Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 04, 2020 | Jun. 30, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity File Number | 001-15811 | ||
Entity Registrant Name | MARKEL CORPORATION | ||
Entity Incorporation, State or Country Code | VA | ||
Entity Tax Identification Number | 54-1959284 | ||
Entity Address, Address Line One | 4521 Highwoods Parkway | ||
Entity Address, City or Town | Glen Allen | ||
Entity Address, State or Province | VA | ||
Entity Address, Postal Zip Code | 23060-6148 | ||
City Area Code | 804 | ||
Local Phone Number | 747-0136 | ||
Title of 12(b) Security | Common Stock, no par value | ||
Trading Symbol | MKL | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 14,711,000,000 | ||
Entity Common Stock, Shares Outstanding | 13,782,159 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001096343 | ||
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
ASSETS | |||
Fixed maturities, available-for-sale (amortized cost of $9,448,840 in 2019 and $9,950,773 in 2018) | $ 9,970,909 | $ 10,043,188 | |
Equity securities (cost of $3,266,735 in 2019 and $2,971,856 in 2018) | 7,590,755 | 5,720,945 | |
Short-term investments, available-for-sale (estimated fair value approximates cost) | 1,196,248 | 1,077,696 | |
Total Investments | 18,757,912 | 16,841,829 | |
Cash and cash equivalents | 3,072,807 | 2,014,168 | |
Restricted cash and cash equivalents | 427,546 | 382,264 | |
Receivables | 1,847,802 | 1,692,526 | |
Reinsurance recoverables | 5,432,712 | 5,221,947 | |
Deferred policy acquisition costs | 566,042 | 474,513 | |
Prepaid reinsurance premiums | 1,415,857 | 1,331,022 | |
Goodwill | [1] | 2,308,548 | 2,237,975 |
Intangible assets | 1,738,474 | 1,726,196 | |
Other assets | 1,906,115 | 1,383,823 | |
Total Assets | 37,473,815 | 33,306,263 | |
LIABILITIES AND EQUITY | |||
Unpaid losses and loss adjustment expenses | 14,728,676 | 14,276,479 | |
Life and annuity benefits | 985,729 | 1,001,453 | |
Unearned premiums | 4,057,727 | 3,611,028 | |
Payables to insurance and reinsurance companies | 406,720 | 337,326 | |
Senior long-term debt and other debt (estimated fair value of $3,907,000 in 2019 and $3,030,000 in 2018) | 3,534,183 | 3,009,577 | |
Other liabilities | 2,504,802 | 1,796,036 | |
Total Liabilities | 26,217,837 | 24,031,899 | |
Redeemable noncontrolling interests | 177,562 | 174,062 | |
Commitments and contingencies | |||
Shareholders' equity: | |||
Common stock | 3,404,919 | 3,392,993 | |
Retained earnings | 7,457,176 | 5,782,310 | |
Accumulated other comprehensive income (loss) | 208,772 | (94,650) | |
Total Shareholders' Equity | 11,070,867 | 9,080,653 | |
Noncontrolling interests | 7,549 | 19,649 | |
Total Equity | 11,078,416 | 9,100,302 | |
Total Liabilities and Equity | $ 37,473,815 | $ 33,306,263 | |
[1] | As of December 31, 2019 and 2018 , goodwill was net of accumulated impairment losses of $139.2 million , of which $91.9 million was in Other and $47.3 million was in Markel Ventures. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Fixed maturities, available-for-sale, amortized cost | $ 9,448,840 | $ 9,950,773 |
Equity securities, cost | 3,266,735 | 2,971,856 |
Senior long-term debt and other debt, estimated fair value | $ 3,907,000 | $ 3,030,000 |
Consolidated Statements Of Inco
Consolidated Statements Of Income (Loss) And Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||
OPERATING REVENUES | |||||||
Earned premiums | $ 5,049,793 | $ 4,712,060 | $ 4,247,978 | ||||
Net investment income | 451,888 | 434,215 | 405,709 | ||||
Other-than-temporary impairment losses | 0 | 0 | (7,589) | ||||
Net realized investment gains (losses), excluding other-than-temporary impairment losses | (1,482) | (11,974) | 47,174 | ||||
Change in fair value of equity securities | [1] | 1,603,204 | (425,622) | (44,888) | |||
Net investment gains (losses) | 1,601,722 | (437,596) | (5,303) | ||||
Products revenues | 1,609,586 | 1,497,523 | 951,012 | ||||
Services and other revenues | 813,202 | 635,083 | 462,263 | ||||
Total Operating Revenues | 9,526,191 | 6,841,285 | 6,061,659 | ||||
OPERATING EXPENSES | |||||||
Losses and loss adjustment expenses | 2,891,190 | 2,820,715 | 2,865,761 | ||||
Underwriting, acquisition and insurance expenses | 1,878,093 | 1,777,511 | 1,589,464 | ||||
Products expenses | 1,455,245 | 1,413,248 | 850,449 | ||||
Services and other expenses | 675,679 | 474,924 | 458,621 | ||||
Amortization of intangible assets | 148,638 | [2] | 115,930 | [3] | 80,758 | [4] | |
Impairment of goodwill and intangible assets | 0 | 199,198 | 0 | ||||
Total Operating Expenses | 7,048,845 | 6,801,526 | 5,845,053 | ||||
Operating Income | 2,477,346 | 39,759 | 216,606 | ||||
Interest expense | (171,687) | (154,212) | (132,451) | ||||
Net foreign exchange gains (losses) | (2,265) | 106,598 | 3,140 | ||||
Loss on early extinguishment of debt | (17,586) | 0 | 0 | ||||
Income (Loss) Before Income Taxes | 2,285,808 | (7,855) | 87,295 | ||||
Income tax (expense) benefit | (486,346) | (122,498) | 313,463 | ||||
Net Income (Loss) | 1,799,462 | (130,353) | 400,758 | ||||
Net (income) loss attributable to noncontrolling interests | (8,996) | 2,173 | (5,489) | ||||
Net Income (Loss) to Shareholders | [5] | 1,790,466 | (128,180) | 395,269 | |||
OTHER COMPREHENSIVE INCOME (LOSS) | |||||||
Net holding gains (losses) arising during the period | 299,125 | (241,325) | 787,339 | ||||
Reclassification adjustments for net gains (losses) included in net income (loss) | (1,148) | 7,849 | (24,296) | ||||
Change in net unrealized gains on available-for-sale investments, net of taxes | 297,977 | (233,476) | 763,043 | ||||
Change in foreign currency translation adjustments, net of taxes | 382 | (16,495) | 10,449 | ||||
Change in net actuarial pension loss, net of taxes | 5,042 | 2,341 | 6,259 | ||||
Total Other Comprehensive Income (Loss) | 303,401 | (247,630) | 779,751 | ||||
Comprehensive Income (Loss) | 2,102,863 | (377,983) | 1,180,509 | ||||
Comprehensive (income) loss attributable to noncontrolling interests | (8,975) | 2,213 | (5,535) | ||||
Comprehensive Income (Loss) to Shareholders | $ 2,093,888 | $ (375,770) | $ 1,174,974 | ||||
NET INCOME (LOSS) PER SHARE | |||||||
Basic (dollars per share) | $ 129.25 | $ (9.55) | $ 25.89 | ||||
Diluted (dollars per share) | [6] | $ 129.07 | $ (9.55) | $ 25.81 | |||
[1] | Effective January 1, 2018, the Company adopted ASU No. 2016-01. As a result, equity securities are no longer classified as available-for-sale with unrealized gains and losses recognized in other comprehensive income; rather, all changes in the fair value of equity securities are now recognized in net income. Prior periods have not been restated to conform to the current presentation. Prior to adopting ASU No. 2016-01, the Company recorded certain investments in equity securities at estimated fair value with changes in fair value recorded in net income. | ||||||
[2] | Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's underwriting segments. | ||||||
[3] | Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's underwriting segments. | ||||||
[4] | Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's underwriting segments. | ||||||
[5] | Effective January 1, 2018, the Company adopted ASU No. 2016-01. As a result, the change in fair value of equity securities is no longer recognized in other comprehensive income; rather, all changes in the fair value of equity securities are now recognized in net income. Prior periods have not been restated to conform to the current presentation. | ||||||
[6] | The impact of restricted stock units and restricted stock of 25 thousand shares was excluded from the computation of diluted earnings per share for the year ended December 31, 2018 because the effect would have been anti-dilutive. |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Equity - USD ($) $ in Thousands | Total | Total Equity [Member] | Total Shareholders' Equity [Member] | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests [Member] | Redeemable Noncontrolling Interests [Member] | Costa Farms [Member]Redeemable Noncontrolling Interests [Member] | Brahmin [Member]Redeemable Noncontrolling Interests [Member] | Nephila Holdings Limited [Member]Total Equity [Member] | Nephila Holdings Limited [Member]Noncontrolling Interests [Member] |
Balance at Dec. 31, 2016 | $ 8,467,411 | $ 8,460,927 | $ 3,368,666 | $ 3,526,395 | $ 1,565,866 | $ 6,484 | ||||||
Balance, shares at Dec. 31, 2016 | 13,955,000 | |||||||||||
Balance, redeemable noncontrolling interests at Dec. 31, 2016 | $ 73,678 | |||||||||||
Net income (loss) | $ 400,758 | 394,374 | 395,269 | 395,269 | 0 | (895) | 6,384 | |||||
Other comprehensive income (loss) | 779,751 | 779,705 | 779,705 | 0 | 779,705 | 0 | 46 | |||||
Comprehensive Income (Loss) | 1,180,509 | 1,174,079 | 1,174,974 | (895) | 6,430 | |||||||
Issuance of common stock | 552 | 552 | $ 552 | 0 | 0 | 0 | 0 | |||||
Issuance of common stock, shares | 58,000 | |||||||||||
Repurchase of common stock | (110,838) | (110,838) | $ 0 | (110,838) | 0 | 0 | 0 | |||||
Repurchase of common stock, shares | (109,000) | |||||||||||
Restricted stock awards expensed | 15,881 | 15,881 | $ 15,881 | 0 | 0 | 0 | 0 | |||||
Restricted stock awards expensed, shares | 0 | |||||||||||
Acquisitions | 0 | 0 | $ 0 | 0 | 0 | 0 | $ 66,600 | |||||
Acquisition, shares | 0 | |||||||||||
Adjustment of redeemable noncontrolling interests | (33,738) | (33,738) | $ 0 | (33,738) | 0 | 0 | 33,738 | |||||
Adjustment of redeemable noncontrolling interests, shares | 0 | |||||||||||
Purchase of noncontrolling interest | (11,285) | (2,955) | $ (2,955) | 0 | 0 | (8,330) | (6,179) | |||||
Purchase of noncontrolling interest, shares | 0 | |||||||||||
Other | (481) | (655) | $ (310) | (345) | 0 | 174 | (7,998) | |||||
Other, shares | 0 | |||||||||||
Balance at Dec. 31, 2017 | 9,501,581 | 9,504,148 | $ 3,381,834 | 3,776,743 | 2,345,571 | (2,567) | ||||||
Balance, shares at Dec. 31, 2017 | 13,904,000 | |||||||||||
Balance, redeemable noncontrolling interests at Dec. 31, 2017 | 166,269 | |||||||||||
Net income (loss) | (130,353) | (129,355) | (128,180) | (128,180) | 0 | (1,175) | (998) | |||||
Other comprehensive income (loss) | (247,630) | (247,590) | (247,590) | 0 | (247,590) | 0 | (40) | |||||
Comprehensive Income (Loss) | (377,983) | (376,945) | (375,770) | (1,175) | (1,038) | |||||||
Issuance of common stock | 2 | 2 | $ 2 | 0 | 0 | 0 | 0 | |||||
Issuance of common stock, shares | 32,000 | |||||||||||
Repurchase of common stock | (54,007) | (54,007) | $ 0 | (54,007) | 0 | 0 | 0 | |||||
Repurchase of common stock, shares | (48,000) | |||||||||||
Restricted stock awards expensed | 16,191 | 16,191 | $ 16,191 | 0 | 0 | 0 | 0 | |||||
Restricted stock awards expensed, shares | 0 | |||||||||||
Acquisitions | 0 | 0 | $ 0 | 0 | 0 | 0 | 0 | $ 19,670 | $ 23,392 | $ 23,392 | ||
Acquisition, shares | 0 | |||||||||||
Adjustment of redeemable noncontrolling interests | (4,828) | (4,828) | $ 0 | (4,828) | 0 | 0 | 4,828 | |||||
Adjustment of redeemable noncontrolling interests, shares | 0 | |||||||||||
Purchase of noncontrolling interest | (4,986) | (4,986) | $ (4,986) | 0 | 0 | 0 | (7,104) | |||||
Purchase of noncontrolling interest, shares | 0 | |||||||||||
Other | (423) | (422) | $ (48) | (374) | 0 | (1) | (8,563) | |||||
Other, shares | 0 | |||||||||||
Balance at Dec. 31, 2018 | 9,100,302 | 9,100,302 | 9,080,653 | $ 3,392,993 | 5,782,310 | (94,650) | 19,649 | |||||
Balance, shares at Dec. 31, 2018 | 13,888,000 | |||||||||||
Balance, redeemable noncontrolling interests at Dec. 31, 2018 | 174,062 | 174,062 | ||||||||||
Net income (loss) | 1,799,462 | 1,782,646 | 1,790,466 | 1,790,466 | 0 | (7,820) | 16,816 | |||||
Other comprehensive income (loss) | 303,401 | 303,422 | 303,422 | 0 | 303,422 | 0 | (21) | |||||
Comprehensive Income (Loss) | 2,102,863 | 2,086,068 | 2,093,888 | (7,820) | 16,795 | |||||||
Issuance of common stock | 43 | 43 | $ 43 | 0 | 0 | 0 | 0 | |||||
Issuance of common stock, shares | 16,000 | |||||||||||
Repurchase of common stock | $ (111,600) | (116,307) | (116,307) | $ 0 | (116,307) | 0 | 0 | 0 | ||||
Repurchase of common stock, shares | (104,719) | (110,000) | ||||||||||
Restricted stock awards expensed | 16,000 | 16,000 | $ 16,000 | 0 | 0 | 0 | 0 | |||||
Restricted stock awards expensed, shares | 0 | |||||||||||
Acquisitions | 0 | $ 0 | 0 | 0 | 0 | $ (8,250) | $ (8,250) | |||||
Acquisition, shares | 0 | |||||||||||
Adjustment of redeemable noncontrolling interests | 1,105 | 1,105 | $ 0 | 1,105 | 0 | 0 | (1,105) | |||||
Adjustment of redeemable noncontrolling interests, shares | 0 | |||||||||||
Purchase of noncontrolling interest | (4,219) | (4,219) | $ (4,219) | 0 | 0 | 0 | (4,542) | |||||
Purchase of noncontrolling interest, shares | 0 | |||||||||||
Other | 3,674 | (296) | $ 102 | (398) | 0 | 3,970 | (7,648) | |||||
Other, shares | 0 | |||||||||||
Balance at Dec. 31, 2019 | $ 11,078,416 | $ 11,078,416 | $ 11,070,867 | $ 3,404,919 | $ 7,457,176 | $ 208,772 | $ 7,549 | |||||
Balance, shares at Dec. 31, 2019 | 13,794,000 | |||||||||||
Balance, redeemable noncontrolling interests at Dec. 31, 2019 | $ 177,562 | $ 177,562 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING ACTIVITIES | |||
Net income (loss) | $ 1,799,462 | $ (130,353) | $ 400,758 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Deferred income tax expense (benefit) | 323,385 | 2,729 | (324,090) |
Depreciation and amortization | 269,239 | 227,846 | 203,871 |
Net investment losses (gains) | (1,601,722) | 437,596 | 5,303 |
Net foreign exchange losses (gains) | 2,265 | (106,598) | (3,140) |
Impairment of goodwill and intangible assets | 0 | 199,198 | 0 |
Increase in receivables | (103,982) | (27,961) | (38,259) |
Increase in deferred policy acquisition costs | (93,015) | (15,585) | (67,923) |
Increase in unpaid losses and loss adjustment expenses, net | 226,263 | 298,796 | 619,305 |
Decrease in life and annuity benefits | (52,159) | (50,541) | (55,647) |
Increase in unearned premiums, net | 354,116 | 62,879 | 197,706 |
Increase (decrease) in payables to insurance and reinsurance companies | 65,460 | (4,313) | (40,761) |
Increase (decrease) in income taxes payable | 36,938 | 53,730 | (35,968) |
Increase (decrease) in accrued expenses | 24,432 | (23,756) | (71,669) |
Increase (decrease) in other liabilities | (9,528) | (5,637) | 45,051 |
Other | 32,966 | (25,173) | 23,992 |
Net Cash Provided By Operating Activities | 1,274,120 | 892,857 | 858,529 |
INVESTING ACTIVITIES | |||
Proceeds from sales of fixed maturities and equity securities | 353,918 | 419,199 | 577,650 |
Proceeds from maturities, calls and prepayments of fixed maturities | 772,336 | 551,808 | 1,129,895 |
Cost of fixed maturities and equity securities purchased | (955,970) | (1,545,913) | (1,176,281) |
Net change in short-term investments | (95,867) | 1,101,636 | 234,743 |
Cost of equity method investments | (257,663) | (8,864) | (13,023) |
Additions to property and equipment | (123,376) | (106,593) | (74,652) |
Acquisitions, net of cash acquired | (245,332) | (1,175,211) | (1,431,712) |
Other | 16,795 | (33,301) | 8,923 |
Net Cash Used By Investing Activities | (535,159) | (797,239) | (744,457) |
FINANCING ACTIVITIES | |||
Additions to senior long-term debt and other debt | 1,645,182 | 206,949 | 664,657 |
Repayments of senior long-term debt and other debt | (1,103,674) | (289,199) | (259,972) |
Premiums and fees related to early extinguishment of debt | (27,073) | 0 | 0 |
Repurchases of common stock | (116,307) | (54,007) | (110,838) |
Payment of contingent consideration | (14,113) | (15,914) | (5,018) |
Purchase of noncontrolling interests | (9,754) | (13,523) | (18,334) |
Distributions to noncontrolling interests | (8,992) | (9,164) | (7,899) |
Other | (5,952) | (4,127) | (6,281) |
Net Cash Provided (Used) By Financing Activities | 359,317 | (178,985) | 256,315 |
Effect of foreign currency rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | 5,643 | (21,047) | 45,295 |
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | 1,103,921 | (104,414) | 415,682 |
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year | 2,396,432 | 2,500,846 | 2,085,164 |
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS AT END OF YEAR | $ 3,500,353 | $ 2,396,432 | $ 2,500,846 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Summary of Significant Accounting Policies Markel Corporation is a diverse financial holding company serving a variety of niche markets. Markel Corporation's principal business markets and underwrites specialty insurance products. Through its wholly owned subsidiary, Markel Ventures, Inc. (Markel Ventures), Markel Corporation also owns interests in various businesses that operate outside of the specialty insurance marketplace. a) Basis of Presentation. The accompanying consolidated financial statements have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP) and include the accounts of Markel Corporation and its consolidated subsidiaries, as well as any variable interest entities (VIEs) that meet the requirements for consolidation (the Company). All significant intercompany balances and transactions have been eliminated in consolidation. The Company consolidates the results of its Markel Ventures subsidiaries on a one-month lag, with the exception of significant transactions or events that occur during the intervening period. Certain prior year amounts have been reclassified to conform to the current presentation. b) Use of Estimates. 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. Management periodically reviews its estimates and assumptions. Quarterly reviews include evaluating the adequacy of reserves for unpaid losses and loss adjustment expenses, life and annuity reinsurance benefit reserves and litigation contingencies. Estimates and assumptions for goodwill and intangible assets are reviewed in conjunction with an acquisition, and goodwill and indefinite-lived intangible assets are reassessed at least annually for impairment. Actual results may differ materially from the estimates and assumptions used in preparing the consolidated financial statements. c) Investments. Available-for-sale investments and equity securities are recorded at estimated fair value. Unrealized gains and losses on available-for-sale investments, net of income taxes, are included in accumulated other comprehensive income in shareholders' equity. The Company completes a detailed analysis each quarter to assess whether the decline in the fair value of any available-for-sale investment below its cost basis is deemed other-than-temporary. Premiums and discounts are amortized or accreted over the lives of the related fixed maturities as an adjustment to the yield using the effective interest method. Dividend and interest income are recognized when earned. Realized investment gains or losses are included in earnings. Realized gains or losses from sales of available-for-sale investments are derived using the first-in, first-out method on the trade date. Effective January 1, 2018, the Company adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2016-01, Financial Instruments (Topic 825): Recognition and Measurement of Financial Assets and Financial Liabilities . Upon adoption of the ASU, equity securities are no longer classified as available-for-sale and unrealized gains and losses on equity securities, net of income taxes, are included in earnings. In accordance with the provisions of the ASU, prior periods have not been restated to conform to the new presentation. Investments accounted for under the equity method of accounting are recorded at cost within other assets on the consolidated balance sheets and subsequently increased or decreased by the Company's proportionate share of the net income or loss of the investee. The Company records its proportionate share of net income or loss of the investee in net investment income. The Company records its proportionate share of other comprehensive income or loss of the investee as a component of other comprehensive income. Dividends or other equity distributions in excess of the Company's cumulative equity in earnings of the investee are recorded as a reduction of the investment. The Company reviews equity method investments for impairment when events or circumstances indicate that a decline in the fair value of the investment below its carrying value is other-than-temporary. d) Cash and Cash Equivalents. The Company considers all investments with original maturities of 90 days or less to be cash equivalents. The carrying value of the Company's cash and cash equivalents approximates fair value. e) Restricted Cash and Cash Equivalents. Cash and cash equivalents that are restricted as to withdrawal or use are recorded as restricted cash and cash equivalents. The carrying value of the Company’s restricted cash and cash equivalents approximates fair value. f) Receivables. Receivables include amounts receivable from agents, brokers and insureds, which represent premiums that are both currently due and amounts not yet due on insurance and reinsurance policies. Premiums for insurance policies are generally due at inception. Premiums for reinsurance policies generally become due over the period of coverage based on the policy terms. The Company monitors the credit risk associated with premiums receivable, taking into consideration the fact that in certain instances credit risk may be reduced by the Company's right to offset loss obligations or unearned premiums against premiums receivable. Amounts deemed uncollectible are charged to net income in the period they are determined. Changes in the estimate of reinsurance premiums written will result in an adjustment to premiums receivable in the period they are determined. Receivables also include amounts receivable from contracts with customers, which represent the Company’s unconditional right to consideration for satisfying the performance obligations outlined in the contract. g) Reinsurance Recoverables. Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured business. Allowances are established for amounts deemed uncollectible and reinsurance recoverables are recorded net of these allowances. The Company evaluates the financial condition of its reinsurers and monitors concentration risk to minimize its exposure to significant losses from individual reinsurers. h) Deferred Policy Acquisition Costs. Costs directly related to the acquisition of insurance premiums are deferred and amortized over the related policy period, generally one year . The Company only defers acquisition costs incurred that are related directly to the successful acquisition of new or renewal insurance contracts, including commissions to agents and brokers and premium taxes. Commissions received related to reinsurance premiums ceded are netted against broker commissions in determining acquisition costs eligible for deferral. To the extent that future policy revenues on existing policies are not adequate to cover related costs and expenses, deferred policy acquisition costs are charged to earnings. The Company does not consider anticipated investment income in determining whether a premium deficiency exists. i) Goodwill and Intangible Assets. Goodwill and intangible assets are recorded as a result of business acquisitions. Goodwill represents the excess of the amount paid to acquire a business over the net fair value of assets acquired and liabilities assumed at the date of acquisition. Indefinite-lived and other intangible assets are recorded at fair value as of the acquisition date. The determination of the fair value of certain assets acquired and liabilities assumed involves significant judgment and the use of valuation models and other estimates, which require assumptions that are inherently subjective. Goodwill and indefinite-lived intangible assets are tested for impairment at least annually. The Company completes an annual test during the fourth quarter of each year based upon the results of operations through September 30. Intangible assets with definite lives are amortized using the straight-line method over their estimated useful lives, generally five to 20 years , and are reviewed for impairment when events or circumstances indicate that their carrying value may not be recoverable. j) Property and Equipment. Property and equipment is maintained primarily by certain of the Company's Markel Ventures businesses and are stated at cost less accumulated depreciation and amortization. Depreciation and amortization of property and equipment are calculated using the straight-line method over the estimated useful lives of the respective assets. Property and equipment, net of accumulated depreciation and amortization, was $588.6 million and $551.5 million as of December 31, 2019 and 2018 , respectively, and is included in other assets on the Company's consolidated balance sheets. k) Leases. Following the adoption of FASB ASU No. 2016-02, Leases (Topic 842), effective January 1, 2019, the present value of future lease payments for the Company’s leases with terms greater than 12 months are included on the consolidated balance sheet as lease liabilities and right-of-use lease assets. The Company’s lease portfolio primarily consists of operating leases for real estate. Total expected lease payments are based on the lease payments specified in the contract and the stated term, including any options to extend or terminate that the Company is reasonably certain to exercise. The Company has elected the practical expedient to account for lease components and any associated non-lease components within a contract as a single lease component, and therefore allocates all of the expected lease payments to the lease component. The lease liability, which represents the Company’s obligation to make lease payments arising from the contract, is calculated based on the present value of expected lease payments over the remaining lease term, discounted using the Company’s collateralized incremental borrowing rate at the commencement date. The lease liability is then adjusted for any prepaid rent, lease incentives received or capitalized initial direct costs to determine the lease asset, which represents the Company's right to use the underlying asset for the lease term. Lease liabilities and lease assets are included in other liabilities and other assets, respectively, on the Company's consolidated balance sheet. Total lease costs are primarily comprised of rental expense for operating leases. Rental expense is recognized on a straight line basis over the lease term and includes amortization of the right-of-use lease asset and imputed interest on the lease liability. Rental expense attributable to the Company's underwriting operations is included in underwriting, acquisition and insurance expenses and rental expense attributable to the Company's other operations is included in products expenses and services and other expenses in the consolidated statements of income and comprehensive income. l) Inventories. Inventories are maintained at certain of the Company's Markel Ventures businesses and consist primarily of raw materials, work-in-process and finished goods. Inventories are generally valued using the first-in-first-out method and stated at the lower of cost or net realizable value. Inventories were $303.1 million and $298.7 million as of December 31, 2019 and 2018 , respectively, and are included in other assets on the Company's consolidated balance sheets. m) Redeemable Noncontrolling Interests. The Company owns controlling interests in various companies through its Markel Ventures operations. In some cases, the Company has the option to acquire the remaining equity interests, and the remaining equity interests have the option to sell their interests to the Company, in the future. The redemption value of the remaining equity interests is generally based on the respective company's earnings in specified periods preceding the redemption date. The redeemable noncontrolling interests generally are or become redeemable through 2023. The Company recognizes changes in the redemption value that exceed the carrying value of redeemable noncontrolling interests to retained earnings as if the balance sheet date were also the redemption date. Changes in the redemption value also result in an adjustment to net income to shareholders in the calculation of basic and diluted net income per share. n) Income Taxes. The Company records deferred income taxes to reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance when management believes it is more likely than not that some, or all, of the deferred tax assets will not be realized. The Company recognizes the tax benefit from an uncertain tax position taken or expected to be taken in income tax returns only if it is more likely than not that the tax position will be sustained upon examination by tax authorities, based on the technical merits of the position. Tax positions that meet the more likely than not threshold are then measured using a probability weighted approach, whereby the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement is recognized. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. o) Unpaid Losses and Loss Adjustment Expenses. Unpaid losses and loss adjustment expenses on the Company's property and casualty insurance business are based on evaluations of reported claims and estimates for losses and loss adjustment expenses incurred but not reported. Estimates for losses and loss adjustment expenses incurred but not reported are based on reserve development studies, among other things. Recorded reserves are estimates, and the ultimate liability may be greater or less than the estimates. p) Life and Annuity Benefits. The Company has a run-off block of life and annuity reinsurance contracts that subject the Company to mortality, longevity and morbidity risks. The assumptions used to determine policy benefit reserves are generally locked-in for the life of the contract unless an unlocking event occurs. To the extent existing policy reserves, together with the present value of future gross premiums and expected investment income earned thereon, are not adequate to cover the present value of future benefits, settlement and maintenance costs, the locked-in assumptions are revised to current best estimate assumptions and a charge to earnings for life and annuity benefits is recognized at that time. Because of the assumptions and estimates used in establishing reserves for life and annuity benefit obligations and the long-term nature of these reinsurance contracts, the ultimate liability may be greater or less than the estimates. Results attributable to the run-off of life and annuity reinsurance business are included in services and other revenues and services and other expenses in the Company's consolidated statements of income and comprehensive income. q) Revenue Recognition. Property and Casualty Premiums Insurance premiums written are generally recorded at the inception of a policy and earned on a pro rata basis over the policy period, typically one year . The cost of reinsurance ceded is initially recorded as prepaid reinsurance premiums and is amortized over the reinsurance contract period in proportion to the amount of insurance protection provided. Premiums ceded are netted against premiums written. For multi-year contracts where insurance premiums are payable in annual installments, written premiums are recorded at the inception of the contract based on management’s best estimate of total premiums to be received. For contracts where the cedent has the ability to unilaterally commute or cancel coverage within the term of the policy, premiums are generally recorded on an annual basis or up to the contract cancellation point. The remaining premiums are estimated and included as written at each successive anniversary date within the multi-year term. Assumed reinsurance premiums are recorded at the inception of each contract based upon contract terms and information received from cedents and brokers and are earned on a pro rata basis over the coverage period, or for multi-year contracts, in proportion with the underlying risk exposure to the extent there is variability in the exposure through the coverage period. Changes in reinsurance premium estimates are expected and may result in significant adjustments in any period. These estimates change over time as additional information regarding changes in underlying exposures is obtained. Any subsequent differences arising on such estimates are recorded as premiums written in the period they are determined and are earned on a pro rata basis over the coverage period. The Company uses the periodic method to account for assumed reinsurance from foreign reinsurers. The Company's foreign reinsurers provide sufficient information to record foreign assumed business in the same manner as the Company records assumed business from U.S. reinsurers. Certain contracts that the Company writes provide for reinstatement of coverage. Reinstatement premiums are the premiums for the restoration of the insurance or reinsurance limit of a contract to its full amount after a loss occurrence by the insured or reinsured. The Company accrues for reinstatement premiums resulting from losses recorded. Such accruals are based upon contractual terms and management judgment is involved with respect to the amount of losses recorded. Changes in estimates of losses recorded on contracts with reinstatement premium features will result in changes in reinstatement premiums based on contractual terms. Reinstatement premiums are recognized at the time losses are recorded and are generally earned on a pro rata basis over the coverage period. Other Revenues Effective January 1, 2018, the Company adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , and related amendments, which created a new comprehensive revenue recognition standard, FASB Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers , that serves as a single source of revenue guidance for contracts with customers unless those contracts are within the scope of other standards, such as insurance contracts. ASC 606 is not applicable to the Company's insurance premium revenues or revenues from its investment portfolio but is applicable to most of the Company's other revenues, as described below. Other revenues primarily relate to the Company's Markel Ventures operations and consist of revenues from the sale of products and services. Revenues are recognized when, or as, control of the promised goods or services is transferred to the Company's customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. All contracts with customers either have an original expected length of one year or less or the Company recognizes revenue at the amount for which it has a right to invoice for the products delivered or services performed. Certain customers may receive volume rebates or credits for products and services, which are accounted for as variable consideration. The Company estimates these amounts based on the expected amount to be provided to the customer and reduces revenues recognized by a corresponding amount. The Company does not expect significant changes to its estimates of variable consideration over the term of the contracts. Payment terms for products and services vary by the type of product or service offered and the location of the customer, and payment is typically received at or shortly after the point of sale. For certain products, the Company requires partial payment in the form of a deposit before the products are delivered to the customer, which is included in other liabilities on the Company's consolidated balance sheets. Products revenues are primarily generated from the sale of equipment used in baking systems, portable dredges, over-the-road transportation equipment, flooring for the trucking industry, ornamental plants and residential homes. Most of the Company's product revenues are recognized when the products are shipped to the customer or the products arrive at the agreed upon destination with the end customer. Some of the Company's contracts include multiple performance obligations. For such arrangements, revenues are allocated to each performance obligation based on the relative standalone selling price, which is derived from amounts stated in the contract. Services revenues are primarily generated by delivering healthcare services, retail intelligence and consulting services. Service revenues are generally recognized over the term of the contracts based on hours incurred or as services are provided. Investment management fee income in the Company's insurance-linked securities operations is recognized over the period in which investment management services are provided and is calculated and recognized monthly based on the net asset value of the accounts managed. For certain accounts, the Company is also entitled to participate, on a fixed-percentage basis, in any net income generated in excess of an agreed-upon threshold as established by the underlying investment management agreements. In general, net income is calculated at the end of each calendar year and incentive fees are payable annually. Incentive fee income is recognized at the conclusion of the contractual performance period, when the uncertainty related to performance has been resolved. Program services fees, or ceding fees, received in exchange for providing access to the U.S. property and casualty insurance market are based on the gross premiums written on behalf of general agent and capacity provider clients. Ceding fees are earned in a manner consistent with the recognition of the gross premiums earned on the underlying insurance policies, generally on a pro rata basis over the terms of the underlying policies reinsured. r) Program Services. In connection with its program services business, the Company enters into contractual agreements with both producing general agents and reinsurers, whereby the general agents and reinsurers are typically obligated to each other for payment of insurance amounts, including premiums, commissions and losses. To the extent these funds are not the obligation of the Company and are settled directly between the general agent and the reinsurer, no receivables or payables are recorded for these amounts. All obligations of the Company's insurance subsidiaries owed to or on behalf of their policyholders are recorded by the Company and, to the extent appropriate, offsetting reinsurance recoverables are recorded. s) Stock-based Compensation. Stock-based compensation expense is generally recognized as part of underwriting, acquisition and insurance expenses over the requisite service period. Stock-based compensation expense, net of taxes, was $24.6 million in 2019 , $13.0 million in 2018 and $11.9 million in 2017 . t) Foreign Currency Transactions. The U.S. Dollar is the Company’s reporting currency and the primary functional currency of its foreign underwriting operations. The functional currencies of the Company's other foreign operations are the currencies of the primary economic environments in which the majority of their business is transacted. Foreign currency transaction gains and losses are the result of exchange rate changes on transactions denominated in currencies other than the functional currency at each foreign entity. Monetary assets and liabilities are remeasured to the functional currency at current exchange rates, with resulting gains and losses included in net foreign exchange gains within net income. Non-monetary assets and liabilities are remeasured to the functional currency at historic exchange rates. Available-for-sale securities are recorded at fair value with resulting gains and losses, including the portion attributable to movements in exchange rates, included in the change in net unrealized gains on available-for-sale investments, net of taxes within other comprehensive income. While we attempt to naturally hedge our exposure to foreign currency fluctuations by matching assets and liabilities in the same currencies, there is a financial statement mismatch between the gains or losses recorded in net income related to insurance reserves denominated in non-functional currencies and the gains or losses recorded in other comprehensive income related to the available-for-sale securities held in non-functional currencies supporting the reserves. Assets and liabilities of foreign operations denominated in a functional currency other than the U.S. Dollar are translated into the U.S. Dollar at current exchange rates, with resulting gains or losses included, net of taxes, in the change in foreign currency translation adjustments within other comprehensive income. Historically, the Company also designated certain additional currencies, including the British Pound Sterling, the Euro, and the Canadian Dollar, as functional currencies within its foreign underwriting operations that were deemed to contain distinct and separable operations in those foreign economic environments. However, over time the Company’s foreign underwriting operations have evolved and are now managed on a global basis. Effective January 1, 2018, management reassessed its functional currency determination as required by ASC 830, Foreign Currency Matters , and concluded that its foreign underwriting operations have evolved to function as an extension, or integral component, of the Company’s global underwriting operations, and are no longer deemed to contain distinct and separable operations. As a result, more foreign currency denominated transactions are designated as non-functional, with related remeasurement gains and losses included in net income. The change in the Company’s functional currency determination has been applied on a prospective basis in accordance with ASC 830. Therefore, any translation gains and losses that were previously recorded in accumulated other comprehensive income through December 31, 2017 remain unchanged through December 31, 2019. u) Derivative Financial Instruments. Derivative instruments, including derivative instruments resulting from hedging activities, are measured at fair value and recognized as either assets or liabilities on the consolidated balance sheets. The changes in fair value of derivatives are recognized in earnings. v) Comprehensive Income. Comprehensive income represents all changes in equity that result from recognized transactions and other economic events during the period. Other comprehensive income refers to revenues, expenses, gains and losses that under U.S. GAAP are included in comprehensive income but excluded from net income, such as unrealized gains or losses on available-for-sale investments, foreign currency translation adjustments and changes in net actuarial pension loss. w) Net Income Per Share. Basic net income per share is computed by dividing adjusted net income to shareholders by the weighted average number of common shares outstanding during the year. Diluted net income per share is computed by dividing adjusted net income to shareholders by the weighted average number of common shares and dilutive potential common shares outstanding during the year. x) Variable Interest Entities. The Company determines whether it has relationships with entities defined as VIEs in accordance with ASC 810, Consolidation . Under this guidance, a VIE is consolidated by the variable interest holder that is determined to be the primary beneficiary. An entity in which the Company holds a variable interest is a VIE if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) as a group, the holders of equity investment at risk lack either the direct or indirect ability through voting rights or similar rights to make decisions about an entity's activities that most significantly impact the entity's economic performance or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some investors are disproportionate to their obligation to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity's activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. The primary beneficiary is defined as the variable interest holder that is determined to have the controlling financial interest as a result of having both (a) the power to direct the activities of a VIE that most significantly impact the economic performance of the VIE and (b) the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. The Company determines whether an entity is a VIE at the inception of its variable interest in the entity and upon the occurrence of certain reconsideration events. The Company continually reassesses whether it is the primary beneficiary of VIEs in which it holds a variable interest. y) Recent Accounting Pronouncements. Accounting Standards Adopted in 2019 Effective January 1, 2019, the Company adopted FASB ASU No. 2016-02, Leases (Topic 842) and several other ASUs that were issued as amendments to ASU No. 2016-02, which require lessees to record most leases in their balance sheets as a lease liability with a corresponding right-of-use asset, but continue to recognize the related rent expense within net income. The Company elected to apply the optional transition method, under which an entity initially applies the new lease standard to existing leases at the beginning of the period of adoption. The Company continues to apply the previous guidance to 2018 and prior periods. The Company also elected the package of practical expedients permitted under the transition guidance within the new standard, which, among other things, allowed companies to carry forward their historical lease classification. As a result of adopting ASU No. 2016-02, the Company recorded a right-of-use lease asset and a lease liability of $243.7 million and $264.6 million , respectively as of January 1, 2019. ASU No. 2016-02 also requires expanded lease disclosures, which are included in note 7 . Adoption of this standard did not have a material impact on the Company’s results of operations or cash flows. The following ASU issued by the FASB is relevant to the Company's operations and was adopted effective January 1, 2019. This ASU did not have a material impact on the Company's financial position, results of operations or cash flows: • ASU No. 