S. Treasury securities $ — $ 3,784,713 $ — $ 3,784,713 U.S. government-sponsored enterprises — 1,142,814 — 1,142,814 Obligations of states, municipalities and political subdivisions — 4,029,305 — 4,029,305 Foreign governments — 1,783,421 — 1,783,421 Commercial mortgage-backed securities — 2,243,658 — 2,243,658 Residential mortgage-backed securities — 470,422 — 470,422 Corporate bonds — 918,399 — 918,399 Total fixed maturity securities, available-for-sale — 14,372,732 — 14,372,732 Equity securities: Insurance, banks and other financial institutions 3,694,375 — 994 3,695,369 Industrial, consumer and all other 5,882,502 — — 5,882,502 Total equity securities 9,576,877 — 994 9,577,871 Short-term investments, available-for-sale 2,402,099 169,283 — 2,571,382 Total investments $ 11,978,976 $ 14,542,015 $ 994 $ 26,521,985 |
Products, Services and Other _2
Products, Services and Other Revenues (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, along with a reconciliation to total products revenues and services and other revenues. Quarter Ended June 30, 2024 2023 (dollars in thousands) Markel Ventures Other Total Markel Ventures Other Total Products $ 840,636 $ — $ 840,636 $ 770,171 $ — $ 770,171 Services 570,319 2,415 572,734 569,399 1,784 571,183 Investment management — 22,546 22,546 — 21,445 21,445 Total revenues from contracts with customers 1,410,955 24,961 1,435,916 1,339,570 23,229 1,362,799 Leasing revenues 37,035 — 37,035 37,305 — 37,305 Program services and other fronting — 46,218 46,218 — 37,563 37,563 Equity method and other investments income (loss) 1,407 9,357 10,764 (387) (6,378) (6,765) Disposition gain — — — — 16,923 16,923 Other 1,777 (10) 1,767 9,325 23 9,348 Total $ 1,451,174 $ 80,526 $ 1,531,700 $ 1,385,813 $ 71,360 $ 1,457,173 Six Months Ended June 30, 2024 2023 (dollars in thousands) Markel Ventures Other Total Markel Ventures Other Total Products $ 1,435,228 $ — $ 1,435,228 $ 1,336,066 $ — $ 1,336,066 Services 1,068,609 4,548 1,073,157 1,055,880 4,638 1,060,518 Investment management — 42,482 42,482 — 31,904 31,904 Total revenues from contracts with customers 2,503,837 47,030 2,550,867 2,391,946 36,542 2,428,488 Leasing revenues 77,788 — 77,788 79,057 — 79,057 Program services and other fronting fees — 82,248 82,248 — 66,453 66,453 Equity method and other investments income (loss) 6,586 30,203 36,789 1,108 (8,758) (7,650) Disposition gain — — — — 16,923 16,923 Other 2,504 (18) 2,486 17,641 48 17,689 Total $ 2,590,715 $ 159,463 $ 2,750,178 $ 2,489,752 $ 111,208 $ 2,600,960 |
Unpaid Losses And Loss Adjust_2
Unpaid Losses And Loss Adjustment Expenses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims [Abstract] | |
Reconciliation Of Consolidated Reserves For Losses And Loss Adjustment Expenses | The following table presents a reconciliation of consolidated beginning and ending reserves for losses and loss adjustment expenses. Six Months Ended June 30, (dollars in thousands) 2024 2023 Gross reserves for losses and loss adjustment expenses, beginning of year $ 23,483,321 $ 20,947,898 Reinsurance recoverables on unpaid losses, beginning of year 8,820,567 7,994,884 Net reserves for losses and loss adjustment expenses, beginning of year 14,662,754 12,953,014 Effect of foreign currency rate changes on beginning of year balance (41,045) 46,000 Adjusted net reserves for losses and loss adjustment expenses, beginning of year 14,621,709 12,999,014 Incurred losses and loss adjustment expenses: Current accident year 2,741,620 2,500,098 Prior accident years (221,298) (139,208) Total incurred losses and loss adjustment expenses 2,520,322 2,360,890 Payments: Current accident year 196,079 164,713 Prior accident years 1,639,765 1,461,051 Total payments 1,835,844 1,625,764 Effect of foreign currency rate changes on current year activity (1,272) (2,949) Change in net reserves for losses and loss adjustment expenses of Markel CATCo Re (see note 12) (25,726) (131,874) Reinsurance recoverable for retroactive reinsurance transaction — (125,067) Net reserves for losses and loss adjustment expenses, end of period 15,279,189 13,474,250 Reinsurance recoverables on unpaid losses 9,367,429 7,900,563 Gross reserves for losses and loss adjustment expenses, end of period $ 24,646,618 $ 21,374,813 |
Reinsurance (Tables)
Reinsurance (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Reinsurance Disclosures [Abstract] | |
Effect Of Reinsurance And Retrocessional Reinsurance On Premiums Written And Earned | The following tables summarize the effect of reinsurance and retrocessional reinsurance on premiums written and earned. Quarter Ended June 30, 2024 2023 (dollars in thousands) Direct Assumed Ceded Net Premiums Direct Assumed Ceded Net Premiums Underwriting: Written $ 2,356,536 $ 564,851 $ (642,448) $ 2,278,939 $ 2,285,739 $ 448,837 $ (526,562) $ 2,208,014 Earned $ 2,149,773 $ 414,488 $ (487,002) $ 2,077,259 $ 2,025,324 $ 424,404 $ (418,264) $ 2,031,464 Program services and other fronting: Written 943,140 847,603 (1,790,903) (160) 824,171 229,438 (1,053,930) (321) Earned 811,377 240,844 (1,052,381) (160) 649,562 159,075 (808,958) (321) Consolidated: Written $ 3,299,676 $ 1,412,454 $ (2,433,351) $ 2,278,779 $ 3,109,910 $ 678,275 $ (1,580,492) $ 2,207,693 Earned $ 2,961,150 $ 655,332 $ (1,539,383) $ 2,077,099 $ 2,674,886 $ 583,479 $ (1,227,222) $ 2,031,143 Six Months Ended June 30, 2024 2023 (dollars in thousands) Direct Assumed Ceded Net Premiums Direct Assumed Ceded Net Premiums Underwriting: Written $ 4,464,003 $ 1,233,550 $ (1,186,404) $ 4,511,149 $ 4,255,102 $ 1,137,732 $ (966,591) $ 4,426,243 Earned $ 4,348,011 $ 807,430 $ (950,382) $ 4,205,059 $ 3,997,200 $ 823,123 $ (820,704) $ 3,999,619 Program services and other fronting: Written 1,688,098 1,266,878 (2,955,309) (333) 1,397,382 433,981 (1,832,135) (772) Earned 1,515,059 364,115 (1,879,507) (333) 1,290,675 233,792 (1,525,239) (772) Consolidated: Written $ 6,152,101 $ 2,500,428 $ (4,141,713) $ 4,510,816 $ 5,652,484 $ 1,571,713 $ (2,798,726) $ 4,425,471 Earned $ 5,863,070 $ 1,171,545 $ (2,829,889) $ 4,204,726 $ 5,287,875 $ 1,056,915 $ (2,345,943) $ 3,998,847 |
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 June 30, Six Months Ended June 30, (dollars in thousands) 2024 2023 2024 2023 Gross losses and loss adjustment expenses $ 1,577,820 $ 1,476,189 $ 3,271,667 $ 2,868,537 Ceded losses and loss adjustment expenses (345,224) (288,676) (751,391) (507,931) Net losses and loss adjustment expenses $ 1,232,596 $ 1,187,513 $ 2,520,276 $ 2,360,606 |
Life and Annuity Benefits (Tabl
Life and Annuity Benefits (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [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) June 30, 2024 December 31, 2023 Liability for future policyholder benefits $ 507,926 $ 557,763 Deferred profit liability 49,238 52,287 Other 37,585 39,004 Total $ 594,749 $ 649,054 |