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities Accounting Standards Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The FASB subsequently issued several ASUs as amendments to ASU No. 2016-13. The standard replaces the current incurred loss model used to measure impairment losses with a current expected credit loss (CECL) model for financial instruments measured at amortized cost, including reinsurance recoverables and trade receivables. For available-for-sale fixed maturities, which are measured at fair value, the ASU requires entities to record impairments as an allowance, rather than a reduction of the amortized cost, as is currently required under the other-than-temporary impairment model. ASU No. 2016-13 becomes effective for the Company during the first quarter of 2020 and will be applied using a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of January 1, 2020. Application of the CECL model will not impact the Company's investment portfolio, none of which is measured at amortized cost, but will impact certain of the Company's other financial assets, including its reinsurance recover |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions VSC Fire & Security, Inc. In November 2019, the Company acquired VSC Fire & Security, Inc. (VSC), a provider of comprehensive fire protection, life safety, and low voltage solutions to retailers, commercial campuses, healthcare facilities, and government properties throughout the southeastern United States. Total consideration for the acquisition was $225.0 million , which included cash consideration of $204.0 million . Total consideration also includes the estimated fair value of contingent consideration the Company expects to pay in 2021 based on VSC’s earnings, as defined in the purchase agreement. The purchase price was preliminarily allocated to the acquired assets and liabilities of VSC based on estimated fair value at the acquisition date. The Company preliminarily recognized goodwill of $118.9 million , which is primarily attributable to expected future earnings and cash flow potential of VSC. The majority of the goodwill recognized is expected to be deductible for income tax purposes. The Company also preliminarily recognized other intangible assets of $70.5 million , which includes $54.0 million of customer relationships, $14.0 million of trade names and $2.5 million of other intangible assets, which are expected to be amortized over a weighted average period of 12 years , 12 years and 8 years , respectively. Results attributable to VSC will be included in the Company's Markel Ventures segment. The Company has not completed the process of determining the fair value of the assets acquired and liabilities assumed. These valuations are required to be completed within the measurement period, which cannot exceed 12 months from the acquisition date. As a result, the fair value recorded for these items is a provisional estimate and may be 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. The Hagerty Group, LLC In June 2019, the Company acquired a minority ownership interest in The Hagerty Group, LLC (Hagerty Group), a company that primarily operates as a managing general agent under the names Hagerty Insurance Agency and Hagerty Classic Marine Insurance Agency (collectively, Hagerty). Hagerty Group also includes Hagerty Re, a Bermuda Class 3 reinsurance company. Hagerty Group is a leading automotive lifestyle brand and provider of specialty insurance to automobile enthusiasts. Total consideration for the Company’s investment was $212.5 million . The Company's investment in Hagerty Group is accounted for under the equity method and is included in other assets on the Company’s consolidated balance sheet. Essentia Insurance Company, one of the Company’s insurance subsidiaries, is the exclusive insurance underwriter for Hagerty in the U.S., and a portion of this insurance is ceded to Hagerty Re. Gross written premiums attributable to Hagerty for the year ended December 31, 2019 were $422.1 million , of which $202.1 million were ceded to Hagerty Re. Brahmin Leather Works, LLC In October 2018, the Company acquired 90% of Brahmin Leather Works, LLC (Brahmin), a Massachusetts-based privately held creator of fashion leather handbags. Total consideration for the acquisition was $192.9 million , which included cash consideration of $172.3 million . Total consideration also includes the estimated fair value of contingent consideration the Company expects to pay based on Brahmin’s earnings as defined in the purchase agreement, for the period of 2019 through 2021. As of December 31, 2018, the purchase price was preliminarily allocated to the acquired assets and liabilities of Brahmin based on estimated fair value at the acquisition date. During 2019, the Company completed the process of determining the fair value of the assets and liabilities acquired with Brahmin. The Company recognized goodwill of $63.8 million , which is primarily attributable to expected future earnings and cash flow potential of Brahmin. The majority of the goodwill recognized is deductible for income tax purposes. The Company also recognized other intangible assets of $93.3 million , which includes $57.0 million of customer relationships, $35.0 million of trade names and $1.3 million of other intangible assets, which are being amortized over a weighted average period of 16 years , 16 years and 8 years , respectively. The Company also recognized redeemable noncontrolling interests of $19.6 million . Results attributable to Brahmin are included in the Company’s Markel Ventures segment. Nephila Holdings Ltd. In November 2018, the Company acquired all of the outstanding shares of Nephila Holdings Ltd. (Nephila), a Bermuda-based investment fund manager offering a broad range of investment products, including insurance-linked securities, catastrophe bonds, insurance swaps and weather derivatives. Nephila generates revenue primarily through management and incentive fees. Total consideration for the acquisition was $974.4 million , all of which was cash consideration. As of December 31, 2018, the purchase price was preliminarily allocated to the acquired assets and liabilities of Nephila based on estimated fair values at the acquisition date. During 2019, the Company completed the process of determining the fair value of the assets and liabilities acquired with Nephila. The Company recognized goodwill of $434.2 million , which is primarily attributable to expected future earnings and cash flow potential of Nephila. None of the goodwill recognized is deductible for income tax purposes. The Company also recognized other intangible assets of $551.0 million , which includes $468.0 million of investment management agreements, $32.0 million of broker relationships, $27.0 million of technology and $24.0 million of trade names, which are being amortized over a weighted average period of 17 years , 12 years , 6 years and 14 years , respectively. The Company also recognized noncontrolling interests of $15.1 million attributable to certain consolidated subsidiaries of Nephila that are not wholly-owned. Nephila operates as a separate business unit and its operating results are not included in a reportable segment. SureTec Financial Corp. In April 2017, the Company completed the acquisition of SureTec Financial Corp. (SureTec), a Texas-based privately held surety company primarily offering contract, commercial and court bonds. Results attributable to this acquisition are included in the Insurance segment. Total consideration for this acquisition was $246.9 million , which included cash consideration of $225.6 million . Total consideration also includes the estimated fair value of contingent consideration the Company expects to pay based on SureTec's earnings, as defined in the merger agreement, for the years 2017 through 2020. The purchase price was allocated to the acquired assets and liabilities of SureTec based on estimated fair values on the acquisition date. The Company recognized goodwill of $70.4 million , which is primarily attributable to synergies that are expected to result upon integration of SureTec into the Company's insurance operations. None of the goodwill recognized is deductible for income tax purposes. The Company also recognized other intangible assets of $103.0 million , which includes $92.0 million of agent relationships to be amortized over a weighted average period of 15 years . Costa Farms Companies In August 2017, the Company acquired 81% of the holding company for the Costa Farms companies (Costa Farms), a Florida-based privately held grower of house and garden plants. Under the terms of the acquisition agreement, the Company has the option to acquire the remaining equity interests and the remaining equity interests have the option to sell their interests to the Company in the future. The redemption value of the remaining equity interests is generally based on Costa Farm's earnings in specified periods preceding the redemption date. Total consideration for the purchase was $417.2 million , which included cash consideration of $387.9 million . Total consideration also included $29.3 million of contingent consideration, which represented the Company's initial estimate of the fair value of the contingent consideration the Company expected to pay based on Costa Farms' earnings, as defined in the purchase agreement, annually through 2021. Subsequent changes in the Company's expectation of the contingent consideration obligation are recorded as operating expenses in the consolidated statements of income and comprehensive income. Operating expenses for the year ended December 31, 2017 included $19.0 million related to an increase in the Company's estimate of the contingent consideration obligation, which now reflects the maximum amount of contingent consideration payable under the purchase agreement. The purchase price was allocated to the acquired assets and liabilities of Costa Farms based on estimated fair values at the acquisition date. The Company recognized goodwill of $186.2 million , which is primarily attributable to expected future earnings and cash flow potential of Costa Farms. The majority of the goodwill recognized is deductible for income tax purposes. The Company also recognized other intangible assets of $192.0 million , which includes $161.0 million of customer relationships and $31.0 million of trade names, which are expected to be amortized over a weighted average period of 17 years and nine years , respectively. The Company also recognized redeemable non-controlling interests of $66.6 million . Results attributable to this acquisition are included in the Company's Markel Ventures segment. State National Companies, Inc. In November 2017, the Company completed its acquisition of 100% of the issued and outstanding common stock of State National Companies, Inc. (State National), a Texas-based leading specialty provider of property and casualty insurance that includes both fronting services and collateral protection insurance coverage. Pursuant to the terms of the merger agreement, State National stockholders received $21.00 cash for each outstanding share of State National common stock (other than certain performance-based restricted shares that did not vest in connection with the transaction). Total consideration for this acquisition was $918.8 million , all of which was cash consideration. The purchase price was allocated to the acquired assets and liabilities of State National based on estimated fair values at the acquisition date. The Company recognized goodwill of $379.2 million , none of which is deductible for income tax purposes. The goodwill is attributable to the Company's ability to achieve future revenue growth from new customers and the continued enhancement of State National's existing technology. Goodwill is also attributable to State National's assembled workforce and synergies associated with the integration of State National into the Company's insurance operations and investing activities. The Company also recognized intangible assets of $370.5 million , including indefinite lived intangible assets of $32.0 million for insurance licenses. The other intangible assets of $338.5 million included $289.0 million of customer relationships, $22.5 million of trade names and $27.0 million of technology, which are being amortized over a weighted average period of 13 years , 13 years and 9 years , respectively. Results attributable to State National's collateral protection insurance coverages are included in the Insurance segment. Results attributable to State National's program services business are not included in a reportable segment. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments a) The following tables summarize the Company's available-for-sale investments. Commercial and residential mortgage-backed securities include securities issued by U.S. government-sponsored enterprises and U.S. government agencies. The net unrealized holding gains in the tables below are presented before taxes and any reserve deficiency adjustments for life and annuity benefit reserves. See note 12 . December 31, 2019 (dollars in thousands) Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Fixed maturities: U.S. Treasury securities $ 282,305 $ 2,883 $ (402 ) $ 284,786 U.S. government-sponsored enterprises 318,831 23,949 (200 ) 342,580 Obligations of states, municipalities and political subdivisions 3,954,779 235,915 (812 ) 4,189,882 Foreign governments 1,415,639 135,763 (9,398 ) 1,542,004 Commercial mortgage-backed securities 1,761,777 57,450 (1,382 ) 1,817,845 Residential mortgage-backed securities 855,641 32,949 (517 ) 888,073 Asset-backed securities 11,042 28 (22 ) 11,048 Corporate bonds 848,826 47,551 (1,686 ) 894,691 Total fixed maturities 9,448,840 536,488 (14,419 ) 9,970,909 Short-term investments 1,194,953 1,355 (60 ) 1,196,248 Investments, available-for-sale $ 10,643,793 $ 537,843 $ (14,479 ) $ 11,167,157 December 31, 2018 (dollars in thousands) Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Fixed maturities: U.S. Treasury securities $ 248,286 $ 308 $ (1,952 ) $ 246,642 U.S. government-sponsored enterprises 357,765 5,671 (4,114 ) 359,322 Obligations of states, municipalities and political subdivisions 4,285,068 96,730 (28,868 ) 4,352,930 Foreign governments 1,482,826 98,356 (21,578 ) 1,559,604 Commercial mortgage-backed securities 1,691,572 3,154 (44,527 ) 1,650,199 Residential mortgage-backed securities 886,501 6,170 (12,499 ) 880,172 Asset-backed securities 19,614 7 (213 ) 19,408 Corporate bonds 979,141 13,234 (17,464 ) 974,911 Total fixed maturities 9,950,773 223,630 (131,215 ) 10,043,188 Short-term investments 1,080,027 443 (2,774 ) 1,077,696 Investments, available-for-sale $ 11,030,800 $ 224,073 $ (133,989 ) $ 11,120,884 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. December 31, 2019 Less than 12 months 12 months or longer Total (dollars in thousands) Estimated Fair Value Gross Estimated Fair Value Gross Estimated Fair Value Gross Losses Fixed maturities: U.S. Treasury securities $ 36,862 $ (361 ) $ 46,518 $ (41 ) $ 83,380 $ (402 ) U.S. government-sponsored enterprises 24,148 (197 ) 2,868 (3 ) 27,016 (200 ) Obligations of states, municipalities and political subdivisions 127,836 (702 ) 6,830 (110 ) 134,666 (812 ) Foreign governments 162,907 (3,393 ) 159,888 (6,005 ) 322,795 (9,398 ) Commercial mortgage-backed securities 202,530 (1,126 ) 33,853 (256 ) 236,383 (1,382 ) Residential mortgage-backed securities 11,706 (66 ) 58,162 (451 ) 69,868 (517 ) Asset-backed securities — — 3,632 (22 ) 3,632 (22 ) Corporate bonds 41,847 (1,287 ) 40,274 (399 ) 82,121 (1,686 ) Total fixed maturities 607,836 (7,132 ) 352,025 (7,287 ) 959,861 (14,419 ) Short-term investments 3,316 (60 ) — — 3,316 (60 ) Total $ 611,152 $ (7,192 ) $ 352,025 $ (7,287 ) $ 963,177 $ (14,479 ) At December 31, 2019 , the Company held 201 available-for-sale securities with a total estimated fair value of $963.2 million and gross unrealized losses of $14.5 million . Of these 201 securities, 122 securities had been in a continuous unrealized loss position for one year or longer and had a total estimated fair value of $352.0 million and gross unrealized losses of $7.3 million . The Company does not intend to sell or believe it will be required to sell these available-for-sale securities before recovery of their amortized cost. December 31, 2018 Less than 12 months 12 months or longer Total (dollars in thousands) Estimated Fair Value Gross Estimated Fair Value Gross Estimated Fair Value Gross Fixed maturities: U.S. Treasury securities $ 2,922 $ (83 ) $ 156,352 $ (1,869 ) $ 159,274 $ (1,952 ) U.S. government-sponsored enterprises 88,854 (1,923 ) 96,337 (2,191 ) 185,191 (4,114 ) Obligations of states, municipalities and political subdivisions 656,573 (12,455 ) 453,736 (16,413 ) 1,110,309 (28,868 ) Foreign governments 419,764 (14,461 ) 84,776 (7,117 ) 504,540 (21,578 ) Commercial mortgage-backed securities 653,410 (10,128 ) 709,971 (34,399 ) 1,363,381 (44,527 ) Residential mortgage-backed securities 276,777 (3,685 ) 242,949 (8,814 ) 519,726 (12,499 ) Asset-backed securities 1,645 (11 ) 17,030 (202 ) 18,675 (213 ) Corporate bonds 313,164 (10,965 ) 222,761 (6,499 ) 535,925 (17,464 ) Total fixed maturities 2,413,109 (53,711 ) 1,983,912 (77,504 ) 4,397,021 (131,215 ) Short-term investments 197,643 (2,774 ) — — 197,643 (2,774 ) Total $ 2,610,752 $ (56,485 ) $ 1,983,912 $ (77,504 ) $ 4,594,664 $ (133,989 ) At December 31, 2018 , the Company held 1,005 securities with a total estimated fair value of $4.6 billion and gross unrealized losses of $134.0 million . Of these 1,005 securities, 541 securities had been in a continuous unrealized loss position for one year or longer and had a total estimated fair value of $2.0 billion and gross unrealized losses of $77.5 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 deemed other-than-temporary. 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 other-than-temporary impairment, including the length of time and the extent to which fair value has been below cost and the financial condition and near-term prospects of the issuer. For fixed maturities, the Company considers whether it intends to sell the security or if it is more likely than not that it will be required to sell the security before recovery, the implied yield-to-maturity, the credit quality of the issuer and the ability to recover all amounts outstanding when contractually due. For fixed maturities where the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost, a decline in fair value is considered to be other-than-temporary and is recognized in net income based on the fair value of the security at the time of assessment, resulting in a new cost basis for the security. If the decline in fair value of a fixed maturity below its amortized cost is considered to be other-than-temporary based upon other considerations, the Company compares the estimated present value of the cash flows expected to be collected to the amortized cost of the security. The extent to which the estimated present value of the cash flows expected to be collected is less than the amortized cost of the security represents the credit-related portion of the other-than-temporary impairment, which is recognized in net income, resulting in a new cost basis for the security. Any remaining decline in fair value represents the non-credit portion of the other-than-temporary impairment, which is recognized in other comprehensive income. c) The amortized cost and estimated fair value of fixed maturities at December 31, 2019 are shown below by contractual maturity. (dollars in thousands) Amortized Cost Estimated Fair Value Due in one year or less $ 337,917 $ 333,759 Due after one year through five years 1,256,079 1,289,760 Due after five years through ten years 2,157,624 2,274,569 Due after ten years 3,068,760 3,355,855 6,820,380 7,253,943 Commercial mortgage-backed securities 1,761,777 1,817,845 Residential mortgage-backed securities 855,641 888,073 Asset-backed securities 11,042 11,048 Total fixed maturities $ 9,448,840 $ 9,970,909 Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties, and the lenders may have the right to put the securities back to the borrower. Based on expected maturities, the estimated average duration of fixed maturities at December 31, 2019 was 5.9 years . d) The following table presents the components of net investment income . Years Ended December 31, (dollars in thousands) 2019 2018 2017 Interest: Municipal bonds (tax-exempt) $ 71,351 $ 80,016 $ 87,768 Municipal bonds (taxable) 72,818 73,058 70,771 Other taxable bonds 162,861 159,329 145,085 Short-term investments, including overnight deposits 50,425 48,765 26,772 Dividends on equity securities 100,222 90,840 82,096 Income (loss) from equity method investments 4,368 (1,924 ) 11,076 Other 5,338 881 (828 ) 467,383 450,965 422,740 Investment expenses (15,495 ) (16,750 ) (17,031 ) Net investment income $ 451,888 $ 434,215 $ 405,709 e) The following table presents net investment gains (losses) and the change in net unrealized gains included in other comprehensive income (loss). Years Ended December 31, (dollars in thousands) 2019 2018 2017 Realized gains: Sales and maturities of fixed maturities $ 6,851 $ 4,221 $ 5,525 Sales of equity securities (1) — — 40,113 Sales and maturities of short-term investments 1,457 1,604 — Other 400 1,281 6,644 Total realized gains 8,708 7,106 52,282 Realized losses: Sales and maturities of fixed maturities (2,848 ) (5,768 ) (1,983 ) Sales of equity securities (1) — — (1,830 ) Sales and maturities of short-term investments (2,999 ) (10,545 ) (699 ) Other-than-temporary impairments — — (7,589 ) Other (4,343 ) (2,767 ) (596 ) Total realized losses (10,190 ) (19,080 ) (12,697 ) Net realized investment gains (losses) (1,482 ) (11,974 ) 39,585 Change in fair value of equity securities: (1) Equity securities sold during the period 38,291 20,177 6,989 Equity securities held at the end of the period 1,564,913 (445,799 ) (51,877 ) Change in fair value of equity securities (1) 1,603,204 (425,622 ) (44,888 ) Net investment gains (losses) $ 1,601,722 $ (437,596 ) $ (5,303 ) Change in net unrealized gains included in other comprehensive income (loss): Fixed maturities $ 429,654 $ (297,158 ) $ 89,741 Equity securities (1) — — 1,035,793 Short-term investments 3,626 (2,288 ) (94 ) Reserve deficiency adjustment for life and annuity benefit reserves (see note 12) (51,390 ) — — Net increase (decrease) $ 381,890 $ (299,446 ) $ 1,125,440 (1) Effective January 1, 2018, the Company adopted ASU No. 2016-01. As a result, equity securities are no longer classified as available-for-sale with unrealized gains and losses recognized in other comprehensive income; rather, all changes in the fair value of equity securities are now recognized in net income. Prior periods have not been restated to conform to the current presentation. Prior to adopting ASU No. 2016-01, the Company recorded certain investments in equity securities at estimated fair value with changes in fair value recorded in net income. f) Total restricted assets are included on the Company's consolidated balance sheets as follows. December 31, (dollars in thousands) 2019 2018 Investments $ 4,134,164 $ 4,781,566 Restricted cash and cash equivalents 427,546 382,264 Total $ 4,561,710 $ 5,163,830 The following table presents the components of restricted assets. December 31, (dollars in thousands) 2019 2018 Assets held in trust or on deposit to support underwriting activities $ 4,155,621 $ 4,780,613 Assets pledged as security for letters of credit 406,089 383,217 Total $ 4,561,710 $ 5,163,830 g) At December 31, 2019 and 2018 , investments in securities issued by the U.S. Treasury, U.S. government agencies and U.S. government-sponsored enterprises were the only investments in any one issuer that exceeded 10% of shareholders' equity. At December 31, 2019 , the Company's ten largest equity holdings represented $3.0 billion , or 39% , of the equity portfolio. Investments in the property and casualty insurance industry represented $1.2 billion , or 16% , of the equity portfolio at December 31, 2019 . Investments in the property and casualty insurance industry included a $721.8 million investment in the common stock of Berkshire Hathaway Inc. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements ASC 820, Fair Value Measurements and Disclosures, establishes a three-level hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the assets or liabilities fall within different levels of the hierarchy, the classification is based on the lowest level input that is significant to the fair value measurement of the asset or liability. Classification of assets and liabilities within the hierarchy considers the markets in which the assets and liabilities are traded and the reliability and transparency of the assumptions used to determine fair value. The hierarchy requires the use of observable market data when available. The levels of the hierarchy are defined as follows: Level 1 - Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities traded in active markets. Level 2 - Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and market-corroborated inputs. Level 3 - Inputs to the valuation methodology are unobservable for the asset or liability and are significant to the fair value measurement. In accordance with ASC 820, the Company determines fair value based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various methods, including the market, income and cost approaches. The Company uses valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The following section describes the valuation methodologies used by the Company to measure assets and liabilities at fair value, including an indication of the level within the fair value hierarchy in which each asset or liability is generally classified. Available-for-sale investments and equity securities. Available-for-sale investments and equity securities are recorded at fair value on a recurring basis. Available-for-sale investments include fixed maturities and short-term investments. Short-term investments include certificates of deposit, commercial paper, discount notes and treasury bills with original maturities of one year or less. Fair value for available-for-sale investments and equity securities are determined by the Company after considering various sources of information, including information provided by a third party pricing service. The pricing service provides prices for substantially all of the Company's fixed maturities and equity securities. In determining fair value, the Company generally does not adjust the prices obtained from the pricing service. The Company obtains an understanding of the pricing service's valuation methodologies and related inputs, which include, but are not limited to, reported trades, benchmark yields, issuer spreads, bids, offers, duration, credit ratings, estimated cash flows and prepayment speeds. The Company validates prices provided by the pricing service by reviewing prices from other pricing sources and analyzing pricing data in certain instances. The Company has evaluated the various types of securities in its investment portfolio to determine an appropriate fair value hierarchy level based upon trading activity and the observability of market inputs. Level 1 investments include those traded on an active exchange, such as the New York Stock Exchange. Level 2 investments include U.S. Treasury securities, U.S. government-sponsored enterprises, municipal bonds, foreign government bonds, commercial mortgage-backed securities, residential mortgage-backed securities, asset-backed securities and corporate debt securities. Level 3 investments include the Company's investments in certain insurance-linked securities funds managed by Markel CATCo Investment Management Ltd. (MCIM), a consolidated subsidiary, that are not traded on an active exchange, as further described and defined in note 16 (the Markel CATCo Funds), and are valued using unobservable inputs. Fair value for available-for-sale investments and equity securities is measured based upon quoted prices in active markets, if available. Due to variations in trading volumes and the lack of quoted market prices, fixed maturities are classified as Level 2 investments. The fair value of fixed maturities is normally derived through recent reported trades for identical or similar securities, making adjustments through the reporting date based upon available market observable data described above. If there are no recent reported trades, the fair value of fixed maturities may be derived through the use of matrix pricing or model processes, where future cash flow expectations are developed based upon collateral performance and discounted at an estimated market rate. Significant inputs used to determine the fair value of obligations of states, municipalities and political subdivisions, corporate bonds and obligations of foreign governments include reported trades, benchmark yields, issuer spreads, bids, offers, credit information and estimated cash flows. Significant inputs used to determine the fair value of commercial mortgage-backed securities, residential mortgage-backed securities and asset-backed securities include the type of underlying assets, benchmark yields, prepayment speeds, collateral information, tranche type and volatility, estimated cash flows, credit information, default rates, recovery rates, issuer spreads and the year of issue. Due to the significance of unobservable inputs required in measuring the fair value of the Company's investments in the Markel CATCo Funds, these investments are classified as Level 3 within the fair value hierarchy. The fair value of the securities are derived using their reported net asset value (NAV) as the primary input, as well as other observable and unobservable inputs as deemed necessary by management. Management has obtained an understanding of the inputs, assumptions, process and controls used to determine NAV, which is calculated by an independent third party. Unobservable inputs to the NAV calculations include assumptions around premium earnings patterns and loss reserve estimates for the underlying securitized reinsurance contracts in which the Markel CATCo Funds invest. Significant unobservable inputs used in the valuation of these investments include an adjustment to include the fair value of the equity that was issued by one of the Markel CATCo Funds in exchange for notes receivable, rather than cash, which is excluded from NAV. The determination of fair value of the securities also considers external market data, including the trading price relative to its NAV of CATCo Reinsurance Opportunities Fund Ltd., a comparable security traded on a market operated by the London Stock Exchange and on the Bermuda Stock Exchange. In July 2019, the Markel CATCo Funds were placed into run-off and capital is being returned to investors as it becomes available. However, due to the significant loss events on the underlying securitized reinsurance contracts in 2017 and 2018, portions of the Company's investments may be restricted up to three years. The Company's valuation policies and procedures for Level 3 investments are determined by management. Fair value measurements are analyzed quarterly to ensure the change in fair value from prior periods is reasonable relative to management's understanding of the underlying investments, recent market trends and external market data. Senior long-term debt and other debt. Senior long-term debt and other debt is carried at amortized cost with the estimated fair value disclosed on the consolidated balance sheets. Senior long-term debt and other debt is classified as Level 2 within the fair value hierarchy due to variations in trading volumes and the lack of quoted market prices. Fair value for senior long-term debt and other debt is generally derived through recent reported trades for identical securities, making adjustments through the reporting date, if necessary, based upon available market observable data including U.S. Treasury securities and implied credit spreads. Significant inputs used to determine the fair value of senior long-term debt and other debt include reported trades, benchmark yields, issuer spreads, bids and offers. The following tables present the balances of assets measured at fair value on a recurring basis by level within the fair value hierarchy. December 31, 2019 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Investments: Fixed maturities, available-for-sale: U.S. Treasury securities $ — $ 284,786 $ — $ 284,786 U.S. government-sponsored enterprises — 342,580 — 342,580 Obligations of states, municipalities and political subdivisions — 4,189,882 — 4,189,882 Foreign governments — 1,542,004 — 1,542,004 Commercial mortgage-backed securities — 1,817,845 — 1,817,845 Residential mortgage-backed securities — 888,073 — 888,073 Asset-backed securities — 11,048 — 11,048 Corporate bonds — 894,691 — 894,691 Total fixed maturities, available-for-sale — 9,970,909 — 9,970,909 Equity securities: Insurance, banks and other financial institutions 2,463,190 — 45,992 2,509,182 Industrial, consumer and all other 5,081,573 — — 5,081,573 Total equity securities 7,544,763 — 45,992 7,590,755 Short-term investments, available-for-sale 1,093,799 102,449 — 1,196,248 Total investments $ 8,638,562 $ 10,073,358 $ 45,992 $ 18,757,912 December 31, 2018 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Investments: Fixed maturities, available-for-sale: U.S. Treasury securities $ — $ 246,642 $ — $ 246,642 U.S. government-sponsored enterprises — 359,322 — 359,322 Obligations of states, municipalities and political subdivisions — 4,352,930 — 4,352,930 Foreign governments — 1,559,604 — 1,559,604 Commercial mortgage-backed securities — 1,650,199 — 1,650,199 Residential mortgage-backed securities — 880,172 — 880,172 Asset-backed securities — 19,408 — 19,408 Corporate bonds — 974,911 — 974,911 Total fixed maturities, available-for-sale — 10,043,188 — 10,043,188 Equity securities: Insurance, banks and other financial institutions 1,876,811 — 53,728 1,930,539 Industrial, consumer and all other 3,790,406 — — 3,790,406 Total equity securities 5,667,217 — 53,728 5,720,945 Short-term investments, available-for-sale 981,616 96,080 — 1,077,696 Total investments $ 6,648,833 $ 10,139,268 $ 53,728 $ 16,841,829 The following table summarizes changes in Level 3 investments measured at fair value on a recurring basis. (dollars in thousands) 2019 2018 Equity securities, beginning of period $ 53,728 $ 168,809 Purchases 500 28,900 Sales (9,448 ) (35,335 ) Net investment gains (losses) on Level 3 investments 1,212 (108,646 ) Transfers into Level 3 — — Transfers out of Level 3 — — Equity securities, end of period $ 45,992 $ 53,728 Net investment gains (losses) on Level 3 investments related to the Company's investments in the Markel CATCo Funds primarily resulted from changes in the NAV of these funds in 2019 and 2018 . There were no transfers into or out of Level 1 and Level 2 during 2019 or 2018 . Except as disclosed in note 2 , the Company did not have any assets or liabilities measured at fair value on a non-recurring basis during the years ended December 31, 2019 and 2018 . |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Receivables | Receivables The following table presents the components of receivables. December 31, (dollars in thousands) 2019 2018 Amounts receivable from agents, brokers and insureds $ 1,424,881 $ 1,327,549 Trade accounts receivable 259,062 226,282 Other 182,582 154,273 1,866,525 1,708,104 Allowance for doubtful receivables (18,723 ) (15,578 ) Receivables $ 1,847,802 $ 1,692,526 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Intangible Assets | Goodwill and Intangible Assets The following table presents a rollforward of the components of goodwill by reportable segment. (dollars in thousands) Insurance Reinsurance Markel Ventures Other (1) Total January 1, 2018 $ 771,821 $ 122,745 $ 424,981 $ 457,917 $ 1,777,464 Acquisitions (see note 2) — — 73,174 474,901 548,075 Impairment of goodwill — — — (91,910 ) (91,910 ) Foreign currency movements and other adjustments (2) (1,637 ) — (817 ) 6,800 4,346 December 31, 2018 (3) $ 770,184 $ 122,745 $ 497,338 $ 847,708 $ 2,237,975 Acquisitions (see note 2) — — 118,878 — 118,878 Foreign currency movements and other adjustments (2) 1,263 — (9,439 ) (40,129 ) (48,305 ) December 31, 2019 (3) $ 771,447 $ 122,745 $ 606,777 $ 807,579 $ 2,308,548 (1) Amounts included in Other reflect the Company's operations that are not included in a reportable segment. (2) Foreign currency movements and other adjustments includes adjustments to goodwill resulting from changes to the preliminary purchase price allocation, if any, for acquisitions that occurred in the prior year. (3) As of December 31, 2019 and 2018 , goodwill was net of accumulated impairment losses of $139.2 million , of which $91.9 million was in Other and $47.3 million was in Markel Ventures. Goodwill and indefinite-lived intangible assets are tested for impairment at least annually. The Company completes an annual test during the fourth quarter of each year based upon the results of operations through September 30. There was no impairment of goodwill during 2019 or 2017 . Total impairment of goodwill for the year ended December 31, 2018 was $91.9 million . During 2018, the Company recorded a goodwill and intangible asset impairment charge at MCIM totaling $179.0 million . In light of governmental inquiries into loss reserves recorded in late 2017 and early 2018 at Markel CATCo Re Ltd. (Markel CATCo Re), an unconsolidated subsidiary managed by MCIM, and taking into consideration the departure of two senior MCIM executives and special redemption rights that were offered to investors in the Markel CATCo Funds, as defined in note 16 , the Company concluded MCIM’s ability to maintain or raise capital had been adversely impacted. As a result, the Company performed an assessment of the recoverability of goodwill and intangible assets at the MCIM reporting unit as of December 31, 2018. As a result of the assessment, the Company reduced the carrying value of the goodwill and intangible assets of the MCIM reporting unit to zero , which resulted in a goodwill impairment charge of $91.9 million and an intangible asset impairment charge of $87.1 million , both of which were recorded to impairment of goodwill and intangible assets in the consolidated statement of loss and comprehensive loss for the year ended December 31, 2018. The intangible asset charge primarily related to intangible assets associated with MCIM's investment management agreements with the Markel CATCo Funds. In July 2019, MCIM announced it would cease accepting new investments in the Markel CATCo Funds and would not write any new business in Markel CATCo Re. Both the Markel CATCo Funds and Markel CATCo Re have been placed into run-off, returning capital to investors as it becomes available. See note 20 for further details. The following table presents a rollforward of the components of net intangible assets. (dollars in thousands) Underwriting (1) Markel Ventures Other (2) Total January 1, 2018 $ 537,957 $ 400,589 $ 417,135 $ 1,355,681 Acquisitions (see note 2) 1,538 85,736 521,071 608,345 Amortization of intangible assets (44,464 ) (40,208 ) (31,258 ) (115,930 ) Impairment of intangible assets (4,431 ) (14,904 ) (87,953 ) (107,288 ) Foreign currency movements and other adjustments (3) (1,512 ) 244 (13,344 ) (14,612 ) December 31, 2018 $ 489,088 $ 431,457 $ 805,651 $ 1,726,196 Acquisitions (see note 2) 41,506 71,629 — 113,135 Amortization of intangible assets (39,667 ) (41,973 ) (66,998 ) (148,638 ) Foreign currency movements and other adjustments (3) (6,767 ) 12,009 42,539 47,781 December 31, 2019 $ 484,160 $ 473,122 $ 781,192 $ 1,738,474 (1) Amounts included in Underwriting reflect the intangible assets associated with the Company's underwriting segments, which are not allocated between the Insurance and Reinsurance segments. (2) Amounts included in Other reflect the Company's operations that are not included in a reportable segment. (3) Foreign currency movements and other adjustments include adjustments to intangible assets resulting from changes to the preliminary purchase price allocation, if any, for acquisitions that occurred in the prior year. Amortization of intangible assets is estimated to be $150.2 million for 2020 , $146.3 million for 2021 , $142.9 million for 2022 , $141.0 million for 2023 and $139.1 million for 2024 . Indefinite-lived intangible assets were $92.4 million at both December 31, 2019 and 2018 . For the year ended December 31, 2019 , the Company acquired $113.1 million of intangible assets, all of which is amortizable over a weighted average period of 11 years . The definite-lived intangible assets acquired during 2019 include customer relationships, trade names and other intangible assets, which are expected to be amortized over a weighted average period of 12 , 12 and 10 years, respectively. The following table presents the components of intangible assets. December 31, 2019 2018 (dollars in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer relationships $ 1,021,427 $ (267,580 ) $ 953,739 $ (204,261 ) Investment management agreements 468,000 (33,345 ) 441,000 — Broker relationships 206,249 (89,234 ) 204,367 (78,559 ) Trade names 208,959 (68,961 ) 193,154 (62,827 ) Technology 113,389 (60,611 ) 109,208 (47,090 ) Agent relationships 92,000 (16,355 ) 92,000 (10,175 ) Insurance licenses 74,635 — 74,635 — Renewal rights 21,449 (19,366 ) 21,053 (18,272 ) Other 151,978 (64,160 ) 107,441 (49,217 ) Total $ 2,358,086 $ (619,612 ) $ 2,196,597 $ (470,401 ) |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases The Company's leases primarily consist of operating leases for real estate and have remaining terms of up to 15 years . Total lease costs for operating leases were $62.7 million for the year ended December 31, 2019 . Total rental expense was $52.9 million and $44.6 million for the years ended December 31, 2018 and 2017 , respectively, which was prior to adoption of ASU 2016-02. See note 1 (y). The following table summarizes details for the Company's operating leases recorded on the consolidated balance sheet as of December 31, 2019 . (dollars in thousands) Right-of-use lease assets $ 232,717 Lease liabilities $ 262,139 Weighted average remaining lease term 8.5 years Weighted average discount rate 3.3 % The table below summarizes maturities of the Company’s operating lease liabilities as of December 31, 2019 , which reconciles to total lease liabilities included in other liabilities on the Company’s consolidated balance sheet. Years Ending December 31, (dollars in thousands) 2020 $ 49,529 2021 45,463 2022 39,519 2023 34,095 2024 26,989 2025 and thereafter 107,410 Total lease payments 303,005 Less imputed interest (40,866 ) Total operating lease liabilities $ 262,139 |
Segment Reporting Disclosures
Segment Reporting Disclosures | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Segment Reporting Disclosures | Segment Reporting Disclosures The chief operating decision maker reviews the Company's ongoing underwriting operations on a global basis in the following two segments: Insurance and Reinsurance. In determining how to allocate resources and assess the performance of its underwriting results, management considers many factors, including the nature of the insurance product sold, the type of account written and the type of customer served. The Insurance segment includes all direct business and facultative placements written within the Company's underwriting operations. The Reinsurance segment includes all treaty reinsurance written within the Company's underwriting operations. All investing activities related to the Company's insurance operations are included in the Investing segment. The chief operating decision maker reviews and assesses Markel Ventures’ performance in the aggregate, as a single operating segment. The Markel Ventures segment primarily consists of controlling interests in a diverse portfolio of businesses that operate in various industries. The Company's other operations include the results of the Company's insurance-linked securities operations and program services business, as well as the results of its legal and professional consulting services. Other operations also include results for lines of business discontinued prior to, or in conjunction with, acquisitions, including development on asbestos and environmental loss reserves and results attributable to the run-off of life and annuity reinsurance business, which are monitored separately from the Company's ongoing underwriting operations. For purposes of segment reporting, none of these other operations are considered to be reportable segments. Segment profit for each of the Company's underwriting segments is measured by underwriting profit. The property and casualty insurance industry commonly defines underwriting profit as earned premiums net of losses and loss adjustment expenses and underwriting, acquisition and insurance expenses. Underwriting profit does not replace operating income or net income computed in accordance with U.S. GAAP as a measure of profitability. Underwriting profit or loss provides a basis for management to evaluate the Company's underwriting performance. Segment profit for the Investing segment is measured by net investment income and net investment gains. Segment profit for the Markel Ventures segment is measured by operating income. For management reporting purposes, the Company allocates assets to its underwriting operations and to its Investing and Markel Ventures segments and certain of its other operations, including its program services and insurance-linked securities operations. Underwriting assets include assets attributed to the Company's Insurance and Reinsurance segments, discontinued underwriting lines of business, as well as assets that are not specifically allocated to the Company's other operations. Underwriting and investing assets are not allocated to the Company's underwriting segments since the Company does not manage its assets by underwriting segment. The Company does not allocate capital expenditures for long-lived assets to either of its underwriting segments for management reporting purposes. a) The following tables summarize the Company's segment disclosures. Year Ended December 31, 2019 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures (1) Other (2) Consolidated Gross premium volume $ 5,320,253 $ 1,114,153 $ — $ — $ 2,345,565 $ 8,779,971 Net written premiums 4,444,702 964,947 — — 2,422 5,412,071 Earned premiums 4,144,073 903,587 — — 2,133 5,049,793 Losses and loss adjustment expenses: Current accident year (2,730,971 ) (695,470 ) — — — (3,426,441 ) Prior accident years 462,124 64,768 — — 8,359 535,251 Amortization of policy acquisition costs (860,917 ) (239,579 ) — — — (1,100,496 ) Other operating expenses (704,531 ) (73,305 ) — — 239 (777,597 ) Underwriting profit (loss) 309,778 (39,999 ) — — 10,731 280,510 Net investment income — — 451,152 736 — 451,888 Net investment gains — — 1,601,722 — — 1,601,722 Products revenues — — — 1,609,586 — 1,609,586 Services and other revenues — — — 444,698 368,504 813,202 Products expenses — — — (1,455,245 ) — (1,455,245 ) Services and other expenses — — — (389,385 ) (286,294 ) (675,679 ) Amortization of intangible assets (3) — — — (41,973 ) (106,665 ) (148,638 ) Segment profit (loss) $ 309,778 $ (39,999 ) $ 2,052,874 $ 168,417 $ (13,724 ) $ 2,477,346 Interest expense (171,687 ) Net foreign exchange losses (2,265 ) Loss on early extinguishment of debt (17,586 ) Income before income taxes $ 2,285,808 U.S. GAAP combined ratio (4) 93 % 104 % NM (5) 94 % (1) Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $53.6 million for the year ended December 31, 2019 . (2) Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment as well as any amortization of intangible assets and impairment of goodwill and intangible assets that are not allocated to a reportable segment. (3) Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's underwriting segments. (4) The U.S. GAAP combined ratio is a measure of underwriting performance and represents the relationship of incurred losses, loss adjustment expenses and underwriting, acquisition and insurance expenses to earned premiums. (5) NM - Ratio is not meaningful Year Ended December 31, 2018 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures (1) Other (2) Consolidated Gross premium volume $ 4,749,166 $ 1,050,870 $ — $ — $ 2,064,433 $ 7,864,469 Net written premiums 3,904,773 882,285 — — 520 4,787,578 Earned premiums 3,783,939 928,574 — — (453 ) 4,712,060 Losses and loss adjustment expenses: Current accident year (2,596,057 ) (775,642 ) — — — (3,371,699 ) Prior accident years 502,260 42,982 — — 5,742 550,984 Amortization of policy acquisition costs (770,183 ) (239,120 ) — — — (1,009,303 ) Other operating expenses (691,186 ) (75,081 ) — — (1,941 ) (768,208 ) Underwriting profit (loss) 228,773 (118,287 ) — — 3,348 113,834 Net investment income — — 433,702 513 — 434,215 Net investment losses — — (437,596 ) — — (437,596 ) Products revenues — — — 1,497,523 — 1,497,523 Services and other revenues — — — 414,542 220,541 635,083 Products expenses — — — (1,413,248 ) — (1,413,248 ) Services and other expenses — — — (366,739 ) (108,185 ) (474,924 ) Amortization of intangible assets (3) — — — (40,208 ) (75,722 ) (115,930 ) Impairment of goodwill and intangible assets — — — (14,904 ) (184,294 ) (199,198 ) Segment profit (loss) $ 228,773 $ (118,287 ) $ (3,894 ) $ 77,479 $ (144,312 ) $ 39,759 Interest expense (154,212 ) Net foreign exchange gains 106,598 Loss before income taxes $ (7,855 ) U.S. GAAP combined ratio (4) 94 % 113 % NM (5) 98 % (1) Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $52.2 million for the year ended December 31, 2018 . (2) Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment as well as any amortization of intangible assets that is not allocated to a reportable segment. (3) Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's underwriting segments. (4) The U.S. GAAP combined ratio is a measure of underwriting performance and represents the relationship of incurred losses, loss adjustment expenses and underwriting, acquisition and insurance expenses to earned premiums. (5) NM - Ratio is not meaningful Year Ended December 31, 2017 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures (1) Other (2) Consolidated Gross premium volume $ 4,141,201 $ 1,112,101 $ — $ — $ 253,658 $ 5,506,960 Net written premiums 3,439,796 978,160 — — (169 ) 4,417,787 Earned premiums 3,314,033 934,114 — — (169 ) 4,247,978 Losses and loss adjustment expenses: Current accident year (2,442,344 ) (924,879 ) — — — (3,367,223 ) Prior accident years 500,627 (7,803 ) — — 8,638 501,462 Amortization of policy acquisition costs (675,470 ) (218,883 ) — — — (894,353 ) Other operating expenses (611,749 ) (82,567 ) — — (795 ) (695,111 ) Underwriting profit (loss) 85,097 (300,018 ) — — 7,674 (207,247 ) Net investment income — — 405,377 332 — 405,709 Net investment losses — — (5,303 ) — — (5,303 ) Products revenues — — — 951,012 — 951,012 Services and other revenues — — — 382,268 79,995 462,263 Products expenses — — — (850,449 ) — (850,449 ) Services and other expenses — — — (336,484 ) (122,137 ) (458,621 ) Amortization of intangible assets (3) — — — (31,429 ) (49,329 ) (80,758 ) Segment profit (loss) $ 85,097 $ (300,018 ) $ 400,074 $ 115,250 $ (83,797 ) $ 216,606 Interest expense (132,451 ) Net foreign exchange gains 3,140 Income before income taxes $ 87,295 U.S. GAAP combined ratio (4) 97 % 132 % NM (5) 105 % (1) Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $41.7 million for the year ended December 31, 2017 . (2) Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment as well as any amortization of intangible assets and impairment of goodwill and intangible assets that are not allocated to a reportable segment. (3) Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's underwriting segments. (4) The U.S. GAAP combined ratio is a measure of underwriting performance and represents the relationship of incurred losses, loss adjustment expenses and underwriting, acquisition and insurance expenses to earned premiums. (5) NM - Ratio is not meaningful b) The following table summarizes deferred policy acquisition costs, unearned premiums and unpaid losses and loss adjustment expenses. (dollars in thousands) Deferred Policy Acquisition Costs Unearned Premiums Unpaid Losses and Loss Adjustment Expenses December 31, 2019 Insurance segment $ 392,774 $ 2,356,875 $ 8,119,046 Reinsurance segment 173,268 677,260 3,395,459 Other underwriting — — 298,062 Total Underwriting 566,042 3,034,135 11,812,567 Program services and other — 1,023,592 2,916,109 Total $ 566,042 $ 4,057,727 $ 14,728,676 December 31, 2018 Insurance segment $ 315,363 $ 2,031,140 $ 7,947,772 Reinsurance segment 159,150 630,435 3,425,751 Other underwriting — — 386,329 Total Underwriting 474,513 2,661,575 11,759,852 Program services and other — 949,453 2,516,627 Total $ 474,513 $ 3,611,028 $ 14,276,479 c) The following table summarizes earned premiums by major product grouping. Years Ended December 31, (dollars in thousands) 2019 2018 2017 Insurance segment: General liability $ 1,039,617 $ 889,543 $ 764,956 Professional liability 814,587 701,867 628,878 Property 364,830 369,116 365,513 Marine and energy 391,464 376,747 312,282 Personal lines 378,522 374,543 382,761 Programs 294,418 288,398 273,954 Workers' compensation 349,770 329,690 319,679 Other products 510,865 454,035 266,010 Total Insurance 4,144,073 3,783,939 3,314,033 Reinsurance segment: Property 201,486 233,195 321,178 Casualty 408,368 360,739 327,912 Specialty 293,733 334,640 285,024 Total Reinsurance 903,587 928,574 934,114 Other 2,133 (453 ) (169 ) Total earned premiums $ 5,049,793 $ 4,712,060 $ 4,247,978 The Company does not manage products at this level of aggregation. The Company offers a diverse portfolio of products and manages these products in logical groupings within each underwriting segment. d) The following table summarizes the Company's gross written premiums by country. Gross written premiums are attributed to individual countries based upon location of risk or cedent. Years Ended December 31, (dollars in thousands) 2019 % of Total 2018 % of Total 2017 % of Total United States $ 5,172,074 81 % $ 4,587,486 79 % $ 4,163,753 79 % United Kingdom 458,370 7 471,818 8 374,941 7 Canada 151,606 2 127,546 2 132,018 3 Other countries 652,277 10 612,146 11 582,395 11 Total Underwriting 6,434,327 100 % 5,798,996 100 % 5,253,107 100 % United States - Program services and other 2,345,644 2,065,473 253,853 Total $ 8,779,971 $ 7,864,469 $ 5,506,960 Most of the Company's gross written premiums are placed through insurance and reinsurance brokers. During the years ended December 31, 2019 , 2018 and 2017 , the Company's top three independent brokers accounted for 28% , 25% and 27% of gross premiums written in the Company's underwriting segments. During the years ended December 31, 2019 , 2018 and 2017 , the top three independent brokers accounted for 17% , 13% and 14% , respectively, of gross premiums written in the Insurance segment and 82% , 76% and 78% , respectively, of gross premiums written in the Reinsurance segment. e) During the years ended December 31, 2019 , 2018 and 2017 , Markel Ventures segment revenues attributable to U.S. operations were 90% , 88% , and 85% , respectively, of total Markel Ventures segment revenues. f) The following table reconciles segment assets to the Company's consolidated balance sheets. December 31, (dollars in thousands) 2019 2018 2017 Segment assets: Investing $ 22,129,633 $ 19,100,790 $ 20,317,160 Underwriting 6,621,639 6,451,984 6,828,048 Markel Ventures 2,550,835 2,124,506 1,900,728 Total segment assets 31,302,107 27,677,280 29,045,936 Other operations 6,171,708 5,628,983 3,759,080 Total assets $ 37,473,815 $ 33,306,263 $ 32,805,016 |