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. Six Months Ended June 30, (dollars in thousands) 2024 2023 Liability for future policyholder benefits, beginning of year $ 557,763 $ 554,366 Liability for future policyholder benefits at original discount rate, beginning of year 642,877 667,761 Effect of changes in cash flow assumptions — — Effect of actual variances from expected experience — — Adjusted liability for future policyholder benefits, beginning of year 642,877 667,761 Interest accretion 7,113 7,594 Benefit payments (25,750) (26,661) Effect of foreign currency rate changes (15,515) 6,926 Liability for future policyholder benefits at original discount rate, end of period 608,725 655,620 Cumulative effect of changes in discount rate assumptions (100,799) (106,019) Liability for future policyholder benefits, end of period (1) $ 507,926 $ 549,601 (1) The undiscounted liability for future policyholder benefits was $779.6 million and $843.3 million as of June 30, 2024 and 2023, 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. June 30, 2024 December 31, 2023 Weighted-average interest rate: Interest accretion rate 2.3 % 2.3 % Current discount rate 4.3 % 3.8 % Weighted-average liability duration 8.2 years 8.6 years |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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) June 30, 2024 December 31, 2023 Assets Cash and cash equivalents $ 108,625 $ 91,301 Restricted cash and cash equivalents 156,548 173,800 Other assets and receivables due from cedents 18,992 19,292 Total Assets $ 284,165 $ 284,393 Liabilities and Equity Unpaid losses and loss adjustment expenses $ 159,242 $ 184,967 Other liabilities 824 1,842 Total Liabilities 160,066 186,809 Shareholders' equity 21,139 21,139 Noncontrolling interests 102,960 76,445 Total Equity 124,099 97,584 Total Liabilities and Equity $ 284,165 $ 284,393 |
Related Party Disclosures (Tabl
Related Party Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
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 June 30, Six Months Ended June 30, (dollars in thousands) 2024 2023 2024 2023 Gross written premiums attributable to Hagerty $ 275,642 $ 236,225 $ 473,924 $ 401,196 Premiums ceded to Hagerty Re $ 211,052 $ 181,841 $ 363,737 $ 306,469 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Common Stock Outstanding Roll Forward | The Company has 50,000,000 shares of no par value common stock authorized. The following table presents a rollforward of changes in common shares issued and outstanding. Quarter Ended June 30, Six Months Ended June 30, (shares in ones) 2024 2023 2024 2023 Issued and outstanding common shares, beginning of period 13,023,511 13,361,613 13,131,672 13,422,692 Issuance of common shares 2,603 1,495 3,987 3,312 Repurchase of common shares (64,082) (78,110) (173,627) (141,006) Issued and outstanding common shares, end of period 12,962,032 13,284,998 12,962,032 13,284,998 |
Schedule Of Net Income (Loss) Per Common Share | The following table presents basic net income per common share and diluted net income per common share. Quarter Ended June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2024 2023 2024 2023 Net income to common shareholders $ 249,701 $ 677,511 $ 1,274,885 $ 1,166,163 Adjustment of redeemable noncontrolling interests (6,100) (5,758) (38,702) 7,715 Adjusted net income to common shareholders $ 243,601 $ 671,753 $ 1,236,183 $ 1,173,878 Basic common shares outstanding 13,053 13,382 13,095 13,416 Dilutive potential common shares from restricted stock units and restricted stock 28 29 23 25 Diluted common shares outstanding 13,081 13,411 13,118 13,441 Basic net income per common share $ 18.66 $ 50.20 $ 94.40 $ 87.50 Diluted net income per common share $ 18.62 $ 50.09 $ 94.24 $ 87.34 |
Segment Reporting Disclosures_2
Segment Reporting Disclosures (Company's Segment Disclosures) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||
Earned premiums | $ 2,077,099 | $ 2,031,143 | $ 4,204,726 | $ 3,998,847 |
Net investment income | 223,061 | 169,693 | 441,330 | 329,028 |
Net investment gains (losses) | (130,017) | 484,527 | 772,264 | 857,090 |
Products revenues | 847,219 | 784,882 | 1,448,059 | 1,362,808 |
Services and other revenues | 684,481 | 672,291 | 1,302,119 | 1,238,152 |
Operating revenues | 3,701,843 | 4,142,536 | 8,168,498 | 7,785,925 |
Losses and loss adjustment expenses, current accident year | (1,376,850) | (1,255,767) | (2,741,620) | (2,500,098) |
Losses and loss adjustment expenses, prior accident year | 144,275 | 67,891 | 221,298 | 139,208 |
Amortization of policy acquisition costs | (421,639) | (438,719) | (856,226) | (860,851) |
Other underwriting expenses | (288,656) | (259,168) | (592,821) | (512,741) |
Products expenses | (693,693) | (651,469) | (1,216,940) | (1,167,225) |
Services and other expenses | (611,063) | (590,817) | (1,147,901) | (1,071,436) |
Amortization of acquired intangible assets | (44,237) | (44,423) | (88,522) | (88,822) |
Operating Income | 409,980 | 970,064 | 1,745,766 | 1,723,960 |
Interest expense | (52,597) | (47,221) | (98,145) | (96,659) |
Net foreign exchange gains (losses) | 8,711 | (14,976) | 60,211 | (47,904) |
Income (Loss) before income taxes | 366,094 | 907,867 | 1,707,832 | 1,579,397 |
Insurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earned premiums | 1,813,003 | 1,763,186 | 3,687,464 | 3,474,110 |
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 | 1,813,003 | 1,763,186 | 3,687,464 | 3,474,110 |
Losses and loss adjustment expenses, current accident year | (1,191,955) | (1,079,450) | (2,393,510) | (2,156,996) |
Losses and loss adjustment expenses, prior accident year | 146,603 | 61,562 | 243,784 | 124,190 |
Amortization of policy acquisition costs | (358,158) | (367,145) | (731,936) | (727,499) |
Other underwriting expenses | (276,314) | (243,502) | (565,313) | (482,650) |
Products expenses | 0 | 0 | 0 | 0 |
Services and other expenses | 0 | 0 | 0 | 0 |
Operating Income | 133,179 | 134,651 | 240,489 | 231,155 |
Reinsurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earned premiums | 264,630 | 268,288 | 517,969 | 525,522 |
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 | 264,630 | 268,288 | 517,969 | 525,522 |
Losses and loss adjustment expenses, current accident year | (184,895) | (176,317) | (348,110) | (343,102) |
Losses and loss adjustment expenses, prior accident year | (2,414) | 7,974 | (5,812) | 16,678 |
Amortization of policy acquisition costs | (63,481) | (71,574) | (124,290) | (133,352) |
Other underwriting expenses | (12,519) | (13,187) | (26,426) | (26,328) |
Products expenses | 0 | 0 | 0 | 0 |
Services and other expenses | 0 | 0 | 0 | 0 |
Operating Income | 1,321 | 15,184 | 13,331 | 39,418 |
Investing [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earned premiums | 0 | 0 | 0 | 0 |
Net investment income | 220,454 | 168,927 | 437,658 | 327,521 |