Products, Services and Other Re
Products, Services and Other Revenues | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Products, Services and Other Revenues | Products, Services and Other Revenues The amount of revenues from contracts with customers for the years ended December 31, 2019 , 2018 and 2017 was $2.2 billion , $1.9 billion and $1.3 billion , respectively. The following table disaggregates revenues from contracts with customers by type, all of which are included in products revenues and services and other revenues in the consolidated statements of income (loss) and comprehensive income (loss) . Years Ended December 31, 2019 2018 2017 (dollars in thousands) Markel Ventures Other Total Markel Ventures Other Total Markel Ventures Other Total Products $ 1,558,265 $ — $ 1,558,265 $ 1,452,332 $ — $ 1,452,332 $ 902,739 $ — $ 902,739 Services 392,680 97,447 490,127 367,572 33,236 400,808 339,430 34,746 374,176 Investment management — 150,864 150,864 — 91,527 91,527 — 28,740 28,740 Total revenues from contracts with customers 1,950,945 248,311 2,199,256 1,819,904 124,763 1,944,667 1,242,169 63,486 1,305,655 Program services and other fronting — 116,376 116,376 — 94,118 94,118 — 14,487 14,487 Other 103,339 3,817 107,156 92,161 1,660 93,821 91,111 2,022 93,133 Total $ 2,054,284 $ 368,504 $ 2,422,788 $ 1,912,065 $ 220,541 $ 2,132,606 $ 1,333,280 $ 79,995 $ 1,413,275 The following table presents receivables and customer deposits related to our contracts with customers. (dollars in thousands) December 31, 2019 December 31, 2018 Receivables $ 263,904 $ 247,532 Customer deposits $ 60,623 $ 48,238 |
Unpaid Losses And Loss Adjustme
Unpaid Losses And Loss Adjustment Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims [Abstract] | |
Unpaid Losses And Loss Adjustment Expenses | Unpaid Losses and Loss Adjustment Expenses a) The following table presents a reconciliation of consolidated beginning and ending reserves for losses and loss adjustment expenses. Years Ended December 31, (dollars in thousands) 2019 2018 2017 Net reserves for losses and loss adjustment expenses, beginning of year $ 9,214,443 $ 8,964,945 $ 8,108,717 Effect of foreign currency rate changes on beginning of year balance 18,857 (69,119 ) 110,079 Adjusted net reserves for losses and loss adjustment expenses, beginning of year 9,233,300 8,895,826 8,218,796 Incurred losses and loss adjustment expenses: Current accident year 3,426,441 3,371,699 3,367,223 Prior accident years (535,307 ) (551,040 ) (497,627 ) Total incurred losses and loss adjustment expenses 2,891,134 2,820,659 2,869,596 Payments: Current accident year 671,208 666,515 671,112 Prior accident years 1,979,032 1,835,027 1,513,580 Total payments 2,650,240 2,501,542 2,184,692 Effect of foreign currency rate changes on current year activity 1,067 (500 ) 3,752 Net reserves for losses and loss adjustment expenses of acquired insurance companies — — 57,493 Net reserves for losses and loss adjustment expenses, end of year 9,475,261 9,214,443 8,964,945 Reinsurance recoverables on unpaid losses 5,253,415 5,062,036 4,619,336 Gross reserves for losses and loss adjustment expenses, end of year $ 14,728,676 $ 14,276,479 $ 13,584,281 In 2019 , underwriting results included $100.4 million of underwriting loss from Hurricane Dorian and Typhoons Faxai and Hagibis ( 2019 Catastrophes). The underwriting loss on the 2019 Catastrophes was comprised of $114.0 million of net losses and loss adjustment expenses partially offset by $13.6 million of net assumed reinstatement premiums. The net losses and loss adjustment expenses on the 2019 Catastrophes were net of ceded losses of $62.5 million . Incurred losses and loss adjustment expenses in 2019 included $535.3 million of favorable development on prior years' loss reserves, which included $431.0 million of favorable development on the Company's general liability, workers' compensation, professional liability and marine and energy product lines within the Insurance segment and property and whole account product lines within the Reinsurance segment. Favorable development within the Company's Insurance segment was primarily driven by lower loss severity than originally anticipated and a net decrease in open claims. Favorable development within the Company's Reinsurance segment was largely driven by lower than expected incurred and paid losses on reported claims. In 2018 , underwriting results included $287.3 million of underwriting loss from Hurricanes Florence and Michael, Typhoon Jebi and wildfires in California ( 2018 Catastrophes). The underwriting loss on the 2018 Catastrophes was comprised of $292.8 million of net losses and loss adjustment expenses partially offset by $5.4 million of net assumed reinstatement premiums. The net losses and loss adjustment expenses on the 2018 Catastrophe for the year ended December 31, 2018 were net of ceded losses of $244.1 million . Incurred losses and loss adjustment expenses in 2018 included $551.0 million of favorable development on prior years' loss reserves, which included $424.1 million of favorable development on the Company's general liability, workers' compensation, professional liability and marine and energy product lines within the Insurance segment and credit and surety and marine and energy product lines within the Reinsurance segment. Favorable development within the Company's Insurance segment was primarily driven by lower claim frequency and lower loss severity than originally anticipated. Favorable development within the Company's Reinsurance segment was largely driven by lower than expected incurred and paid losses on reported claims. In 2017 , underwriting results included $565.3 million of underwriting loss from Hurricanes Harvey, Irma, Maria and Nate as well as the earthquakes in Mexico and wildfires in California ( 2017 Catastrophes). The underwriting loss on the 2017 Catastrophes was comprised of $585.4 million of net losses and loss adjustment expenses partially offset by $20.1 million of net assumed reinstatement premiums. The net losses and loss adjustment expenses on the 2017 Catastrophes for the year ended December 31, 2017 were net of ceded losses of $490.3 million . Incurred losses and loss adjustment expenses in 2017 included $497.6 million of favorable development on prior years' loss reserves, which included $422.9 million of favorable development on the Company's general liability, marine and energy, professional liability, and workers' compensation product lines as well as personal lines business within the Insurance segment and property product lines within the Reinsurance segment. The favorable development within the Company's Insurance segment was primarily driven by favorable case incurred loss development and lower loss severity than originally anticipated. Favorable development within the Company's Reinsurance segment was due in part to lower than expected development on reported events, favorable claims settlements and lower than expected claims activity. The favorable development in 2017 was partially offset by $85.0 million of adverse development on the auto product line within the Reinsurance segment, resulting from a decrease in the discount rate, known as the Ogden Rate, used to calculate lump sum awards in United Kingdom (U.K.) bodily injury cases. In 2017 , the Company recorded net reserves for losses and loss adjustment expenses of $57.5 million as a result of acquisitions completed during the year. All acquired net reserves were recorded at fair value as part of the Company's purchase accounting. See note 2 for a discussion of the Company's acquisitions. In 2017 , the Company recognized a previously deferred gain of $3.9 million , which is included in losses and loss adjustment expenses in the consolidated statement of income and comprehensive income. This amount is excluded from the prior years' incurred losses and loss adjustment expenses for 2017 in the above table as the deferred gain was included in other liabilities on the consolidated balance sheet as of December 31, 2016, rather than unpaid losses and loss adjustment expenses. The Company uses a variety of techniques to establish the liabilities for unpaid losses and loss adjustment expenses based upon estimates of the ultimate amounts payable. The Company maintains reserves for specific claims incurred and reported (case reserves) and reserves for claims incurred but not reported (IBNR reserves), which include expected development on reported claims. The Company does not discount its reserves for losses and loss adjustment expenses to reflect estimated present value, except for reserves held for a runoff book of U.K. motor business. Additionally, reserves assumed in connection with an acquisition are recorded at fair value at the acquisition date. The fair value adjustment includes an adjustment to reflect the acquired reserves for losses and loss adjustment expenses at present value plus a risk premium, the net of which is amortized to losses and loss adjustment expenses within the consolidated statements of income. As of any balance sheet date, all claims have not yet been reported, and some claims may not be reported for many years. As a result, the liability for unpaid losses and loss adjustment expenses includes significant estimates for incurred but not reported claims. There is normally a time lag between when a loss event occurs and when it is actually reported to the Company. The actuarial methods that the Company uses to estimate losses have been designed to address the lag in loss reporting as well as the delay in obtaining information that would allow the Company to more accurately estimate future payments. There is also a time lag between cedents establishing case reserves and re-estimating their reserves, and notifying the Company of the new or revised case reserves. As a result, the reporting lag is more pronounced in reinsurance contracts than in the insurance contracts due to the reliance on ceding companies to report their claims. On reinsurance transactions, the reporting lag will generally be 60 to 90 days after the end of a reporting period, but can be longer in some cases. Based on the experience of the Company's actuaries and management, loss development factors and trending techniques are selected to mitigate the difficulties caused by reporting lags. The loss development and trending factor selections are evaluated at least annually and updated using cedent specific and industry data. IBNR reserves are based on the estimated ultimate cost of settling claims, including the effects of inflation and other social and economic factors, using past experience adjusted for current trends and any other factors that would modify past experience. IBNR reserves are generally calculated by subtracting paid losses and loss adjustment expenses and case reserves from estimated ultimate losses and loss adjustment expenses. IBNR reserves were 65% of total unpaid losses and loss adjustment expenses at December 31, 2019 compared to 64% at December 31, 2018 . In establishing liabilities for unpaid losses and loss adjustment expenses, the Company's actuaries estimate an ultimate loss ratio, by accident year or policy year, for each product line with input from underwriting and claims personnel. For product lines in which loss reserves are established on a policy year basis, the Company has developed a methodology to convert from policy year to accident year for financial reporting purposes. In estimating an ultimate loss ratio for a particular line of business, the actuaries may use one or more actuarial reserving methods and select from these a single point estimate. To varying degrees, these methods include detailed statistical analysis of past claim reporting, settlement activity, claim frequency and severity, policyholder loss experience, industry loss experience and changes in market conditions, policy forms and exposures. Greater judgment may be required when new product lines are introduced or when there have been changes in claims handling practices, as the statistical data available may be insufficient. These estimates also reflect implicit and explicit assumptions regarding the potential effects of external factors, including economic and social inflation, judicial decisions, changes in law, general economic conditions and recent trends in these factors. Management believes the process of evaluating past experience, adjusted for the effects of current developments and anticipated trends, is an appropriate basis for predicting future events. Estimates for losses from widespread catastrophic events are based on claims received to date, detailed policy and reinsurance contract level reviews, industry loss estimates and output from both industry and proprietary models. Due to the inherent uncertainty in estimating such losses, these estimates are subject to variability, which increases with the severity and complexity of the underlying event. As additional claims are reported and paid, and industry loss estimates are revised, the Company incorporates this new information into its analysis and adjusts its estimate of ultimate losses and loss adjustment expenses. For example, both the gross and net losses on the 2019, 2018 and 2017 Catastrophes as of December 31, 2019 represent the Company's best estimates based upon information currently available. For the 2019 Catastrophes, these estimates are still dependent on broad assumptions about coverage, liability and reinsurance. While the Company believes the reserves for the 2019, 2018 and 2017 Catastrophes as of December 31, 2019 are adequate, it continues to closely monitor reported claims and will adjust estimates of gross and net losses as new information becomes available. Loss reserves are established at management's best estimate, which is generally higher than the corresponding actuarially calculated point estimate. The actuarial point estimate represents the actuaries' estimate of the most likely amount that will ultimately be paid to settle the losses that have occurred at a particular point in time; however, there is inherent uncertainty in the point estimate as it is the expected value in a range of possible reserve estimates. In some cases, actuarial analyses, which are based on statistical analysis, cannot fully incorporate all of the subjective factors that affect development of losses. In other cases, management's perspective of these more subjective factors may differ from the actuarial perspective. Subjective factors where management's perspective may differ from that of the actuaries include: the credibility and timeliness of claims information received from third parties, economic and social inflation, judicial decisions, changes in law, changes in underwriting or claims handling practices, general economic conditions, the risk of moral hazard and other current and developing trends within the insurance and reinsurance markets, including the effects of competition. As a result, the actuarially calculated point estimates for each of line of business represents starting points for management's quarterly review of loss reserves. Inherent in the Company's reserving practices is the desire to establish loss reserves that are more likely redundant than deficient. As such, the Company seeks to establish loss reserves that will ultimately prove to be adequate. As part of the Company's acquisition of insurance operations, to the extent the reserving philosophy of the acquired business differs from the Company's reserving philosophy, the post-acquisition loss reserves will be strengthened until total loss reserves are consistent with the Company's target level of confidence. Furthermore, the Company's philosophy is to price its insurance products to make an underwriting profit. Management continually attempts to improve its loss estimation process by refining its ability to analyze loss development patterns, claim payments and other information, but uncertainty remains regarding the potential for adverse development of estimated ultimate liabilities. Management currently believes the Company's gross and net reserves are adequate. However, there is no precise method for evaluating the impact of any significant factor on the adequacy of reserves, and actual results will differ from original estimates. b) The following tables present undiscounted loss development information, by accident year, for the Company's Insurance and Reinsurance segments, including cumulative incurred and paid losses and allocated loss adjustment expenses, net of reinsurance, as well as the corresponding amount of IBNR reserves as of December 31, 2019 . This level of disaggregation is consistent with how the Company analyzes loss reserves for both internal and external reporting purposes. The loss development information for the years ended December 31, 2012 through 2018 is presented as supplementary information. Incurred losses in both our Insurance and Reinsurance segments generally remain outstanding more than eight years; however, data prior to 2012 is not practically available by segment as a result of a change in the Company's reportable segments in 2014. Additionally, reserves for the Company's international operations are determined on a policy year basis and historical data prior to 2012 does not exist by accident year. All amounts included in the tables below related to transactions denominated in a foreign currency have been translated into U.S. Dollars using the exchange rates in effect at December 31, 2019 . The difference between the segment loss development implied by the tables for the year ended December 31, 2019 and actual losses and loss adjustment expenses on prior accident years for the Insurance and Reinsurance segments for the year ended December 31, 2019 is primarily attributed to the fact that amounts presented in these tables exclude amounts attributed to the 2011 and prior accident years. Favorable development on 2011 and prior accident years for the year ended December 31, 2019 totaled $46.9 million , or 10% of total incurred losses and loss adjustment expenses on prior accident years, for the Insurance segment. Favorable development on 2011 and prior accident years for the year ended December 31, 2019 totaled $43.0 million for the Reinsurance segment. For the Reinsurance segment, this favorable development was primarily due lower than expected paid and incurred losses on reported claims within the segment's whole account product line, on the 2006 to 2008 accident years, and on its professional liability product lines across multiple accident years. Within the Company's professional liability product lines, the favorable development on 2011 and prior accident years was largely offset by an increase in losses and loss adjustment expenses on the 2017 and 2018 accident years as a result of net favorable premium adjustments in 2019, for which the related incurred losses were attributed to the 2017 and 2018 accident years. The remaining difference between the segment loss development implied by the tables for the year ended December 31, 2019 and actual losses and loss adjustment expenses on prior accident years is attributed to the fact that amounts presented in these tables exclude unallocated loss adjustment expenses and exclude amounts attributable to reserve discounting and fair value adjustments recorded in conjunction with acquisitions, as well as differences in the presentation of foreign currency movements, as described above, none of which are material to the Insurance or Reinsurance segments. The Insurance segment table below also includes claim frequency information, by accident year. The Company defines a claim as a single claim incident, per policy, which may include multiple claimants and multiple coverages on a single policy. Claim counts include claims closed without a payment as well as claims where the Company is monitoring to determine if an exposure exists, even if a reserve has not been established. All of the business contained within the Company's Reinsurance segment represents treaty business that is assumed from other insurance or reinsurance companies, for which the Company does not have access to the underlying claim counts. Further, this business includes both quota share and excess of loss treaty reinsurance, through which only a portion of each reported claim results in losses to the Company. As such, the Company has excluded claim count information from the Reinsurance segment disclosures. In 2013, the Company completed the acquisition of Alterra Capital Holdings Limited (Alterra), the results of which are included in both of the Company's reportable segments. Ultimate incurred losses and loss adjustment expenses, net of reinsurance as of December 31, 2013 include outstanding liabilities for losses and loss adjustment expenses of Alterra as of the acquisition date, by accident year, and not in any prior periods. Pre-acquisition data is not available by segment and accident year due in part to the impact of significant intercompany reinsurance contracts. Additionally, Alterra reserves were historically determined on a policy year basis and pre-acquisition data does not exist in a format that can be used to determine accident year. Following the acquisition, ongoing business attributable to Alterra was integrated with the Company's other insurance operations and is not separately tracked. Insurance Segment (dollars in millions) Ultimate Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Total of Incurred-but-Not-Reported Liabilities, Net of Reinsurance Cumulative Number of Reported Claims Unaudited As of December 31, As of December 31, (in thousands) Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 December 31, 2019 2012 $ 1,370.8 $ 1,613.2 $ 1,491.6 $ 1,430.2 $ 1,397.8 $ 1,364.1 $ 1,350.7 $ 1,330.5 $ 101.3 128 2013 1,738.0 1,698.2 1,528.4 1,464.9 1,418.1 1,372.0 1,329.3 126.7 88 2014 1,866.0 1,700.1 1,632.2 1,574.2 1,525.7 1,505.3 138.6 80 2015 1,786.6 1,714.2 1,591.7 1,537.3 1,505.4 197.1 85 2016 1,875.3 1,872.1 1,770.8 1,716.5 297.3 90 2017 2,330.8 2,198.9 2,076.2 422.4 124 2018 2,457.3 2,354.8 904.0 173 2019 2,582.3 1,639.8 181 Total $ 14,400.3 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Unaudited As of December 31, As of December 31, Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2012 $ 233.8 $ 568.6 $ 781.5 $ 939.5 $ 1,055.0 $ 1,119.8 $ 1,153.2 $ 1,180.1 2013 271.8 572.1 780.0 950.5 1,038.9 1,101.3 1,125.1 2014 332.3 659.2 896.5 1,064.7 1,170.5 1,255.3 2015 322.8 666.0 877.7 1,041.9 1,151.9 2016 372.5 753.7 983.7 1,169.8 2017 438.8 992.8 1,286.7 2018 496.7 1,027.8 2019 527.9 Total $ 8,724.6 All outstanding liabilities for unpaid losses and loss adjustment expenses before 2012, net of reinsurance 365.7 Total liabilities for unpaid losses and loss adjustment expenses, net of reinsurance $ 6,041.4 Ultimate incurred losses and allocated loss adjustment expenses as of December 31, 2013 for the Insurance segment include $256.5 million and $313.4 million of losses and loss adjustment expenses on the 2012 and 2013 accident years, respectively, attributable to Alterra. Cumulative paid losses and allocated loss adjustment expenses as of December 31, 2013 include $36.8 million and $29.5 million of paid losses and allocated loss adjustment expenses on the 2012 and 2013 accident years, respectively, attributable to the acquired Alterra reserves and post-acquisition Alterra business. Cumulative paid losses and allocated loss adjustment expenses and cumulative reported claims for the 2012 and 2013 accident years exclude any claims paid or closed prior to the acquisition. Variability in claim counts is primarily attributable to claim counts associated with a personal lines product with high claim frequency and low claim severity. Cumulative reported claims for the 2012, 2013, 2017, 2018 and 2019 accident years include 66 thousand , 17 thousand , 24 thousand , 54 thousand and 78 thousand , respectively, of claim counts associated with this product. The Company did not write this business from 2014 to 2016. The related net incurred losses and allocated loss adjustment expenses are not material to the Insurance segment. Reinsurance Segment Ultimate Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Total of Incurred-but-Not-Reported Liabilities, Net of Reinsurance Unaudited As of December 31, (dollars in millions) As of December 31, Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 December 31, 2019 2012 $ 73.0 $ 551.7 $ 508.7 $ 486.6 $ 457.8 $ 456.2 $ 448.0 $ 445.1 $ 42.4 2013 588.0 580.3 548.3 534.7 544.8 507.5 489.4 42.7 2014 577.4 564.5 536.4 581.2 559.1 535.4 87.7 2015 527.9 514.0 532.4 523.5 511.9 143.4 2016 522.1 532.1 530.6 529.3 126.6 2017 905.3 938.1 943.1 276.1 2018 759.2 792.5 373.4 2019 678.2 483.1 Total $ 4,924.9 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Unaudited As of December 31, As of December 31, Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2012 $ 4.1 $ 64.7 $ 129.1 $ 184.3 $ 232.0 $ 264.4 $ 289.5 $ 309.5 2013 71.3 155.7 209.9 268.9 301.9 331.9 351.0 2014 98.0 158.1 226.4 274.5 311.8 346.0 2015 63.8 133.4 207.2 258.5 306.2 2016 79.7 170.4 241.5 298.3 2017 158.0 359.5 481.5 2018 87.5 256.7 2019 54.1 Total $ 2,403.3 All outstanding liabilities for unpaid losses and loss adjustment expenses before 2012, net of reinsurance 553.5 Total liabilities for unpaid losses and loss adjustment expenses, net of reinsurance $ 3,075.1 Ultimate incurred losses and allocated loss adjustment expenses as of December 31, 2013 for the Reinsurance segment include $476.2 million and $537.5 million of losses and loss adjustment expenses on the 2012 and 2013 accident years, respectively, attributable to Alterra. Cumulative paid losses and allocated loss adjustment expenses as of December 31, 2013 include $52.7 million and $68.7 million of paid losses and allocated loss adjustment expenses on the 2012 and 2013 accident years, respectively, attributable to the acquired Alterra reserves and post-acquisition Alterra business. Cumulative paid losses and allocated loss adjustment expenses for the 2012 and 2013 accident years exclude any claims paid prior to the acquisition. The following table presents supplementary information about average historical claims duration as of December 31, 2019 based on the cumulative incurred and paid losses and allocated loss adjustment expenses presented above. Average Annual Percentage Payout of Incurred Losses by Age (in Years), Net of Reinsurance Unaudited 1 2 3 4 5 6 7 8 Insurance 20.8 % 23.5 % 14.8 % 11.5 % 7.4 % 5.1 % 2.2 % 2.0 % Reinsurance 12.1 % 16.5 % 13.2 % 10.8 % 8.4 % 6.6 % 4.8 % 4.5 % The following table reconciles the net incurred and paid loss development tables to the liability for losses and loss adjustment expenses on the consolidated balance sheet. (dollars in thousands) December 31, 2019 Net outstanding liabilities Insurance segment $ 6,041,424 Reinsurance segment 3,075,109 Other underwriting 134,299 Program services and other 2,224 Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance 9,253,056 Reinsurance recoverable on unpaid losses Insurance segment 1,838,552 Reinsurance segment 349,124 Other underwriting 155,714 Program services and other 2,910,025 Total reinsurance recoverable on unpaid losses 5,253,415 Unallocated loss adjustment expenses 264,029 Unamortized discount, net of acquisition fair value adjustments, included in unpaid losses and loss adjustment expenses (41,824 ) 222,205 Total gross liability for unpaid losses and loss adjustment expenses $ 14,728,676 c) The Company has exposure to asbestos and environmental (A&E) claims primarily resulting from policies written by acquired insurance operations before their acquisition by the Company. The Company's exposure to A&E claims originated from umbrella, excess and commercial general liability insurance policies and assumed reinsurance contracts that were written on an occurrence basis from the 1970s to mid-1980s. Exposure also originated from claims-made policies that were designed to cover environmental risks provided that all other terms and conditions of the policy were met. A&E claims include property damage and clean-up costs related to pollution, as well as personal injury allegedly arising from exposure to hazardous materials. Development on A&E loss reserves is monitored separately from the Company's ongoing underwriting operations and is not included in a reportable segment. At December 31, 2019 , A&E reserves were $234.2 million and $74.4 million on a gross and net basis, respectively. At December 31, 2018 , A&E reserves were $247.7 million and $83.0 million on a gross and net basis, respectively. The Company's reserves for losses and loss adjustment expenses related to A&E exposures represent management's best estimate of ultimate settlement values based on statistical analysis of these reserves by the Company's actuaries. A&E exposures are subject to significant uncertainty due to potential loss severity and frequency resulting from the uncertain and unfavorable legal climate. A&E reserves could be subject to increases in the future, however, management believes the Company's gross and net A&E reserves at December 31, 2019 are adequate. |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2019 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance | Reinsurance In reinsurance and retrocession transactions, an insurance or reinsurance company transfers, or cedes, all or part of its exposure in return for a premium. The ceding of insurance does not legally discharge the Company from its primary liability for the full amount of the policies, and the Company will be required to pay the loss and bear collection risk if the reinsurer fails to meet its obligations under the reinsurance or retrocessional agreement. A credit risk exists with ceded reinsurance to the extent that any reinsurer is unable to meet the obligations assumed under the reinsurance or retrocessional contracts. Allowances are established for amounts deemed uncollectible. Within its underwriting operations, the Company uses reinsurance and retrocessional reinsurance to manage its net retention on individual risks and overall exposure to losses while providing it with the ability to offer policies with sufficient limits to meet policyholder needs. The Company evaluates the financial condition of its reinsurers and monitors concentration of credit risk arising from its exposure to individual reinsurers. To further reduce credit exposure to reinsurance recoverable balances, the Company has received collateral, including letters of credit and trust accounts, from certain reinsurers. Collateral related to these reinsurance agreements is available, without restriction, when the Company pays losses covered by the reinsurance agreements. Within the Company's underwriting operations, at December 31, 2019 and 2018 , balances recoverable from the ten largest reinsurers, by group, represented 62% and 61% , respectively, of reinsurance recoverables before considering reinsurance allowances and collateral. At December 31, 2019 , the largest reinsurance balance was due from Fairfax Financial Group and represented 10% of reinsurance recoverables before considering reinsurance allowances and collateral. Within the Company's program services business, the Company generally enters into 100% quota share reinsurance agreements whereby the Company cedes to the capacity provider (reinsurer) substantially all of its gross liability under all policies issued by and on behalf of the Company by the general agent. However, there are certain programs that contain limits on the reinsurers’ obligations to the Company that expose the Company to underwriting risk, including loss ratio caps, exclusions of the credit risk of producers and aggregate reinsurance limits that the Company believes are unlikely to be exceeded. The Company also remains exposed to the credit risk of the reinsurer, or the risk that one of its reinsurers becomes insolvent or otherwise unable or unwilling to pay policyholder claims. This credit risk is generally mitigated by either selecting well capitalized, highly rated authorized capacity providers or requiring that the capacity provider post substantial collateral to secure the reinsured risks. Within the Company's program services business, at December 31, 2019 and 2018 , balances recoverable from the ten largest reinsurers, by group, represented 71% and 75% , respectively, of reinsurance recoverables before considering reinsurance allowances and collateral. At December 31, 2019 , the largest reinsurance balance was due from Fosun International Holdings Ltd. and represented 21% of reinsurance recoverables before considering reinsurance allowances and collateral. The following tables summarize the effect of reinsurance and retrocessional reinsurance on premiums written and earned. Year Ended December 31, 2019 (dollars in thousands) Direct Assumed Ceded Net Premiums Underwriting: Written $ 5,084,641 $ 1,349,686 $ (1,024,097 ) $ 5,410,230 Earned $ 4,767,836 $ 1,289,375 $ (1,008,970 ) $ 5,048,241 Program services and other: Written 2,256,747 88,897 (2,343,803 ) 1,841 Earned 2,194,671 78,778 (2,271,897 ) 1,552 Consolidated: Written $ 7,341,388 $ 1,438,583 $ (3,367,900 ) $ 5,412,071 Earned $ 6,962,507 $ 1,368,153 $ (3,280,867 ) $ 5,049,793 Year Ended December 31, 2018 (dollars in thousands) Direct Assumed Ceded Net Premiums Underwriting: Written $ 4,562,256 $ 1,236,740 $ (1,013,406 ) $ 4,785,590 Earned $ 4,384,562 $ 1,291,032 $ (964,549 ) $ 4,711,045 Program services and other: Written 2,022,548 42,925 (2,063,485 ) 1,988 Earned 1,850,656 28,581 (1,878,222 ) 1,015 Consolidated: Written $ 6,584,804 $ 1,279,665 $ (3,076,891 ) $ 4,787,578 Earned $ 6,235,218 $ 1,319,613 $ (2,842,771 ) $ 4,712,060 Year Ended December 31, 2017 (dollars in thousands) Direct Assumed Ceded Net Premiums Underwriting: Written $ 3,919,602 $ 1,333,505 $ (835,320 ) $ 4,417,787 Earned $ 3,777,335 $ 1,286,043 $ (815,400 ) $ 4,247,978 Program services and other: Written 252,865 988 (253,853 ) — Earned 291,287 1,352 (292,639 ) — Consolidated: Written $ 4,172,467 $ 1,334,493 $ (1,089,173 ) $ 4,417,787 Earned $ 4,068,622 $ 1,287,395 $ (1,108,039 ) $ 4,247,978 Substantially all of the premium written and earned in the Company's program services and other fronting operations for the years ended December 31, 2019 , 2018 and 2017 was ceded. The percentage of consolidated ceded earned premiums to gross earned premiums was 39% , 38% and 21% for the years ended December 31, 2019 , 2018 and 2017 , respectively. The percentage of consolidated assumed earned premiums to net earned premiums was 27% , 28% and 30% for the years ended December 31, 2019 , 2018 and 2017 , respectively. Substantially all of the incurred losses and loss adjustment expenses in the Company's program services and other fronting operations, which totaled $1.6 billion and $1.3 billion for the years ended December 31, 2019 and 2018 , respectively, were ceded. The following table summarizes the effect of reinsurance and retrocessional reinsurance on losses and loss adjustment expenses in the Company's underwriting operations. Years ended December 31, (dollars in thousands) 2019 2018 2017 Gross $ 3,447,186 $ 3,530,790 $ 3,722,604 Ceded (556,618 ) (710,568 ) (856,843 ) Net losses and loss adjustment expenses $ 2,890,568 $ 2,820,222 $ 2,865,761 |
Life And Annuity Benefits
Life And Annuity Benefits | 12 Months Ended |
Dec. 31, 2019 | |
Liability for Future Policy Benefit, before Reinsurance [Abstract] | |
Life And Annuity Benefits | Life and Annuity Benefits The following table presents life and annuity benefits. December 31, (dollars in thousands) 2019 2018 Life $ 125,094 $ 122,798 Annuities 813,476 827,773 Accident and health 47,159 50,882 Total $ 985,729 $ 1,001,453 Life and annuity benefits are compiled on a reinsurance contract-by-contract basis and are discounted using standard actuarial techniques and cash flow models. Since the development of the life and annuity reinsurance reserves is based upon cash flow projection models, the Company must make estimates and assumptions based on cedent experience, industry mortality tables, and expense and investment experience, including a provision for adverse deviation. The assumptions used to determine policy benefit reserves are generally locked-in for the life of the contract unless an unlocking event occurs. Loss recognition testing is performed to determine if existing policy benefit reserves, together with the present value of future gross premiums and expected investment income earned thereon, are adequate to cover the present value of future benefits, settlement and maintenance costs. If the existing policy benefit reserves are not sufficient, the locked-in assumptions are revised to current best estimate assumptions and a charge to earnings for life and annuity benefits is recognized at that time. Life and annuity benefits are also adjusted to the extent unrealized gains on the investments supporting the policy benefit reserves would result in a reserve deficiency if those gains were realized. During 2019 , the Company recognized a reserve deficiency resulting from a decrease in the market yield on the investment portfolio supporting the policy benefit reserves by increasing life and annuity benefits by $51.4 million and decreasing the change in net unrealized holding gains included in other comprehensive income by a corresponding amount. As of December 31, 2019 , the cumulative adjustment to life and annuity benefits attributable to unrealized gains on the underlying investment portfolio totaled $51.4 million . No adjustment was required for the years ended December 31, 2018 or 2017 . Because of the assumptions and estimates used in establishing the Company's reserves for life and annuity benefit obligations and the long-term nature of these reinsurance contracts, the ultimate liability may be greater or less than the estimates. The average discount rate for the life and annuity benefit reserves was 2.3% as of December 31, 2019 . As of December 31, 2019 , the largest life and annuity benefits reserve for a single contract was 32.8% of the total. None of the annuities included in life and annuity benefits on the consolidated balance sheet are subject to discretionary withdrawal. |
Senior Long-Term Debt And Other
Senior Long-Term Debt And Other Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Senior Long-Term Debt And Other Debt | Senior Long-Term Debt and Other Debt The following table summarizes the Company's senior long-term debt and other debt. December 31, (dollars in thousands) 2019 2018 7.125% unsecured senior notes, due September 30, 2019, interest payable semi-annually, net of unamortized discount of $0 in 2019 and $142 in 2018 $ — $ 234,640 6.25% unsecured senior notes, due September 30, 2020, interest payable semi-annually, net of unamortized premium of $0 in 2019 and $17,213 in 2018 — 367,213 5.35% unsecured senior notes, due June 1, 2021, interest payable semi-annually, net of unamortized discount of $0 in 2019 and $499 in 2018 — 249,417 4.90% unsecured senior notes, due July 1, 2022, interest payable semi-annually, net of unamortized discount of $705 in 2019 and $978 in 2018 349,181 348,864 3.625% unsecured senior notes, due March 30, 2023, interest payable semi-annually, net of unamortized discount of $653 in 2019 and $855 in 2018 249,226 248,988 3.50% unsecured senior notes, due November 1, 2027, interest payable semi-annually, net of unamortized discount of $2,013 in 2019 and $2,298 in 2018 297,402 297,035 3.35% unsecured senior notes, due September 17, 2029, interest payable semi-annually, net of unamortized discount of $2,410 in 2019 297,125 — 7.35% unsecured senior notes, due August 15, 2034, interest payable semi-annually, net of unamortized discount of $1,005 in 2019 and $1,074 in 2018 128,788 128,715 5.0% unsecured senior notes, due March 30, 2043, interest payable semi-annually, net of unamortized discount of $5,207 in 2019 and $5,431 in 2018 244,505 244,269 5.0% unsecured senior notes, due April 5, 2046, interest payable semi-annually, net of unamortized discount of $6,421 in 2019 and $6,664 in 2018 492,761 492,486 4.30% unsecured senior notes, due November 1, 2047, interest payable semi-annually, net of unamortized discount of $4,126 in 2019 and $4,278 in 2018 295,154 294,975 5.0% unsecured senior notes, due May 20, 2049, interest payable semi-annually, net of unamortized discount of $7,684 in 2019 591,010 — 4.15% unsecured senior notes, due September 17, 2050, interest payable semi-annually, net of unamortized discount of $5,449 in 2019 493,759 — Other debt, at various interest rates ranging from 1.7% to 6.1% 95,272 102,975 Senior long-term debt and other debt $ 3,534,183 $ 3,009,577 In May 2019 , the Company issued $600 million of 5.0% unsecured senior notes due May 20, 2049 . Net proceeds to the Company were $592.2 million , before expenses. In September 2019, the Company used a portion of these proceeds to repay its 7.125% unsecured senior notes due September 30, 2019 ( $234.8 million aggregate principal outstanding at December 31, 2018 ). The Company expects to use the remainder of the proceeds for general corporate purposes. In September 2019 , the Company issued $300 million of 3.35% unsecured senior notes due September 17, 2029 and $500 million of 4.15% unsecured senior notes due September 17, 2050 . Net proceeds to the Company were $297.5 million and $494.5 million , respectively, before expenses. The Company used a portion of these proceeds to purchase $125.2 million of principal on its 6.25% unsecured senior notes due September 30, 2020 (2020 Notes) and $97.8 million of principal on its 5.35% unsecured senior notes due June 1, 2021 (2021 Notes) through a tender offer at a total purchase price of $130.1 million and $103.0 million , respectively. In October 2019 , the Company used a portion of the remaining proceeds from the September 2019 issuances to redeem the remaining outstanding balance of $224.8 million on its 2020 Notes and $152.2 million on its 2021 Notes for a total purchase price of $233.4 million and $160.2 million , respectively. The Company expects to use the remainder of the proceeds for general corporate purposes. In connection with the September 2019 tender offer and purchase described above and the October 2019 redemption, the Company recognized a loss on early extinguishment of debt of $17.6 million during 2019 . The Company's 7.35% unsecured senior notes due August 15, 2034 are not redeemable. The Company's other unsecured senior notes are redeemable by the Company at any time, subject to payment of a make-whole premium to the noteholders. None of the Company's senior long-term debt is subject to any sinking fund requirements. The Company's other debt is primarily associated with its subsidiaries and includes $70.4 million and $78.1 million associated with its Markel Ventures subsidiaries as of December 31, 2019 and 2018 , respectively. The Markel Ventures debt is non-recourse to the holding company and generally is secured by the assets of those subsidiaries. ParkLand, a subsidiary of the Company, has formed subsidiaries for the purpose of acquiring and financing real estate (the real estate subsidiaries). The assets of certain real estate subsidiaries, which are not material to the Company, are consolidated in accordance with U.S. GAAP but are not available to satisfy the debt and other obligations of the Company or any affiliates other than those real estate subsidiaries. The estimated fair value of the Company's senior long-term debt and other debt was $3.9 billion and $3.0 billion at December 31, 2019 and 2018 , respectively. The following table summarizes the future principal payments due at maturity on senior long-term debt and other debt as of December 31, 2019 . Years Ending December 31, (dollars in thousands) 2020 $ 63,519 2021 25,546 2022 356,185 2023 250,428 2024 — 2025 and thereafter 2,879,852 Total principal payments $ 3,575,530 Net unamortized discount (35,673 ) Net unamortized debt issuance costs (5,674 ) Senior long-term debt and other debt $ 3,534,183 In April 2019 , the Company entered into a credit agreement for a new revolving credit facility, which provides up to $300 million of capacity for future acquisitions, investments and stock repurchases, and for other working capital and general corporate purposes. At the Company's discretion, up to $200 million of the total capacity may be used for letters of credit. The Company may increase the capacity of the facility by up to $200 million subject to obtaining commitments for the increase and certain other terms and conditions. The Company pays interest on balances outstanding under the facility and a utilization fee for letters of credit issued under the facility. The Company also pays a commitment fee ( 0.20% at December 31, 2019 ) on the unused portion of the facility based on the Company's leverage ratio as calculated under the credit agreement. The credit agreement includes financial covenants that require that the Company not exceed a maximum leverage ratio and maintain a minimum amount of consolidated net worth, as well as other customary covenants and events of default. This facility replaced the Company's previous $300 million revolving credit facility and is scheduled to expire in April 2024 . There were no borrowings outstanding on either credit facility as of December 31, 2019 and 2018 . At December 31, 2019 , the Company was in compliance with all covenants contained in its revolving credit facility. To the extent that the Company is not in compliance with its covenants, the Company's access to the revolving credit facility could be restricted. The Company paid $169.7 million , $155.4 million and $141.3 million in interest on its senior long-term debt and other debt during the years ended December 31, 2019 , 2018 and 2017 , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income (loss) before income taxes includes the following components. Years Ended December 31, (dollars in thousands) 2019 2018 2017 Domestic operations $ 1,664,762 $ 99,373 $ 337,704 Foreign operations 621,046 (107,228 ) (250,409 ) Income (loss) before income taxes $ 2,285,808 $ (7,855 ) $ 87,295 Income tax expense (benefit) includes the following components. Years Ended December 31, (dollars in thousands) 2019 2018 2017 Current: Domestic $ 139,597 $ 77,936 $ (19,255 ) Foreign 23,364 41,833 29,882 Total current tax expense 162,961 119,769 10,627 Deferred: Domestic 217,928 (77,255 ) (222,427 ) Foreign 105,457 79,984 (101,663 ) Total deferred tax expense (benefit) 323,385 2,729 (324,090 ) Income tax expense (benefit) $ 486,346 $ 122,498 $ (313,463 ) Foreign income tax expense includes U.S. income tax expense on foreign operations, which includes U.S. income tax on the Company's U.K. and Bermuda-based operations, certain of which have elected to be taxed as domestic corporations for U.S. tax purposes. State income tax expense is not material to the consolidated financial statements. The Company made net income tax payments of $128.2 million , $63.1 million and $70.2 million in 2019 , 2018 and 2017 , respectively. Income taxes payable were $64.1 million and $83.7 million at December 31, 2019 and 2018 , respectively, and were included in other liabilities on the consolidated balance sheets. Income taxes receivable were $6.3 million and $49.3 million at December 31, 2019 and 2018 , respectively, and were included in other assets on the consolidated balance sheets. In December 2017, the U.S. enacted the Tax Cuts and Jobs Act (TCJA), which made significant modifications to U.S. income tax law, most of which were effective January 1, 2018. As a result, the Company recorded a one-time tax benefit of $339.9 million in 2017, a portion of which was considered provisional. The one-time benefit from the TCJA was primarily attributable to the remeasurement of the Company’s U.S. deferred tax assets and liabilities on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases at the lower enacted U.S. corporation tax rate, partially offset by the tax on the deemed repatriation of foreign earnings. In 2018, the Company completed its determination of the accounting for the TCJA, which resulted in an additional tax benefit of $5.7 million . In 2018, the Company decided to elect to treat its two most significant U.K. subsidiaries as domestic corporations for U.S. tax purposes. As a result, the earnings and profits from those subsidiaries are no longer considered to be indefinitely reinvested, and during 2018, the Company recorded a one-time deferred tax charge of $103.3 million related to the book and tax basis differences attributable to those subsidiaries. For subsidiaries the Company did not elect to treat as domestic corporations for U.S. tax purposes, the Company is subject to the U.S. Global Intangible Low Taxes Income (GILTI) tax. The Company recognizes the impact of the GILTI tax as incurred, and therefore has not recorded deferred taxes on the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. For the years ended December 31, 2019 and 2018, GILTI tax was not material to the consolidated financial statements. The following table presents a reconciliation of income taxes computed using the U.S. corporate tax rate to the Company's income tax expense (benefit) . Years Ended December 31, (dollars in thousands) 2019 2018 2017 Income taxes at U.S. corporate tax rate $ 480,020 $ (1,650 ) $ 30,553 Increase (decrease) resulting from: Foreign operations 14,718 4,951 37,207 Tax-exempt investment income (18,430 ) (18,927 ) (41,565 ) Change in tax status of U.K. subsidiaries (6,658 ) 103,281 — Tax credits (4,104 ) (3,617 ) (10,236 ) Nondeductible loss on investments managed by MCIM — 26,552 16,231 TCJA — (5,699 ) (339,899 ) Other 20,800 17,607 (5,754 ) Income tax expense (benefit) $ 486,346 $ 122,498 $ (313,463 ) The following table presents the components of domestic and foreign deferred tax assets and liabilities. December 31, (dollars in thousands) 2019 2018 Assets: Unpaid losses and loss adjustment expenses $ 163,522 $ 164,497 Unearned premiums recognized for income tax purposes 102,020 85,952 Life and annuity benefits 84,890 78,370 Lease liabilities 55,362 — Tax credit carryforwards 47,233 39,877 Net operating loss carryforwards 39,429 46,662 Accrued incentive compensation 35,132 30,308 Other differences between financial reporting and tax bases 52,604 39,763 Total gross deferred tax assets 580,192 485,429 Less valuation allowance (45,544 ) (36,286 ) Total gross deferred tax assets, net of allowance 534,648 449,143 Liabilities: Investments 996,543 590,250 Goodwill and other intangible assets 134,573 124,953 Deferred policy acquisition costs 113,243 89,716 Right-of-use lease assets 49,583 — Other differences between financial reporting and tax bases 101,426 90,269 Total gross deferred tax liabilities 1,395,368 895,188 Net deferred tax liability $ 860,720 $ 446,045 As of December 31, 2019 and 2018 , the Company's consolidated balance sheets included net deferred tax liabilities of $883.0 million and $481.9 million , respectively, in other liabilities and net deferred tax assets of $22.3 million and $35.9 million , respectively, in other assets. At December 31, 2019 , the Company had tax credit carryforwards of $47.2 million , all of which the Company expects to utilize before expiration. The earliest any of these credits will expire is 2028 . At December 31, 2019 , the Company also had net operating losses of $33.5 million that can be used to offset future taxable income in the U.S. The Company's ability to use the majority of these losses expires between the years 2028 and 2037 . At December 31, 2019 , certain branch operations in Europe and a wholly owned subsidiary in Brazil had net operating losses of $109.3 million that can be used to offset future income in their local jurisdictions. The Company's ability to use $33.0 million of these losses expires between the years 2020 and 2029 . The remaining losses are not subject to expiration. As discussed below, the deferred tax assets related to losses at certain of the Company's subsidiaries and branches are offset by valuation allowances. At December 31, 2019 , the Company had total gross deferred tax assets of $580.2 million . The Company has a valuation allowance of $45.5 million to offset gross deferred tax assets primarily attributable to cumulative net operating losses at certain of the Company's subsidiaries and branches. The Company believes that it is more likely than not that it will realize the remaining $534.6 million of gross deferred tax assets through generating taxable income or the reversal of existing temporary differences attributable to the gross deferred tax liabilities. At December 31, 2019 , the Company did not have any material unrecognized tax benefits. The Company does not anticipate any changes in unrecognized tax benefits during 2020 that would have a material impact on the Company's income tax provision. The Company is subject to income tax in the U.S. and in foreign jurisdictions. The Internal Revenue Service is currently examining the Company’s 2017 U.S. federal income tax return. The Company believes its income tax liabilities were adequate as of December 31, 2019 , however, these liabilities could be adjusted as a result of this examination. With few exceptions, the Company is no longer subject to income tax examination by tax authorities for years ended before January 1, 2016 . |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Defined Benefit Plan [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans a) The Company maintains defined contribution plans for employees of its U.S. insurance operations in accordance with Section 401(k) of the U.S. Internal Revenue Code of 1986. Employees of the Company's Markel Ventures subsidiaries are provided post-retirement benefits under separate defined contribution plans. The Company also provides various defined contribution plans for employees of its international insurance and other operations, which are in line with local market terms and conditions of employment. Expenses relating to the Company's defined contribution plans were $42.4 million , $41.8 million and $36.7 million in 2019 , 2018 and 2017 , respectively. b) The Terra Nova Pension Plan is a defined benefit plan that covers certain employees in the Company's international insurance operations who meet the eligibility conditions set out in the plan. The plan has been closed to new participants since 2001, and employees have not accrued benefits for future service in the plan since April 2012. The projected benefit obligations of the Terra Nova Pension Plan as of December 31, 2019 and 2018 were $191.4 million and $171.5 million , respectively, and the related fair value of plan assets was $216.9 million and $187.0 million , respectively. The corresponding net asset for pension benefits, also referred to as the funded status of the plan, at December 31, 2019 and 2018 was included in other assets on the Company's consolidated balance sheets. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities MCIM, a wholly-owned consolidated subsidiary of the Company, is an insurance-linked securities investment fund manager and reinsurance manager headquartered in Bermuda. Results attributable to MCIM are not included in a reportable segment. MCIM serves as the insurance manager for Markel CATCo Re, a Bermuda Class 3 reinsurance company, and as the investment manager for Markel CATCo Reinsurance Fund Ltd., a Bermuda exempted mutual fund company comprised of multiple segregated accounts (Markel CATCo Funds). The Markel CATCo Funds issue multiple classes of nonvoting, redeemable preference shares to investors and the Markel CATCo Funds are primarily invested in nonvoting preference shares of Markel CATCo Re. The underwriting results of Markel CATCo Re are attributed to the Markel CATCo Funds through those nonvoting preference shares. Voting shares in Markel CATCo Reinsurance Fund Ltd. and Markel CATCo Re are held by MCIM. The Markel CATCo Funds and Markel CATCo Re are considered VIEs, as their preference shareholders have no voting rights. MCIM has the power to direct the activities that most significantly impact the economic performance of these entities, but does not have a variable interest in any of the entities. Except as described below, the Company is not the primary beneficiary of the Markel CATCo Funds or Markel CATCo Re, and therefore does not consolidate these entities, as the Company's involvement is generally limited to that of an investment or insurance manager, receiving fees that are at market and commensurate with the level of effort required. The Company is the sole investor in one of the Markel CATCo Funds, the Markel Diversified Fund, and consolidates that fund as its primary beneficiary. Total assets of the Markel Diversified Fund, which are included on the Company's consolidated balance sheets were $19.6 million and $28.6 million as of December 31, 2019 and 2018 , respectively, and are primarily comprised of an investment in one of the Markel CATCo Funds. The Company also has an investment in another one of the Markel CATCo Funds ( $26.8 million and $26.2 million as of December 31, 2019 and 2018 , respectively). With the exception of the Company's investment in the Markel Diversified Fund, the Company does not have the obligation to absorb losses or the right to receive benefits from its investments in the Markel CATCo Funds that could potentially be significant to the respective fund, and therefore does not consolidate those funds. The Company's exposure to risk from the unconsolidated Markel CATCo Funds and Markel CATCo Re was historically limited to its investment and any earned but uncollected fees. In 2019, the Company also entered into various reinsurance contracts that were ceded to Markel CATCo Re. See note 17 . The Company has not issued any investment performance guarantees to these VIEs or their investors. As of December 31, 2019 and 2018 , net assets under management of MCIM for unconsolidated VIEs were $2.7 billion and $3.4 billion , respectively. See note 20 . |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company engages in certain related party transactions in the normal course of business at arm's length. Within the Company's insurance-linked securities operations, the Company provides investment and insurance management services through MCIM and Nephila. See note 16 for details regarding operations conducted through MCIM. Nephila serves as the investment manager to several Bermuda, Ireland and U.S. based private funds (the Nephila Funds). To provide access for the Nephila Funds to the insurance, reinsurance and weather markets, Nephila also provides managing general agent services and acts as an insurance manager to certain Bermuda Class 3 and 3A reinsurance companies and Lloyd’s Syndicate 2357 (Syndicate 2357) (collectively, the Nephila Reinsurers). The Company receives management fees for investment and insurance management services provided through its insurance-linked securities operations based on the net asset value of the accounts managed, and, for certain funds, incentive fees based on the annual performance of the funds managed. Nephila also receives commissions from the Nephila Reinsurers, which are based on the direct written premiums of the insurance contracts placed. Total revenues from the Company's insurance-linked securities operations for the years ended December 31, 2019, 2018 and 2017 were $225.6 million , $91.5 million and $28.7 million , respectively, of which $200.8 million , $90.6 million and $28.7 million , respectively, were attributed to unconsolidated entities managed by Nephila and MCIM. Other related party transactions with the Company's insurance-linked securities operations are described below. Nephila Within the Company’s program services business, the Company has a program with Nephila through which the Company writes insurance policies that are ceded to Syndicate 2357 and certain other Nephila Reinsurers. Through this arrangement, Nephila utilizes certain of the Company’s licensed insurance companies to write U.S. catastrophe exposed property risk that is then ceded to Nephila Reinsurers. For the years ended December 31, 2019 and 2018 , gross premiums written through the Company’s program with Nephila were $425.0 million and $322.1 million , respectively, all of which were ceded to Nephila Reinsurers. As of December 31, 2019 and 2018 , reinsurance recoverables on the consolidated balance sheets included $238.8 million and $179.8 million , respectively, due from Nephila Reinsurers. Under this program, 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 this program exceed the prescribed limit, the Company is obligated to pay such losses to the cedents without recourse to Nephila Reinsurers. While the Company believes losses under this program are unlikely, those losses, if incurred, could be material to the Company’s consolidated results of operations and financial condition. The Company has also entered into both 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. Markel CATCo During the first quarter of 2019, the Company entered into various reinsurance contracts with third parties that were ceded to Markel CATCo Re, an unconsolidated subsidiary, in exchange for ceding fees. These reinsurance contracts primarily cover losses for events that occurred during 2019, however, in some instances, coverage is also provided for adverse development on 2018 and prior accident years’ loss events. Incurred losses on these contracts are fully ceded to Markel CATCo Re. The loss exposures on these contracts are fully collateralized by Markel CATCo Re up to an amount that the Company believes is unlikely to be exceeded. For the year ended December 31, 2019 , the Company earned $8.8 million of ceding fees attributed to these contracts, which was included in services and other revenues in the Company's consolidated statement of income and other comprehensive income. As of December 31, 2019 , the Company's estimate of ultimate incurred losses and loss adjustment expenses on these reinsurance contracts totaled $4.9 million , all of which was ceded to Markel CATCo Re. The corresponding reinsurance recoverables due from Markel CATCo Re are fully collateralized. Results attributed to these contracts are not included in a reportable segment. Within the Company's underwriting operations, the Company also enters into reinsurance contracts that are ceded to Markel CATCo Re. Under this program, the Company retains 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 this program exceed the prescribed limit, the Company is obligated to pay such losses to the cedents without recourse to Markel CATCo Re. For the years ended December 31, 2019 , 2018 and 2017 , gross premiums written and ceded to Markel CATCo Re were $5.5 million , $10.9 million and $9.7 million , respectively. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders' Equity a) The Company had 50,000,000 shares of no par value common stock authorized of which 13,794,142 shares and 13,887,711 shares were issued and outstanding at December 31, 2019 and 2018 , respectively. The Company also has 10,000,000 shares of no par value preferred stock authorized, none of which was issued or outstanding at December 31, 2019 or 2018 . In August 2019, the Board of Directors approved a new share repurchase program (the 2019 Program) to replace the previous share repurchase program that was approved by the Board of Directors in May 2018 (the 2018 Program). Consistent with the 2018 Program, the 2019 Program provides for the repurchase of up to $300 million of common stock and has no expiration date but may be terminated by the Board of Directors at any time. During the year ended December 31, 2019 , the Company repurchased an aggregate of 104,719 shares of common stock at a cost of $111.6 million , including 73,371 shares repurchased under the 2018 Program at a cost of $75.8 million , and 31,348 shares repurchased under the 2019 program at a cost of $35.8 million . In total, the Company repurchased 93,036 shares of common stock under the 2018 Program at a cost of $97.2 million . b) Net income (loss) per share was determined by dividing adjusted net income (loss) to shareholders by the applicable weighted average shares outstanding. Basic shares outstanding include restricted stock units that are no longer subject to any contingencies for issuance, but for which the corresponding shares have not been issued. Diluted net income (loss) per share is computed by dividing adjusted net income (loss) to shareholders by the weighted average number of common shares and dilutive potential common shares outstanding during the year. Years Ended December 31, (in thousands, except per share amounts) 2019 2018 2017 Net income (loss) to shareholders (1) $ 1,790,466 $ (128,180 ) $ 395,269 Adjustment of redeemable noncontrolling interests 1,105 (4,828 ) (33,738 ) Adjusted net income (loss) to shareholders $ 1,791,571 $ (133,008 ) $ 361,531 Basic common shares outstanding 13,861 13,923 13,964 Dilutive potential common shares from options — — 1 Dilutive potential common shares from restricted stock units and restricted stock (2) 20 — 41 Diluted shares outstanding 13,881 13,923 14,006 Basic net income (loss) per share $ 129.25 $ (9.55 ) $ 25.89 Diluted net income (loss) per share (2) $ 129.07 $ (9.55 ) $ 25.81 (1) Effective January 1, 2018, the Company adopted ASU No. 2016-01. As a result, the change in fair value of equity securities is no longer recognized in other comprehensive income; rather, all changes in the fair value of equity securities are now recognized in net income. Prior periods have not been restated to conform to the current presentation. (2) The impact of restricted stock units and restricted stock of 25 thousand shares was excluded from the computation of diluted earnings per share for the year ended December 31, 2018 because the effect would have been anti-dilutive. c) In May 2016, the Company adopted the Markel Corporation 2016 Employee Stock Purchase and Bonus Plan (the 2016 Stock Purchase Plan) which replaced the Company's prior employee stock purchase and bonus plan. The 2016 Stock Purchase Plan provides a method for employees and directors to purchase shares of the Company's common stock on the open market. The plan encourages share ownership by providing for the award of bonus shares to participants equal to 10% of the net increase in the number of shares owned under the plan in a given year, excluding shares acquired through the plan's loan program component (the Loan Program). Under the Loan Program, the Company previously offered subsidized unsecured loans so participants could purchase shares and awarded bonus shares equal to 5% of the shares purchased with a loan. In May 2019, the Loan Program was discontinued and employees may no longer obtain loans from the Company for the purpose of purchasing shares of the Company's common stock under the 2016 Stock Purchase Plan. Outstanding loans continue to follow the original payment schedule until paid in full. The Company authorized 125,000 shares for purchase under the 2016 Stock Purchase Plan, of which 100,471 and 105,283 shares were available for purchase as of December 31, 2019 and 2018 , respectively. At December 31, 2019 and 2018 , loans outstanding under the plans, which are included in receivables on the consolidated balance sheets, totaled $18.4 million and $19.2 million , respectively. d) In May 2016, the Company adopted the 2016 Equity Incentive Compensation Plan (2016 Compensation Plan), which provides for grants and awards of restricted stock, restricted stock units, performance grants, and other stock based awards to employees and non-employee directors and is administered by the Compensation Committee of the Company's Board of Directors (Compensation Committee). At December 31, 2019 , there were 205,686 shares available for future awards under the 2016 Compensation Plan. Restricted stock units are awarded to certain employees and executive officers based upon meeting performance conditions determined by the Compensation Committee. These awards generally vest at the end of the third year following the year for which the Compensation Committee determines performance conditions have been met. At the end of the vesting period, recipients are entitled to receive one share of the Company's common stock for each vested restricted stock unit. During 2019 , the Company awarded 11,418 restricted stock units to employees and executive officers based on performance conditions being met. Restricted stock units also are awarded to employees to assist the Company in securing or retaining the services of key employees. During 2019 , the Company awarded 2,759 restricted stock units to employees as a hiring or retention incentive. These awards generally vest over a three -year period and entitle the recipient to receive one share of the Company's common stock for each vested restricted stock unit. During 2019 , the Company awarded 968 shares of restricted stock to its non-employee directors. The shares awarded to non-employee directors will vest in 2020 . The following table summarizes nonvested share-based awards. Number of Awards Weighted Average Grant-Date Fair Value Nonvested awards at January 1, 2019 20,873 $ 1,042.83 Granted 15,145 1,025.81 Vested (17,391 ) 1,011.55 Forfeited (1,053 ) 1,038.76 Nonvested awards at December 31, 2019 17,574 $ 1,073.99 The fair value of the Company's share-based awards granted under the 2016 Compensation Plan was determined based on the closing price of the Company's common shares on the grant date. The weighted average grant-date fair value of the Company's share-based awards granted in 2019 , 2018 and 2017 was $1,025.81 , $1,121.68 and $979.23 , respectively. As of December 31, 2019 , unrecognized compensation cost related to nonvested share-based awards was $7.8 million , which is expected to be recognized over a weighted average period of 1.6 years . The fair value of the Company's share-based awards that vested during 2019 , 2018 and 2017 was $17.6 million , $19.1 million and $28.8 million , respectively. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2019 | |
Other Comprehensive Income (Loss), Tax [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income Other comprehensive income includes net holding gains on available-for-sale investments arising during the period, changes in unrealized other-than-temporary impairment losses on fixed maturities arising during the period and reclassification adjustments for net gains included in net income. Other comprehensive income also includes changes in foreign currency translation adjustments and changes in net actuarial pension loss. The following table presents the change in accumulated other comprehensive income (loss) by component, net of taxes and noncontrolling interests. (dollars in thousands) Unrealized Holding Gains on Available-for- Sale Securities Foreign Currency Net Actuarial Pension Loss Total December 31, 2016 $ 1,714,930 $ (84,406 ) $ (64,658 ) $ 1,565,866 Other comprehensive income before reclassifications 787,339 10,403 3,092 800,834 Amounts reclassified from accumulated other comprehensive income (24,296 ) — 3,167 (21,129 ) Total other comprehensive income 763,043 10,403 6,259 779,705 December 31, 2017 $ 2,477,973 $ (74,003 ) $ (58,399 ) $ 2,345,571 Cumulative effect of adoption of ASU No. 2016-01 (2,597,976 ) 2,492 — (2,595,484 ) Cumulative effect of adoption of ASU No. 2018-02 401,539 1,314 — 402,853 January 1, 2018 281,536 (70,197 ) (58,399 ) 152,940 Other comprehensive loss before reclassifications (241,325 ) (16,455 ) — (257,780 ) Amounts reclassified from accumulated other comprehensive income 7,849 — 2,341 10,190 Total other comprehensive income (loss) (233,476 ) (16,455 ) 2,341 (247,590 ) December 31, 2018 $ 48,060 $ (86,652 ) $ (56,058 ) $ (94,650 ) Other comprehensive income before reclassifications 299,125 403 2,908 302,436 Amounts reclassified from accumulated other comprehensive loss (1,148 ) — 2,134 986 Total other comprehensive income 297,977 403 5,042 303,422 December 31, 2019 $ 346,037 $ (86,249 ) $ (51,016 ) $ 208,772 Effective January 1, 2018, the Company adopted ASU No. 2016-01 and as a result, equity securities are no longer classified as available-for-sale with unrealized gains and losses recognized in other comprehensive income. Rather, changes in the fair value of equity securities are now recognized in net income. Upon adoption of this ASU, cumulative net unrealized gains on equity securities of $2.6 billion , net of deferred income taxes, were reclassified from accumulated other comprehensive income into retained earnings. Effective January 1, 2018, the Company adopted ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which provided an option to reclassify tax effects remaining in accumulated other comprehensive income as a result of the TCJA to retained earnings. As a result of adopting the ASU, the Company reclassified $402.9 million of previously recognized deferred taxes from accumulated other comprehensive income into retained earnings as of January 1, 2018. The following table summarizes the tax expense (benefit) associated with each component of other comprehensive income . Years Ended December 31, (dollars in thousands) 2019 2018 2017 Change in net unrealized gains on available-for-sale investments: Net holding gains (losses) arising during the period $ 84,219 $ (68,056 ) $ 372,469 Reclassification adjustments for net gains (losses) included in net income (loss) (305 ) 2,086 (10,072 ) Change in net unrealized gains on available-for-sale investments 83,914 (65,970 ) 362,397 Change in foreign currency translation adjustments — 1,523 28 Change in net actuarial pension loss 1,348 622 1,284 Total $ 85,262 $ (63,825 ) $ 363,709 The following table presents the details of amounts reclassified from accumulated other comprehensive income (loss) into income (loss) , by component. Years Ended December 31, (dollars in thousands) 2019 2018 2017 Unrealized holding gains on available-for-sale securities: Other-than-temporary impairment losses $ — $ — $ (7,589 ) Net realized investment gains (losses), excluding other-than-temporary impairment losses 1,453 (9,935 ) 41,957 Total before income taxes 1,453 (9,935 ) 34,368 Income taxes (305 ) 2,086 (10,072 ) Reclassification of unrealized holding gains (losses), net of taxes $ 1,148 $ (7,849 ) $ 24,296 Net actuarial pension loss: Underwriting, acquisition and insurance expenses $ (6,390 ) $ (2,963 ) $ (3,815 ) Income taxes 1,348 622 648 Reclassification of net actuarial pension loss, net of taxes $ (5,042 ) $ (2,341 ) $ (3,167 ) |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and 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. a) Late in the fourth quarter of 2018, the Company was contacted by and received inquiries from the U.S. Department of Justice, U.S. Securities and Exchange Commission and Bermuda Monetary Authority (collectively, Governmental Authorities) into loss reserves recorded in late 2017 and early 2018 at Markel CATCo Re (the Markel CATCo Inquiries), an unconsolidated subsidiary managed by MCIM. As a result, the Company engaged outside counsel to conduct an internal review. The internal review was completed in April 2019 and found no evidence that MCIM personnel acted in bad faith in exercising business judgment in the setting of reserves and making related disclosures during late 2017 and early 2018. The Company’s outside counsel has met with the Governmental Authorities and reported the findings from the internal review. The Markel CATCo Inquiries are ongoing. The Company cannot currently predict the duration, scope or result of the Markel CATCo Inquiries. During the internal review, the Company discovered violations of Markel policies by two senior executives of MCIM. As a result, these two executives are no longer with the Company. As of December 31, 2017, the Company had accrued incentive and retention compensation for the two executives totaling $34.9 million which remained unpaid as of December 31, 2018. This amount was reversed in the fourth quarter of 2018 and reflected as a reduction to services and other expenses. All accruals for retention and incentive compensation recorded earlier in 2018 for the two executives were also reversed in the fourth quarter of 2018. Between January 11, 2019 and March 7, 2019, several related putative class actions were filed in the U.S. District Court for the Southern District of New York against Markel Corporation and certain present or former officers and directors alleging violations of the federal securities laws relating to the matters that are the subject of the Markel CATCo Inquiries . The actions were consolidated. On August 6, 2019, the Markel Securities Litigation was voluntarily dismissed. On February 21, 2019, Anthony Belisle and Alissa Fredricks, the two senior executives who are no longer with MCIM, each separately filed suit against MCIM and Markel Corporation, which suits were amended on March 29, 2019 and March 28, 2019, respectively. As amended, Mr. Belisle's complaint alleged claims for, among other things, breach of contract, defamation, invasion of privacy, indemnification, intentional interference with contractual relations and deceptive and unfair acts and sought relief of, among other things, $66.0 million in incentive compensation, enhanced compensatory damages, consequential damages, damages for emotional distress and injury to reputation, exemplary damages and attorneys' fees. In June 2019, MCIM, Markel Corporation, and Mr. Belisle agreed to commence binding arbitration to finally, fully and confidentially resolve the claims and counterclaims alleged in the action, and the Belisle suit was dismissed with prejudice in July 2019. The arbitrators have been selected and the arbitration proceeding has commenced. The Company believes that Mr. Belisle's claims are without merit and any material loss resulting from the Belisle binding arbitration to be remote. As amended, Ms. Fredricks' complaint alleged claims for, among other things, breach of contract, defamation, invasion of privacy, indemnification, intentional interference with contractual relations and deceptive and unfair acts and sought relief of, among other things, $7.5 million in incentive compensation, consequential damages, damages for emotional distress and injury to reputation, exemplary damages and attorneys' fees. In June 2019, the action filed by Ms. Fredricks was settled by mutual agreement to the satisfaction of all parties. In December 2018, investors in the Markel CATCo Funds were offered an additional redemption opportunity (the Special Redemption) to redeem any or all shares held as of June 30, 2019. Through both the Special Redemption and the annual redemption for January 1, 2019, substantially all of the capital in the Markel CATCo Funds was tendered for redemption. In July 2019, MCIM announced it would cease accepting new investments in the Markel CATCo Funds and would not write any new business in Markel CATCo Re. Both the Markel CATCo Funds and Markel CATCo Re have been placed into run-off, returning capital to investors as it becomes available. This process is expected to take approximately three years. Payment for the redemptions of shares is an obligation of the Markel CATCo Funds, not Markel Corporation or its subsidiaries. In connection with the run-off of one of the Markel CATCo Funds, the Company has committed to invest $90 million in that fund to collateralize risk exposures within the underlying reinsurance contracts in which the fund is invested related to loss events that occur after December 31, 2019 and through the expiration of the reinsurance contracts in 2020. Underwriting results for the 2020 exposures on these contracts will be attributed to the Company through its investment in the fund. The Markel CATCo Inquiries, as well as other matters related to or arising from the Markel CATCo Inquiries, including matters of which the Company is currently unaware, could result in additional claims, litigation, investigations, enforcement actions or proceedings. For example, additional litigation may be filed by investors in the Markel CATCo Funds. The Company also could become subject to increased regulatory scrutiny, investigations or proceedings in any of the jurisdictions where it operates. If any regulatory authority takes action against the Company or the Company enters into an agreement to settle a matter, the Company may incur sanctions or be required to pay substantial fines or implement remedial measures that could prove costly or disruptive to its businesses and operations. Costs associated with the Company's internal review, including legal and investigation costs, as well as legal costs incurred in connection with any existing or future litigation, are being expensed as incurred. An unfavorable outcome in one or more of these matters, and others the Company cannot anticipate, could have a material adverse effect on the Company’s results of operations and financial condition. In addition, the Company may take further steps to mitigate potential risks or liabilities that may arise from the Markel CATCo Inquiries and related developments and some of those steps may have a material impact on the Company’s results of operations or financial condition. Even if an unfavorable outcome does not materialize, these matters, and actions the Company may take in response, could have an adverse impact on the Company’s reputation and result in substantial expense and disruption. b) The Company has reviewed events at one of its Markel Ventures products businesses. Since becoming aware of a matter late in the first quarter of 2018 related to the business's manufacture of products, the Company has conducted an investigation, reviewed the business's operations and developed remediation plans. Upon completion of its review during 2018, the Company recorded an expense of $33.5 million in its results of operations. This amount represented management’s best estimate of amounts considered probable including: remediation costs associated with the manufacture of products, costs associated with the investigation of this matter, a write down of inventory on hand and settlement costs related to pre-existing litigation. Final resolution of this matter could ultimately result in additional remediation and other costs, the amount of which cannot be estimated at this time, but which could have a material impact on the Company’s income before income taxes. However, management does not expect this matter ultimately will have a material adverse effect on the Company’s results of operations or financial condition. If a determination is made that additional costs associated with this matter are considered probable, these additional costs will be recognized as an expense in the Company's results of operations. As of December 31, 2019, $20.2 million remained accrued for ongoing remediation efforts. c) In 2019, the Company established Lodgepine Capital Management Limited (Lodgepine), its new retrocessional insurance-linked securities fund manager in Bermuda. Lodgepine's initial product offering will be Lodgepine Fund Limited, a property catastrophe retrocessional investment fund, which is expected to launch in 2020. The Company has committed to invest up to $100 million |
Statutory Financial Information
Statutory Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Statutory Financial Information [Abstract] | |
Statutory Financial Information | Statutory Financial Information a) Statutory capital and surplus and statutory net income (loss) for the Company's insurance subsidiaries as of December 31, 2019 and 2018 and for the years ended December 31, 2019 , 2018 and 2017 , respectively, is summarized below. Statutory Capital and Surplus December 31, (dollars in thousands) 2019 2018 United States $ 3,673,216 $ 3,158,828 United Kingdom $ 662,151 $ 621,802 Bermuda $ 1,604,184 $ 1,495,563 Other $ 73,643 $ 74,704 As of December 31, 2019 , the Company's actual statutory capital and surplus significantly exceeded the regulatory requirements. As a result, the amount of statutory capital and surplus necessary to satisfy regulatory requirements is not significant in relation to actual statutory capital and surplus. Statutory Net Income (Loss) Years Ended December 31, (dollars in thousands) 2019 2018 2017 United States $ 419,396 $ 414,957 $ 312,828 United Kingdom $ 108,759 $ 40,203 $ (25,785 ) Bermuda $ 447,479 $ (131,411 ) $ (78,070 ) Other $ (360 ) $ (5,193 ) $ (4,812 ) The Solvency II Directive (Solvency II) that governs the calculation of statutory capital and surplus for the Company's U.K. and German insurance subsidiaries does not provide requirements for the calculation of net income. Amounts presented in the table above for the Company's U.K. and German insurance subsidiaries, in which the amount attributable to Germany is included in Other, have been calculated in accordance with U.K. and German GAAP, respectively. United States The laws of the domicile states of the Company's U.S. insurance subsidiaries govern the amount of dividends that may be paid to the Company. Generally, statutes in the domicile states of the Company's U.S. insurance subsidiaries require prior approval for payment of extraordinary, as opposed to ordinary, dividends. As of December 31, 2019 , the Company's U.S. insurance subsidiaries could pay up to $561.8 million to the holding company during the following 12 months under the ordinary dividend regulations. In converting from U.S. statutory accounting principles to U.S. GAAP, typical adjustments include deferral of policy acquisition costs, differences in the calculation of deferred income taxes and the inclusion of net unrealized gains or losses relating to fixed maturities in shareholders' equity. The Company does not use any permitted statutory accounting practices that are different from prescribed statutory accounting practices which impact statutory capital and surplus. United Kingdom The Company's U.K. insurance subsidiary, Markel International Insurance Company Limited (MIICL), and its Lloyd's of London (Lloyd's) managing agent, Markel Syndicate Management Limited (MSM), are authorized by the Prudential Regulation Authority (PRA) and regulated by both the PRA and the Financial Conduct Authority (FCA). The PRA oversees compliance with established periodic auditing and reporting requirements, minimum solvency margins and individual capital assessment requirements under Solvency II and imposes dividend restrictions, while both the PRA and the FCA oversee compliance with risk assessment reviews and various other requirements. MIICL is required to give advance notice to the PRA for any transaction or proposed transaction with a connected or related person. MSM is required to satisfy the solvency requirements of Lloyd's. In addition, the Company's U.K. subsidiaries must comply with the United Kingdom Companies Act of 2006, which provides that dividends may only be paid out of profits available for that purpose. Beginning in 2018, earnings of the Company's U.K. insurance subsidiaries are no longer considered indefinitely reinvested for U.S. income tax purposes and, as a result, are available for distribution to the holding company to the extent not otherwise restricted. Bermuda The Company's Bermuda insurance subsidiary, Markel Bermuda Limited (Markel Bermuda), is subject to enhanced capital requirements in addition to minimum solvency and liquidity requirements. The enhanced capital requirement is determined by reference to a risk-based capital model that determines a control threshold for statutory capital and surplus by taking into account the risk characteristics of different aspects of the insurer's business. At December 31, 2019 , Markel Bermuda satisfied both the enhanced capital requirements and the minimum solvency and liquidity requirements. Under the Bermuda Insurance Act, Markel Bermuda is prohibited from paying or declaring dividends during a fiscal year if it is in breach of its enhanced capital requirement, solvency margin or minimum liquidity ratio or if the declaration or payment of the dividend would cause a breach of those requirements. If an insurer fails to meet its solvency margin or minimum liquidity ratio on the last day of any financial year, it is prohibited from declaring or paying any dividends during the next financial year without the approval of the Bermuda Monetary Authority (BMA). Further, Markel Bermuda is prohibited from declaring or paying, in any financial year, dividends of more than 25% of its total statutory capital and surplus as set forth in its previous year's statutory balance sheet unless at least seven days before payment of those dividends it files with the BMA an affidavit stating that it will continue to meet its solvency margin and minimum liquidity ratio. Markel Bermuda must obtain the BMA's prior approval for a reduction by 15% or more of the total statutory capital as set forth in its previous year's financial statements. In addition, as a long-term insurer, Markel Bermuda may not declare or pay a dividend to any person other than a policyholder unless the value of the assets in its long-term business fund, as certified by Markel Bermuda's approved actuary, exceeds the liabilities of its long-term business. The amount of the dividend cannot exceed the aggregate of that excess and any other funds legally available for the payment of the dividend. As of December 31, 2019 , Markel Bermuda could pay up to $401.0 million to the holding company during the following 12 months without making any additional filings with the BMA. Other Jurisdictions The Company's other foreign subsidiaries, including its German insurance subsidiary, are subject to capital and solvency requirements in their respective jurisdictions of domicile. b) Lloyd's sets the corporate members' required capital annually based on each syndicates' business plans, rating environment, reserving environment and input arising from Lloyd's discussions with, among others, regulatory and rating agencies. Such required capital is referred to as Funds at Lloyd's (FAL), and comprises cash and investments. The amount of cash and investments held as FAL as of December 31, 2019 was $899.3 million . Of this amount, $336.7 million |
Markel Corporation (Parent Comp