Net investment gains (losses) | (130,017) | 484,527 | 772,264 | 857,090 |
Products revenues | 0 | 0 | 0 | 0 |
Services and other revenues | 9,357 | (6,378) | 30,203 | (8,758) |
Operating revenues | 99,794 | 647,076 | 1,240,125 | 1,175,853 |
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 | 0 | 0 | 0 | 0 |
Services and other expenses | 0 | 0 | 0 | 0 |
Operating Income | 99,794 | 647,076 | 1,240,125 | 1,175,853 |
Markel Ventures [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earned premiums | 0 | 0 | 0 | 0 |
Net investment income | 2,607 | 766 | 3,672 | 1,507 |
Net investment gains (losses) | 0 | 0 | 0 | 0 |
Products revenues | 847,219 | 784,882 | 1,448,059 | 1,362,808 |
Services and other revenues | 603,955 | 600,931 | 1,142,656 | 1,126,944 |
Operating revenues | 1,453,781 | 1,386,579 | 2,594,387 | 2,491,259 |
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 | (693,693) | (651,469) | (1,216,940) | (1,167,225) |
Services and other expenses | (582,590) | (565,060) | (1,096,034) | (1,061,806) |
Operating Income | 177,498 | 170,050 | 281,413 | 262,228 |
Other Insurance Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earned premiums | (534) | (331) | (707) | (785) |
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 | 71,169 | 77,738 | 129,260 | 119,966 |
Operating revenues | 70,635 | 77,407 | 128,553 | 119,181 |
Losses and loss adjustment expenses, current accident year | 0 | 0 | 0 | 0 |
Losses and loss adjustment expenses, prior accident year | 86 | (1,645) | (16,674) | (1,660) |
Amortization of policy acquisition costs | 0 | 0 | 0 | 0 |
Other underwriting expenses | 177 | (2,479) | (1,082) | (3,763) |
Products expenses | 0 | 0 | 0 | 0 |
Services and other expenses | (28,473) | (25,757) | (51,867) | (9,630) |
Operating Income | 42,425 | 47,526 | 58,930 | 104,128 |
Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earned premiums | 0 | 0 | 0 | 0 |
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 | 0 | 0 | 0 | 0 |
Losses and loss adjustment expenses, current accident year | 0 | 0 | 0 | 0 |
Losses and loss adjustment expenses, prior accident year | 0 | 0 | 0 | 0 |
Amortization of policy acquisition costs | 0 | 0 | 0 | 0 |
Other underwriting expenses | 0 | 0 | 0 | 0 |
Products expenses | 0 | 0 | 0 | 0 |
Services and other expenses | 0 | 0 | 0 | 0 |
Amortization of acquired intangible assets | (44,237) | (44,423) | (88,522) | (88,822) |
Operating Income | $ (44,237) | $ (44,423) | $ (88,522) | $ (88,822) |
Segment Reporting Disclosures_3
Segment Reporting Disclosures (Reconciliation Of Segment Assets To The Company's Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Segment Reporting Information [Line Items] | ||
Assets | $ 59,709,621 | $ 55,045,710 |
Other Insurance Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 10,510,161 | 9,086,197 |
Segment assets [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 49,199,460 | 45,959,513 |
Segment assets [Member] | Investing [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 32,394,504 | 30,542,282 |
Segment assets [Member] | Underwriting Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 10,965,840 | 9,897,689 |
Segment assets [Member] | Markel Ventures [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 5,839,116 | $ 5,519,542 |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Narrative) (Details) - Valor Environmental [Member] $ in Thousands | Jun. 28, 2024 USD ($) |
Business Acquisition [Line Items] | |
Percentage acquired | 98% |
Total purchase consideration | $ 156,400 |
Cash consideration | 156,400 |
Goodwill, Acquired During Period | 107,500 |
Expected tax deductible goodwill | 0 |
Finite-lived intangible assets | $ 49,000 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) $ in Thousands | Jun. 30, 2024 USD ($) securities | Dec. 31, 2023 USD ($) securities |
Schedule of Investments [Line Items] | ||
Available-for-sale fixed maturity securities in unrealized loss position, number of positions | securities | 1,575 | 1,386 |
Available-for-sale securities, estimated fair value | $ 14,906,500 | $ 9,982,329 |
Available-for-sale securities, gross unrealized holding losses | $ (773,125) | $ (661,282) |
Number of available-for-sale fixed maturity securities positions in a continuous unrealized loss position for one year or longer at period end | securities | 1,223 | 1,131 |
Available-for-sale securities, estimated fair value, 12 months or longer | $ 8,807,311 | $ 8,515,061 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | (737,141) | (650,461) |
Investments, available-for-sale, allowance for credit losses | $ 0 | $ 0 |
Investments (Available-For-Sale
Investments (Available-For-Sale Investments) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale, amortized cost | $ 15,721,795 | $ 14,932,286 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 27,435 | 101,335 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (771,716) | (660,889) |
Available-for-sale fixed maturity investments, estimated fair value | 14,977,514 | 14,372,732 |
Short-term investments, available-for-sale, amortized cost | 2,788,636 | 2,564,620 |
Short-term investments, available-for-sale, gross unrealized holding gains | 531 | 7,155 |
Short-term investments, available-for-sale, gross unrealized holding losses | (1,409) | (393) |
Short-term investments, available-for-sale, estimated fair value | 2,787,758 | 2,571,382 |
Investments, available-for-sale, amortized cost | 18,510,431 | 17,496,906 |
Investments, available-for-sale, gross unrealized holding gains | 27,966 | 108,490 |
Investments, available-for-sale, gross unrealized holding losses | (773,125) | (661,282) |
Investments, available-for-sale, estimated fair value | 17,765,272 | 16,944,114 |
U.S. Treasury securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale, amortized cost | 4,600,441 | 3,811,293 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 7,250 | 35,824 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (83,294) | (62,404) |
Available-for-sale fixed maturity investments, estimated fair value | 4,524,397 | 3,784,713 |
U.S. government-sponsored enterprises [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale, amortized cost | 1,347,637 | 1,225,426 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 3,567 | 7,292 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (103,335) | (89,904) |
Available-for-sale fixed maturity investments, estimated fair value | 1,247,869 | 1,142,814 |
Obligations of states, municipalities and political subdivisions [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale, amortized cost | 4,000,057 | 4,196,096 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 6,859 | 14,787 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (214,490) | (181,578) |
Available-for-sale fixed maturity investments, estimated fair value | 3,792,426 | 4,029,305 |