Markel Corporation (Parent Company Only) Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Markel Corporation (Parent Company Only) Financial Information | Markel Corporation (Parent Company Only) Financial Information The following parent company only condensed financial information reflects the financial position, results of operations and cash flows of Markel Corporation. CONDENSED BALANCE SHEETS December 31, 2019 2018 (dollars in thousands) ASSETS Investments, at estimated fair value: Fixed maturities, available-for-sale (amortized cost of $658,557 in 2019 and $717,666 in 2018) $ 676,307 $ 717,681 Equity securities (cost of $1,487,478 in 2019 and $1,117,363 in 2018) 1,831,333 1,175,120 Short-term investments, available-for-sale (estimated fair value approximates cost) 724,558 451,499 Total Investments 3,232,198 2,344,300 Cash and cash equivalents 737,072 263,043 Restricted cash and cash equivalents 1,077 3,177 Receivables 19,846 19,295 Investments in consolidated subsidiaries 12,239,086 10,697,605 Notes receivable from subsidiaries 60,111 160,111 Income taxes receivable 2,170 21,174 Other assets 347,023 135,722 Total Assets $ 16,638,583 $ 13,644,427 LIABILITIES AND SHAREHOLDERS' EQUITY Senior long-term debt $ 3,438,910 $ 2,539,389 Notes payable to subsidiaries (1) 1,835,000 1,895,000 Income taxes payable 18,270 — Net deferred tax liability 129,835 64,564 Other liabilities 145,701 64,820 Total Liabilities 5,567,716 4,563,773 Total Shareholders' Equity 11,070,867 9,080,654 Total Liabilities and Shareholders' Equity $ 16,638,583 $ 13,644,427 (1) In December 2018, Markel Corporation purchased Markel Global Reinsurance Company, an indirectly owned subsidiary of Markel Corporation, from Alterra USA Holdings Limited, another indirectly owned subsidiary of Markel Corporation, by issuing a $1.4 billion note payable to subsidiary. CONDENSED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) Years Ended December 31, 2019 2018 2017 (dollars in thousands) REVENUES Net investment income $ 48,845 $ 32,631 $ 21,076 Dividends on common stock of consolidated subsidiaries 863,335 749,171 895,920 Net investment gains (losses): Net realized investment gains (losses), including other-than-temporary impairment losses 3,848 (3,341 ) 3,383 Change in fair value of equity securities (1) 293,296 (110,356 ) — Net investment gains (losses) 297,144 (113,697 ) 3,383 Total Revenues 1,209,324 668,105 920,379 EXPENSES Services and other expenses 6,436 6,532 11,708 Interest expense 219,082 145,681 122,151 Net foreign exchange losses (gains) 3,973 (3,391 ) — Loss on early extinguishment of debt 13,656 — — Total Expenses 243,147 148,822 133,859 Income Before Equity in Undistributed Earnings of Consolidated Subsidiaries and Income Taxes 966,177 519,283 786,520 Equity in undistributed earnings (losses) of consolidated subsidiaries 851,337 (696,045 ) (469,365 ) Income tax (expense) benefit (27,048 ) 48,582 78,114 Net Income (Loss) to Shareholders (1) $ 1,790,466 $ (128,180 ) $ 395,269 OTHER COMPREHENSIVE INCOME (LOSS) TO SHAREHOLDERS Change in net unrealized gains on available-for-sale investments, net of taxes: Net holding gains (losses) arising during the period $ 14,016 $ (1,492 ) $ 52,277 Consolidated subsidiaries' net holding gains (losses) arising during the period 285,109 (239,833 ) 735,062 Reclassification adjustments for net gains (losses) included in net income (loss) to shareholders (4,591 ) 2,564 (1,513 ) Consolidated subsidiaries' reclassification adjustments for net gains (losses) included in net income (loss) to shareholders 3,443 5,285 (22,783 ) Change in net unrealized gains on available-for-sale investments, net of taxes 297,977 (233,476 ) 763,043 Change in foreign currency translation adjustments, net of taxes — — (2,260 ) Consolidated subsidiaries' change in foreign currency translation adjustments, net of taxes 403 (16,455 ) 12,663 Consolidated subsidiaries' change in net actuarial pension loss, net of taxes 5,042 2,341 6,259 Total Other Comprehensive Income (Loss) to Shareholders 303,422 (247,590 ) 779,705 Comprehensive Income (Loss) to Shareholders $ 2,093,888 $ (375,770 ) $ 1,174,974 (1) Effective January 1, 2018, the Company adopted ASU No. 2016-01. As a result, equity securities are no longer classified as available-for-sale with unrealized gains and losses recognized in other comprehensive income; rather, all changes in the fair value of equity securities are now recognized in net income. Prior periods have not been restated to conform to the current presentation. CONDENSED STATEMENTS OF CASH FLOWS Years Ended December 31, 2019 2018 2017 (dollars in thousands) OPERATING ACTIVITIES Net income (loss) to shareholders $ 1,790,466 $ (128,180 ) $ 395,269 Adjustments to reconcile net income (loss) to shareholders to net cash provided (used) by operating activities (1,530,940 ) 3,637 (166,132 ) Net Cash Provided (Used) By Operating Activities 259,526 (124,543 ) 229,137 INVESTING ACTIVITIES Proceeds from sales of fixed maturities and equity securities 326,564 204,478 20,562 Proceeds from maturities, calls and prepayments of fixed maturities 41,673 34,560 64,705 Cost of fixed maturities and equity securities purchased (82,332 ) (26,336 ) (72,910 ) Net change in short-term investments (236,251 ) 930,876 649,181 Return of capital from subsidiaries 14,865 12,712 45,225 Decrease (increase) in notes receivable due from subsidiaries 100,000 (20,000 ) (58 ) Capital contributions to subsidiaries (413,148 ) (103,133 ) (270,623 ) Acquisitions, net of cash acquired — (972,619 ) (1,153,683 ) Cost of equity method investments (213,100 ) (4,917 ) — Other 6,719 (8,652 ) (3,661 ) Net Cash Provided (Used) By Investing Activities (455,010 ) 46,969 (721,262 ) FINANCING ACTIVITIES Additions to senior long-term debt 1,384,182 — 592,923 Increase (decrease) in notes payable to subsidiaries (99,839 ) 47,105 — Repayment of senior long-term debt (484,811 ) — — Premiums and fees related to early extinguishment of debt (13,248 ) — — Repurchases of common stock (116,307 ) (54,007 ) (110,838 ) Other (2,564 ) (70 ) (9,848 ) Net Cash Provided (Used) By Financing Activities 667,413 (6,972 ) 472,237 Increase (Decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents 471,929 (84,546 ) (19,888 ) Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year 266,220 350,766 370,654 CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS AT END OF YEAR $ 738,149 $ 266,220 $ 350,766 |
Quarterly Financial Information
Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | Quarterly Financial Information (unaudited) The following table presents the unaudited quarterly results of consolidated operations for 2019 , 2018 and 2017 . Quarters Ended (dollars in thousands, except per share amounts) Mar. 31 June 30 Sept. 30 Dec. 31 2019 Operating revenues $ 2,472,488 $ 2,439,116 $ 2,033,058 $ 2,581,529 Net income (1) 577,513 506,483 203,953 511,513 Net income to shareholders (1) 576,427 497,298 205,637 511,104 Comprehensive income to shareholders 732,245 623,330 250,069 488,244 Net income per share: Basic $ 42.81 $ 36.10 $ 13.97 $ 36.34 Diluted $ 42.76 $ 36.07 $ 13.95 $ 36.26 2018 Operating revenues $ 1,575,471 $ 1,987,013 $ 2,235,949 $ 1,042,852 Net income (loss) (1) (65,594 ) 279,587 409,028 (753,374 ) Net income (loss) to shareholders (1) (64,306 ) 278,231 409,438 (751,543 ) Comprehensive income (loss) to shareholders (174,839 ) 164,336 315,106 (680,373 ) Net income (loss) per share: Basic $ (4.25 ) $ 20.01 $ 28.56 $ (53.88 ) Diluted $ (4.25 ) $ 19.97 $ 28.50 $ (53.88 ) 2017 Operating revenues $ 1,411,751 $ 1,481,493 $ 1,506,148 $ 1,662,267 Net income (loss) (1) 71,040 151,427 (261,035 ) 439,326 Net income (loss) to shareholders (1) 69,869 149,660 (259,141 ) 434,881 Comprehensive income (loss) to shareholders 223,239 342,357 (19,869 ) 629,247 Net income (loss) per share: Basic $ 3.91 $ 10.34 $ (18.82 ) $ 30.48 Diluted $ 3.90 $ 10.31 $ (18.82 ) $ 30.39 (1) |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation. The accompanying consolidated financial statements have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP) and include the accounts of Markel Corporation and its consolidated subsidiaries, as well as any variable interest entities (VIEs) that meet the requirements for consolidation (the Company). All significant intercompany balances and transactions have been eliminated in consolidation. The Company consolidates the results of its Markel Ventures subsidiaries on a one-month lag, with the exception of significant transactions or events that occur during the intervening period. Certain prior year amounts have been reclassified to conform to the current presentation. |
Use of Estimates | Use of Estimates. 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. Management periodically reviews its estimates and assumptions. Quarterly reviews include evaluating the adequacy of reserves for unpaid losses and loss adjustment expenses, life and annuity reinsurance benefit reserves and litigation contingencies. Estimates and assumptions for goodwill and intangible assets are reviewed in conjunction with an acquisition, and goodwill and indefinite-lived intangible assets are reassessed at least annually for impairment. Actual results may differ materially from the estimates and assumptions used in preparing the consolidated financial statements. |
Investments | Investments. Available-for-sale investments and equity securities are recorded at estimated fair value. Unrealized gains and losses on available-for-sale investments, net of income taxes, are included in accumulated other comprehensive income in shareholders' equity. The Company completes a detailed analysis each quarter to assess whether the decline in the fair value of any available-for-sale investment below its cost basis is deemed other-than-temporary. Premiums and discounts are amortized or accreted over the lives of the related fixed maturities as an adjustment to the yield using the effective interest method. Dividend and interest income are recognized when earned. Realized investment gains or losses are included in earnings. Realized gains or losses from sales of available-for-sale investments are derived using the first-in, first-out method on the trade date. Effective January 1, 2018, the Company adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2016-01, Financial Instruments (Topic 825): Recognition and Measurement of Financial Assets and Financial Liabilities . Upon adoption of the ASU, equity securities are no longer classified as available-for-sale and unrealized gains and losses on equity securities, net of income taxes, are included in earnings. In accordance with the provisions of the ASU, prior periods have not been restated to conform to the new presentation. Investments accounted for under the equity method of accounting are recorded at cost within other assets on the consolidated balance sheets and subsequently increased or decreased by the Company's proportionate share of the net income or loss of the investee. The Company records its proportionate share of net income or loss of the investee in net investment income. The Company records its proportionate share of other comprehensive income or loss of the investee as a component of other comprehensive income. Dividends or other equity distributions in excess of the Company's cumulative equity in earnings of the investee are recorded as a reduction of the investment. The Company reviews equity method investments for impairment when events or circumstances indicate that a decline in the fair value of the investment below its carrying value is other-than-temporary. |
Cash and Cash Equivalents | Cash and Cash Equivalents. The Company considers all investments with original maturities of 90 days or less to be cash equivalents. The carrying value of the Company's cash and cash equivalents approximates fair value. |
Restricted Cash and Cash Equivalents | Restricted Cash and Cash Equivalents. Cash and cash equivalents that are restricted as to withdrawal or use are recorded as restricted cash and cash equivalents. The carrying value of the Company’s restricted cash and cash equivalents approximates fair value. |
Receivables | Receivables. Receivables include amounts receivable from agents, brokers and insureds, which represent premiums that are both currently due and amounts not yet due on insurance and reinsurance policies. Premiums for insurance policies are generally due at inception. Premiums for reinsurance policies generally become due over the period of coverage based on the policy terms. The Company monitors the credit risk associated with premiums receivable, taking into consideration the fact that in certain instances credit risk may be reduced by the Company's right to offset loss obligations or unearned premiums against premiums receivable. Amounts deemed uncollectible are charged to net income in the period they are determined. Changes in the estimate of reinsurance premiums written will result in an adjustment to premiums receivable in the period they are determined. Receivables also include amounts receivable from contracts with customers, which represent the Company’s unconditional right to consideration for satisfying the performance obligations outlined in the contract. |
Reinsurance Recoverables | Reinsurance Recoverables. |
Deferred Policy Acquisition Costs | Deferred Policy Acquisition Costs. Costs directly related to the acquisition of insurance premiums are deferred and amortized over the related policy period, generally one year . The Company only defers acquisition costs incurred that are related directly to the successful acquisition of new or renewal insurance contracts, including commissions to agents and brokers and premium taxes. Commissions received related to reinsurance premiums ceded are netted against broker commissions in determining acquisition costs eligible for deferral. To the extent that future policy revenues on existing policies are not adequate to cover related costs and expenses, deferred policy acquisition costs are charged to earnings. The Company does not consider anticipated investment income in determining whether a premium deficiency exists. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets. Goodwill and intangible assets are recorded as a result of business acquisitions. Goodwill represents the excess of the amount paid to acquire a business over the net fair value of assets acquired and liabilities assumed at the date of acquisition. Indefinite-lived and other intangible assets are recorded at fair value as of the acquisition date. The determination of the fair value of certain assets acquired and liabilities assumed involves significant judgment and the use of valuation models and other estimates, which require assumptions that are inherently subjective. Goodwill and indefinite-lived intangible assets are tested for impairment at least annually. The Company completes an annual test during the fourth quarter of each year based upon the results of operations through September 30. Intangible assets with definite lives are amortized using the straight-line method over their estimated useful lives, generally five to 20 years , and are reviewed for impairment when events or circumstances indicate that their carrying value may not be recoverable. |
Property and Equipment | Property and Equipment. Property and equipment is maintained primarily by certain of the Company's Markel Ventures businesses and are stated at cost less accumulated depreciation and amortization. Depreciation and amortization of property and equipment are calculated using the straight-line method over the estimated useful lives of the respective assets. Property and equipment, net of accumulated depreciation and amortization, was $588.6 million and $551.5 million as of December 31, 2019 and 2018 , respectively, and is included in other assets on the Company's consolidated balance sheets. |
Leases | Leases. Following the adoption of FASB ASU No. 2016-02, Leases (Topic 842), effective January 1, 2019, the present value of future lease payments for the Company’s leases with terms greater than 12 months are included on the consolidated balance sheet as lease liabilities and right-of-use lease assets. The Company’s lease portfolio primarily consists of operating leases for real estate. Total expected lease payments are based on the lease payments specified in the contract and the stated term, including any options to extend or terminate that the Company is reasonably certain to exercise. The Company has elected the practical expedient to account for lease components and any associated non-lease components within a contract as a single lease component, and therefore allocates all of the expected lease payments to the lease component. The lease liability, which represents the Company’s obligation to make lease payments arising from the contract, is calculated based on the present value of expected lease payments over the remaining lease term, discounted using the Company’s collateralized incremental borrowing rate at the commencement date. The lease liability is then adjusted for any prepaid rent, lease incentives received or capitalized initial direct costs to determine the lease asset, which represents the Company's right to use the underlying asset for the lease term. Lease liabilities and lease assets are included in other liabilities and other assets, respectively, on the Company's consolidated balance sheet. |
Inventories | Inventories. Inventories are maintained at certain of the Company's Markel Ventures businesses and consist primarily of raw materials, work-in-process and finished goods. Inventories are generally valued using the first-in-first-out method and stated at the lower of cost or net realizable value. Inventories were $303.1 million and $298.7 million as of December 31, 2019 and 2018 , respectively, and are included in other assets on the Company's consolidated balance sheets. |
Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests. The Company owns controlling interests in various companies through its Markel Ventures operations. In some cases, the Company has the option to acquire the remaining equity interests, and the remaining equity interests have the option to sell their interests to the Company, in the future. The redemption value of the remaining equity interests is generally based on the respective company's earnings in specified periods preceding the redemption date. The redeemable noncontrolling interests generally are or become redeemable through 2023. The Company recognizes changes in the redemption value that exceed the carrying value of redeemable noncontrolling interests to retained earnings as if the balance sheet date were also the redemption date. Changes in the redemption value also result in an adjustment to net income to shareholders in the calculation of basic and diluted net income per share. |
Income Taxes | Income Taxes. The Company records deferred income taxes to reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance when management believes it is more likely than not that some, or all, of the deferred tax assets will not be realized. The Company recognizes the tax benefit from an uncertain tax position taken or expected to be taken in income tax returns only if it is more likely than not that the tax position will be sustained upon examination by tax authorities, based on the technical merits of the position. Tax positions that meet the more likely than not threshold are then measured using a probability weighted approach, whereby the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement is recognized. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. |
Unpaid Losses and Loss Adjustment Expenses | Unpaid Losses and Loss Adjustment Expenses. Unpaid losses and loss adjustment expenses on the Company's property and casualty insurance business are based on evaluations of reported claims and estimates for losses and loss adjustment expenses incurred but not reported. Estimates for losses and loss adjustment expenses incurred but not reported are based on reserve development studies, among other things. Recorded reserves are estimates, and the ultimate liability may be greater or less than the estimates. |
Life and Annuity Benefits | Life and Annuity Benefits. The Company has a run-off block of life and annuity reinsurance contracts that subject the Company to mortality, longevity and morbidity risks. The assumptions used to determine policy benefit reserves are generally locked-in for the life of the contract unless an unlocking event occurs. To the extent existing policy reserves, together with the present value of future gross premiums and expected investment income earned thereon, are not adequate to cover the present value of future benefits, settlement and maintenance costs, the locked-in assumptions are revised to current best estimate assumptions and a charge to earnings for life and annuity benefits is recognized at that time. Because of the assumptions and estimates used in establishing reserves for life and annuity benefit obligations and the long-term nature of these reinsurance contracts, the ultimate liability may be greater or less than the estimates. Results attributable to the run-off of life and annuity reinsurance business are included in services and other revenues and services and other expenses in the Company's consolidated statements of income and comprehensive income. |
Revenue Recognition | Revenue Recognition. Property and Casualty Premiums Insurance premiums written are generally recorded at the inception of a policy and earned on a pro rata basis over the policy period, typically one year . The cost of reinsurance ceded is initially recorded as prepaid reinsurance premiums and is amortized over the reinsurance contract period in proportion to the amount of insurance protection provided. Premiums ceded are netted against premiums written. For multi-year contracts where insurance premiums are payable in annual installments, written premiums are recorded at the inception of the contract based on management’s best estimate of total premiums to be received. For contracts where the cedent has the ability to unilaterally commute or cancel coverage within the term of the policy, premiums are generally recorded on an annual basis or up to the contract cancellation point. The remaining premiums are estimated and included as written at each successive anniversary date within the multi-year term. Assumed reinsurance premiums are recorded at the inception of each contract based upon contract terms and information received from cedents and brokers and are earned on a pro rata basis over the coverage period, or for multi-year contracts, in proportion with the underlying risk exposure to the extent there is variability in the exposure through the coverage period. Changes in reinsurance premium estimates are expected and may result in significant adjustments in any period. These estimates change over time as additional information regarding changes in underlying exposures is obtained. Any subsequent differences arising on such estimates are recorded as premiums written in the period they are determined and are earned on a pro rata basis over the coverage period. The Company uses the periodic method to account for assumed reinsurance from foreign reinsurers. The Company's foreign reinsurers provide sufficient information to record foreign assumed business in the same manner as the Company records assumed business from U.S. reinsurers. Certain contracts that the Company writes provide for reinstatement of coverage. Reinstatement premiums are the premiums for the restoration of the insurance or reinsurance limit of a contract to its full amount after a loss occurrence by the insured or reinsured. The Company accrues for reinstatement premiums resulting from losses recorded. Such accruals are based upon contractual terms and management judgment is involved with respect to the amount of losses recorded. Changes in estimates of losses recorded on contracts with reinstatement premium features will result in changes in reinstatement premiums based on contractual terms. Reinstatement premiums are recognized at the time losses are recorded and are generally earned on a pro rata basis over the coverage period. Other Revenues Effective January 1, 2018, the Company adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , and related amendments, which created a new comprehensive revenue recognition standard, FASB Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers , that serves as a single source of revenue guidance for contracts with customers unless those contracts are within the scope of other standards, such as insurance contracts. ASC 606 is not applicable to the Company's insurance premium revenues or revenues from its investment portfolio but is applicable to most of the Company's other revenues, as described below. Other revenues primarily relate to the Company's Markel Ventures operations and consist of revenues from the sale of products and services. Revenues are recognized when, or as, control of the promised goods or services is transferred to the Company's customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. All contracts with customers either have an original expected length of one year or less or the Company recognizes revenue at the amount for which it has a right to invoice for the products delivered or services performed. Certain customers may receive volume rebates or credits for products and services, which are accounted for as variable consideration. The Company estimates these amounts based on the expected amount to be provided to the customer and reduces revenues recognized by a corresponding amount. The Company does not expect significant changes to its estimates of variable consideration over the term of the contracts. Payment terms for products and services vary by the type of product or service offered and the location of the customer, and payment is typically received at or shortly after the point of sale. For certain products, the Company requires partial payment in the form of a deposit before the products are delivered to the customer, which is included in other liabilities on the Company's consolidated balance sheets. Products revenues are primarily generated from the sale of equipment used in baking systems, portable dredges, over-the-road transportation equipment, flooring for the trucking industry, ornamental plants and residential homes. Most of the Company's product revenues are recognized when the products are shipped to the customer or the products arrive at the agreed upon destination with the end customer. Some of the Company's contracts include multiple performance obligations. For such arrangements, revenues are allocated to each performance obligation based on the relative standalone selling price, which is derived from amounts stated in the contract. Services revenues are primarily generated by delivering healthcare services, retail intelligence and consulting services. Service revenues are generally recognized over the term of the contracts based on hours incurred or as services are provided. Investment management fee income in the Company's insurance-linked securities operations is recognized over the period in which investment management services are provided and is calculated and recognized monthly based on the net asset value of the accounts managed. For certain accounts, the Company is also entitled to participate, on a fixed-percentage basis, in any net income generated in excess of an agreed-upon threshold as established by the underlying investment management agreements. In general, net income is calculated at the end of each calendar year and incentive fees are payable annually. Incentive fee income is recognized at the conclusion of the contractual performance period, when the uncertainty related to performance has been resolved. Program services fees, or ceding fees, received in exchange for providing access to the U.S. property and casualty insurance market are based on the gross premiums written on behalf of general agent and capacity provider clients. Ceding fees are earned in a manner consistent with the recognition of the gross premiums earned on the underlying insurance policies, generally on a pro rata basis over the terms of the underlying policies reinsured. |
Other Revenues | Other Revenues Effective January 1, 2018, the Company adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , and related amendments, which created a new comprehensive revenue recognition standard, FASB Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers , that serves as a single source of revenue guidance for contracts with customers unless those contracts are within the scope of other standards, such as insurance contracts. ASC 606 is not applicable to the Company's insurance premium revenues or revenues from its investment portfolio but is applicable to most of the Company's other revenues, as described below. Other revenues primarily relate to the Company's Markel Ventures operations and consist of revenues from the sale of products and services. Revenues are recognized when, or as, control of the promised goods or services is transferred to the Company's customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. All contracts with customers either have an original expected length of one year or less or the Company recognizes revenue at the amount for which it has a right to invoice for the products delivered or services performed. Certain customers may receive volume rebates or credits for products and services, which are accounted for as variable consideration. The Company estimates these amounts based on the expected amount to be provided to the customer and reduces revenues recognized by a corresponding amount. The Company does not expect significant changes to its estimates of variable consideration over the term of the contracts. Payment terms for products and services vary by the type of product or service offered and the location of the customer, and payment is typically received at or shortly after the point of sale. For certain products, the Company requires partial payment in the form of a deposit before the products are delivered to the customer, which is included in other liabilities on the Company's consolidated balance sheets. Products revenues are primarily generated from the sale of equipment used in baking systems, portable dredges, over-the-road transportation equipment, flooring for the trucking industry, ornamental plants and residential homes. Most of the Company's product revenues are recognized when the products are shipped to the customer or the products arrive at the agreed upon destination with the end customer. Some of the Company's contracts include multiple performance obligations. For such arrangements, revenues are allocated to each performance obligation based on the relative standalone selling price, which is derived from amounts stated in the contract. Services revenues are primarily generated by delivering healthcare services, retail intelligence and consulting services. Service revenues are generally recognized over the term of the contracts based on hours incurred or as services are provided. Investment management fee income in the Company's insurance-linked securities operations is recognized over the period in which investment management services are provided and is calculated and recognized monthly based on the net asset value of the accounts managed. For certain accounts, the Company is also entitled to participate, on a fixed-percentage basis, in any net income generated in excess of an agreed-upon threshold as established by the underlying investment management agreements. In general, net income is calculated at the end of each calendar year and incentive fees are payable annually. Incentive fee income is recognized at the conclusion of the contractual performance period, when the uncertainty related to performance has been resolved. Program services fees, or ceding fees, received in exchange for providing access to the U.S. property and casualty insurance market are based on the gross premiums written on behalf of general agent and capacity provider clients. Ceding fees are earned in a manner consistent with the recognition of the gross premiums earned on the underlying insurance policies, generally on a pro rata basis over the terms of the underlying policies reinsured. |
Program Services | Program Services. In connection with its program services business, the Company enters into contractual agreements with both producing general agents and reinsurers, whereby the general agents and reinsurers are typically obligated to each other for payment of insurance amounts, including premiums, commissions and losses. To the extent these funds are not the obligation of the Company and are settled directly between the general agent and the reinsurer, no receivables or payables are recorded for these amounts. All obligations of the Company's insurance subsidiaries owed to or on behalf of their policyholders are recorded by the Company and, to the extent appropriate, offsetting reinsurance recoverables are recorded. |
Stock-based Compensation | Stock-based Compensation. Stock-based compensation expense is generally recognized as part of underwriting, acquisition and insurance expenses over the requisite service period. Stock-based compensation expense, net of taxes, was $24.6 million in 2019 , $13.0 million in 2018 and $11.9 million in 2017 . |
Foreign Currency Transactions | Foreign Currency Transactions. The U.S. Dollar is the Company’s reporting currency and the primary functional currency of its foreign underwriting operations. The functional currencies of the Company's other foreign operations are the currencies of the primary economic environments in which the majority of their business is transacted. Foreign currency transaction gains and losses are the result of exchange rate changes on transactions denominated in currencies other than the functional currency at each foreign entity. Monetary assets and liabilities are remeasured to the functional currency at current exchange rates, with resulting gains and losses included in net foreign exchange gains within net income. Non-monetary assets and liabilities are remeasured to the functional currency at historic exchange rates. Available-for-sale securities are recorded at fair value with resulting gains and losses, including the portion attributable to movements in exchange rates, included in the change in net unrealized gains on available-for-sale investments, net of taxes within other comprehensive income. While we attempt to naturally hedge our exposure to foreign currency fluctuations by matching assets and liabilities in the same currencies, there is a financial statement mismatch between the gains or losses recorded in net income related to insurance reserves denominated in non-functional currencies and the gains or losses recorded in other comprehensive income related to the available-for-sale securities held in non-functional currencies supporting the reserves. Assets and liabilities of foreign operations denominated in a functional currency other than the U.S. Dollar are translated into the U.S. Dollar at current exchange rates, with resulting gains or losses included, net of taxes, in the change in foreign currency translation adjustments within other comprehensive income. Historically, the Company also designated certain additional currencies, including the British Pound Sterling, the Euro, and the Canadian Dollar, as functional currencies within its foreign underwriting operations that were deemed to contain distinct and separable operations in those foreign economic environments. However, over time the Company’s foreign underwriting operations have evolved and are now managed on a global basis. Effective January 1, 2018, management reassessed its functional currency determination as required by ASC 830, Foreign Currency Matters , and concluded that its foreign underwriting operations have evolved to function as an extension, or integral component, of the Company’s global underwriting operations, and are no longer deemed to contain distinct and separable operations. As a result, more foreign currency denominated transactions are designated as non-functional, with related remeasurement gains and losses included in net income. The change in the Company’s functional currency determination has been applied on a prospective basis in accordance with ASC 830. Therefore, any translation gains and losses that were previously recorded in accumulated other comprehensive income through December 31, 2017 remain unchanged through December 31, 2019. |
Derivative Financial Instruments | Derivative Financial Instruments. Derivative instruments, including derivative instruments resulting from hedging activities, are measured at fair value and recognized as either assets or liabilities on the consolidated balance sheets. The changes in fair value of derivatives are recognized in earnings. |
Comprehensive Income | Comprehensive Income. Comprehensive income represents all changes in equity that result from recognized transactions and other economic events during the period. Other comprehensive income refers to revenues, expenses, gains and losses that under U.S. GAAP are included in comprehensive income but excluded from net income, such as unrealized gains or losses on available-for-sale investments, foreign currency translation adjustments and changes in net actuarial pension loss. |
Net Income Per Share | Net Income Per Share. Basic net income per share is computed by dividing adjusted net income to shareholders by the weighted average number of common shares outstanding during the year. Diluted net income per share is computed by dividing adjusted net income to shareholders by the weighted average number of common shares and dilutive potential common shares outstanding during the year. |
Variable Interest Entities | Variable Interest Entities. The Company determines whether it has relationships with entities defined as VIEs in accordance with ASC 810, Consolidation . Under this guidance, a VIE is consolidated by the variable interest holder that is determined to be the primary beneficiary. An entity in which the Company holds a variable interest is a VIE if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) as a group, the holders of equity investment at risk lack either the direct or indirect ability through voting rights or similar rights to make decisions about an entity's activities that most significantly impact the entity's economic performance or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some investors are disproportionate to their obligation to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity's activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. The primary beneficiary is defined as the variable interest holder that is determined to have the controlling financial interest as a result of having both (a) the power to direct the activities of a VIE that most significantly impact the economic performance of the VIE and (b) the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. The Company determines whether an entity is a VIE at the inception of its variable interest in the entity and upon the occurrence of certain reconsideration events. The Company continually reassesses whether it is the primary beneficiary of VIEs in which it holds a variable interest. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements. Accounting Standards Adopted in 2019 Effective January 1, 2019, the Company adopted FASB ASU No. 2016-02, Leases (Topic 842) and several other ASUs that were issued as amendments to ASU No. 2016-02, which require lessees to record most leases in their balance sheets as a lease liability with a corresponding right-of-use asset, but continue to recognize the related rent expense within net income. The Company elected to apply the optional transition method, under which an entity initially applies the new lease standard to existing leases at the beginning of the period of adoption. The Company continues to apply the previous guidance to 2018 and prior periods. The Company also elected the package of practical expedients permitted under the transition guidance within the new standard, which, among other things, allowed companies to carry forward their historical lease classification. As a result of adopting ASU No. 2016-02, the Company recorded a right-of-use lease asset and a lease liability of $243.7 million and $264.6 million , respectively as of January 1, 2019. ASU No. 2016-02 also requires expanded lease disclosures, which are included in note 7 . Adoption of this standard did not have a material impact on the Company’s results of operations or cash flows. The following ASU issued by the FASB is relevant to the Company's operations and was adopted effective January 1, 2019. This ASU did not have a material impact on the Company's financial position, results of operations or cash flows: • ASU No. 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities Accounting Standards Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The FASB subsequently issued several ASUs as amendments to ASU No. 2016-13. The standard replaces the current incurred loss model used to measure impairment losses with a current expected credit loss (CECL) model for financial instruments measured at amortized cost, including reinsurance recoverables and trade receivables. For available-for-sale fixed maturities, which are measured at fair value, the ASU requires entities to record impairments as an allowance, rather than a reduction of the amortized cost, as is currently required under the other-than-temporary impairment model. ASU No. 2016-13 becomes effective for the Company during the first quarter of 2020 and will be applied using a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of January 1, 2020. Application of the CECL model will not impact the Company's investment portfolio, none of which is measured at amortized cost, but will impact certain of the Company's other financial assets, including its reinsurance recoverables and receivables. The adjustment to retained earnings at January 1, 2020 will not be material. Upon adoption of this ASU, any impairment losses on the Company's available-for-sale fixed maturities will be recorded as an allowance, subject to reversal, rather than as a reduction in amortized cost. None of these changes are expected to have a material impact on the Company's financial position, results of operations or cash flows. In August 2018, the FASB issued ASU No. 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. The ASU requires insurance entities with long duration contracts to: (1) review and, if there is a change, update the assumptions used to measure cash flows at least annually, as well as update the discount rate assumption at each reporting date; (2) measure all market risk benefits associated with deposit (or account balance) contracts at fair value; and (3) disclose liability rollforwards and information about significant inputs, judgments, assumptions and methods used in measurement, including changes thereto and the effect of those changes on measurement. In November 2019, the FASB issued ASU No. 2019-09, Financial Services—Insurance (Topic 944): Effective Date , which deferred the effective date of ASU No. 2018-12 for the Company until the first quarter of 2022. ASU No. 2018-12 will, among other things, impact the discount rate used in estimating reserves for the Company’s life and annuity reinsurance portfolio, which is in runoff. Currently, the discount rate assumption is locked-in for the life of the contracts, unless there is a loss recognition event. The Company is currently evaluating ASU No. 2018-12 to determine the impact that adopting this standard will have on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal-use software license. The ASU requires an entity to expense the implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. Currently, such costs are generally expensed as incurred. ASU No. 2018-15 becomes effective for the Company during the first quarter of 2020 and will be applied on a prospective basis. Adoption of this ASU is not expected to have a material impact on the Company's financial position, results of operations or cash flows. The following ASUs issued by the FASB are also relevant to the Company's operations and are not yet effective. These ASUs are not expected to have a material impact on the Company's financial position, results of operations or cash flows: • ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement • ASU No. 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans • ASU No. 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities • ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-For-Sale Investments | The following tables summarize the Company's available-for-sale investments. Commercial and residential mortgage-backed securities include securities issued by U.S. government-sponsored enterprises and U.S. government agencies. The net unrealized holding gains in the tables below are presented before taxes and any reserve deficiency adjustments for life and annuity benefit reserves. See note 12 . December 31, 2019 (dollars in thousands) Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Fixed maturities: U.S. Treasury securities $ 282,305 $ 2,883 $ (402 ) $ 284,786 U.S. government-sponsored enterprises 318,831 23,949 (200 ) 342,580 Obligations of states, municipalities and political subdivisions 3,954,779 235,915 (812 ) 4,189,882 Foreign governments 1,415,639 135,763 (9,398 ) 1,542,004 Commercial mortgage-backed securities 1,761,777 57,450 (1,382 ) 1,817,845 Residential mortgage-backed securities 855,641 32,949 (517 ) 888,073 Asset-backed securities 11,042 28 (22 ) 11,048 Corporate bonds 848,826 47,551 (1,686 ) 894,691 Total fixed maturities 9,448,840 536,488 (14,419 ) 9,970,909 Short-term investments 1,194,953 1,355 (60 ) 1,196,248 Investments, available-for-sale $ 10,643,793 $ 537,843 $ (14,479 ) $ 11,167,157 December 31, 2018 (dollars in thousands) Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Fixed maturities: U.S. Treasury securities $ 248,286 $ 308 $ (1,952 ) $ 246,642 U.S. government-sponsored enterprises 357,765 5,671 (4,114 ) 359,322 Obligations of states, municipalities and political subdivisions 4,285,068 96,730 (28,868 ) 4,352,930 Foreign governments 1,482,826 98,356 (21,578 ) 1,559,604 Commercial mortgage-backed securities 1,691,572 3,154 (44,527 ) 1,650,199 Residential mortgage-backed securities 886,501 6,170 (12,499 ) 880,172 Asset-backed securities 19,614 7 (213 ) 19,408 Corporate bonds 979,141 13,234 (17,464 ) 974,911 Total fixed maturities 9,950,773 223,630 (131,215 ) 10,043,188 Short-term investments 1,080,027 443 (2,774 ) 1,077,696 Investments, available-for-sale $ 11,030,800 $ 224,073 $ (133,989 ) $ 11,120,884 |
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. December 31, 2019 Less than 12 months 12 months or longer Total (dollars in thousands) Estimated Fair Value Gross Estimated Fair Value Gross Estimated Fair Value Gross Losses Fixed maturities: U.S. Treasury securities $ 36,862 $ (361 ) $ 46,518 $ (41 ) $ 83,380 $ (402 ) U.S. government-sponsored enterprises 24,148 (197 ) 2,868 (3 ) 27,016 (200 ) Obligations of states, municipalities and political subdivisions 127,836 (702 ) 6,830 (110 ) 134,666 (812 ) Foreign governments 162,907 (3,393 ) 159,888 (6,005 ) 322,795 (9,398 ) Commercial mortgage-backed securities 202,530 (1,126 ) 33,853 (256 ) 236,383 (1,382 ) Residential mortgage-backed securities 11,706 (66 ) 58,162 (451 ) 69,868 (517 ) Asset-backed securities — — 3,632 (22 ) 3,632 (22 ) Corporate bonds 41,847 (1,287 ) 40,274 (399 ) 82,121 (1,686 ) Total fixed maturities 607,836 (7,132 ) 352,025 (7,287 ) 959,861 (14,419 ) Short-term investments 3,316 (60 ) — — 3,316 (60 ) Total $ 611,152 $ (7,192 ) $ 352,025 $ (7,287 ) $ 963,177 $ (14,479 ) December 31, 2018 Less than 12 months 12 months or longer Total (dollars in thousands) Estimated Fair Value Gross Estimated Fair Value Gross Estimated Fair Value Gross Fixed maturities: U.S. Treasury securities $ 2,922 $ (83 ) $ 156,352 $ (1,869 ) $ 159,274 $ (1,952 ) U.S. government-sponsored enterprises 88,854 (1,923 ) 96,337 (2,191 ) 185,191 (4,114 ) Obligations of states, municipalities and political subdivisions 656,573 (12,455 ) 453,736 (16,413 ) 1,110,309 (28,868 ) Foreign governments 419,764 (14,461 ) 84,776 (7,117 ) 504,540 (21,578 ) Commercial mortgage-backed securities 653,410 (10,128 ) 709,971 (34,399 ) 1,363,381 (44,527 ) Residential mortgage-backed securities 276,777 (3,685 ) 242,949 (8,814 ) 519,726 (12,499 ) Asset-backed securities 1,645 (11 ) 17,030 (202 ) 18,675 (213 ) Corporate bonds 313,164 (10,965 ) 222,761 (6,499 ) 535,925 (17,464 ) Total fixed maturities 2,413,109 (53,711 ) 1,983,912 (77,504 ) 4,397,021 (131,215 ) Short-term investments 197,643 (2,774 ) — — 197,643 (2,774 ) Total $ 2,610,752 $ (56,485 ) $ 1,983,912 $ (77,504 ) $ 4,594,664 $ (133,989 ) |