Foreign governments [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale, amortized cost | 1,984,422 | 1,858,845 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 1,915 | 21,450 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (138,458) | (96,874) |
Available-for-sale fixed maturity investments, estimated fair value | 1,847,879 | 1,783,421 |
Commercial mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale, amortized cost | 2,325,529 | 2,371,406 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 3,433 | 8,605 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (129,334) | (136,353) |
Available-for-sale fixed maturity investments, estimated fair value | 2,199,628 | 2,243,658 |
Residential mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale, amortized cost | 433,954 | 491,949 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 143 | 334 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (21,647) | (21,861) |
Available-for-sale fixed maturity investments, estimated fair value | 412,450 | 470,422 |
Corporate bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale, amortized cost | 1,029,755 | 977,271 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 4,268 | 13,043 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (81,158) | (71,915) |
Available-for-sale fixed maturity investments, estimated fair value | $ 952,865 | $ 918,399 |
Investments (Summary Of Gross U
Investments (Summary Of Gross Unrealized Investment Losses By Length Of Time That Securities Have Continuously Been In An Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | $ 6,099,189 | $ 1,467,268 |
Available-for-sale securities, gross unrealized holding losses, less than 12 months | (35,984) | (10,821) |
Available-for-sale securities, estimated fair value, 12 months or longer | 8,807,311 | 8,515,061 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | (737,141) | (650,461) |
Available-for-sale securities, estimated fair value | 14,906,500 | 9,982,329 |
Available-for-sale securities, gross unrealized holding losses | (773,125) | (661,282) |
Short-term investments, estimated fair value, less than 12 months | 2,548,368 | 52,601 |
Short-term investments, gross unrealized holding losses, less than 12 months | (1,409) | (393) |
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 | 2,548,368 | 52,601 |
Short-term investments, gross unrealized holding losses | (1,409) | (393) |
U.S. Treasury securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | 1,851,326 | 317,027 |
Available-for-sale securities, gross unrealized holding losses, less than 12 months | (13,288) | (2,147) |
Available-for-sale securities, estimated fair value, 12 months or longer | 1,626,173 | 1,507,784 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | (70,006) | (60,257) |
Available-for-sale securities, estimated fair value | 3,477,499 | 1,824,811 |
Available-for-sale securities, gross unrealized holding losses | (83,294) | (62,404) |
U.S. government-sponsored enterprises [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | 175,742 | 145,143 |
Available-for-sale securities, gross unrealized holding losses, less than 12 months | (1,717) | (2,134) |
Available-for-sale securities, estimated fair value, 12 months or longer | 842,483 | 723,537 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | (101,618) | (87,770) |
Available-for-sale securities, estimated fair value | 1,018,225 | 868,680 |
Available-for-sale securities, gross unrealized holding losses | (103,335) | (89,904) |
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 | 644,166 | 679,124 |
Available-for-sale securities, gross unrealized holding losses, less than 12 months | (6,282) | (3,881) |
Available-for-sale securities, estimated fair value, 12 months or longer | 2,663,971 | 2,332,281 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | (208,208) | (177,697) |
Available-for-sale securities, estimated fair value | 3,308,137 | 3,011,405 |
Available-for-sale securities, gross unrealized holding losses | (214,490) | (181,578) |
Foreign governments [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | 421,032 | 49,056 |
Available-for-sale securities, gross unrealized holding losses, less than 12 months | (6,875) | (128) |
Available-for-sale securities, estimated fair value, 12 months or longer | 1,019,706 | 1,113,616 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | (131,583) | (96,746) |
Available-for-sale securities, estimated fair value | 1,440,738 | 1,162,672 |
Available-for-sale securities, gross unrealized holding losses | (138,458) | (96,874) |
Commercial mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | 246,505 | 169,557 |
Available-for-sale securities, gross unrealized holding losses, less than 12 months | (1,957) | (1,792) |
Available-for-sale securities, estimated fair value, 12 months or longer | 1,706,126 | 1,790,637 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | (127,377) | (134,561) |
Available-for-sale securities, estimated fair value | 1,952,631 | 1,960,194 |
Available-for-sale securities, gross unrealized holding losses | (129,334) | (136,353) |
Residential mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | 25,119 | 20,420 |
Available-for-sale securities, gross unrealized holding losses, less than 12 months | (603) | (80) |
Available-for-sale securities, estimated fair value, 12 months or longer | 373,828 | 431,705 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | (21,044) | (21,781) |
Available-for-sale securities, estimated fair value | 398,947 | 452,125 |
Available-for-sale securities, gross unrealized holding losses | (21,647) | (21,861) |
Corporate bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | 186,931 | 34,340 |
Available-for-sale securities, gross unrealized holding losses, less than 12 months | (3,853) | (266) |
Available-for-sale securities, estimated fair value, 12 months or longer | 575,024 | 615,501 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | (77,305) | (71,649) |
Available-for-sale securities, estimated fair value | 761,955 | 649,841 |
Available-for-sale securities, gross unrealized holding losses | (81,158) | (71,915) |
Total fixed maturities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, estimated fair value, less than 12 months | 3,550,821 | 1,414,667 |
Available-for-sale securities, gross unrealized holding losses, less than 12 months | (34,575) | (10,428) |
Available-for-sale securities, estimated fair value, 12 months or longer | 8,807,311 | 8,515,061 |
Available-for-sale securities, gross unrealized holding losses, 12 months or longer | (737,141) | (650,461) |
Available-for-sale securities, estimated fair value | 12,358,132 | 9,929,728 |
Available-for-sale securities, gross unrealized holding losses | $ (771,716) | $ (660,889) |
Investments (Schedule Of Amorti
Investments (Schedule Of Amortized Cost And Estimated Fair Value Of Fixed Maturity Securities By Contractual Maturity Date) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Due in one year or less, amortized cost | $ 1,076,011 | |
Due after one year through five years, amortized cost | 5,685,191 | |
Due after five years through ten years, amortized cost | 4,727,163 | |
Due after ten years, amortized cost | 1,473,947 | |
Amortized cost, sub-total | 12,962,312 | |
Total fixed maturities, amortized cost | 15,721,795 | $ 14,932,286 |
Due in one year or less, estimated fair value | 1,062,673 | |
Due after one year through five years, estimated fair value | 5,482,759 | |
Due after five years through ten years, estimated fair value | 4,508,491 | |
Due after ten years, estimated fair value | 1,311,513 | |
Estimated fair value, sub-total | 12,365,436 | |
Total fixed maturities, estimated fair value | 14,977,514 | 14,372,732 |
Commercial mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, amortized cost | 2,325,529 | |
Total fixed maturities, amortized cost | 2,325,529 | 2,371,406 |
Fixed maturities, estimated fair value | 2,199,628 | |
Total fixed maturities, estimated fair value | 2,199,628 | 2,243,658 |
Residential mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, amortized cost | 433,954 | |
Total fixed maturities, amortized cost | 433,954 | 491,949 |
Fixed maturities, estimated fair value | 412,450 | |
Total fixed maturities, estimated fair value | $ 412,450 | $ 470,422 |
Investments (Components Of Net
Investments (Components Of Net Investment Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Dividends on equity securities | $ 31,831 | $ 26,352 | $ 64,524 | $ 53,834 |
Total investment income | 227,216 | 173,974 | 450,647 | 337,804 |
Investment expenses | (4,155) | (4,281) | (9,317) | (8,776) |
Net investment income | 223,061 | 169,693 | 441,330 | 329,028 |
Fixed Maturities [Member] | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Interest income | 121,189 | 88,419 | 240,665 | 170,547 |
Short-term investments [Member] | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Interest income | 31,654 | 23,712 | 63,838 | 50,331 |
Cash and Cash Equivalents | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Interest income | $ 42,542 | $ 35,491 | $ 81,620 | $ 63,092 |
Investments (Summary Of Net Inv
Investments (Summary Of Net Investment Gains (Losses) And The Change In Net Unrealized Gains On Investments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Gain (Loss) on Securities [Line Items] | ||||
Net realized investment gains (losses) | $ (14,007) | $ 1,155 | $ (18,495) | $ (2,066) |
Change in fair value of securities sold during the period | (4,654) | 2,434 | (4,611) | 13,487 |
Change in fair value of securities held at the end of the period | (111,356) | 480,938 | 795,370 | 845,669 |
Total change in fair value of equity securities | (116,010) | 483,372 | 790,759 | 859,156 |
Net investment gains (losses) | (130,017) | 484,527 | 772,264 | 857,090 |
Change in net unrealized losses on available-for-sale investments included in other comprehensive income (loss): | (36,598) | (170,570) | (192,367) | 37,799 |
Fixed Maturities [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Change in net unrealized losses on available-for-sale investments included in other comprehensive income (loss): | (36,240) | (167,992) | (184,727) | 41,187 |
Short-term investments [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Change in net unrealized losses on available-for-sale investments included in other comprehensive income (loss): | $ (358) | $ (2,578) | $ (7,640) | $ (3,388) |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - Fair value, nonrecurring [Member] - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | $ 0 | $ 0 |
Liabilities measured at fair value on a nonrecurring basis | $ 0 | $ 0 |
Fair Value Measurements (Balanc
Fair Value Measurements (Balances Of Assets Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | $ 14,977,514 | $ 14,372,732 |
Equity securities | 10,592,844 | 9,577,871 |
Short-term investments, available-for-sale | 2,787,758 | 2,571,382 |
Total Investments | 28,358,116 | 26,521,985 |
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 | 4,524,397 | 3,784,713 |
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 | 1,247,869 | 1,142,814 |
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 | 3,792,426 | 4,029,305 |
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 | 1,847,879 | 1,783,421 |
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 | 2,199,628 | 2,243,658 |
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 | 412,450 | 470,422 |
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 | 952,865 | 918,399 |
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 | 14,977,514 | 14,372,732 |
Equity securities | 10,592,844 | 9,577,871 |
Short-term investments, available-for-sale | 2,787,758 | 2,571,382 |
Total Investments | 28,358,116 | 26,521,985 |
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 | 10,591,523 | 9,576,877 |
Short-term investments, available-for-sale | 2,633,686 | 2,402,099 |
Total Investments | 13,225,209 | 11,978,976 |
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 | 14,977,514 | 14,372,732 |
Equity securities | 0 | 0 |
Short-term investments, available-for-sale | 154,072 | 169,283 |
Total Investments | 15,131,586 | 14,542,015 |
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 | 1,321 | 994 |
Short-term investments, available-for-sale | 0 | 0 |
Total Investments | 1,321 | 994 |
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 | 4,524,397 | 3,784,713 |
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 | 4,524,397 | 3,784,713 |
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 | 1,247,869 | 1,142,814 |
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 | 1,247,869 | 1,142,814 |
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 | 3,792,426 | 4,029,305 |
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 | 3,792,426 | 4,029,305 |
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 | 1,847,879 | 1,783,421 |
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 | 1,847,879 | 1,783,421 |
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 | 2,199,628 | 2,243,658 |
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 | 2,199,628 | 2,243,658 |
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 | 412,450 | 470,422 |
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 | 412,450 | 470,422 |
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] | 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 | 952,865 | 918,399 |
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 | 952,865 | 918,399 |
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 | 4,102,727 | 3,695,369 |
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 | 4,101,406 | 3,694,375 |
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 | 1,321 | 994 |