Schedule Of Amortized Cost And Estimated Fair Value Of Fixed Maturities By Contractual Maturity | The amortized cost and estimated fair value of fixed maturities at December 31, 2019 are shown below by contractual maturity. (dollars in thousands) Amortized Cost Estimated Fair Value Due in one year or less $ 337,917 $ 333,759 Due after one year through five years 1,256,079 1,289,760 Due after five years through ten years 2,157,624 2,274,569 Due after ten years 3,068,760 3,355,855 6,820,380 7,253,943 Commercial mortgage-backed securities 1,761,777 1,817,845 Residential mortgage-backed securities 855,641 888,073 Asset-backed securities 11,042 11,048 Total fixed maturities $ 9,448,840 $ 9,970,909 |
Components Of Net Investment Income | The following table presents the components of net investment income . Years Ended December 31, (dollars in thousands) 2019 2018 2017 Interest: Municipal bonds (tax-exempt) $ 71,351 $ 80,016 $ 87,768 Municipal bonds (taxable) 72,818 73,058 70,771 Other taxable bonds 162,861 159,329 145,085 Short-term investments, including overnight deposits 50,425 48,765 26,772 Dividends on equity securities 100,222 90,840 82,096 Income (loss) from equity method investments 4,368 (1,924 ) 11,076 Other 5,338 881 (828 ) 467,383 450,965 422,740 Investment expenses (15,495 ) (16,750 ) (17,031 ) Net investment income $ 451,888 $ 434,215 $ 405,709 |
Summary Of Net Realized Investment Gains (Losses) And The Change In Net Unrealized Gains On Investments | The following table presents net investment gains (losses) and the change in net unrealized gains included in other comprehensive income (loss). Years Ended December 31, (dollars in thousands) 2019 2018 2017 Realized gains: Sales and maturities of fixed maturities $ 6,851 $ 4,221 $ 5,525 Sales of equity securities (1) — — 40,113 Sales and maturities of short-term investments 1,457 1,604 — Other 400 1,281 6,644 Total realized gains 8,708 7,106 52,282 Realized losses: Sales and maturities of fixed maturities (2,848 ) (5,768 ) (1,983 ) Sales of equity securities (1) — — (1,830 ) Sales and maturities of short-term investments (2,999 ) (10,545 ) (699 ) Other-than-temporary impairments — — (7,589 ) Other (4,343 ) (2,767 ) (596 ) Total realized losses (10,190 ) (19,080 ) (12,697 ) Net realized investment gains (losses) (1,482 ) (11,974 ) 39,585 Change in fair value of equity securities: (1) Equity securities sold during the period 38,291 20,177 6,989 Equity securities held at the end of the period 1,564,913 (445,799 ) (51,877 ) Change in fair value of equity securities (1) 1,603,204 (425,622 ) (44,888 ) Net investment gains (losses) $ 1,601,722 $ (437,596 ) $ (5,303 ) Change in net unrealized gains included in other comprehensive income (loss): Fixed maturities $ 429,654 $ (297,158 ) $ 89,741 Equity securities (1) — — 1,035,793 Short-term investments 3,626 (2,288 ) (94 ) Reserve deficiency adjustment for life and annuity benefit reserves (see note 12) (51,390 ) — — Net increase (decrease) $ 381,890 $ (299,446 ) $ 1,125,440 (1) Effective January 1, 2018, the Company adopted ASU No. 2016-01. As a result, equity securities are no longer classified as available-for-sale with unrealized gains and losses recognized in other comprehensive income; rather, all changes in the fair value of equity securities are now recognized in net income. Prior periods have not been restated to conform to the current presentation. Prior to adopting ASU No. 2016-01, the Company recorded certain investments in equity securities at estimated fair value with changes in fair value recorded in net income. |
Schedule of Restricted Assets [Table Text Block] | Total restricted assets are included on the Company's consolidated balance sheets as follows. December 31, (dollars in thousands) 2019 2018 Investments $ 4,134,164 $ 4,781,566 Restricted cash and cash equivalents 427,546 382,264 Total $ 4,561,710 $ 5,163,830 |
Components Of Restricted Assets | The following table presents the components of restricted assets. December 31, (dollars in thousands) 2019 2018 Assets held in trust or on deposit to support underwriting activities $ 4,155,621 $ 4,780,613 Assets pledged as security for letters of credit 406,089 383,217 Total $ 4,561,710 $ 5,163,830 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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. December 31, 2019 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Investments: Fixed maturities, available-for-sale: U.S. Treasury securities $ — $ 284,786 $ — $ 284,786 U.S. government-sponsored enterprises — 342,580 — 342,580 Obligations of states, municipalities and political subdivisions — 4,189,882 — 4,189,882 Foreign governments — 1,542,004 — 1,542,004 Commercial mortgage-backed securities — 1,817,845 — 1,817,845 Residential mortgage-backed securities — 888,073 — 888,073 Asset-backed securities — 11,048 — 11,048 Corporate bonds — 894,691 — 894,691 Total fixed maturities, available-for-sale — 9,970,909 — 9,970,909 Equity securities: Insurance, banks and other financial institutions 2,463,190 — 45,992 2,509,182 Industrial, consumer and all other 5,081,573 — — 5,081,573 Total equity securities 7,544,763 — 45,992 7,590,755 Short-term investments, available-for-sale 1,093,799 102,449 — 1,196,248 Total investments $ 8,638,562 $ 10,073,358 $ 45,992 $ 18,757,912 December 31, 2018 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Investments: Fixed maturities, available-for-sale: U.S. Treasury securities $ — $ 246,642 $ — $ 246,642 U.S. government-sponsored enterprises — 359,322 — 359,322 Obligations of states, municipalities and political subdivisions — 4,352,930 — 4,352,930 Foreign governments — 1,559,604 — 1,559,604 Commercial mortgage-backed securities — 1,650,199 — 1,650,199 Residential mortgage-backed securities — 880,172 — 880,172 Asset-backed securities — 19,408 — 19,408 Corporate bonds — 974,911 — 974,911 Total fixed maturities, available-for-sale — 10,043,188 — 10,043,188 Equity securities: Insurance, banks and other financial institutions 1,876,811 — 53,728 1,930,539 Industrial, consumer and all other 3,790,406 — — 3,790,406 Total equity securities 5,667,217 — 53,728 5,720,945 Short-term investments, available-for-sale 981,616 96,080 — 1,077,696 Total investments $ 6,648,833 $ 10,139,268 $ 53,728 $ 16,841,829 |
Summary Of Changes In Level 3 Investments Measured At Fair Value On A Recurring Basis | The following table summarizes changes in Level 3 investments measured at fair value on a recurring basis. (dollars in thousands) 2019 2018 Equity securities, beginning of period $ 53,728 $ 168,809 Purchases 500 28,900 Sales (9,448 ) (35,335 ) Net investment gains (losses) on Level 3 investments 1,212 (108,646 ) Transfers into Level 3 — — Transfers out of Level 3 — — Equity securities, end of period $ 45,992 $ 53,728 |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Components Of Receivables | The following table presents the components of receivables. December 31, (dollars in thousands) 2019 2018 Amounts receivable from agents, brokers and insureds $ 1,424,881 $ 1,327,549 Trade accounts receivable 259,062 226,282 Other 182,582 154,273 1,866,525 1,708,104 Allowance for doubtful receivables (18,723 ) (15,578 ) Receivables $ 1,847,802 $ 1,692,526 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components Of Goodwill | The following table presents a rollforward of the components of goodwill by reportable segment. (dollars in thousands) Insurance Reinsurance Markel Ventures Other (1) Total January 1, 2018 $ 771,821 $ 122,745 $ 424,981 $ 457,917 $ 1,777,464 Acquisitions (see note 2) — — 73,174 474,901 548,075 Impairment of goodwill — — — (91,910 ) (91,910 ) Foreign currency movements and other adjustments (2) (1,637 ) — (817 ) 6,800 4,346 December 31, 2018 (3) $ 770,184 $ 122,745 $ 497,338 $ 847,708 $ 2,237,975 Acquisitions (see note 2) — — 118,878 — 118,878 Foreign currency movements and other adjustments (2) 1,263 — (9,439 ) (40,129 ) (48,305 ) December 31, 2019 (3) $ 771,447 $ 122,745 $ 606,777 $ 807,579 $ 2,308,548 (1) Amounts included in Other reflect the Company's operations that are not included in a reportable segment. (2) Foreign currency movements and other adjustments includes adjustments to goodwill resulting from changes to the preliminary purchase price allocation, if any, for acquisitions that occurred in the prior year. (3) As of December 31, 2019 and 2018 , goodwill was net of accumulated impairment losses of $139.2 million , of which $91.9 million was in Other and $47.3 million was in Markel Ventures. |
Components of Net Intangible Assets | The following table presents a rollforward of the components of net intangible assets. (dollars in thousands) Underwriting (1) Markel Ventures Other (2) Total January 1, 2018 $ 537,957 $ 400,589 $ 417,135 $ 1,355,681 Acquisitions (see note 2) 1,538 85,736 521,071 608,345 Amortization of intangible assets (44,464 ) (40,208 ) (31,258 ) (115,930 ) Impairment of intangible assets (4,431 ) (14,904 ) (87,953 ) (107,288 ) Foreign currency movements and other adjustments (3) (1,512 ) 244 (13,344 ) (14,612 ) December 31, 2018 $ 489,088 $ 431,457 $ 805,651 $ 1,726,196 Acquisitions (see note 2) 41,506 71,629 — 113,135 Amortization of intangible assets (39,667 ) (41,973 ) (66,998 ) (148,638 ) Foreign currency movements and other adjustments (3) (6,767 ) 12,009 42,539 47,781 December 31, 2019 $ 484,160 $ 473,122 $ 781,192 $ 1,738,474 (1) Amounts included in Underwriting reflect the intangible assets associated with the Company's underwriting segments, which are not allocated between the Insurance and Reinsurance segments. (2) Amounts included in Other reflect the Company's operations that are not included in a reportable segment. (3) Foreign currency movements and other adjustments include adjustments to intangible assets resulting from changes to the preliminary purchase price allocation, if any, for acquisitions that occurred in the prior year. |
Components Of Intangible Assets | The following table presents the components of intangible assets. December 31, 2019 2018 (dollars in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer relationships $ 1,021,427 $ (267,580 ) $ 953,739 $ (204,261 ) Investment management agreements 468,000 (33,345 ) 441,000 — Broker relationships 206,249 (89,234 ) 204,367 (78,559 ) Trade names 208,959 (68,961 ) 193,154 (62,827 ) Technology 113,389 (60,611 ) 109,208 (47,090 ) Agent relationships 92,000 (16,355 ) 92,000 (10,175 ) Insurance licenses 74,635 — 74,635 — Renewal rights 21,449 (19,366 ) 21,053 (18,272 ) Other 151,978 (64,160 ) 107,441 (49,217 ) Total $ 2,358,086 $ (619,612 ) $ 2,196,597 $ (470,401 ) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule Of Supplemental Balance Sheet Information Related to Leases | The following table summarizes details for the Company's operating leases recorded on the consolidated balance sheet as of December 31, 2019 . (dollars in thousands) Right-of-use lease assets $ 232,717 Lease liabilities $ 262,139 Weighted average remaining lease term 8.5 years Weighted average discount rate 3.3 % |
Maturities of Operating Lease Liabilities | The table below summarizes maturities of the Company’s operating lease liabilities as of December 31, 2019 , which reconciles to total lease liabilities included in other liabilities on the Company’s consolidated balance sheet. Years Ending December 31, (dollars in thousands) 2020 $ 49,529 2021 45,463 2022 39,519 2023 34,095 2024 26,989 2025 and thereafter 107,410 Total lease payments 303,005 Less imputed interest (40,866 ) Total operating lease liabilities $ 262,139 |
Segment Reporting Disclosures (
Segment Reporting Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Company's Segment Disclosures | The following tables summarize the Company's segment disclosures. Year Ended December 31, 2019 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures (1) Other (2) Consolidated Gross premium volume $ 5,320,253 $ 1,114,153 $ — $ — $ 2,345,565 $ 8,779,971 Net written premiums 4,444,702 964,947 — — 2,422 5,412,071 Earned premiums 4,144,073 903,587 — — 2,133 5,049,793 Losses and loss adjustment expenses: Current accident year (2,730,971 ) (695,470 ) — — — (3,426,441 ) Prior accident years 462,124 64,768 — — 8,359 535,251 Amortization of policy acquisition costs (860,917 ) (239,579 ) — — — (1,100,496 ) Other operating expenses (704,531 ) (73,305 ) — — 239 (777,597 ) Underwriting profit (loss) 309,778 (39,999 ) — — 10,731 280,510 Net investment income — — 451,152 736 — 451,888 Net investment gains — — 1,601,722 — — 1,601,722 Products revenues — — — 1,609,586 — 1,609,586 Services and other revenues — — — 444,698 368,504 813,202 Products expenses — — — (1,455,245 ) — (1,455,245 ) Services and other expenses — — — (389,385 ) (286,294 ) (675,679 ) Amortization of intangible assets (3) — — — (41,973 ) (106,665 ) (148,638 ) Segment profit (loss) $ 309,778 $ (39,999 ) $ 2,052,874 $ 168,417 $ (13,724 ) $ 2,477,346 Interest expense (171,687 ) Net foreign exchange losses (2,265 ) Loss on early extinguishment of debt (17,586 ) Income before income taxes $ 2,285,808 U.S. GAAP combined ratio (4) 93 % 104 % NM (5) 94 % (1) Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $53.6 million for the year ended December 31, 2019 . (2) Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment as well as any amortization of intangible assets and impairment of goodwill and intangible assets that are not allocated to a reportable segment. (3) Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's underwriting segments. (4) The U.S. GAAP combined ratio is a measure of underwriting performance and represents the relationship of incurred losses, loss adjustment expenses and underwriting, acquisition and insurance expenses to earned premiums. (5) NM - Ratio is not meaningful Year Ended December 31, 2018 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures (1) Other (2) Consolidated Gross premium volume $ 4,749,166 $ 1,050,870 $ — $ — $ 2,064,433 $ 7,864,469 Net written premiums 3,904,773 882,285 — — 520 4,787,578 Earned premiums 3,783,939 928,574 — — (453 ) 4,712,060 Losses and loss adjustment expenses: Current accident year (2,596,057 ) (775,642 ) — — — (3,371,699 ) Prior accident years 502,260 42,982 — — 5,742 550,984 Amortization of policy acquisition costs (770,183 ) (239,120 ) — — — (1,009,303 ) Other operating expenses (691,186 ) (75,081 ) — — (1,941 ) (768,208 ) Underwriting profit (loss) 228,773 (118,287 ) — — 3,348 113,834 Net investment income — — 433,702 513 — 434,215 Net investment losses — — (437,596 ) — — (437,596 ) Products revenues — — — 1,497,523 — 1,497,523 Services and other revenues — — — 414,542 220,541 635,083 Products expenses — — — (1,413,248 ) — (1,413,248 ) Services and other expenses — — — (366,739 ) (108,185 ) (474,924 ) Amortization of intangible assets (3) — — — (40,208 ) (75,722 ) (115,930 ) Impairment of goodwill and intangible assets — — — (14,904 ) (184,294 ) (199,198 ) Segment profit (loss) $ 228,773 $ (118,287 ) $ (3,894 ) $ 77,479 $ (144,312 ) $ 39,759 Interest expense (154,212 ) Net foreign exchange gains 106,598 Loss before income taxes $ (7,855 ) U.S. GAAP combined ratio (4) 94 % 113 % NM (5) 98 % (1) Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $52.2 million for the year ended December 31, 2018 . (2) Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment as well as any amortization of intangible assets that is not allocated to a reportable segment. (3) Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's underwriting segments. (4) The U.S. GAAP combined ratio is a measure of underwriting performance and represents the relationship of incurred losses, loss adjustment expenses and underwriting, acquisition and insurance expenses to earned premiums. (5) NM - Ratio is not meaningful Year Ended December 31, 2017 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures (1) Other (2) Consolidated Gross premium volume $ 4,141,201 $ 1,112,101 $ — $ — $ 253,658 $ 5,506,960 Net written premiums 3,439,796 978,160 — — (169 ) 4,417,787 Earned premiums 3,314,033 934,114 — — (169 ) 4,247,978 Losses and loss adjustment expenses: Current accident year (2,442,344 ) (924,879 ) — — — (3,367,223 ) Prior accident years 500,627 (7,803 ) — — 8,638 501,462 Amortization of policy acquisition costs (675,470 ) (218,883 ) — — — (894,353 ) Other operating expenses (611,749 ) (82,567 ) — — (795 ) (695,111 ) Underwriting profit (loss) 85,097 (300,018 ) — — 7,674 (207,247 ) Net investment income — — 405,377 332 — 405,709 Net investment losses — — (5,303 ) — — (5,303 ) Products revenues — — — 951,012 — 951,012 Services and other revenues — — — 382,268 79,995 462,263 Products expenses — — — (850,449 ) — (850,449 ) Services and other expenses — — — (336,484 ) (122,137 ) (458,621 ) Amortization of intangible assets (3) — — — (31,429 ) (49,329 ) (80,758 ) Segment profit (loss) $ 85,097 $ (300,018 ) $ 400,074 $ 115,250 $ (83,797 ) $ 216,606 Interest expense (132,451 ) Net foreign exchange gains 3,140 Income before income taxes $ 87,295 U.S. GAAP combined ratio (4) 97 % 132 % NM (5) 105 % (1) Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $41.7 million for the year ended December 31, 2017 . (2) Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment as well as any amortization of intangible assets and impairment of goodwill and intangible assets that are not allocated to a reportable segment. (3) Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's underwriting segments. (4) The U.S. GAAP combined ratio is a measure of underwriting performance and represents the relationship of incurred losses, loss adjustment expenses and underwriting, acquisition and insurance expenses to earned premiums. (5) NM - Ratio is not meaningful |
Summary Of Deferred Policy Acquisition Costs, Unearned Premiums And Unpaid Losses And Loss Adjustment Expenses | The following table summarizes deferred policy acquisition costs, unearned premiums and unpaid losses and loss adjustment expenses. (dollars in thousands) Deferred Policy Acquisition Costs Unearned Premiums Unpaid Losses and Loss Adjustment Expenses December 31, 2019 Insurance segment $ 392,774 $ 2,356,875 $ 8,119,046 Reinsurance segment 173,268 677,260 3,395,459 Other underwriting — — 298,062 Total Underwriting 566,042 3,034,135 11,812,567 Program services and other — 1,023,592 2,916,109 Total $ 566,042 $ 4,057,727 $ 14,728,676 December 31, 2018 Insurance segment $ 315,363 $ 2,031,140 $ 7,947,772 Reinsurance segment 159,150 630,435 3,425,751 Other underwriting — — 386,329 Total Underwriting 474,513 2,661,575 11,759,852 Program services and other — 949,453 2,516,627 Total $ 474,513 $ 3,611,028 $ 14,276,479 |
Summary Of Segment Earned Premiums By Product | The following table summarizes earned premiums by major product grouping. Years Ended December 31, (dollars in thousands) 2019 2018 2017 Insurance segment: General liability $ 1,039,617 $ 889,543 $ 764,956 Professional liability 814,587 701,867 628,878 Property 364,830 369,116 365,513 Marine and energy 391,464 376,747 312,282 Personal lines 378,522 374,543 382,761 Programs 294,418 288,398 273,954 Workers' compensation 349,770 329,690 319,679 Other products 510,865 454,035 266,010 Total Insurance 4,144,073 3,783,939 3,314,033 Reinsurance segment: Property 201,486 233,195 321,178 Casualty 408,368 360,739 327,912 Specialty 293,733 334,640 285,024 Total Reinsurance 903,587 928,574 934,114 Other 2,133 (453 ) (169 ) Total earned premiums $ 5,049,793 $ 4,712,060 $ 4,247,978 |
Summary of Gross Written Premiums by Country [Table Text Block] | The following table summarizes the Company's gross written premiums by country. Gross written premiums are attributed to individual countries based upon location of risk or cedent. Years Ended December 31, (dollars in thousands) 2019 % of Total 2018 % of Total 2017 % of Total United States $ 5,172,074 81 % $ 4,587,486 79 % $ 4,163,753 79 % United Kingdom 458,370 7 471,818 8 374,941 7 Canada 151,606 2 127,546 2 132,018 3 Other countries 652,277 10 612,146 11 582,395 11 Total Underwriting 6,434,327 100 % 5,798,996 100 % 5,253,107 100 % United States - Program services and other 2,345,644 2,065,473 253,853 Total $ 8,779,971 $ 7,864,469 $ 5,506,960 |
Reconciliation Of Segment Assets To The Company's Consolidated Balance Sheets | The following table reconciles segment assets to the Company's consolidated balance sheets. December 31, (dollars in thousands) 2019 2018 2017 Segment assets: Investing $ 22,129,633 $ 19,100,790 $ 20,317,160 Underwriting 6,621,639 6,451,984 6,828,048 Markel Ventures 2,550,835 2,124,506 1,900,728 Total segment assets 31,302,107 27,677,280 29,045,936 Other operations 6,171,708 5,628,983 3,759,080 Total assets $ 37,473,815 $ 33,306,263 $ 32,805,016 |
Products, Services and Other _2
Products, Services and Other Revenues (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule Of Revenues From Contracts With Customers By Type | The following table disaggregates revenues from contracts with customers by type, all of which are included in products revenues and services and other revenues in the consolidated statements of income (loss) and comprehensive income (loss) . Years Ended December 31, 2019 2018 2017 (dollars in thousands) Markel Ventures Other Total Markel Ventures Other Total Markel Ventures Other Total Products $ 1,558,265 $ — $ 1,558,265 $ 1,452,332 $ — $ 1,452,332 $ 902,739 $ — $ 902,739 Services 392,680 97,447 490,127 367,572 33,236 400,808 339,430 34,746 374,176 Investment management — 150,864 150,864 — 91,527 91,527 — 28,740 28,740 Total revenues from contracts with customers 1,950,945 248,311 2,199,256 1,819,904 124,763 1,944,667 1,242,169 63,486 1,305,655 Program services and other fronting — 116,376 116,376 — 94,118 94,118 — 14,487 14,487 Other 103,339 3,817 107,156 92,161 1,660 93,821 91,111 2,022 93,133 Total $ 2,054,284 $ 368,504 $ 2,422,788 $ 1,912,065 $ 220,541 $ 2,132,606 $ 1,333,280 $ 79,995 $ 1,413,275 |
Schedule of Receivables And Customer Deposits Related To Contracts With Customers | The following table presents receivables and customer deposits related to our contracts with customers. (dollars in thousands) December 31, 2019 December 31, 2018 Receivables $ 263,904 $ 247,532 Customer deposits $ 60,623 $ 48,238 |
Unpaid Losses And Loss Adjust_2
Unpaid Losses And Loss Adjustment Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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. Years Ended December 31, (dollars in thousands) 2019 2018 2017 Net reserves for losses and loss adjustment expenses, beginning of year $ 9,214,443 $ 8,964,945 $ 8,108,717 Effect of foreign currency rate changes on beginning of year balance 18,857 (69,119 ) 110,079 Adjusted net reserves for losses and loss adjustment expenses, beginning of year 9,233,300 8,895,826 8,218,796 Incurred losses and loss adjustment expenses: Current accident year 3,426,441 3,371,699 3,367,223 Prior accident years (535,307 ) (551,040 ) (497,627 ) Total incurred losses and loss adjustment expenses 2,891,134 2,820,659 2,869,596 Payments: Current accident year 671,208 666,515 671,112 Prior accident years 1,979,032 1,835,027 1,513,580 Total payments 2,650,240 2,501,542 2,184,692 Effect of foreign currency rate changes on current year activity 1,067 (500 ) 3,752 Net reserves for losses and loss adjustment expenses of acquired insurance companies — — 57,493 Net reserves for losses and loss adjustment expenses, end of year 9,475,261 9,214,443 8,964,945 Reinsurance recoverables on unpaid losses 5,253,415 5,062,036 4,619,336 Gross reserves for losses and loss adjustment expenses, end of year $ 14,728,676 $ 14,276,479 $ 13,584,281 |
Ultimate Incurred Losses And Cumulative Paid Losses And Allocated Loss Adjustment Expenses, Net Of Reinsurance | The Insurance segment table below also includes claim frequency information, by accident year. The Company defines a claim as a single claim incident, per policy, which may include multiple claimants and multiple coverages on a single policy. Claim counts include claims closed without a payment as well as claims where the Company is monitoring to determine if an exposure exists, even if a reserve has not been established. All of the business contained within the Company's Reinsurance segment represents treaty business that is assumed from other insurance or reinsurance companies, for which the Company does not have access to the underlying claim counts. Further, this business includes both quota share and excess of loss treaty reinsurance, through which only a portion of each reported claim results in losses to the Company. As such, the Company has excluded claim count information from the Reinsurance segment disclosures. In 2013, the Company completed the acquisition of Alterra Capital Holdings Limited (Alterra), the results of which are included in both of the Company's reportable segments. Ultimate incurred losses and loss adjustment expenses, net of reinsurance as of December 31, 2013 include outstanding liabilities for losses and loss adjustment expenses of Alterra as of the acquisition date, by accident year, and not in any prior periods. Pre-acquisition data is not available by segment and accident year due in part to the impact of significant intercompany reinsurance contracts. Additionally, Alterra reserves were historically determined on a policy year basis and pre-acquisition data does not exist in a format that can be used to determine accident year. Following the acquisition, ongoing business attributable to Alterra was integrated with the Company's other insurance operations and is not separately tracked. Insurance Segment (dollars in millions) Ultimate Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Total of Incurred-but-Not-Reported Liabilities, Net of Reinsurance Cumulative Number of Reported Claims Unaudited As of December 31, As of December 31, (in thousands) Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 December 31, 2019 2012 $ 1,370.8 $ 1,613.2 $ 1,491.6 $ 1,430.2 $ 1,397.8 $ 1,364.1 $ 1,350.7 $ 1,330.5 $ 101.3 128 2013 1,738.0 1,698.2 1,528.4 1,464.9 1,418.1 1,372.0 1,329.3 126.7 88 2014 1,866.0 1,700.1 1,632.2 1,574.2 1,525.7 1,505.3 138.6 80 2015 1,786.6 1,714.2 1,591.7 1,537.3 1,505.4 197.1 85 2016 1,875.3 1,872.1 1,770.8 1,716.5 297.3 90 2017 2,330.8 2,198.9 2,076.2 422.4 124 2018 2,457.3 2,354.8 904.0 173 2019 2,582.3 1,639.8 181 Total $ 14,400.3 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Unaudited As of December 31, As of December 31, Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2012 $ 233.8 $ 568.6 $ 781.5 $ 939.5 $ 1,055.0 $ 1,119.8 $ 1,153.2 $ 1,180.1 2013 271.8 572.1 780.0 950.5 1,038.9 1,101.3 1,125.1 2014 332.3 659.2 896.5 1,064.7 1,170.5 1,255.3 2015 322.8 666.0 877.7 1,041.9 1,151.9 2016 372.5 753.7 983.7 1,169.8 2017 438.8 992.8 1,286.7 2018 496.7 1,027.8 2019 527.9 Total $ 8,724.6 All outstanding liabilities for unpaid losses and loss adjustment expenses before 2012, net of reinsurance 365.7 Total liabilities for unpaid losses and loss adjustment expenses, net of reinsurance $ 6,041.4 Reinsurance Segment Ultimate Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Total of Incurred-but-Not-Reported Liabilities, Net of Reinsurance Unaudited As of December 31, (dollars in millions) As of December 31, Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 December 31, 2019 2012 $ 73.0 $ 551.7 $ 508.7 $ 486.6 $ 457.8 $ 456.2 $ 448.0 $ 445.1 $ 42.4 2013 588.0 580.3 548.3 534.7 544.8 507.5 489.4 42.7 2014 577.4 564.5 536.4 581.2 559.1 535.4 87.7 2015 527.9 514.0 532.4 523.5 511.9 143.4 2016 522.1 532.1 530.6 529.3 126.6 2017 905.3 938.1 943.1 276.1 2018 759.2 792.5 373.4 2019 678.2 483.1 Total $ 4,924.9 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Unaudited As of December 31, As of December 31, Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2012 $ 4.1 $ 64.7 $ 129.1 $ 184.3 $ 232.0 $ 264.4 $ 289.5 $ 309.5 2013 71.3 155.7 209.9 268.9 301.9 331.9 351.0 2014 98.0 158.1 226.4 274.5 311.8 346.0 2015 63.8 133.4 207.2 258.5 306.2 2016 79.7 170.4 241.5 298.3 2017 158.0 359.5 481.5 2018 87.5 256.7 2019 54.1 Total $ 2,403.3 All outstanding liabilities for unpaid losses and loss adjustment expenses before 2012, net of reinsurance 553.5 Total liabilities for unpaid losses and loss adjustment expenses, net of reinsurance $ 3,075.1 |
Average Annual Percentage Payout Of Incurred Losses By Age (in Years), Net Of Reinsurance | The following table presents supplementary information about average historical claims duration as of December 31, 2019 based on the cumulative incurred and paid losses and allocated loss adjustment expenses presented above. Average Annual Percentage Payout of Incurred Losses by Age (in Years), Net of Reinsurance Unaudited 1 2 3 4 5 6 7 8 Insurance 20.8 % 23.5 % 14.8 % 11.5 % 7.4 % 5.1 % 2.2 % 2.0 % Reinsurance 12.1 % 16.5 % 13.2 % 10.8 % 8.4 % 6.6 % 4.8 % 4.5 % |
Reconciliation Of Net Incurred And Paid Loss Development Tables, By Segment, To The Liability For Losses And Loss Adjustment Expenses In The Consolidated Balance Sheet | The following table reconciles the net incurred and paid loss development tables to the liability for losses and loss adjustment expenses on the consolidated balance sheet. (dollars in thousands) December 31, 2019 Net outstanding liabilities Insurance segment $ 6,041,424 Reinsurance segment 3,075,109 Other underwriting 134,299 Program services and other 2,224 Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance 9,253,056 Reinsurance recoverable on unpaid losses Insurance segment 1,838,552 Reinsurance segment 349,124 Other underwriting 155,714 Program services and other 2,910,025 Total reinsurance recoverable on unpaid losses 5,253,415 Unallocated loss adjustment expenses 264,029 Unamortized discount, net of acquisition fair value adjustments, included in unpaid losses and loss adjustment expenses (41,824 ) 222,205 Total gross liability for unpaid losses and loss adjustment expenses $ 14,728,676 |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Reinsurance Disclosures [Abstract] | |
Effect Of Reinsurance And Retrocessional Reinsurance On Consolidated Premiums Written And Earned | The following tables summarize the effect of reinsurance and retrocessional reinsurance on premiums written and earned. Year Ended December 31, 2019 (dollars in thousands) Direct Assumed Ceded Net Premiums Underwriting: Written $ 5,084,641 $ 1,349,686 $ (1,024,097 ) $ 5,410,230 Earned $ 4,767,836 $ 1,289,375 $ (1,008,970 ) $ 5,048,241 Program services and other: Written 2,256,747 88,897 (2,343,803 ) 1,841 Earned 2,194,671 78,778 (2,271,897 ) 1,552 Consolidated: Written $ 7,341,388 $ 1,438,583 $ (3,367,900 ) $ 5,412,071 Earned $ 6,962,507 $ 1,368,153 $ (3,280,867 ) $ 5,049,793 Year Ended December 31, 2018 (dollars in thousands) Direct Assumed Ceded Net Premiums Underwriting: Written $ 4,562,256 $ 1,236,740 $ (1,013,406 ) $ 4,785,590 Earned $ 4,384,562 $ 1,291,032 $ (964,549 ) $ 4,711,045 Program services and other: Written 2,022,548 42,925 (2,063,485 ) 1,988 Earned 1,850,656 28,581 (1,878,222 ) 1,015 Consolidated: Written $ 6,584,804 $ 1,279,665 $ (3,076,891 ) $ 4,787,578 Earned $ 6,235,218 $ 1,319,613 $ (2,842,771 ) $ 4,712,060 Year Ended December 31, 2017 (dollars in thousands) Direct Assumed Ceded Net Premiums Underwriting: Written $ 3,919,602 $ 1,333,505 $ (835,320 ) $ 4,417,787 Earned $ 3,777,335 $ 1,286,043 $ (815,400 ) $ 4,247,978 Program services and other: Written 252,865 988 (253,853 ) — Earned 291,287 1,352 (292,639 ) — Consolidated: Written $ 4,172,467 $ 1,334,493 $ (1,089,173 ) $ 4,417,787 Earned $ 4,068,622 $ 1,287,395 $ (1,108,039 ) $ 4,247,978 |
Effect of Reinsurance And Retrocessional Reinsurance on Incurred 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. Years ended December 31, (dollars in thousands) 2019 2018 2017 Gross $ 3,447,186 $ 3,530,790 $ 3,722,604 Ceded (556,618 ) (710,568 ) (856,843 ) Net losses and loss adjustment expenses $ 2,890,568 $ 2,820,222 $ 2,865,761 |
Life And Annuity Benefits (Tabl
Life And Annuity Benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Liability for Future Policy Benefit, before Reinsurance [Abstract] | |
Schedule Of Life And Annuity Benefits | The following table presents life and annuity benefits. December 31, (dollars in thousands) 2019 2018 Life $ 125,094 $ 122,798 Annuities 813,476 827,773 Accident and health 47,159 50,882 Total $ 985,729 $ 1,001,453 |
Senior Long-Term Debt And Oth_2
Senior Long-Term Debt And Other Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Summary Of Senior Long-Term Debt And Other Debt | The following table summarizes the Company's senior long-term debt and other debt. December 31, (dollars in thousands) 2019 2018 7.125% unsecured senior notes, due September 30, 2019, interest payable semi-annually, net of unamortized discount of $0 in 2019 and $142 in 2018 $ — $ 234,640 6.25% unsecured senior notes, due September 30, 2020, interest payable semi-annually, net of unamortized premium of $0 in 2019 and $17,213 in 2018 — 367,213 5.35% unsecured senior notes, due June 1, 2021, interest payable semi-annually, net of unamortized discount of $0 in 2019 and $499 in 2018 — 249,417 4.90% unsecured senior notes, due July 1, 2022, interest payable semi-annually, net of unamortized discount of $705 in 2019 and $978 in 2018 349,181 348,864 3.625% unsecured senior notes, due March 30, 2023, interest payable semi-annually, net of unamortized discount of $653 in 2019 and $855 in 2018 249,226 248,988 3.50% unsecured senior notes, due November 1, 2027, interest payable semi-annually, net of unamortized discount of $2,013 in 2019 and $2,298 in 2018 297,402 297,035 3.35% unsecured senior notes, due September 17, 2029, interest payable semi-annually, net of unamortized discount of $2,410 in 2019 297,125 — 7.35% unsecured senior notes, due August 15, 2034, interest payable semi-annually, net of unamortized discount of $1,005 in 2019 and $1,074 in 2018 128,788 128,715 5.0% unsecured senior notes, due March 30, 2043, interest payable semi-annually, net of unamortized discount of $5,207 in 2019 and $5,431 in 2018 244,505 244,269 5.0% unsecured senior notes, due April 5, 2046, interest payable semi-annually, net of unamortized discount of $6,421 in 2019 and $6,664 in 2018 492,761 492,486 4.30% unsecured senior notes, due November 1, 2047, interest payable semi-annually, net of unamortized discount of $4,126 in 2019 and $4,278 in 2018 295,154 294,975 5.0% unsecured senior notes, due May 20, 2049, interest payable semi-annually, net of unamortized discount of $7,684 in 2019 591,010 — 4.15% unsecured senior notes, due September 17, 2050, interest payable semi-annually, net of unamortized discount of $5,449 in 2019 493,759 — Other debt, at various interest rates ranging from 1.7% to 6.1% 95,272 102,975 Senior long-term debt and other debt $ 3,534,183 $ 3,009,577 |
Summary Of Future Principal Payments Due At Maturity On Senior Long-Term Debt And Other Debt | The following table summarizes the future principal payments due at maturity on senior long-term debt and other debt as of December 31, 2019 . Years Ending December 31, (dollars in thousands) 2020 $ 63,519 2021 25,546 2022 356,185 2023 250,428 2024 — 2025 and thereafter 2,879,852 Total principal payments $ 3,575,530 Net unamortized discount (35,673 ) Net unamortized debt issuance costs (5,674 ) Senior long-term debt and other debt $ 3,534,183 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Components Of Income Before Income Taxes | Income (loss) before income taxes includes the following components. Years Ended December 31, (dollars in thousands) 2019 2018 2017 Domestic operations $ 1,664,762 $ 99,373 $ 337,704 Foreign operations 621,046 (107,228 ) (250,409 ) Income (loss) before income taxes $ 2,285,808 $ (7,855 ) $ 87,295 |
Components Of Income Tax Expense (Benefit) | Income tax expense (benefit) includes the following components. Years Ended December 31, (dollars in thousands) 2019 2018 2017 Current: Domestic $ 139,597 $ 77,936 $ (19,255 ) Foreign 23,364 41,833 29,882 Total current tax expense 162,961 119,769 10,627 Deferred: Domestic 217,928 (77,255 ) (222,427 ) Foreign 105,457 79,984 (101,663 ) Total deferred tax expense (benefit) 323,385 2,729 (324,090 ) Income tax expense (benefit) $ 486,346 $ 122,498 $ (313,463 ) |
Reconciliations Of United States Corporate Income Tax Rate To Effective Tax Rate On Income Before Income Taxes | The following table presents a reconciliation of income taxes computed using the U.S. corporate tax rate to the Company's income tax expense (benefit) . Years Ended December 31, (dollars in thousands) 2019 2018 2017 Income taxes at U.S. corporate tax rate $ 480,020 $ (1,650 ) $ 30,553 Increase (decrease) resulting from: Foreign operations 14,718 4,951 37,207 Tax-exempt investment income (18,430 ) (18,927 ) (41,565 ) Change in tax status of U.K. subsidiaries (6,658 ) 103,281 — Tax credits (4,104 ) (3,617 ) (10,236 ) Nondeductible loss on investments managed by MCIM — 26,552 16,231 TCJA — (5,699 ) (339,899 ) Other 20,800 17,607 (5,754 ) Income tax expense (benefit) $ 486,346 $ 122,498 $ (313,463 ) |
Components Of Domestic And Foreign Deferred Tax Assets And Liabilities | The following table presents the components of domestic and foreign deferred tax assets and liabilities. December 31, (dollars in thousands) 2019 2018 Assets: Unpaid losses and loss adjustment expenses $ 163,522 $ 164,497 Unearned premiums recognized for income tax purposes 102,020 85,952 Life and annuity benefits 84,890 78,370 Lease liabilities 55,362 — Tax credit carryforwards 47,233 39,877 Net operating loss carryforwards 39,429 46,662 Accrued incentive compensation 35,132 30,308 Other differences between financial reporting and tax bases 52,604 39,763 Total gross deferred tax assets 580,192 485,429 Less valuation allowance (45,544 ) (36,286 ) Total gross deferred tax assets, net of allowance 534,648 449,143 Liabilities: Investments 996,543 590,250 Goodwill and other intangible assets 134,573 124,953 Deferred policy acquisition costs 113,243 89,716 Right-of-use lease assets 49,583 — Other differences between financial reporting and tax bases 101,426 90,269 Total gross deferred tax liabilities 1,395,368 895,188 Net deferred tax liability $ 860,720 $ 446,045 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Schedule Of Net Income Per Share | Net income (loss) per share was determined by dividing adjusted net income (loss) to shareholders by the applicable weighted average shares outstanding. Basic shares outstanding include restricted stock units that are no longer subject to any contingencies for issuance, but for which the corresponding shares have not been issued. Diluted net income (loss) per share is computed by dividing adjusted net income (loss) to shareholders by the weighted average number of common shares and dilutive potential common shares outstanding during the year. Years Ended December 31, (in thousands, except per share amounts) 2019 2018 2017 Net income (loss) to shareholders (1) $ 1,790,466 $ (128,180 ) $ 395,269 Adjustment of redeemable noncontrolling interests 1,105 (4,828 ) (33,738 ) Adjusted net income (loss) to shareholders $ 1,791,571 $ (133,008 ) $ 361,531 Basic common shares outstanding 13,861 13,923 13,964 Dilutive potential common shares from options — — 1 Dilutive potential common shares from restricted stock units and restricted stock (2) 20 — 41 Diluted shares outstanding 13,881 13,923 14,006 Basic net income (loss) per share $ 129.25 $ (9.55 ) $ 25.89 Diluted net income (loss) per share (2) $ 129.07 $ (9.55 ) $ 25.81 (1) Effective January 1, 2018, the Company adopted ASU No. 2016-01. As a result, the change in fair value of equity securities is no longer recognized in other comprehensive income; rather, all changes in the fair value of equity securities are now recognized in net income. Prior periods have not been restated to conform to the current presentation. (2) The impact of restricted stock units and restricted stock of 25 thousand shares was excluded from the computation of diluted earnings per share for the year ended December 31, 2018 because the effect would have been anti-dilutive. |
Summary Of Nonvested Share-Based Awards | The following table summarizes nonvested share-based awards. Number of Awards Weighted Average Grant-Date Fair Value Nonvested awards at January 1, 2019 20,873 $ 1,042.83 Granted 15,145 1,025.81 Vested (17,391 ) 1,011.55 Forfeited (1,053 ) 1,038.76 Nonvested awards at December 31, 2019 17,574 $ 1,073.99 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Comprehensive Income (Loss), Tax [Abstract] | |
Change In Accumulated Other Comprehensive Income By Component, Net Of Taxes And Noncontrolling Interests | The following table presents the change in accumulated other comprehensive income (loss) by component, net of taxes and noncontrolling interests. (dollars in thousands) Unrealized Holding Gains on Available-for- Sale Securities Foreign Currency Net Actuarial Pension Loss Total December 31, 2016 $ 1,714,930 $ (84,406 ) $ (64,658 ) $ 1,565,866 Other comprehensive income before reclassifications 787,339 10,403 3,092 800,834 Amounts reclassified from accumulated other comprehensive income (24,296 ) — 3,167 (21,129 ) Total other comprehensive income 763,043 10,403 6,259 779,705 December 31, 2017 $ 2,477,973 $ (74,003 ) $ (58,399 ) $ 2,345,571 Cumulative effect of adoption of ASU No. 2016-01 (2,597,976 ) 2,492 — (2,595,484 ) Cumulative effect of adoption of ASU No. 2018-02 401,539 1,314 — 402,853 January 1, 2018 281,536 (70,197 ) (58,399 ) 152,940 Other comprehensive loss before reclassifications (241,325 ) (16,455 ) — (257,780 ) Amounts reclassified from accumulated other comprehensive income 7,849 — 2,341 10,190 Total other comprehensive income (loss) (233,476 ) (16,455 ) 2,341 (247,590 ) December 31, 2018 $ 48,060 $ (86,652 ) $ (56,058 ) $ (94,650 ) Other comprehensive income before reclassifications 299,125 403 2,908 302,436 Amounts reclassified from accumulated other comprehensive loss (1,148 ) — 2,134 986 Total other comprehensive income 297,977 403 5,042 303,422 December 31, 2019 $ 346,037 $ (86,249 ) $ (51,016 ) $ 208,772 |
Summary Of Tax Expense (Benefit) Of Other Comprehensive Income (Loss) | The following table summarizes the tax expense (benefit) associated with each component of other comprehensive income . Years Ended December 31, (dollars in thousands) 2019 2018 2017 Change in net unrealized gains on available-for-sale investments: Net holding gains (losses) arising during the period $ 84,219 $ (68,056 ) $ 372,469 Reclassification adjustments for net gains (losses) included in net income (loss) (305 ) 2,086 (10,072 ) Change in net unrealized gains on available-for-sale investments 83,914 (65,970 ) 362,397 Change in foreign currency translation adjustments — 1,523 28 Change in net actuarial pension loss 1,348 622 1,284 Total $ 85,262 $ (63,825 ) $ 363,709 |
Reclassifications From Accumulated Other Comprehensive Income Into Income, By Component | The following table presents the details of amounts reclassified from accumulated other comprehensive income (loss) into income (loss) , by component. Years Ended December 31, (dollars in thousands) 2019 2018 2017 Unrealized holding gains on available-for-sale securities: Other-than-temporary impairment losses $ — $ — $ (7,589 ) Net realized investment gains (losses), excluding other-than-temporary impairment losses 1,453 (9,935 ) 41,957 Total before income taxes 1,453 (9,935 ) 34,368 Income taxes (305 ) 2,086 (10,072 ) Reclassification of unrealized holding gains (losses), net of taxes $ 1,148 $ (7,849 ) $ 24,296 Net actuarial pension loss: Underwriting, acquisition and insurance expenses $ (6,390 ) $ (2,963 ) $ (3,815 ) Income taxes 1,348 622 648 Reclassification of net actuarial pension loss, net of taxes $ (5,042 ) $ (2,341 ) $ (3,167 ) |
Statutory Financial Informati_2
Statutory Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statutory Financial Information [Abstract] | |
Actual Statutory Capital And Surplus | Statutory capital and surplus and statutory net income (loss) for the Company's insurance subsidiaries as of December 31, 2019 and 2018 and for the years ended December 31, 2019 , 2018 and 2017 , respectively, is summarized below. Statutory Capital and Surplus December 31, (dollars in thousands) 2019 2018 United States $ 3,673,216 $ 3,158,828 United Kingdom $ 662,151 $ 621,802 Bermuda $ 1,604,184 $ 1,495,563 Other $ 73,643 $ 74,704 |
Statutory Net Income (Loss) | Statutory Net Income (Loss) Years Ended December 31, (dollars in thousands) 2019 2018 2017 United States $ 419,396 $ 414,957 $ 312,828 United Kingdom $ 108,759 $ 40,203 $ (25,785 ) Bermuda $ 447,479 $ (131,411 ) $ (78,070 ) Other $ (360 ) $ (5,193 ) $ (4,812 ) |
Markel Corporation (Parent Co_2
Markel Corporation (Parent Company Only) Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule Of Condensed Balance Sheets | CONDENSED BALANCE SHEETS December 31, 2019 2018 (dollars in thousands) ASSETS Investments, at estimated fair value: Fixed maturities, available-for-sale (amortized cost of $658,557 in 2019 and $717,666 in 2018) $ 676,307 $ 717,681 Equity securities (cost of $1,487,478 in 2019 and $1,117,363 in 2018) 1,831,333 1,175,120 Short-term investments, available-for-sale (estimated fair value approximates cost) 724,558 451,499 Total Investments 3,232,198 2,344,300 Cash and cash equivalents 737,072 263,043 Restricted cash and cash equivalents 1,077 3,177 Receivables 19,846 19,295 Investments in consolidated subsidiaries 12,239,086 10,697,605 Notes receivable from subsidiaries 60,111 160,111 Income taxes receivable 2,170 21,174 Other assets 347,023 135,722 Total Assets $ 16,638,583 $ 13,644,427 LIABILITIES AND SHAREHOLDERS' EQUITY Senior long-term debt $ 3,438,910 $ 2,539,389 Notes payable to subsidiaries (1) 1,835,000 1,895,000 Income taxes payable 18,270 — Net deferred tax liability 129,835 64,564 Other liabilities 145,701 64,820 Total Liabilities 5,567,716 4,563,773 Total Shareholders' Equity 11,070,867 9,080,654 Total Liabilities and Shareholders' Equity $ 16,638,583 $ 13,644,427 (1) In December 2018, Markel Corporation purchased Markel Global Reinsurance Company, an indirectly owned subsidiary of Markel Corporation, from Alterra USA Holdings Limited, another indirectly owned subsidiary of Markel Corporation, by issuing a $1.4 billion note payable to subsidiary. |
Schedule Of Condensed Statements Of Income (Loss) And Comprehensive Income (Loss) | CONDENSED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) Years Ended December 31, 2019 2018 2017 (dollars in thousands) REVENUES Net investment income $ 48,845 $ 32,631 $ 21,076 Dividends on common stock of consolidated subsidiaries 863,335 749,171 895,920 Net investment gains (losses): Net realized investment gains (losses), including other-than-temporary impairment losses 3,848 (3,341 ) 3,383 Change in fair value of equity securities (1) 293,296 (110,356 ) — Net investment gains (losses) 297,144 (113,697 ) 3,383 Total Revenues 1,209,324 668,105 920,379 EXPENSES Services and other expenses 6,436 6,532 11,708 Interest expense 219,082 145,681 122,151 Net foreign exchange losses (gains) 3,973 (3,391 ) — Loss on early extinguishment of debt 13,656 — — Total Expenses 243,147 148,822 133,859 Income Before Equity in Undistributed Earnings of Consolidated Subsidiaries and Income Taxes 966,177 519,283 786,520 Equity in undistributed earnings (losses) of consolidated subsidiaries 851,337 (696,045 ) (469,365 ) Income tax (expense) benefit (27,048 ) 48,582 78,114 Net Income (Loss) to Shareholders (1) $ 1,790,466 $ (128,180 ) $ 395,269 OTHER COMPREHENSIVE INCOME (LOSS) TO SHAREHOLDERS Change in net unrealized gains on available-for-sale investments, net of taxes: Net holding gains (losses) arising during the period $ 14,016 $ (1,492 ) $ 52,277 Consolidated subsidiaries' net holding gains (losses) arising during the period 285,109 (239,833 ) 735,062 Reclassification adjustments for net gains (losses) included in net income (loss) to shareholders (4,591 ) 2,564 (1,513 ) Consolidated subsidiaries' reclassification adjustments for net gains (losses) included in net income (loss) to shareholders 3,443 5,285 (22,783 ) Change in net unrealized gains on available-for-sale investments, net of taxes 297,977 (233,476 ) 763,043 Change in foreign currency translation adjustments, net of taxes — — (2,260 ) Consolidated subsidiaries' change in foreign currency translation adjustments, net of taxes 403 (16,455 ) 12,663 Consolidated subsidiaries' change in net actuarial pension loss, net of taxes 5,042 2,341 6,259 Total Other Comprehensive Income (Loss) to Shareholders 303,422 (247,590 ) 779,705 Comprehensive Income (Loss) to Shareholders $ 2,093,888 $ (375,770 ) $ 1,174,974 |
Schedule Of Condensed Statements Of Cash Flows | CONDENSED STATEMENTS OF CASH FLOWS Years Ended December 31, 2019 2018 2017 (dollars in thousands) OPERATING ACTIVITIES Net income (loss) to shareholders $ 1,790,466 $ (128,180 ) $ 395,269 Adjustments to reconcile net income (loss) to shareholders to net cash provided (used) by operating activities (1,530,940 ) 3,637 (166,132 ) Net Cash Provided (Used) By Operating Activities 259,526 (124,543 ) 229,137 INVESTING ACTIVITIES Proceeds from sales of fixed maturities and equity securities 326,564 204,478 20,562 Proceeds from maturities, calls and prepayments of fixed maturities 41,673 34,560 64,705 Cost of fixed maturities and equity securities purchased (82,332 ) (26,336 ) (72,910 ) Net change in short-term investments (236,251 ) 930,876 649,181 Return of capital from subsidiaries 14,865 12,712 45,225 Decrease (increase) in notes receivable due from subsidiaries 100,000 (20,000 ) (58 ) Capital contributions to subsidiaries (413,148 ) (103,133 ) (270,623 ) Acquisitions, net of cash acquired — (972,619 ) (1,153,683 ) Cost of equity method investments (213,100 ) (4,917 ) — Other 6,719 (8,652 ) (3,661 ) Net Cash Provided (Used) By Investing Activities (455,010 ) 46,969 (721,262 ) FINANCING ACTIVITIES Additions to senior long-term debt 1,384,182 — 592,923 Increase (decrease) in notes payable to subsidiaries (99,839 ) 47,105 — Repayment of senior long-term debt (484,811 ) — — Premiums and fees related to early extinguishment of debt (13,248 ) — — Repurchases of common stock (116,307 ) (54,007 ) (110,838 ) Other (2,564 ) (70 ) (9,848 ) Net Cash Provided (Used) By Financing Activities 667,413 (6,972 ) 472,237 Increase (Decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents 471,929 (84,546 ) (19,888 ) Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year 266,220 350,766 370,654 CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS AT END OF YEAR $ 738,149 $ 266,220 $ 350,766 |
Quarterly Financial Informati_2
Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results Of Consolidated Operations | The following table presents the unaudited quarterly results of consolidated operations for 2019 , 2018 and 2017 . Quarters Ended (dollars in thousands, except per share amounts) Mar. 31 June 30 Sept. 30 Dec. 31 2019 Operating revenues $ 2,472,488 $ 2,439,116 $ 2,033,058 $ 2,581,529 Net income (1) 577,513 506,483 203,953 511,513 Net income to shareholders (1) 576,427 497,298 205,637 511,104 Comprehensive income to shareholders 732,245 623,330 250,069 488,244 Net income per share: Basic $ 42.81 $ 36.10 $ 13.97 $ 36.34 Diluted $ 42.76 $ 36.07 $ 13.95 $ 36.26 2018 Operating revenues $ 1,575,471 $ 1,987,013 $ 2,235,949 $ 1,042,852 Net income (loss) (1) (65,594 ) 279,587 409,028 (753,374 ) Net income (loss) to shareholders (1) (64,306 ) 278,231 409,438 (751,543 ) Comprehensive income (loss) to shareholders (174,839 ) 164,336 315,106 (680,373 ) Net income (loss) per share: Basic $ (4.25 ) $ 20.01 $ 28.56 $ (53.88 ) Diluted $ (4.25 ) $ 19.97 $ 28.50 $ (53.88 ) 2017 Operating revenues $ 1,411,751 $ 1,481,493 $ 1,506,148 $ 1,662,267 Net income (loss) (1) 71,040 151,427 (261,035 ) 439,326 Net income (loss) to shareholders (1) 69,869 149,660 (259,141 ) 434,881 Comprehensive income (loss) to shareholders 223,239 342,357 (19,869 ) 629,247 Net income (loss) per share: Basic $ 3.91 $ 10.34 $ (18.82 ) $ 30.48 Diluted $ 3.90 $ 10.31 $ (18.82 ) $ 30.39 (1) |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | |||
Deferred policy acquisition cost amortization period | 1 year | ||
Property, plant and equipment, net | $ 588.6 | $ 551.5 | |
Inventory, net | $ 303.1 | 298.7 | |
Tax benefit greater than 50% | 50.00% | ||
Insurance premiums revenue recognition period | 1 year | ||
Stock-based compensation expense, net of taxes | $ 24.6 | $ 13 | $ 11.9 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Maximum [Member] | Cash And Cash Equivalents [Member] | |
Cash and Cash Equivalents [Line Items] | |
Investment maturity period | 90 days |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Goodwill and Intangible Assets) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, estimated useful life | 5 years |
Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, estimated useful life | 20 years |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies (Recent Accounting Pronouncements) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Operating lease, right-of-use asset | $ 232,717 |
Operating lease, liability | 262,139 |
Accounting Standards Update 2016-02 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Operating lease, right-of-use asset | 243,700 |
Operating lease, liability | $ 264,600 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 29, 2019 | Jun. 20, 2019 | Nov. 14, 2018 | Oct. 01, 2018 | Nov. 17, 2017 | Aug. 31, 2017 | Apr. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | ||||||||||
Definite-lived intangible assets, weighted-average amortization period | 11 years | |||||||||
Gross written premiums | $ 8,779,971 | $ 7,864,469 | $ 5,506,960 | |||||||
Ceded premiums written | $ 3,367,900 | $ 3,076,891 | $ 1,089,173 | |||||||
Customer Relationships [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Definite-lived intangible assets, weighted-average amortization period | 12 years | |||||||||
Trade Names [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Definite-lived intangible assets, weighted-average amortization period | 12 years | |||||||||
Other Intangible Assets [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Definite-lived intangible assets, weighted-average amortization period | 10 years | |||||||||
VSC Fire & Security, Inc [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Total purchase consideration | $ 225,000 | |||||||||
Cash consideration | 204,000 | |||||||||
Goodwill recognized | 118,900 | |||||||||
Intangible assets | $ 70,500 | |||||||||
Percentage acquired | 100.00% | |||||||||
VSC Fire & Security, Inc [Member] | Customer Relationships [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Finite-lived intangible assets | $ 54,000 | |||||||||
Definite-lived intangible assets, weighted-average amortization period | 12 years | |||||||||
VSC Fire & Security, Inc [Member] | Trade Names [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Finite-lived intangible assets | $ 14,000 | |||||||||
Definite-lived intangible assets, weighted-average amortization period | 12 years | |||||||||
VSC Fire & Security, Inc [Member] | Other Intangible Assets [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Finite-lived intangible assets | $ 2,500 | |||||||||
Definite-lived intangible assets, weighted-average amortization period | 8 years | |||||||||
Hagerty Group, LLC [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Total purchase consideration | $ 212,500 | |||||||||
Brahmin [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Total purchase consideration | $ 192,900 | |||||||||
Cash consideration | 172,300 | |||||||||
Goodwill recognized | 63,800 | |||||||||
Intangible assets | $ 93,300 | |||||||||
Percentage acquired | 90.00% | |||||||||
Noncontrolling interests | $ 19,600 | |||||||||
Brahmin [Member] | Customer Relationships [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Finite-lived intangible assets | $ 57,000 | |||||||||
Definite-lived intangible assets, weighted-average amortization period | 16 years | |||||||||
Brahmin [Member] | Trade Names [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Finite-lived intangible assets | $ 35,000 | |||||||||
Definite-lived intangible assets, weighted-average amortization period | 16 years | |||||||||
Brahmin [Member] | Other Intangible Assets [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Finite-lived intangible assets | $ 1,300 | |||||||||
Definite-lived intangible assets, weighted-average amortization period | 8 years | |||||||||
Nephila Holdings Limited [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Total purchase consideration | $ 974,400 | |||||||||
Cash consideration | 974,400 | |||||||||
Goodwill recognized | 434,200 | |||||||||
Goodwill, tax deductible | 0 | |||||||||
Intangible assets | $ 551,000 | |||||||||
Percentage acquired | 100.00% | |||||||||
Noncontrolling interests | $ 15,100 | |||||||||
Nephila Holdings Limited [Member] | Trade Names [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Finite-lived intangible assets | $ 24,000 | |||||||||
Definite-lived intangible assets, weighted-average amortization period | 14 years | |||||||||
Nephila Holdings Limited [Member] | Investment Management Agreements [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Finite-lived intangible assets | $ 468,000 | |||||||||
Definite-lived intangible assets, weighted-average amortization period | 17 years | |||||||||
Nephila Holdings Limited [Member] | Broker Relationships [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Finite-lived intangible assets | $ 32,000 | |||||||||
Definite-lived intangible assets, weighted-average amortization period | 12 years | |||||||||
Nephila Holdings Limited [Member] | Technology-Based Intangible Assets [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Finite-lived intangible assets | $ 27,000 | |||||||||
Definite-lived intangible assets, weighted-average amortization period | 6 years | |||||||||
SureTec Financial Corp [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Total purchase consideration | $ 246,900 | |||||||||
Cash consideration | 225,600 | |||||||||
Goodwill recognized | 70,400 | |||||||||
Goodwill, tax deductible | 0 | |||||||||
Intangible assets | 103,000 | |||||||||
SureTec Financial Corp [Member] | Agent Relationships [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Finite-lived intangible assets | $ 92,000 | |||||||||
Definite-lived intangible assets, weighted-average amortization period | 15 years | |||||||||
Costa Farms [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Total purchase consideration | $ 417,200 | |||||||||
Cash consideration | 387,900 | |||||||||
Goodwill recognized | 186,200 | |||||||||
Payment of contingent consideration | 29,300 | |||||||||
Increase in the estimate of contingent consideration obligation | 19,000 | |||||||||
Intangible assets | $ 192,000 | |||||||||
Percentage acquired | 81.00% | |||||||||
Noncontrolling interests | $ 66,600 | |||||||||
Costa Farms [Member] | Customer Relationships [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Finite-lived intangible assets | $ 161,000 | |||||||||
Definite-lived intangible assets, weighted-average amortization period | 17 years | |||||||||
Costa Farms [Member] | Trade Names [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Finite-lived intangible assets | $ 31,000 | |||||||||
Definite-lived intangible assets, weighted-average amortization period | 9 years | |||||||||
State National Companies, Inc. [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Total purchase consideration | $ 918,800 | |||||||||
Cash consideration | 918,800 | |||||||||
Goodwill recognized | 379,200 | |||||||||
Goodwill, tax deductible | 0 | |||||||||
Intangible assets | 370,500 | |||||||||
Finite-lived intangible assets | $ 338,500 | |||||||||
Percentage acquired | 100.00% | |||||||||
Cash State National stockholders will receive for each outstanding share of State National common stock | $ 21 | |||||||||
State National Companies, Inc. [Member] | Customer Relationships [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Finite-lived intangible assets | $ 289,000 | |||||||||
Definite-lived intangible assets, weighted-average amortization period | 13 years | |||||||||
State National Companies, Inc. [Member] | Trade Names [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Finite-lived intangible assets | $ 22,500 | |||||||||
Definite-lived intangible assets, weighted-average amortization period | 13 years | |||||||||
State National Companies, Inc. [Member] | Technology [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Finite-lived intangible assets | $ 27,000 | |||||||||
Definite-lived intangible assets, weighted-average amortization period | 9 years | |||||||||
Hagerty Group, LLC [Member] | Hagerty Group, LLC [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Gross written premiums | $ 422,100 | |||||||||
Ceded premiums written | $ 202,100 | |||||||||
Insurance Licenses [Member] | State National Companies, Inc. [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Indefinite-lived intangible assets | $ 32,000 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)securities | Dec. 31, 2018USD ($)securities | |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale fixed maturity securities in unrealized loss position, number of positions | securities | 201 | 1,005 |
Available-for-sale fixed maturity securities in unrealized loss position, number of positions, 12 months or longer | securities | 122 | 541 |
Available-for-sale fixed maturity securities, estimated fair value | $ 963,177 | $ 4,594,664 |
Available-for-sale fixed maturity securities, gross unrealized holding losses | (14,479) | (133,989) |
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer | 352,025 | 1,983,912 |
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer | $ (7,287) | $ (77,504) |
Estimated average duration of fixed maturities | 5 years 10 months 24 days | |
Percentage threshold of shareholders' equity used to define concentration of investments | 10.00% | 10.00% |
Ten largest equity holdings | $ 3,000,000 | |
Ten largest equity holdings, percentage of equity portfolio | 39.00% | |
Investments in property and casualty | $ 1,200,000 | |
Investments in property and casualty, percentage of equity portfolio | 16.00% | |
Berkshire Hathaway Inc. [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Investments in property and casualty | $ 721,800 | |
Fixed maturities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale fixed maturity securities, estimated fair value | 959,861 | $ 4,397,021 |
Available-for-sale fixed maturity securities, gross unrealized holding losses | (14,419) | (131,215) |
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer | 352,025 | 1,983,912 |
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer | $ (7,287) | $ (77,504) |
Investments (Available-For-Sale
Investments (Available-For-Sale Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale fixed maturity investments, amortized cost | $ 9,448,840 | $ 9,950,773 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 536,488 | 223,630 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (14,419) | (131,215) |
Available-for-sale fixed maturity investments, estimated fair value | 9,970,909 | 10,043,188 |
Short-term investments, available-for-sale, amortized cost basis | 1,194,953 | 1,080,027 |
Short-term investments, available-for-sale, accumulated gross unrealized gain before tax | 1,355 | 443 |
Short-term investments, available-for-sale, accumulated gross unrealized loss before tax | 60 | 2,774 |
Short-term investments, available-for-sale | 1,196,248 | 1,077,696 |
Investments, available-for-sale, amortized cost basis | 10,643,793 | 11,030,800 |
Investments, available-for-sale, accumulated gross unrealized gain before tax | 537,843 | 224,073 |
Investments, available-for-sale, accumulated gross unrealized loss before tax | 14,479 | 133,989 |
Investments, available-for-sale | 11,167,157 | 11,120,884 |
U.S. Treasury securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale fixed maturity investments, amortized cost | 282,305 | 248,286 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 2,883 | 308 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (402) | (1,952) |
Available-for-sale fixed maturity investments, estimated fair value | 284,786 | 246,642 |
U.S. government-sponsored enterprises [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale fixed maturity investments, amortized cost | 318,831 | 357,765 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 23,949 | 5,671 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (200) | (4,114) |
Available-for-sale fixed maturity investments, estimated fair value | 342,580 | 359,322 |
Obligations of states, municipalities and political subdivisions [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale fixed maturity investments, amortized cost | 3,954,779 | 4,285,068 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 235,915 | 96,730 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (812) | (28,868) |
Available-for-sale fixed maturity investments, estimated fair value | 4,189,882 | 4,352,930 |
Foreign governments [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale fixed maturity investments, amortized cost | 1,415,639 | 1,482,826 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 135,763 | 98,356 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (9,398) | (21,578) |
Available-for-sale fixed maturity investments, estimated fair value | 1,542,004 | 1,559,604 |
Commercial mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale fixed maturity investments, amortized cost | 1,761,777 | 1,691,572 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 57,450 | 3,154 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (1,382) | (44,527) |
Available-for-sale fixed maturity investments, estimated fair value | 1,817,845 | 1,650,199 |
Residential mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale fixed maturity investments, amortized cost | 855,641 | 886,501 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 32,949 | 6,170 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (517) | (12,499) |
Available-for-sale fixed maturity investments, estimated fair value | 888,073 | 880,172 |
Asset-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale fixed maturity investments, amortized cost | 11,042 | 19,614 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 28 | 7 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (22) | (213) |
Available-for-sale fixed maturity investments, estimated fair value | 11,048 | 19,408 |
Corporate bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale fixed maturity investments, amortized cost | 848,826 | 979,141 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 47,551 | 13,234 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (1,686) | (17,464) |
Available-for-sale fixed maturity investments, estimated fair value | $ 894,691 | $ 974,911 |
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 | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale fixed maturity securities, estimated fair value, less than 12 months | $ 611,152 | $ 2,610,752 |
Available-for-sale fixed maturity securities, gross unrealized holding, less than 12 months | (7,192) | (56,485) |
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer | 352,025 | 1,983,912 |
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer | (7,287) | (77,504) |
Available-for-sale fixed maturity securities, estimated fair value | 963,177 | 4,594,664 |
Available-for-sale fixed maturity securities, gross unrealized holding losses | (14,479) | (133,989) |
Short-term investments, available-for-sale, continuous unrealized loss position, less than 12 months | 3,316 | 197,643 |
Short-term investments, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | 60 | 2,774 |
Short-term investments, available-for-sale, continuous unrealized loss position, 12 months or longer | 0 | 0 |
Short-term investments, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | 0 | 0 |
Short-term investments, available-for-sale, unrealized loss position, total | 3,316 | 197,643 |
Short-term investments, available-for-sale, unrealized loss position, accumulated loss | 60 | 2,774 |
U.S. Treasury securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale fixed maturity securities, estimated fair value, less than 12 months | 36,862 | 2,922 |
Available-for-sale fixed maturity securities, gross unrealized holding, less than 12 months | (361) | (83) |
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer | 46,518 | 156,352 |
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer | (41) | (1,869) |
Available-for-sale fixed maturity securities, estimated fair value | 83,380 | 159,274 |
Available-for-sale fixed maturity securities, gross unrealized holding losses | (402) | (1,952) |
U.S. government-sponsored enterprises [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale fixed maturity securities, estimated fair value, less than 12 months | 24,148 | 88,854 |
Available-for-sale fixed maturity securities, gross unrealized holding, less than 12 months | (197) | (1,923) |
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer | 2,868 | 96,337 |
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer | (3) | (2,191) |
Available-for-sale fixed maturity securities, estimated fair value | 27,016 | 185,191 |
Available-for-sale fixed maturity securities, gross unrealized holding losses | (200) | (4,114) |
Obligations of states, municipalities and political subdivisions [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale fixed maturity securities, estimated fair value, less than 12 months | 127,836 | 656,573 |
Available-for-sale fixed maturity securities, gross unrealized holding, less than 12 months | (702) | (12,455) |
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer | 6,830 | 453,736 |
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer | (110) | (16,413) |
Available-for-sale fixed maturity securities, estimated fair value | 134,666 | 1,110,309 |
Available-for-sale fixed maturity securities, gross unrealized holding losses | (812) | (28,868) |
Foreign governments [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale fixed maturity securities, estimated fair value, less than 12 months | 162,907 | 419,764 |
Available-for-sale fixed maturity securities, gross unrealized holding, less than 12 months | (3,393) | (14,461) |
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer | 159,888 | 84,776 |
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer | (6,005) | (7,117) |
Available-for-sale fixed maturity securities, estimated fair value | 322,795 | 504,540 |
Available-for-sale fixed maturity securities, gross unrealized holding losses | (9,398) | (21,578) |
Commercial mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale fixed maturity securities, estimated fair value, less than 12 months | 202,530 | 653,410 |
Available-for-sale fixed maturity securities, gross unrealized holding, less than 12 months | (1,126) | (10,128) |
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer | 33,853 | 709,971 |
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer | (256) | (34,399) |
Available-for-sale fixed maturity securities, estimated fair value | 236,383 | 1,363,381 |
Available-for-sale fixed maturity securities, gross unrealized holding losses | (1,382) | (44,527) |
Residential mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale fixed maturity securities, estimated fair value, less than 12 months | 11,706 | 276,777 |
Available-for-sale fixed maturity securities, gross unrealized holding, less than 12 months | (66) | (3,685) |
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer | 58,162 | 242,949 |
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer | (451) | (8,814) |
Available-for-sale fixed maturity securities, estimated fair value | 69,868 | 519,726 |
Available-for-sale fixed maturity securities, gross unrealized holding losses | (517) | (12,499) |
Asset-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale fixed maturity securities, estimated fair value, less than 12 months | 0 | 1,645 |
Available-for-sale fixed maturity securities, gross unrealized holding, less than 12 months | 0 | (11) |
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer | 3,632 | 17,030 |
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer | (22) | (202) |
Available-for-sale fixed maturity securities, estimated fair value | 3,632 | 18,675 |
Available-for-sale fixed maturity securities, gross unrealized holding losses | (22) | (213) |
Corporate bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale fixed maturity securities, estimated fair value, less than 12 months | 41,847 | 313,164 |
Available-for-sale fixed maturity securities, gross unrealized holding, less than 12 months | (1,287) | (10,965) |
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer | 40,274 | 222,761 |
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer | (399) | (6,499) |
Available-for-sale fixed maturity securities, estimated fair value | 82,121 | 535,925 |
Available-for-sale fixed maturity securities, gross unrealized holding losses | (1,686) | (17,464) |
Total fixed maturities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale fixed maturity securities, estimated fair value, less than 12 months | 607,836 | 2,413,109 |
Available-for-sale fixed maturity securities, gross unrealized holding, less than 12 months | (7,132) | (53,711) |
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer | 352,025 | 1,983,912 |
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer | (7,287) | (77,504) |
Available-for-sale fixed maturity securities, estimated fair value | 959,861 | 4,397,021 |
Available-for-sale fixed maturity securities, gross unrealized holding losses | $ (14,419) | $ (131,215) |
Investments (Schedule Of Amorti
Investments (Schedule Of Amortized Cost And Estimated Fair Value Of Fixed Maturities By Contractual Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Due in one year or less, amortized cost | $ 337,917 | |
Due after one year through five years, amortized cost | 1,256,079 | |
Due after five years through ten years, amortized cost | 2,157,624 | |
Due after ten years, amortized cost | 3,068,760 | |
Amortized cost, sub-total | 6,820,380 | |
Fixed maturities, amortized cost | 9,448,840 | $ 9,950,773 |
Due in one year or less, estimated fair value | 333,759 | |
Due after one year through five years, estimated fair value | 1,289,760 | |
Due after five years through ten years, estimated fair value | 2,274,569 | |
Due after ten years, estimated fair value | 3,355,855 | |
Estimated fair value, sub-total | 7,253,943 | |
Available-for-sale fixed maturity investments, estimated fair value | 9,970,909 | 10,043,188 |
Commercial mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 1,761,777 | |
Fixed maturities, amortized cost | 1,761,777 | 1,691,572 |
Estimated fair value | 1,817,845 | |
Available-for-sale fixed maturity investments, estimated fair value | 1,817,845 | 1,650,199 |
Residential mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 855,641 | |
Fixed maturities, amortized cost | 855,641 | 886,501 |
Estimated fair value | 888,073 | |
Available-for-sale fixed maturity investments, estimated fair value | 888,073 | 880,172 |
Asset-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 11,042 | |
Fixed maturities, amortized cost | 11,042 | 19,614 |
Estimated fair value | 11,048 | |
Available-for-sale fixed maturity investments, estimated fair value | $ 11,048 | $ 19,408 |
Investments (Components Of Net
Investments (Components Of Net Investment Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Municipal bonds (tax-exempt) | $ 71,351 | $ 80,016 | $ 87,768 |
Short-term investments, including overnight deposits | 50,425 | 48,765 | 26,772 |
Dividends on equity securities | 100,222 | 90,840 | 82,096 |
Income (loss) from equity method investments | 4,368 | (1,924) | 11,076 |
Other | (5,338) | (881) | (828) |
Total investment income | 467,383 | 450,965 | 422,740 |
Investment expenses | (15,495) | (16,750) | (17,031) |
Net investment income | 451,888 | 434,215 | 405,709 |
Taxable municipal bonds [Member] | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Taxable bonds | 72,818 | 73,058 | 70,771 |
Other taxable bonds [Member] | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Taxable bonds | $ 162,861 | $ 159,329 | $ 145,085 |
Investments (Net Investment Gai
Investments (Net Investment Gains (Losses) and Change in Net Unrealized Gains On Available-For-Sale Investments) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Gain (Loss) on Securities [Line Items] | ||||
Realized gains | $ 8,708 | $ 7,106 | $ 52,282 | |
Realized losses | 10,190 | 19,080 | 12,697 | |
Other-than-temporary impairment losses | 0 | 0 | (7,589) | |
Net realized investment gains (losses) | (1,482) | (11,974) | 39,585 | |
Change in fair value of equity securities sold during the period | [1] | 38,291 | 20,177 | 6,989 |
Change in fair value of equity securities held at the end of the period | [1] | 1,564,913 | (445,799) | (51,877) |
Change in fair value of equity securities | [1] | 1,603,204 | (425,622) | (44,888) |
Net investment gains (losses) | 1,601,722 | (437,596) | (5,303) | |
Change in net unrealized gains on investments included in other comprehensive income (loss) | 381,890 | (299,446) | 1,125,440 | |
Reserve deficiency adjustment for life and annuity benefit reserves | (51,390) | 0 | 0 | |
Sales of fixed maturities [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Realized gains | 6,851 | 4,221 | 5,525 | |
Realized losses | 2,848 | 5,768 | 1,983 | |
Sales of equity securities [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Realized gains | [1] | 0 | 0 | 40,113 |
Realized losses | [1] | 0 | 0 | 1,830 |
Sales of short-term investments [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Realized gains | 1,457 | 1,604 | 0 | |
Realized losses | (2,999) | (10,545) | (699) | |
Other [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Realized gains | 400 | 1,281 | 6,644 | |
Realized losses | 4,343 | 2,767 | 596 | |
Fixed maturities [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Change in net unrealized gains on investments included in other comprehensive income (loss) | 429,654 | (297,158) | 89,741 | |
Equity securities [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Change in net unrealized gains on investments included in other comprehensive income (loss) | [1] | 0 | 0 | 1,035,793 |
Short-term investments [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Change in net unrealized gains on investments included in other comprehensive income (loss) | $ 3,626 | $ (2,288) | $ (94) | |
[1] | Effective January 1, 2018, the Company adopted ASU No. 2016-01. As a result, equity securities are no longer classified as available-for-sale with unrealized gains and losses recognized in other comprehensive income; rather, all changes in the fair value of equity securities are now recognized in net income. Prior periods have not been restated to conform to the current presentation. Prior to adopting ASU No. 2016-01, the Company recorded certain investments in equity securities at estimated fair value with changes in fair value recorded in net income. |
Investments (Summary Of Other-T
Investments (Summary Of Other-Than-Temporary Impairment Losses Recognized In Net Income And In Net Realized Investment Gains By Investment Type) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Other-than-temporary impairment losses | $ 0 | $ 0 | $ (7,589) |
Investments (Schedule Of Restri
Investments (Schedule Of Restricted Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Investments | $ 4,134,164 | $ 4,781,566 |
Restricted cash and cash equivalents | 427,546 | 382,264 |
Total | $ 4,561,710 | $ 5,163,830 |
Investments Investments (Compon
Investments Investments (Components Of Restricted Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Components Of Restricted Assets [Line Items] | ||
Restricted assets | $ 4,561,710 | $ 5,163,830 |
Assets held in trust or on deposit to support underwriting activities [Member] | ||
Components Of Restricted Assets [Line Items] | ||
Restricted assets | 4,155,621 | 4,780,613 |
Assets pledged as security for letters of credit pledged as collateral [Member] | ||
Components Of Restricted Assets [Line Items] | ||
Restricted assets | $ 406,089 | $ 383,217 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Assets And Liabilities, Level 1 To Level 2 Transfers, Amount | $ 0 | $ 0 |
Fair Value, Assets And Liabilities, Level 2 To Level 1, Transfers Amount | 0 | 0 |
Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | $ 0 |
Maximum [Member] | Short-term investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment Maturity Period | 1 year |
Fair Value Measurements (Balanc
Fair Value Measurements (Balances Of Assets Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | $ 9,970,909 | $ 10,043,188 |
Equity securities | 7,590,755 | 5,720,945 |
Short-term investments | 1,196,248 | 1,077,696 |
Investments | 18,757,912 | 16,841,829 |
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 | 284,786 | 246,642 |
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 | 342,580 | 359,322 |
Obligations of states, municipalities and political subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 4,189,882 | 4,352,930 |
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 | 1,542,004 | 1,559,604 |
Commercial mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 1,817,845 | 1,650,199 |
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 | 888,073 | 880,172 |
Asset-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 11,048 | 19,408 |
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 | 894,691 | 974,911 |
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 | 9,970,909 | 10,043,188 |
Equity securities | 7,590,755 | 5,720,945 |
Short-term investments | 1,196,248 | 1,077,696 |
Investments | 18,757,912 | 16,841,829 |
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 | 7,544,763 | 5,667,217 |
Short-term investments | 1,093,799 | 981,616 |
Investments | 8,638,562 | 6,648,833 |
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 | 9,970,909 | 10,043,188 |
Equity securities | 0 | 0 |
Short-term investments | 102,449 | 96,080 |
Investments | 10,073,358 | 10,139,268 |
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 | 45,992 | 53,728 |
Short-term investments | 0 | 0 |
Investments | 45,992 | 53,728 |
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 | 284,786 | 246,642 |
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 | 284,786 | 246,642 |
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 | 342,580 | 359,322 |
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 | 342,580 | 359,322 |
Fair Value, Recurring [Member] | U.S. government-sponsored enterprises [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Obligations of states, municipalities and political subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 4,189,882 | 4,352,930 |
Fair Value, Recurring [Member] | Obligations of states, municipalities and political subdivisions [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Obligations of states, municipalities and political subdivisions [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 4,189,882 | 4,352,930 |
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 | 1,542,004 | 1,559,604 |
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 | 1,542,004 | 1,559,604 |
Fair Value, Recurring [Member] | Foreign governments [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Commercial mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 1,817,845 | 1,650,199 |
Fair Value, Recurring [Member] | Commercial mortgage-backed securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Commercial mortgage-backed securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 1,817,845 | 1,650,199 |
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 | 888,073 | 880,172 |
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 | 888,073 | 880,172 |
Fair Value, Recurring [Member] | Residential mortgage-backed securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Asset-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 11,048 | 19,408 |
Fair Value, Recurring [Member] | Asset-backed securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Asset-backed securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 11,048 | 19,408 |
Fair Value, Recurring [Member] | Asset-backed securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 894,691 | 974,911 |
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 | 894,691 | 974,911 |
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 | 2,509,182 | 1,930,539 |
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 | 2,463,190 | 1,876,811 |
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 | 45,992 | 53,728 |
Fair Value, Recurring [Member] | Industrial, consumer and all other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 5,081,573 | 3,790,406 |
Fair Value, Recurring [Member] | Industrial, consumer and all other [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 5,081,573 | 3,790,406 |
Fair Value, Recurring [Member] | Industrial, consumer and all other [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Fair Value, Recurring [Member] | Industrial, consumer and all other [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | $ 0 | $ 0 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Changes In Level 3 Investments Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | ||
Equity securities, beginning of period | $ 53,728 | $ 168,809 |
Purchases | 500 | 28,900 |
Sales | (9,448) | (35,335) |
Total gains (losses) included in net income (loss) | 1,212 | (108,646) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Equity securities, end of period | $ 45,992 | $ 53,728 |
Receivables (Components Of Rece
Receivables (Components Of Receivables) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
Amounts receivable from agents, brokers and insureds | $ 1,424,881 | $ 1,327,549 |
Trade accounts receivable | 259,062 | 226,282 |
Other | 182,582 | 154,273 |
Receivables, gross | 1,866,525 | 1,708,104 |
Allowance for doubtful receivables | (18,723) | (15,578) |
Receivables | $ 1,847,802 | $ 1,692,526 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||
Goodwill And Intangible Assets [Line Items] | |||||||
Impairment of goodwill | $ 0 | $ 91,910 | $ 0 | ||||
Goodwill and intangible asset impairment | 0 | 199,198 | 0 | ||||
Impairment of intangible assets (excluding goodwill) | 107,288 | ||||||
Carrying value following impairment charge | 2,308,548 | [1] | 2,237,975 | [1] | 1,777,464 | ||
Amortization of intangible assets | 148,638 | [2] | 115,930 | [3] | 80,758 | [4] | |
Estimated amortization of intangible assets for 2020 | 150,200 | ||||||
Estimated amortization of intangible assets for 2021 | 146,300 | ||||||
Estimated amortization of intangible assets for 2022 | 142,900 | ||||||
Estimated amortization of intangible assets for 2023 | 141,000 | ||||||
Estimated amortization of intangible assets for 2024 | 139,100 | ||||||
Indefinite-lived intangible assets | 92,400 | ||||||
Intangible assets acquired during period | 113,135 | 608,345 | |||||
Amortizable intangible assets acquired | $ 113,100 | ||||||
Definite-lived intangible assets, weighted-average amortization period | 11 years | ||||||
Markel CATCo IM [Member] | |||||||
Goodwill And Intangible Assets [Line Items] | |||||||
Impairment of goodwill | 91,900 | ||||||
Goodwill and intangible asset impairment | 179,000 | ||||||
Impairment of intangible assets (excluding goodwill) | 87,100 | ||||||
Customer Relationships [Member] | |||||||
Goodwill And Intangible Assets [Line Items] | |||||||
Definite-lived intangible assets, weighted-average amortization period | 12 years | ||||||
Trade Names [Member] | |||||||
Goodwill And Intangible Assets [Line Items] | |||||||
Definite-lived intangible assets, weighted-average amortization period | 12 years | ||||||
Other Intangible Assets [Member] | |||||||
Goodwill And Intangible Assets [Line Items] | |||||||
Definite-lived intangible assets, weighted-average amortization period | 10 years | ||||||
Markel Ventures [Member] | |||||||
Goodwill And Intangible Assets [Line Items] | |||||||
Impairment of goodwill | 0 | ||||||
Goodwill and intangible asset impairment | [5] | 14,904 | |||||
Impairment of intangible assets (excluding goodwill) | 14,904 | ||||||
Carrying value following impairment charge | $ 606,777 | [1] | 497,338 | [1] | 424,981 | ||
Amortization of intangible assets | 41,973 | [2],[5] | 40,208 | [3],[6] | $ 31,429 | [4],[7] | |
Intangible assets acquired during period | $ 71,629 | $ 85,736 | |||||
[1] | As of December 31, 2019 and 2018 , goodwill was net of accumulated impairment losses of $139.2 million , of which $91.9 million was in Other and $47.3 million was in Markel Ventures. | ||||||
[2] | Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's underwriting segments. | ||||||
[3] | Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's underwriting segments. | ||||||
[4] | Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's underwriting segments. | ||||||
[5] | Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $53.6 million for the year ended December 31, 2019 . | ||||||
[6] | Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $52.2 million for the year ended December 31, 2018 | ||||||
[7] | Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $41.7 million for the year ended December 31, 2017 . |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Components Of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Goodwill [Line Items] | ||||||
Goodwill, beginning balance | $ 2,237,975 | [1] | $ 1,777,464 | |||
Acquisitions (see note 2) | 118,878 | 548,075 | ||||
Impairment of goodwill | 0 | (91,910) | $ 0 | |||
Amortizable intangible assets acquired | 113,100 | |||||
Foreign currency movements and other adjustments | [2] | (48,305) | 4,346 | |||
Goodwill, ending balance | 2,308,548 | [1] | 2,237,975 | [1] | 1,777,464 | |
Accumulated impairment losses | [1] | 139,200 | 139,200 | |||
Indefinite-lived intangible assets | 92,400 | |||||
Markel Ventures [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill, beginning balance | 497,338 | [1] | 424,981 | |||
Acquisitions (see note 2) | 118,878 | 73,174 | ||||
Impairment of goodwill | 0 | |||||
Foreign currency movements and other adjustments | [2] | (9,439) | (817) | |||
Goodwill, ending balance | 606,777 | [1] | 497,338 | [1] | 424,981 | |
Accumulated impairment losses | [1] | 47,300 | 47,300 | |||
Insurance [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill, beginning balance | 770,184 | [1] | 771,821 | |||
Acquisitions (see note 2) | 0 | 0 | ||||
Impairment of goodwill | 0 | |||||
Foreign currency movements and other adjustments | [2] | 1,263 | (1,637) | |||
Goodwill, ending balance | 771,447 | [1] | 770,184 | [1] | 771,821 | |
Reinsurance [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill, beginning balance | 122,745 | [1] | 122,745 | |||
Acquisitions (see note 2) | 0 | 0 | ||||
Impairment of goodwill | 0 | |||||
Foreign currency movements and other adjustments | [2] | 0 | 0 | |||
Goodwill, ending balance | 122,745 | [1] | 122,745 | [1] | 122,745 | |
Other Operations [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill, beginning balance | [3] | 847,708 | [1] | 457,917 | ||
Acquisitions (see note 2) | [3] | 0 | 474,901 | |||
Impairment of goodwill | [3] | (91,910) | ||||
Foreign currency movements and other adjustments | [2],[3] | (40,129) | 6,800 | |||
Goodwill, ending balance | [3] | 807,579 | [1] | 847,708 | [1] | $ 457,917 |
Accumulated impairment losses | [1] | $ 91,900 | $ 91,900 | |||
[1] | As of December 31, 2019 and 2018 , goodwill was net of accumulated impairment losses of $139.2 million , of which $91.9 million was in Other and $47.3 million was in Markel Ventures. | |||||
[2] | Foreign currency movements and other adjustments includes adjustments to goodwill resulting from changes to the preliminary purchase price allocation, if any, for acquisitions that occurred in the prior year. | |||||
[3] | Amounts included in Other reflect the Company's operations that are not included in a reportable segment. |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets Goodwill And Intangible Assets (Components of Net Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||
Intangible [Line Items] | |||||||
Net intangible assets, beginning balance | $ 1,726,196 | $ 1,355,681 | |||||
Acquisitions (see note 2) | 113,135 | 608,345 | |||||
Amortization of intangible assets | (148,638) | [1] | (115,930) | [2] | $ (80,758) | [3] | |
Impairment of intangible assets | (107,288) | ||||||
Foreign currency movements and other adjustments | [4] | 47,781 | (14,612) | ||||
Net intangible assets, ending balance | 1,738,474 | 1,726,196 | 1,355,681 | ||||
Underwriting [Member] | |||||||
Intangible [Line Items] | |||||||
Net intangible assets, beginning balance | [5] | 489,088 | 537,957 | ||||
Acquisitions (see note 2) | [5] | 41,506 | 1,538 | ||||
Amortization of intangible assets | [5] | (39,667) | (44,464) | ||||
Impairment of intangible assets | [5] | (4,431) | |||||
Foreign currency movements and other adjustments | [4],[5] | (6,767) | (1,512) | ||||
Net intangible assets, ending balance | [5] | 484,160 | 489,088 | 537,957 | |||
Markel Ventures [Member] | |||||||
Intangible [Line Items] | |||||||
Net intangible assets, beginning balance | 431,457 | 400,589 | |||||
Acquisitions (see note 2) | 71,629 | 85,736 | |||||
Amortization of intangible assets | (41,973) | [1],[6] | (40,208) | [2],[7] | (31,429) | [3],[8] | |
Impairment of intangible assets | (14,904) | ||||||
Foreign currency movements and other adjustments | [4] | 12,009 | 244 | ||||
Net intangible assets, ending balance | 473,122 | 431,457 | 400,589 | ||||
Other Operations [Member] | |||||||
Intangible [Line Items] | |||||||
Net intangible assets, beginning balance | [9] | 805,651 | 417,135 | ||||
Acquisitions (see note 2) | [9] | 0 | 521,071 | ||||
Amortization of intangible assets | [9] | (66,998) | (31,258) | ||||
Impairment of intangible assets | [9] | (87,953) | |||||
Foreign currency movements and other adjustments | [4],[9] | 42,539 | (13,344) | ||||
Net intangible assets, ending balance | [9] | $ 781,192 | $ 805,651 | $ 417,135 | |||
[1] | Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's underwriting segments. | ||||||
[2] | Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's underwriting segments. | ||||||
[3] | Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's underwriting segments. | ||||||
[4] | Foreign currency movements and other adjustments include adjustments to intangible assets resulting from changes to the preliminary purchase price allocation, if any, for acquisitions that occurred in the prior year. | ||||||
[5] | Amounts included in Underwriting reflect the intangible assets associated with the Company's underwriting segments, which are not allocated between the Insurance and Reinsurance segments. | ||||||
[6] | Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $53.6 million for the year ended December 31, 2019 . | ||||||
[7] | Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $52.2 million for the year ended December 31, 2018 | ||||||
[8] | Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $41.7 million for the year ended December 31, 2017 . | ||||||