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 | 6,490,117 | 5,882,502 |
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 | 6,490,117 | 5,882,502 |
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 |
Equity Method Investments (Deta
Equity Method Investments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments | $ 657.5 | $ 657.5 | $ 605.9 | ||
Income (loss) from equity method investments | 10.7 | $ (7.1) | 36.6 | $ (8.7) | |
Hagerty, Inc. [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments | $ 236.9 | $ 236.9 | $ 237.4 | ||
Equity method investment, ownership percentage | 23% | 23% | 23% | ||
Equity method investment, quoted market value | $ 811.2 | $ 811.2 | $ 608.4 |
Products, Services and Other _3
Products, Services and Other Revenues (Schedule Of Revenues From Contracts With Customers By Type) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Leasing revenues | $ 37,035 | $ 37,305 | $ 77,788 | $ 79,057 |
Program services and other fronting fees | 46,218 | 37,563 | 82,248 | 66,453 |
Equity method and other investments income (loss) | 10,764 | (6,765) | 36,789 | (7,650) |
Disposition gain | 0 | 16,923 | 0 | 16,923 |
Other revenues (losses) | 1,767 | 9,348 | 2,486 | 17,689 |
Products Revenues and Services and Other Revenues | 1,531,700 | 1,457,173 | 2,750,178 | 2,600,960 |
Markel Ventures [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Leasing revenues | 37,035 | 37,305 | 77,788 | 79,057 |
Program services and other fronting fees | 0 | 0 | 0 | 0 |
Equity method and other investments income (loss) | 1,407 | (387) | 6,586 | 1,108 |
Disposition gain | 0 | 0 | 0 | 0 |
Other revenues (losses) | 1,777 | 9,325 | 2,504 | 17,641 |
Products Revenues and Services and Other Revenues | 1,451,174 | 1,385,813 | 2,590,715 | 2,489,752 |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Leasing revenues | 0 | 0 | 0 | 0 |
Program services and other fronting fees | 46,218 | 37,563 | 82,248 | 66,453 |
Equity method and other investments income (loss) | 9,357 | (6,378) | 30,203 | (8,758) |
Disposition gain | 0 | 16,923 | 0 | 16,923 |
Other revenues (losses) | (10) | 23 | (18) | 48 |
Products Revenues and Services and Other Revenues | 80,526 | 71,360 | 159,463 | 111,208 |
Revenue from contracts with customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 1,435,916 | 1,362,799 | 2,550,867 | 2,428,488 |
Revenue from contracts with customers [Member] | Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 840,636 | 770,171 | 1,435,228 | 1,336,066 |
Revenue from contracts with customers [Member] | Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 572,734 | 571,183 | 1,073,157 | 1,060,518 |
Revenue from contracts with customers [Member] | Investment management [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 22,546 | 21,445 | 42,482 | 31,904 |
Revenue from contracts with customers [Member] | Markel Ventures [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 1,410,955 | 1,339,570 | 2,503,837 | 2,391,946 |
Revenue from contracts with customers [Member] | Markel Ventures [Member] | Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 840,636 | 770,171 | 1,435,228 | 1,336,066 |
Revenue from contracts with customers [Member] | Markel Ventures [Member] | Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 570,319 | 569,399 | 1,068,609 | 1,055,880 |
Revenue from contracts with customers [Member] | Markel Ventures [Member] | Investment management [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 0 | 0 | 0 | 0 |
Revenue from contracts with customers [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 24,961 | 23,229 | 47,030 | 36,542 |
Revenue from contracts with customers [Member] | Other [Member] | Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 0 | 0 | 0 | 0 |
Revenue from contracts with customers [Member] | Other [Member] | Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 2,415 | 1,784 | 4,548 | 4,638 |
Revenue from contracts with customers [Member] | Other [Member] | Investment management [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | $ 22,546 | $ 21,445 | $ 42,482 | $ 31,904 |
Products, Services and Other _4
Products, Services and Other Revenues (Schedule Of Revenues From Disposition of Business) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
ISIC [Member] | |
Schedule of Business Dispositions, by Dispositions [Line Items] | |
Gain on sale of business | $ 16,900 |
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 | Jun. 30, 2024 | Dec. 31, 2023 |
Contracts with customers [Member] | ||
Receivables [Line Items] | ||
Accounts Receivable, before Allowance for Credit Loss | $ 750 | $ 616.4 |
Unpaid Losses And Loss Adjust_3
Unpaid Losses And Loss Adjustment Expenses (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Favorable (adverse) development on prior years' loss reserves | $ 221,298 | $ 139,208 |
Reinsurance recoverable for retroactive reinsurance transaction | 0 | (125,067) |
Insurance [Member] | International professional liability, marine and energy, credit and surety and general liability product lines [Member] | ||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Favorable (adverse) development on prior years' loss reserves | $ 190,700 | |
Insurance [Member] | Professional liability, property, marine and energy and workers' compensation product lines [Member] | ||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Favorable (adverse) development on prior years' loss reserves | 169,600 | |
Insurance [Member] | General liability product lines | ||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Favorable (adverse) development on prior years' loss reserves | (53,000) | |
Reinsurance [Member] | ||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Reinsurance recoverable for retroactive reinsurance transaction | (125,100) | |
Reinsurance [Member] | Professional liability and property product lines | ||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Favorable (adverse) development on prior years' loss reserves | $ 20,900 |
Unpaid Losses And Loss Adjust_4
Unpaid Losses And Loss Adjustment Expenses (Reconciliation Of Consolidated Reserves For Losses And Loss Adjustment Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims [Abstract] | ||||
Gross reserves for losses and loss adjustment expenses, beginning of year | $ 23,483,321 | $ 20,947,898 | ||
Reinsurance recoverable on unpaid losses, beginning of year | 8,820,567 | 7,994,884 | ||
Net reserves for losses and loss adjustment expenses, beginning of year | 14,662,754 | 12,953,014 | ||
Effect of foreign currency rate changes on beginning of year balance | $ (41,045) | $ 46,000 | (41,045) | 46,000 |
Adjusted net reserves for losses and loss adjustment expenses, beginning of year | 14,621,709 | 12,999,014 | ||
Incurred losses and loss adjustment expenses, current accident years | 1,376,850 | 1,255,767 | 2,741,620 | 2,500,098 |
Incurred losses and loss adjustment expenses, prior accident years | (221,298) | (139,208) | ||
Total incurred losses and loss adjustment expenses | 2,520,322 | 2,360,890 | ||
Payments, current accident year | 196,079 | 164,713 | ||
Payments, prior accident years | 1,639,765 | 1,461,051 | ||
Total payments | 1,835,844 | 1,625,764 | ||
Effect of foreign currency rate changes on current year activity | (1,272) | (2,949) | ||
Net reserves for losses and loss adjustment expenses of Markel CATCo Re | (25,726) | (131,874) | ||
Reinsurance recoverable for retroactive reinsurance transaction | 0 | (125,067) | ||
Net reserves for losses and loss adjustment expenses, end of period | 15,279,189 | 13,474,250 | 15,279,189 | 13,474,250 |
Reinsurance recoverable on unpaid losses | 9,367,429 | 7,900,563 | 9,367,429 | 7,900,563 |
Gross reserves for losses and loss adjustment expenses, end of period | $ 24,646,618 | $ 21,374,813 | $ 24,646,618 | $ 21,374,813 |
Reinsurance (Narrative) (Detail
Reinsurance (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||
Percentage of ceded earned premiums to gross earned premiums | 43% | 38% | 40% | 37% |
Percentage of assumed earned premiums to net earned premiums | 32% | 29% | 28% | 26% |
Program services and other fronting [Member] | ||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||
Gross losses and loss adjustment expenses | $ 593.9 | $ 594.7 | $ 1,200 | $ 1,100 |
Reinsurance (Effect Of Reinsura
Reinsurance (Effect Of Reinsurance And Retrocessional Reinsurance On Premiums Written And Earned) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Effects of Reinsurance [Line Items] | ||||
Direct premiums written | $ 3,299,676 | $ 3,109,910 | $ 6,152,101 | $ 5,652,484 |
Direct premiums earned | 2,961,150 | 2,674,886 | 5,863,070 | 5,287,875 |
Assumed premiums written | 1,412,454 | 678,275 | 2,500,428 | 1,571,713 |
Assumed premiums earned | 655,332 | 583,479 | 1,171,545 | 1,056,915 |
Ceded premiums written | (2,433,351) | (1,580,492) | (4,141,713) | (2,798,726) |
Ceded premiums earned | (1,539,383) | (1,227,222) | (2,829,889) | (2,345,943) |
Net premiums written | 2,278,779 | 2,207,693 | 4,510,816 | 4,425,471 |
Net premiums earned | 2,077,099 | 2,031,143 | 4,204,726 | 3,998,847 |
Underwriting [Member] | ||||
Effects of Reinsurance [Line Items] | ||||
Direct premiums written | 2,356,536 | 2,285,739 | 4,464,003 | 4,255,102 |
Direct premiums earned | 2,149,773 | 2,025,324 | 4,348,011 | 3,997,200 |
Assumed premiums written | 564,851 | 448,837 | 1,233,550 | 1,137,732 |
Assumed premiums earned | 414,488 | 424,404 | 807,430 | 823,123 |
Ceded premiums written | (642,448) | (526,562) | (1,186,404) | (966,591) |
Ceded premiums earned | (487,002) | (418,264) | (950,382) | (820,704) |
Net premiums written | 2,278,939 | 2,208,014 | 4,511,149 | 4,426,243 |
Net premiums earned | 2,077,259 | 2,031,464 | 4,205,059 | 3,999,619 |
Program services and other fronting [Member] | ||||
Effects of Reinsurance [Line Items] | ||||
Direct premiums written | 943,140 | 824,171 | 1,688,098 | 1,397,382 |
Direct premiums earned | 811,377 | 649,562 | 1,515,059 | 1,290,675 |
Assumed premiums written | 847,603 | 229,438 | 1,266,878 | 433,981 |
Assumed premiums earned | 240,844 | 159,075 | 364,115 | 233,792 |
Ceded premiums written | (1,790,903) | (1,053,930) | (2,955,309) | (1,832,135) |
Ceded premiums earned | (1,052,381) | (808,958) | (1,879,507) | (1,525,239) |
Net premiums written | (160) | (321) | (333) | (772) |
Net premiums earned | $ (160) | $ (321) | $ (333) | $ (772) |
Reinsurance Reinsurance (Effect
Reinsurance Reinsurance (Effect Of Reinsurance And Retrocessional Reinsurance On Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Effects of Reinsurance [Line Items] | ||||
Net losses and loss adjustment expenses | $ 1,232,575 | $ 1,187,876 | $ 2,520,322 | $ 2,360,890 |
Underwriting [Member] | ||||
Effects of Reinsurance [Line Items] | ||||
Gross losses and loss adjustment expenses | 1,577,820 | 1,476,189 | 3,271,667 | 2,868,537 |
Ceded losses and loss adjustment expenses | (345,224) | (288,676) | (751,391) | (507,931) |
Net losses and loss adjustment expenses | $ 1,232,596 | $ 1,187,513 | $ 2,520,276 | $ 2,360,606 |
Life and Annuity Benefits (Sche
Life and Annuity Benefits (Schedule of Future Policyholder Benefits) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | [1] | Dec. 31, 2022 | |
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change [Abstract] | ||||||
Liability for future policyholder benefits | $ 507,926 | [1] | $ 557,763 | $ 549,601 | $ 554,366 | |
Deferred profit liability | 49,238 | 52,287 | ||||
Other | 37,585 | 39,004 | ||||
Total | $ 594,749 | $ 649,054 | ||||
[1]The undiscounted liability for future policyholder benefits was $779.6 million and $843.3 million as of June 30, 2024 and 2023, respectively. |
Life and Annuity Benefits (Liab
Life and Annuity Benefits (Liability for Future Policy Benefit, Activity) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | ||
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] | |||||
Liability for future policyholder benefits, beginning of year | $ 557,763 | $ 554,366 | |||
Liability for future policyholder benefits at original discount rate, beginning of year | 642,877 | 667,761 | |||
Effect of changes in cash flow assumptions | $ 0 | $ 0 | |||
Effect of actual variances from expected experience | 0 | $ 0 | |||
Adjusted liability for future policyholder benefits, beginning of year | 642,877 | 667,761 | |||
Interest accretion | 7,113 | 7,594 | |||
Benefit payments | (25,750) | (26,661) | |||
Effect of foreign currency changes | (15,515) | 6,926 | |||
Liability for future policy holder benefits t original discount rate, end of period | 608,725 | 655,620 | |||
Cumulative effect of changes in discount rate assumptions | (100,799) | (106,019) | |||
Liability for future policyholder benefits, beginning of year, ending of period | [1] | 507,926 | $ 549,601 | ||
Undiscounted liability for future policyholder benefits | $ 779,600 | $ 843,300 | |||
[1]The undiscounted liability for future policyholder benefits was $779.6 million and $843.3 million as of June 30, 2024 and 2023, respectively. |
Life and Annuity Benefits (Sc_2
Life and Annuity Benefits (Schedule of Additional Details of Liability for Future Policyholder Benefits) (Details) | Jun. 30, 2024 Rate | Dec. 31, 2023 Rate |
Schedule of Additional Details of Liability for Future Policyholder Benefits, Life and Annuity Benefits [Abstract] | ||
Interest accretion rate | 2.30% | 2.30% |
Current discount rate | 4.30% | 3.80% |
Weighted-average liability duration | 8 years 2 months 12 days | 8 years 7 months 6 days |
Senior Long-Term Debt and Oth_2
Senior Long-Term Debt and Other Debt (Narrative) (Detail) - USD ($) $ / shares in Units, $ in Thousands | May 13, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | May 27, 2020 |
Series A preferred stock [Member] | ||||
Debt Instrument [Line Items] | ||||
Preferred stock, shares issued | 600,000 | 600,000 | ||
Preferred stock, shares outstanding | 600,000 | 600,000 | ||
Preferred stock, liquidation preference per share | $ 1,000 | |||
6.00% Unsecured Senior Note Due May 2054 | ||||
Debt Instrument [Line Items] | ||||
Debt face amount | $ 600,000 | |||
Debt interest rate | 6% | |||
Proceeds from debt, net of issuance costs | $ 592,600 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Variable Interest Entity [Line Items] | ||||||
Cash funding used to purchase Markel CATCo Funds' interests in Markel CATCo Re | $ 45,100 | |||||
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 | 16% | 16% | 23% | |||
Favorable development on prior years' loss reserves | $ 221,298 | $ 139,208 | ||||
Redemption of Markel CATCo Re noncontrolling interests | 0 | (88,997) | ||||
Tail risk cover in Markel CATCo transaction | $ 95,000 | 95,000 | ||||
Noncontrolling Interests [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Redemption of Markel CATCo Re noncontrolling interests | (62,646) | |||||
Markel CATCo Re | ||||||
Variable Interest Entity [Line Items] | ||||||
Favorable development on prior years' loss reserves | $ (8,400) | $ (8,700) | $ (24,100) | $ (53,500) |
Variable Interest Entities (Mar
Variable Interest Entities (Markel CATCo Re Balance Sheet) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | $ 3,510,558 | $ 3,747,060 | ||
Restricted cash and cash equivalents | 705,444 | 584,974 | ||
Total Assets | 59,709,621 | 55,045,710 | ||
Unpaid losses and loss adjustment expenses | 24,646,618 | 23,483,321 | $ 21,374,813 | $ 20,947,898 |
Other liabilities | 3,980,342 | 3,927,498 | ||
Total Liabilities | 43,284,549 | 39,519,817 | ||
Shareholders' equity | 15,850,024 | 14,983,928 | ||
Noncontrolling interests | 98,530 | 72,280 | ||
Total Equity | 15,948,554 | 15,056,208 | ||
Total Liabilities and Equity | 59,709,621 | 55,045,710 | ||
Markel CATCo Re | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | 108,625 | 91,301 | ||
Restricted cash and cash equivalents | 156,548 | 173,800 | ||
Other assets and receivables due from cedents | 18,992 | 19,292 | ||
Total Assets | 284,165 | 284,393 | ||
Unpaid losses and loss adjustment expenses | 159,242 | 184,967 | ||
Other liabilities | 824 | 1,842 | ||
Total Liabilities | 160,066 | 186,809 | ||
Shareholders' equity | 21,139 | 21,139 | ||
Noncontrolling interests | 102,960 | 76,445 | ||
Total Equity | 124,099 | 97,584 | ||
Total Liabilities and Equity | $ 284,165 | $ 284,393 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Related Party Transaction [Line Items] | |||||
Services and other revenues | $ 684,481 | $ 672,291 | $ 1,302,119 | $ 1,238,152 | |
Premiums ceded | 2,433,351 | 1,580,492 | 4,141,713 | 2,798,726 | |
Reinsurance recoverables | 9,756,660 | 9,756,660 | $ 9,235,501 | ||
Nephila Reinsurers [Member] | |||||
Related Party Transaction [Line Items] | |||||
Reinsurance recoverables | 687,100 | 687,100 | 794,300 | ||
Hagerty, Inc. [Member] | |||||
Related Party Transaction [Line Items] | |||||
Gross premium volume | 275,642 | 236,225 | 473,924 | 401,196 | |
Premiums ceded | 211,052 | 181,841 | 363,737 | 306,469 | |
Reinsurance recoverables | 239,400 | 239,400 | $ 214,800 | ||
Insurance-linked Securities Operations [Member] | Unconsolidated entities managed by Nephila [Member] | |||||
Related Party Transaction [Line Items] | |||||
Services and other revenues | 21,800 | 20,800 | 41,100 | 30,600 | |
Program services and other fronting [Member] | Nephila Reinsurers [Member] | |||||
Related Party Transaction [Line Items] | |||||
Gross premium volume | 741,700 | 297,400 | 1,100,000 | 534,300 | |
Premiums ceded | 741,700 | $ 297,400 | 1,100,000 | $ 534,300 | |
Industry Loss Warranties (ILW) Program | |||||
Related Party Transaction [Line Items] | |||||
Premiums ceded | 168,000 | 168,000 | |||
Industry Loss Warranties (ILW) Program | Nephila Reinsurers [Member] | |||||
Related Party Transaction [Line Items] | |||||
Gross premium volume | $ 168,000 | $ 168,000 |
Related Party Disclosures (Haga
Related Party Disclosures (Hagarty) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Related Party Transaction [Line Items] | ||||
Premiums ceded | $ 2,433,351 | $ 1,580,492 | $ 4,141,713 | $ 2,798,726 |
Hagerty, Inc. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Gross premium volume | 275,642 | 236,225 | 473,924 | 401,196 |
Premiums ceded | $ 211,052 | $ 181,841 | $ 363,737 | $ 306,469 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Earnings Per Share [Line Items] | ||||||||
Common stock, shares authorized | 50,000,000 | 50,000,000 | ||||||
Common stock, no par value | $ 0 | $ 0 | ||||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ||||||
Preferred stock, no par value | $ 0 | $ 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] | ||||||||
Shares, outstanding | 12,962,032 | 13,284,998 | 12,962,032 | 13,284,998 | 13,023,511 | 13,131,672 | 13,361,613 | 13,422,692 |
Preferred stock dividends | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Series A preferred stock [Member] | ||||||||
Earnings Per Share [Line Items] | ||||||||
Preferred stock, shares issued | 600,000 | 600,000 | 600,000 | |||||
Preferred stock, shares outstanding | 600,000 | 600,000 | 600,000 |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule of Common Stock Outstanding Roll Forward) (Details) - Common Stock [Member] - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Class of Stock [Line Items] | ||||
Shares, Issued, Beginning Balance | 13,023,511 | 13,361,613 | 13,131,672 | 13,422,692 |
Shares, outstanding, beginning balance | 13,023,511 | 13,361,613 | 13,131,672 | 13,422,692 |
Repurchase of common shares | (64,082) | (78,110) | (173,627) | (141,006) |
Shares, Issued, Ending Balance | 12,962,032 | 13,284,998 | 12,962,032 | 13,284,998 |
Shares, outstanding, ending balance | 12,962,032 | 13,284,998 | 12,962,032 | 13,284,998 |
Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Issuance of common shares | 2,603 | 1,495 | 3,987 | 3,312 |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share [Line Items] | ||||
Net income to common shareholders | $ 249,701 | $ 677,511 | $ 1,274,885 | $ 1,166,163 |
Adjustment of redeemable noncontrolling interests | (6,100) | (5,758) | (38,702) | 7,715 |
Adjusted net income to common shareholders | $ 243,601 | $ 671,753 | $ 1,236,183 | $ 1,173,878 |
Basic common shares outstanding | 13,053 | 13,382 | 13,095 | 13,416 |
Diluted common shares outstanding | 13,081 | 13,411 | 13,118 | 13,441 |
Earnings Per Share, Basic | $ 18.66 | $ 50.20 | $ 94.40 | $ 87.50 |
Earnings Per Share, Diluted | $ 18.62 | $ 50.09 | $ 94.24 | $ 87.34 |
Restricted Stock Units (RSUs) [Member] | ||||
Earnings Per Share [Line Items] | ||||
Dilutive potential common shares from restricted stock units and restricted stock | 28 | 29 | 23 | 25 |