[9] | Amounts included in Other reflect the Company's operations that are not included in a reportable segment. |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets (Components Of Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Indefinite-Lived And Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | $ 2,358,086 | $ 2,196,597 |
Intangible assets, accumulated amortization | (619,612) | (470,401) |
Customer Relationships [Member] | ||
Schedule of Indefinite-Lived And Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 1,021,427 | 953,739 |
Intangible assets, accumulated amortization | (267,580) | (204,261) |
Investment Management Agreements [Member] | ||
Schedule of Indefinite-Lived And Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 468,000 | 441,000 |
Intangible assets, accumulated amortization | (33,345) | 0 |
Broker Relationships [Member] | ||
Schedule of Indefinite-Lived And Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 206,249 | 204,367 |
Intangible assets, accumulated amortization | (89,234) | (78,559) |
Trade Names [Member] | ||
Schedule of Indefinite-Lived And Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 208,959 | 193,154 |
Intangible assets, accumulated amortization | (68,961) | (62,827) |
Technology [Member] | ||
Schedule of Indefinite-Lived And Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 113,389 | 109,208 |
Intangible assets, accumulated amortization | (60,611) | (47,090) |
Agent Relationships [Member] | ||
Schedule of Indefinite-Lived And Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 92,000 | 92,000 |
Intangible assets, accumulated amortization | (16,355) | (10,175) |
Insurance Licenses [Member] | ||
Schedule of Indefinite-Lived And Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 74,635 | 74,635 |
Intangible assets, accumulated amortization | 0 | 0 |
Renewal Rights [Domain] | ||
Schedule of Indefinite-Lived And Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 21,449 | 21,053 |
Intangible assets, accumulated amortization | (19,366) | (18,272) |
Other [Member] | ||
Schedule of Indefinite-Lived And Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 151,978 | 107,441 |
Intangible assets, accumulated amortization | $ (64,160) | $ (49,217) |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Leases [Abstract] | |||
Maximum remaining term of noncancelable leases | 15 years | ||
Operating lease, cost | $ 62.7 | ||
Operating leases, rent expense, net | $ 52.9 | $ 44.6 |
Leases (Summary of Supplementar
Leases (Summary of Supplementary Balance Sheet Information) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
Operating lease, right-of-use ssset | $ 232,717 |
Operating lease, liability | $ 262,139 |
Operating lease, weighted average remaining lease term | 8 years 6 months |
Operating lease, weighted average discount rate, percent | 3.30% |
Leases (Maturities of Operating
Leases (Maturities of Operating Lease Liabilities) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
Lessee, operating lease, liability, payments, due next twelve months | $ 49,529 |
Lessee, operating lease, liability, payments, due year two | 45,463 |
Lessee, operating lease, liability, payments, due year three | 39,519 |
Lessee, operating lease, liability, payments, due year four | 34,095 |
Lessee, operating lease, liability, payments, due year five | 26,989 |
Lessee, operating lease, liability, payments, due after year five | 107,410 |
Lessee, operating lease, liability, payments, due | 303,005 |
Lessee, operating lease, liability, undiscounted excess amount | (40,866) |
Operating lease, liability | $ 262,139 |
Segment Reporting Disclosures_2
Segment Reporting Disclosures (Narrative) (Details) - segment | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue, Major Customer [Line Items] | |||
Number of reportable ongoing underwriting segments | 2 | ||
Underwriting Operations [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of gross premiums written | 100.00% | 100.00% | 100.00% |
Markel Ventures [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of Revenue Attributable to U.S. | 90.00% | 88.00% | 85.00% |
Top Three Independent Brokers [Member] | Underwriting Operations [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of gross premiums written | 28.00% | 25.00% | 27.00% |
Top Three Independent Brokers [Member] | Insurance [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of gross premiums written | 17.00% | 13.00% | 14.00% |
Top Three Independent Brokers [Member] | Reinsurance [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of gross premiums written | 82.00% | 76.00% | 78.00% |
Segment Reporting Disclosures_3
Segment Reporting Disclosures (Company's Segment Disclosures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||
Segment Reporting Information [Line Items] | |||||||
Gross written premiums | $ 8,779,971 | $ 7,864,469 | $ 5,506,960 | ||||
Net written premiums | 5,412,071 | 4,787,578 | 4,417,787 | ||||
Earned premiums | 5,049,793 | 4,712,060 | 4,247,978 | ||||
Losses and loss adjustment expenses, current accident year | (3,426,441) | (3,371,699) | (3,367,223) | ||||
Losses and loss adjustment expenses, prior accident years | 535,251 | 550,984 | 501,462 | ||||
Amortization of policy acquisition costs | (1,100,496) | (1,009,303) | (894,353) | ||||
Other operating expenses | (777,597) | (768,208) | (695,111) | ||||
Underwriting profit (loss) | 280,510 | 113,834 | (207,247) | ||||
Net investment income | 451,888 | 434,215 | 405,709 | ||||
Net investment gains (losses) | 1,601,722 | (437,596) | (5,303) | ||||
Products revenues | 1,609,586 | 1,497,523 | 951,012 | ||||
Services and other revenues | 813,202 | 635,083 | 462,263 | ||||
Products expenses | (1,455,245) | (1,413,248) | (850,449) | ||||
Services and other expenses | (675,679) | (474,924) | (458,621) | ||||
Amortization of intangible assets | (148,638) | [1] | (115,930) | [2] | (80,758) | [3] | |
Goodwill and Intangible Asset Impairment | 0 | (199,198) | 0 | ||||
Segment profit (loss) | 2,477,346 | 39,759 | 216,606 | ||||
Interest expense | (171,687) | (154,212) | (132,451) | ||||
Loss on early extinguishment of debt | (17,586) | 0 | 0 | ||||
Net foreign exchange gains (losses) | (2,265) | 106,598 | 3,140 | ||||
Income (Loss) Before Income Taxes | $ 2,285,808 | $ (7,855) | $ 87,295 | ||||
U.S. GAAP combined ratio | 94.00% | [4] | 98.00% | [5] | 105.00% | [6] | |
Insurance [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Gross written premiums | $ 5,320,253 | $ 4,749,166 | $ 4,141,201 | ||||
Net written premiums | 4,444,702 | 3,904,773 | 3,439,796 | ||||
Earned premiums | 4,144,073 | 3,783,939 | 3,314,033 | ||||
Losses and loss adjustment expenses, current accident year | (2,730,971) | (2,596,057) | (2,442,344) | ||||
Losses and loss adjustment expenses, prior accident years | 462,124 | 502,260 | 500,627 | ||||
Amortization of policy acquisition costs | (860,917) | (770,183) | (675,470) | ||||
Other operating expenses | (704,531) | (691,186) | (611,749) | ||||
Underwriting profit (loss) | 309,778 | 228,773 | 85,097 | ||||
Net investment income | 0 | 0 | 0 | ||||
Net investment gains (losses) | 0 | 0 | 0 | ||||
Products revenues | 0 | 0 | |||||
Services and other revenues | 0 | 0 | 0 | ||||
Products expenses | 0 | 0 | 0 | ||||
Services and other expenses | 0 | 0 | 0 | ||||
Amortization of intangible assets | 0 | [1] | 0 | [2] | 0 | [3] | |
Goodwill and Intangible Asset Impairment | 0 | ||||||
Segment profit (loss) | $ 309,778 | $ 228,773 | $ 85,097 | ||||
U.S. GAAP combined ratio | 93.00% | [4] | 94.00% | [5] | 97.00% | [6] | |
Reinsurance [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Gross written premiums | $ 1,114,153 | $ 1,050,870 | $ 1,112,101 | ||||
Net written premiums | 964,947 | 882,285 | 978,160 | ||||
Earned premiums | 903,587 | 928,574 | 934,114 | ||||
Losses and loss adjustment expenses, current accident year | (695,470) | (775,642) | (924,879) | ||||
Losses and loss adjustment expenses, prior accident years | 64,768 | 42,982 | (7,803) | ||||
Amortization of policy acquisition costs | (239,579) | (239,120) | (218,883) | ||||
Other operating expenses | (73,305) | (75,081) | (82,567) | ||||
Underwriting profit (loss) | (39,999) | (118,287) | (300,018) | ||||
Net investment income | 0 | 0 | 0 | ||||
Net investment gains (losses) | 0 | 0 | 0 | ||||
Products revenues | 0 | 0 | |||||
Services and other revenues | 0 | 0 | 0 | ||||
Products expenses | 0 | 0 | 0 | ||||
Services and other expenses | 0 | 0 | 0 | ||||
Amortization of intangible assets | 0 | [1] | 0 | [2] | 0 | [3] | |
Goodwill and Intangible Asset Impairment | 0 | ||||||
Segment profit (loss) | $ (39,999) | $ (118,287) | $ (300,018) | ||||
U.S. GAAP combined ratio | 104.00% | [4] | 113.00% | [5] | 132.00% | [6] | |
Investing [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Gross written premiums | $ 0 | $ 0 | $ 0 | ||||
Net written premiums | 0 | 0 | 0 | ||||
Earned premiums | 0 | 0 | 0 | ||||
Losses and loss adjustment expenses, current accident year | 0 | 0 | 0 | ||||
Losses and loss adjustment expenses, prior accident years | 0 | 0 | 0 | ||||
Amortization of policy acquisition costs | 0 | 0 | 0 | ||||
Other operating expenses | 0 | 0 | 0 | ||||
Underwriting profit (loss) | 0 | 0 | 0 | ||||
Net investment income | 451,152 | 433,702 | 405,377 | ||||
Net investment gains (losses) | 1,601,722 | (437,596) | (5,303) | ||||
Products revenues | 0 | 0 | |||||
Services and other revenues | 0 | 0 | 0 | ||||
Products expenses | 0 | 0 | 0 | ||||
Services and other expenses | 0 | 0 | 0 | ||||
Amortization of intangible assets | 0 | [1] | 0 | [2] | 0 | [3] | |
Goodwill and Intangible Asset Impairment | 0 | ||||||
Segment profit (loss) | 2,052,874 | (3,894) | 400,074 | ||||
Markel Ventures [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Gross written premiums | 0 | [7] | 0 | [8] | 0 | [9] | |
Net written premiums | 0 | [7] | 0 | [8] | 0 | [9] | |
Earned premiums | 0 | [7] | 0 | [8] | 0 | [9] | |
Losses and loss adjustment expenses, current accident year | 0 | [7] | 0 | [8] | 0 | [9] | |
Losses and loss adjustment expenses, prior accident years | 0 | [7] | 0 | [8] | 0 | [9] | |
Amortization of policy acquisition costs | 0 | [7] | 0 | [8] | 0 | [9] | |
Other operating expenses | 0 | [7] | 0 | [8] | 0 | [9] | |
Underwriting profit (loss) | 0 | [7] | 0 | [8] | 0 | [9] | |
Net investment income | 736 | [7] | 513 | [8] | 332 | [9] | |
Net investment gains (losses) | 0 | [7] | 0 | [8] | 0 | [9] | |
Products revenues | 1,609,586 | [7] | 1,497,523 | [8] | 951,012 | [9] | |
Services and other revenues | 444,698 | [7] | 414,542 | [8] | 382,268 | [9] | |
Products expenses | (1,455,245) | [7] | (1,413,248) | [8] | (850,449) | [9] | |
Services and other expenses | (389,385) | [7] | (366,739) | [8] | (336,484) | [9] | |
Amortization of intangible assets | (41,973) | [1],[7] | (40,208) | [2],[8] | (31,429) | [3],[9] | |
Goodwill and Intangible Asset Impairment | [7] | (14,904) | |||||
Segment profit (loss) | 168,417 | [7] | 77,479 | [8] | 115,250 | [9] | |
Depreciation expense | (53,600) | [7] | (52,200) | [8] | (41,700) | [9] | |
Other [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Gross written premiums | 2,345,565 | [10] | 2,064,433 | [11] | 253,658 | [12] | |
Net written premiums | 2,422 | [10] | 520 | [11] | (169) | [12] | |
Earned premiums | 2,133 | [10] | (453) | [11] | (169) | [12] | |
Losses and loss adjustment expenses, current accident year | 0 | [10] | 0 | [11] | 0 | [12] | |
Losses and loss adjustment expenses, prior accident years | 8,359 | [10] | 5,742 | [11] | 8,638 | [12] | |
Amortization of policy acquisition costs | 0 | [10] | 0 | [11] | 0 | [12] | |
Other operating expenses | 239 | [10] | (1,941) | [11] | (795) | [12] | |
Underwriting profit (loss) | 10,731 | [10] | 3,348 | [11] | 7,674 | [12] | |
Net investment income | 0 | [10] | 0 | [11] | 0 | [12] | |
Net investment gains (losses) | 0 | [10] | 0 | [11] | 0 | [12] | |
Products revenues | 0 | [10],[11] | 0 | [12] | |||
Services and other revenues | 368,504 | [10] | 220,541 | [11] | 79,995 | [9] | |
Products expenses | 0 | [10] | 0 | [11] | 0 | [12] | |
Services and other expenses | (286,294) | [10] | (108,185) | [11] | (122,137) | [12] | |
Amortization of intangible assets | (106,665) | [1],[10] | (75,722) | [2],[11] | (49,329) | [3],[12] | |
Goodwill and Intangible Asset Impairment | [11] | (184,294) | |||||
Segment profit (loss) | $ (13,724) | [10] | $ (144,312) | [11] | $ (83,797) | [12] | |
U.S. GAAP combined ratio - not meaniningful | NM | [4],[10],[13] | NM | [5],[11],[14] | NM | [6],[12],[15] | |
[1] | Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's underwriting segments. | ||||||
[2] | Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's underwriting segments. | ||||||
[3] | Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's underwriting segments. | ||||||
[4] | The U.S. GAAP combined ratio is a measure of underwriting performance and represents the relationship of incurred losses, loss adjustment expenses and underwriting, acquisition and insurance expenses to earned premiums. | ||||||
[5] | The U.S. GAAP combined ratio is a measure of underwriting performance and represents the relationship of incurred losses, loss adjustment expenses and underwriting, acquisition and insurance expenses to earned premiums. | ||||||
[6] | The U.S. GAAP combined ratio is a measure of underwriting performance and represents the relationship of incurred losses, loss adjustment expenses and underwriting, acquisition and insurance expenses to earned premiums. | ||||||
[7] | Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $53.6 million for the year ended December 31, 2019 . | ||||||
[8] | Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $52.2 million for the year ended December 31, 2018 | ||||||
[9] | Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $41.7 million for the year ended December 31, 2017 . | ||||||
[10] | Other represents the total profit (loss) | ||||||
[11] | Other represents the total profit (loss) | ||||||
[12] | Other represents the total profit (loss) | ||||||
[13] | NM - Ratio is not meaningful | ||||||
[14] | NM - Ratio is not meaningful | ||||||
[15] | NM - Ratio is not meaningful |
Segment Reporting Disclosures_4
Segment Reporting Disclosures (Summary Of Deferred Policy Acquisition Costs, Unearned Premiums And Unpaid Losses And Loss Adjustment Expenses) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | |||
Deferred policy acquisition costs | $ 566,042 | $ 474,513 | |
Unearned premiums | 4,057,727 | 3,611,028 | |
Unpaid losses and loss adjustment expenses | 14,728,676 | 14,276,479 | $ 13,584,281 |
Insurance [Member] | |||
Segment Reporting Information [Line Items] | |||
Deferred policy acquisition costs | 392,774 | 315,363 | |
Unearned premiums | 2,356,875 | 2,031,140 | |
Unpaid losses and loss adjustment expenses | 8,119,046 | 7,947,772 | |
Reinsurance [Member] | |||
Segment Reporting Information [Line Items] | |||
Deferred policy acquisition costs | 173,268 | 159,150 | |
Unearned premiums | 677,260 | 630,435 | |
Unpaid losses and loss adjustment expenses | 3,395,459 | 3,425,751 | |
Other Underwriting [Member] | |||
Segment Reporting Information [Line Items] | |||
Deferred policy acquisition costs | 0 | 0 | |
Unearned premiums | 0 | 0 | |
Unpaid losses and loss adjustment expenses | 298,062 | 386,329 | |
Underwriting Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Deferred policy acquisition costs | 566,042 | 474,513 | |
Unearned premiums | 3,034,135 | 2,661,575 | |
Unpaid losses and loss adjustment expenses | 11,812,567 | 11,759,852 | |
Program Services and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Deferred policy acquisition costs | 0 | 0 | |
Unearned premiums | 1,023,592 | 949,453 | |
Unpaid losses and loss adjustment expenses | $ 2,916,109 | $ 2,516,627 |
Segment Reporting Disclosures_5
Segment Reporting Disclosures (Summary Of Segment Earned Premiums By Product) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Segment Reporting Information [Line Items] | ||||||
Earned premiums | $ 5,049,793 | $ 4,712,060 | $ 4,247,978 | |||
Insurance [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Earned premiums | 4,144,073 | 3,783,939 | 3,314,033 | |||
Insurance [Member] | General Liability [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Earned premiums | 1,039,617 | 889,543 | 764,956 | |||
Insurance [Member] | Professional Liability [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Earned premiums | 814,587 | 701,867 | 628,878 | |||
Insurance [Member] | Property [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Earned premiums | 364,830 | 369,116 | 365,513 | |||
Insurance [Member] | Marine And Energy [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Earned premiums | 391,464 | 376,747 | 312,282 | |||
Insurance [Member] | Personal Lines [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Earned premiums | 378,522 | 374,543 | 382,761 | |||
Insurance [Member] | Programs [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Earned premiums | 294,418 | 288,398 | 273,954 | |||
Insurance [Member] | Workers' Compensation [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Earned premiums | 349,770 | 329,690 | 319,679 | |||
Insurance [Member] | Other Products [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Earned premiums | 510,865 | 454,035 | 266,010 | |||
Reinsurance [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Earned premiums | 903,587 | 928,574 | 934,114 | |||
Reinsurance [Member] | Property [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Earned premiums | 201,486 | 233,195 | 321,178 | |||
Reinsurance [Member] | Casualty [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Earned premiums | 408,368 | 360,739 | 327,912 | |||
Reinsurance [Member] | Specialty [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Earned premiums | 293,733 | 334,640 | 285,024 | |||
Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Earned premiums | $ 2,133 | [1] | $ (453) | [2] | $ (169) | [3] |
[1] | Other represents the total profit (loss) | |||||
[2] | Other represents the total profit (loss) | |||||
[3] | Other represents the total profit (loss) |
Segment Reporting Disclosures_6
Segment Reporting Disclosures (Summary Of Gross Written Premiums By Country) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Gross written premiums | $ 8,779,971 | $ 7,864,469 | $ 5,506,960 |
Underwriting Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross written premiums | $ 6,434,327 | $ 5,798,996 | $ 5,253,107 |
Percentage of gross premiums written | 100.00% | 100.00% | 100.00% |
United States [Member] | Underwriting Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross written premiums | $ 5,172,074 | $ 4,587,486 | $ 4,163,753 |
Percentage of gross premiums written | 81.00% | 79.00% | 79.00% |
United States [Member] | Program Services and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross written premiums | $ 2,345,644 | $ 2,065,473 | $ 253,853 |
United Kingdom [Member] | Underwriting Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross written premiums | $ 458,370 | $ 471,818 | $ 374,941 |
Percentage of gross premiums written | 7.00% | 8.00% | 7.00% |
Canada [Member] | Underwriting Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross written premiums | $ 151,606 | $ 127,546 | $ 132,018 |
Percentage of gross premiums written | 2.00% | 2.00% | 3.00% |
Other [Member] | Underwriting Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross written premiums | $ 652,277 | $ 612,146 | $ 582,395 |
Percentage of gross premiums written | 10.00% | 11.00% | 11.00% |
Segment Reporting Disclosures_7
Segment Reporting Disclosures (Reconciliation Of Segment Assets To The Company's Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | |||
Assets | $ 37,473,815 | $ 33,306,263 | $ 32,805,016 |
Investing [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 22,129,633 | 19,100,790 | 20,317,160 |
Underwriting Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 6,621,639 | 6,451,984 | 6,828,048 |
Markel Ventures [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 2,550,835 | 2,124,506 | 1,900,728 |
Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 6,171,708 | 5,628,983 | 3,759,080 |
Segment Assets [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | $ 31,302,107 | $ 27,677,280 | $ 29,045,936 |
Products, Services and Other _3
Products, Services and Other Revenues (Schedule Of Revenues From Contracts With Customers By Type) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||
Other Revenues | $ 2,422,788 | $ 2,132,606 | $ 1,413,275 |
Program Services and Other Fronting [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 116,376 | 94,118 | 14,487 |
Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 107,156 | 93,821 | 93,133 |
Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 368,504 | 220,541 | 79,995 |
Other [Member] | Program Services and Other Fronting [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 116,376 | 94,118 | 14,487 |
Other [Member] | Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 3,817 | 1,660 | 2,022 |
Markel Ventures [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 2,054,284 | 1,912,065 | 1,333,280 |
Markel Ventures [Member] | Program Services and Other Fronting [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 0 | 0 | 0 |
Markel Ventures [Member] | Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 103,339 | 92,161 | 91,111 |
Revenue from Contract with Customer Benchmark [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 2,199,256 | 1,944,667 | 1,305,655 |
Revenue from Contract with Customer Benchmark [Member] | Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 1,558,265 | 1,452,332 | 902,739 |
Revenue from Contract with Customer Benchmark [Member] | Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 490,127 | 400,808 | 374,176 |
Revenue from Contract with Customer Benchmark [Member] | Investment Management [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 150,864 | 91,527 | 28,740 |
Revenue from Contract with Customer Benchmark [Member] | Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 248,311 | 124,763 | 63,486 |
Revenue from Contract with Customer Benchmark [Member] | Other [Member] | Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 0 | 0 | 0 |
Revenue from Contract with Customer Benchmark [Member] | Other [Member] | Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 97,447 | 33,236 | 34,746 |
Revenue from Contract with Customer Benchmark [Member] | Other [Member] | Investment Management [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 150,864 | 91,527 | 28,740 |
Revenue from Contract with Customer Benchmark [Member] | Markel Ventures [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 1,950,945 | 1,819,904 | 1,242,169 |
Revenue from Contract with Customer Benchmark [Member] | Markel Ventures [Member] | Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 1,558,265 | 1,452,332 | 902,739 |
Revenue from Contract with Customer Benchmark [Member] | Markel Ventures [Member] | Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 392,680 | 367,572 | 339,430 |
Revenue from Contract with Customer Benchmark [Member] | Markel Ventures [Member] | Investment Management [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | $ 0 | $ 0 | $ 0 |
Products, Services and Other _4
Products, Services and Other Revenues Products, Services and Other Revenues (Receivables And Customer Deposits Related To Contracts With Customers) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Receivables and Customer Deposits [Line Items] | ||
Receivables | $ 1,847,802 | $ 1,692,526 |
Contracts with customers [Member] | ||
Receivables and Customer Deposits [Line Items] | ||
Receivables | 263,904 | 247,532 |
Customer deposits | $ 60,623 | $ 48,238 |
Unpaid Losses And Loss Adjust_3
Unpaid Losses And Loss Adjustment Expenses (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||
Deferred gain related to the completion of the Part VII transfer | $ 3,900 | |||||||
Net reserves for losses and loss adjustment expenses of acquired insurance companies | $ 0 | $ 0 | 57,493 | |||||
Net losses and loss adjustment expenses | 3,426,441 | 3,371,699 | 3,367,223 | |||||
Adverse (favorable) development on prior years' loss reserves | $ (535,307) | $ (551,040) | (497,627) | |||||
IBNR reserves as a percentage of total unpaid losses and loss adjustment expenses | 65.00% | 64.00% | ||||||
Insurance [Member] | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||
Net losses and loss adjustment expenses | $ 2,730,971 | $ 2,596,057 | 2,442,344 | |||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 14,400,300 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 8,724,600 | |||||||
Insurance [Member] | 2011 and Prior Accident Years [Member] | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||
Adverse (favorable) development on prior years' loss reserves | (46,900) | |||||||
Insurance [Member] | 2012 Accident Year [Member] | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 1,330,500 | 1,350,700 | 1,364,100 | $ 1,397,800 | $ 1,430,200 | $ 1,491,600 | $ 1,613,200 | $ 1,370,800 |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 101,300 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 1,180,100 | 1,153,200 | 1,119,800 | 1,055,000 | 939,500 | 781,500 | 568,600 | 233,800 |
Cumulative number of reported claims | 128,000 | |||||||
Insurance [Member] | 2012 Accident Year [Member] | Alterra [Member] | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 256,500 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 36,800 | |||||||
Insurance [Member] | 2013 Accident Year [Member] | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | $ 1,329,300 | 1,372,000 | 1,418,100 | 1,464,900 | 1,528,400 | 1,698,200 | 1,738,000 | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 126,700 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 1,125,100 | 1,101,300 | 1,038,900 | 950,500 | 780,000 | 572,100 | 271,800 | |
Cumulative number of reported claims | 88 | |||||||
Insurance [Member] | 2013 Accident Year [Member] | Alterra [Member] | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 313,400 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 29,500 | |||||||
Insurance [Member] | 2014 Accident Year [Member] | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | $ 1,505,300 | 1,525,700 | 1,574,200 | 1,632,200 | 1,700,100 | 1,866,000 | ||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 138,600 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 1,255,300 | 1,170,500 | 1,064,700 | 896,500 | 659,200 | 332,300 | ||
Cumulative number of reported claims | 80 | |||||||
Insurance [Member] | 2015 Accident Year [Member] | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | $ 1,505,400 | 1,537,300 | 1,591,700 | 1,714,200 | 1,786,600 | |||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 197,100 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 1,151,900 | 1,041,900 | 877,700 | 666,000 | 322,800 | |||
Cumulative number of reported claims | 85 | |||||||
Insurance [Member] | 2016 Accident Year [Member] | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | $ 1,716,500 | 1,770,800 | 1,872,100 | 1,875,300 | ||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 297,300 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 1,169,800 | 983,700 | 753,700 | 372,500 | ||||
Cumulative number of reported claims | 90 | |||||||
Insurance [Member] | 2017 Accident Year [Member] | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | $ 2,076,200 | 2,198,900 | 2,330,800 | |||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 422,400 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 1,286,700 | 992,800 | 438,800 | |||||
Cumulative number of reported claims | 124 | |||||||
Insurance [Member] | 2018 Accident Year [Member] | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | $ 2,354,800 | 2,457,300 | ||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 904,000 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 1,027,800 | 496,700 | ||||||
Cumulative number of reported claims | 173 | |||||||
Insurance [Member] | 2019 Accident Year [Member] | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | $ 2,582,300 | |||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 1,639,800 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 527,900 | |||||||
Cumulative number of reported claims | 181 | |||||||
Reinsurance [Member] | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||
Net losses and loss adjustment expenses | $ 695,470 | 775,642 | 924,879 | |||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 4,924,900 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 2,403,300 | |||||||
Reinsurance [Member] | 2011 and Prior Accident Years [Member] | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||
Adverse (favorable) development on prior years' loss reserves | (43,000) | |||||||
Reinsurance [Member] | 2012 Accident Year [Member] | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 445,100 | 448,000 | 456,200 | 457,800 | 486,600 | 508,700 | 551,700 | 73,000 |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 42,400 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 309,500 | 289,500 | 264,400 | 232,000 | 184,300 | 129,100 | 64,700 | $ 4,100 |
Reinsurance [Member] | 2012 Accident Year [Member] | Alterra [Member] | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 476,200 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 52,700 | |||||||
Reinsurance [Member] | 2013 Accident Year [Member] | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 489,400 | 507,500 | 544,800 | 534,700 | 548,300 | 580,300 | 588,000 | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 42,700 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 351,000 | 331,900 | 301,900 | 268,900 | 209,900 | 155,700 | 71,300 | |
Reinsurance [Member] | 2013 Accident Year [Member] | Alterra [Member] | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 537,500 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 68,700 | |||||||
Reinsurance [Member] | 2014 Accident Year [Member] | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 535,400 | 559,100 | 581,200 | 536,400 | 564,500 | 577,400 | ||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 87,700 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 346,000 | 311,800 | 274,500 | 226,400 | 158,100 | $ 98,000 | ||
Reinsurance [Member] | 2015 Accident Year [Member] | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 511,900 | 523,500 | 532,400 | 514,000 | 527,900 | |||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 143,400 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 306,200 | 258,500 | 207,200 | 133,400 | $ 63,800 | |||
Reinsurance [Member] | 2016 Accident Year [Member] | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 529,300 | 530,600 | 532,100 | 522,100 | ||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 126,600 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 298,300 | 241,500 | 170,400 | $ 79,700 | ||||
Reinsurance [Member] | 2017 Accident Year [Member] | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 943,100 | 938,100 | 905,300 | |||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 276,100 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 481,500 | 359,500 | 158,000 | |||||
Reinsurance [Member] | 2018 Accident Year [Member] | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 792,500 | 759,200 | ||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 373,400 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 256,700 | 87,500 | ||||||
Reinsurance [Member] | 2019 Accident Year [Member] | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 678,200 | |||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 483,100 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 54,100 | |||||||
Asbestos [Member] | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||
Asbestos-related reserves, gross loss incurred | 234,200 | 247,700 | ||||||
Asbestos-related reserves, net loss incurred | 74,400 | 83,000 | ||||||
Gen Liab Workers Comp Marine & Energy And Prof Liab Insurance Segment Property And Whole Account Reinsurance Segment [Member] | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||
Adverse (favorable) development on prior years' loss reserves | $ (431,000) | |||||||
Gen Liab Workers Comp Prof Liab and Marine And Energy Insurance Segment Credit And Surety And Marine And Energy Reinsurance Segment [Member] | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||
Adverse (favorable) development on prior years' loss reserves | (424,100) | |||||||
Gen Liab Prof Liab Workers Comp Marine And Energy Insurance Segment Surety And Marine And Energy Reinsurance Segment [Member] | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||
Adverse (favorable) development on prior years' loss reserves | (422,900) | |||||||
Ogden Rate Change [Member] | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||
Adverse (favorable) development on prior years' loss reserves | 85,000 | |||||||
Personal Lines [Member] | Insurance [Member] | 2012 Accident Year [Member] | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||
Cumulative number of reported claims | 66 | |||||||
Personal Lines [Member] | Insurance [Member] | 2013 Accident Year [Member] | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||
Cumulative number of reported claims | 17 | |||||||
Personal Lines [Member] | Insurance [Member] | 2017 Accident Year [Member] | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||
Cumulative number of reported claims | 24 | |||||||
Personal Lines [Member] | Insurance [Member] | 2018 Accident Year [Member] | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||
Cumulative number of reported claims | 54 | |||||||
Personal Lines [Member] | Insurance [Member] | 2019 Accident Year [Member] | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||
Cumulative number of reported claims | 78 | |||||||
2019 Catastrophes [Member] | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||
Net losses and loss adjustment expenses, net of assumed reinstatement premiums | $ 100,400 | |||||||
Net losses and loss adjustment expenses | 114,000 | |||||||
Net assumed reinstatement premiums | (13,600) | |||||||
Reinsurance recoverables | $ 62,500 | |||||||
2018 Catastrophes [Member] | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||
Net losses and loss adjustment expenses, net of assumed reinstatement premiums | 287,300 | |||||||
Net losses and loss adjustment expenses | 292,800 | |||||||
Net assumed reinstatement premiums | (5,400) | |||||||
Reinsurance recoverables | $ 244,100 | |||||||
2017 Catastrophes [Member] | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||
Net losses and loss adjustment expenses, net of assumed reinstatement premiums | 565,300 | |||||||
Net losses and loss adjustment expenses | 585,400 | |||||||
Net assumed reinstatement premiums | (20,100) | |||||||
Reinsurance recoverables | $ 490,300 |
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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims [Abstract] | |||
Net reserves for losses and loss adjustment expenses, beginning of year | $ 9,214,443 | $ 8,964,945 | $ 8,108,717 |
Effect of foreign currency rate changes on beginning of year balance | 18,857 | (69,119) | 110,079 |
Adjusted net reserves for losses and loss adjustment expenses, beginning of year | 9,233,300 | 8,895,826 | 8,218,796 |
Incurred losses and loss adjustment expenses, current accident year | 3,426,441 | 3,371,699 | 3,367,223 |
Incurred losses and loss adjustment expenses, prior accident years | (535,307) | (551,040) | (497,627) |
Total incurred losses and loss adjustment expenses | 2,891,134 | 2,820,659 | 2,869,596 |
Payments, current accident year | 671,208 | 666,515 | 671,112 |
Payments, prior accident years | 1,979,032 | 1,835,027 | 1,513,580 |
Total payments | 2,650,240 | 2,501,542 | 2,184,692 |
Effect of foreign currency rate changes on current year activity | 1,067 | (500) | 3,752 |
Net reserves for losses and loss adjustment expenses of acquired insurance companies | 0 | 0 | 57,493 |
Net reserves for losses and loss adjustment expenses, end of year | 9,475,261 | 9,214,443 | 8,964,945 |
Reinsurance recoverable on unpaid losses | 5,253,415 | 5,062,036 | 4,619,336 |
Gross reserves for losses and loss adjustment expenses, end of year | $ 14,728,676 | $ 14,276,479 | $ 13,584,281 |
Unpaid Losses And Loss Adjust_5
Unpaid Losses And Loss Adjustment Expenses (Ultimate Incurred Losses And Cumulative Paid Losses And Allocated Loss Adjustment Expenses, Net Of Reinsurance) (Details) number in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) |
Claims Development [Line Items] | ||||||||
Total liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | $ 9,253,056 | |||||||
Insurance [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 14,400,300 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 8,724,600 | |||||||
All outstanding liabilities for unpaid losses and loss adjustment expenses before 2012, net of reinsurance | 365,700 | |||||||
Total liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | 6,041,424 | |||||||
Insurance [Member] | 2012 Accident Year [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 1,330,500 | $ 1,350,700 | $ 1,364,100 | $ 1,397,800 | $ 1,430,200 | $ 1,491,600 | $ 1,613,200 | $ 1,370,800 |
Total of incurred-but-not-reported liabilities, net of reinsurance | $ 101,300 | |||||||
Cumulative number of reported claims | 128 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 1,180,100 | 1,153,200 | 1,119,800 | 1,055,000 | 939,500 | 781,500 | 568,600 | 233,800 |
Insurance [Member] | 2013 Accident Year [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 1,329,300 | 1,372,000 | 1,418,100 | 1,464,900 | 1,528,400 | 1,698,200 | 1,738,000 | |
Total of incurred-but-not-reported liabilities, net of reinsurance | $ 126,700 | |||||||
Cumulative number of reported claims | 88 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 1,125,100 | 1,101,300 | 1,038,900 | 950,500 | 780,000 | 572,100 | 271,800 | |
Insurance [Member] | 2014 Accident Year [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 1,505,300 | 1,525,700 | 1,574,200 | 1,632,200 | 1,700,100 | 1,866,000 | ||
Total of incurred-but-not-reported liabilities, net of reinsurance | $ 138,600 | |||||||
Cumulative number of reported claims | 80 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 1,255,300 | 1,170,500 | 1,064,700 | 896,500 | 659,200 | 332,300 | ||
Insurance [Member] | 2015 Accident Year [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 1,505,400 | 1,537,300 | 1,591,700 | 1,714,200 | 1,786,600 | |||
Total of incurred-but-not-reported liabilities, net of reinsurance | $ 197,100 | |||||||
Cumulative number of reported claims | 85 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 1,151,900 | 1,041,900 | 877,700 | 666,000 | 322,800 | |||
Insurance [Member] | 2016 Accident Year [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 1,716,500 | 1,770,800 | 1,872,100 | 1,875,300 | ||||
Total of incurred-but-not-reported liabilities, net of reinsurance | $ 297,300 | |||||||
Cumulative number of reported claims | 90 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 1,169,800 | 983,700 | 753,700 | 372,500 | ||||
Insurance [Member] | 2017 Accident Year [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 2,076,200 | 2,198,900 | 2,330,800 | |||||
Total of incurred-but-not-reported liabilities, net of reinsurance | $ 422,400 | |||||||
Cumulative number of reported claims | 124 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 1,286,700 | 992,800 | 438,800 | |||||
Insurance [Member] | 2018 Accident Year [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 2,354,800 | 2,457,300 | ||||||
Total of incurred-but-not-reported liabilities, net of reinsurance | $ 904,000 | |||||||
Cumulative number of reported claims | 173 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 1,027,800 | 496,700 | ||||||
Insurance [Member] | 2019 Accident Year [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 2,582,300 | |||||||
Total of incurred-but-not-reported liabilities, net of reinsurance | $ 1,639,800 | |||||||
Cumulative number of reported claims | 181 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 527,900 | |||||||
Reinsurance [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 4,924,900 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 2,403,300 | |||||||
All outstanding liabilities for unpaid losses and loss adjustment expenses before 2012, net of reinsurance | 553,500 | |||||||
Total liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | 3,075,109 | |||||||
Reinsurance [Member] | 2012 Accident Year [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 445,100 | 448,000 | 456,200 | 457,800 | 486,600 | 508,700 | 551,700 | 73,000 |
Total of incurred-but-not-reported liabilities, net of reinsurance | 42,400 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 309,500 | 289,500 | 264,400 | 232,000 | 184,300 | 129,100 | 64,700 | $ 4,100 |
Reinsurance [Member] | 2013 Accident Year [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 489,400 | 507,500 | 544,800 | 534,700 | 548,300 | 580,300 | 588,000 | |
Total of incurred-but-not-reported liabilities, net of reinsurance | 42,700 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 351,000 | 331,900 | 301,900 | 268,900 | 209,900 | 155,700 | $ 71,300 | |
Reinsurance [Member] | 2014 Accident Year [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 535,400 | 559,100 | 581,200 | 536,400 | 564,500 | 577,400 | ||
Total of incurred-but-not-reported liabilities, net of reinsurance | 87,700 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 346,000 | 311,800 | 274,500 | 226,400 | 158,100 | $ 98,000 | ||
Reinsurance [Member] | 2015 Accident Year [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 511,900 | 523,500 | 532,400 | 514,000 | 527,900 | |||
Total of incurred-but-not-reported liabilities, net of reinsurance | 143,400 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 306,200 | 258,500 | 207,200 | 133,400 | $ 63,800 | |||
Reinsurance [Member] | 2016 Accident Year [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 529,300 | 530,600 | 532,100 | 522,100 | ||||
Total of incurred-but-not-reported liabilities, net of reinsurance | 126,600 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 298,300 | 241,500 | 170,400 | $ 79,700 | ||||
Reinsurance [Member] | 2017 Accident Year [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 943,100 | 938,100 | 905,300 | |||||
Total of incurred-but-not-reported liabilities, net of reinsurance | 276,100 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 481,500 | 359,500 | $ 158,000 | |||||
Reinsurance [Member] | 2018 Accident Year [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 792,500 | 759,200 | ||||||
Total of incurred-but-not-reported liabilities, net of reinsurance | 373,400 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 256,700 | $ 87,500 | ||||||
Reinsurance [Member] | 2019 Accident Year [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 678,200 | |||||||
Total of incurred-but-not-reported liabilities, net of reinsurance | 483,100 | |||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 54,100 | |||||||
Personal Lines [Member] | Insurance [Member] | 2012 Accident Year [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Cumulative number of reported claims | 66 | |||||||
Personal Lines [Member] | Insurance [Member] | 2013 Accident Year [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Cumulative number of reported claims | 17 | |||||||
Personal Lines [Member] | Insurance [Member] | 2017 Accident Year [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Cumulative number of reported claims | 24 | |||||||
Personal Lines [Member] | Insurance [Member] | 2018 Accident Year [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Cumulative number of reported claims | 54 | |||||||
Personal Lines [Member] | Insurance [Member] | 2019 Accident Year [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Cumulative number of reported claims | 78 |
Unpaid Losses And Loss Adjust_6
Unpaid Losses And Loss Adjustment Expenses (Average Annual Percentage Payout Of Incurred Losses By Age (in Years), Net Of Reinsurance) (Details) | Dec. 31, 2019 |
Insurance [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred losses in year 1 | 20.80% |
Average annual percentage payout of incurred losses in year 2 | 23.50% |
Average annual percentage payout of incurred losses in year 3 | 14.80% |
Average annual percentage payout of incurred losses in year 4 | 11.50% |
Average annual percentage payout of incurred losses in year 5 | 7.40% |
Average annual percentage payout of incurred losses in year 6 | 5.10% |
Average annual percentage payout of incurred losses in year 7 | 2.20% |
Average annual percentage payout of incurred losses in year 8 | 2.00% |
Reinsurance [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred losses in year 1 | 12.10% |
Average annual percentage payout of incurred losses in year 2 | 16.50% |
Average annual percentage payout of incurred losses in year 3 | 13.20% |
Average annual percentage payout of incurred losses in year 4 | 10.80% |
Average annual percentage payout of incurred losses in year 5 | 8.40% |
Average annual percentage payout of incurred losses in year 6 | 6.60% |
Average annual percentage payout of incurred losses in year 7 | 4.80% |
Average annual percentage payout of incurred losses in year 8 | 4.50% |
Unpaid Losses And Loss Adjust_7
Unpaid Losses And Loss Adjustment Expenses (Reconciliation Of Net Incurred And Paid Loss Development Tables, By Segment, To The Liability For Losses And Loss Adjustment Expenses In The Consolidated Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | $ 9,253,056 | ||
Reinsurance recoverable on unpaid losses | 5,253,415 | ||
Unallocated loss adjustment expenses | 264,029 | ||
Unamortized discount, net of acquisition fair value adjustments, included in unpaid losses and loss adjustment expenses | (41,824) | ||
Total reconciling items | 222,205 | ||
Total gross liability for unpaid losses and loss adjustment expenses | 14,728,676 | $ 14,276,479 | $ 13,584,281 |
Insurance [Member] | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | 6,041,424 | ||
Reinsurance recoverable on unpaid losses | 1,838,552 | ||
Total gross liability for unpaid losses and loss adjustment expenses | 8,119,046 | 7,947,772 | |
Reinsurance [Member] | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | 3,075,109 | ||
Reinsurance recoverable on unpaid losses | 349,124 | ||
Total gross liability for unpaid losses and loss adjustment expenses | 3,395,459 | 3,425,751 | |
Other Underwriting [Member] | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | 134,299 | ||
Reinsurance recoverable on unpaid losses | 155,714 | ||
Total gross liability for unpaid losses and loss adjustment expenses | 298,062 | 386,329 | |
Program Services and Other [Member] | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | 2,224 | ||
Reinsurance recoverable on unpaid losses | 2,910,025 | ||
Total gross liability for unpaid losses and loss adjustment expenses | $ 2,916,109 | $ 2,516,627 |
Reinsurance (Narrative) (Detail
Reinsurance (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)reinsurer | Dec. 31, 2018USD ($)reinsurer | Dec. 31, 2017USD ($) | |
Reinsurance Disclosures [Line Items] | |||
Number of largest company reinsurers | 10 | ||
Percentage of ceded earned premiums to gross earned premiums | 39.00% | 38.00% | 21.00% |
Percentage of assumed earned premiums to net earned premiums | 27.00% | 28.00% | 30.00% |
Underwriting [Member] | |||
Reinsurance Disclosures [Line Items] | |||
Number of largest company reinsurers | 10 | ||
Reinsurance recoverables | $ | $ (556,618) | $ (710,568) | $ (856,843) |
Underwriting [Member] | Ten Largest Reinsurers [Member] | |||
Reinsurance Disclosures [Line Items] | |||
Recoverable balances as a percentage of the total balance | 62.00% | 61.00% | |
Underwriting [Member] | Fairfax Financial Group [Member] | |||
Reinsurance Disclosures [Line Items] | |||
Recoverable balances as a percentage of the total balance | 10.00% | ||
Program Services [Member] | |||
Reinsurance Disclosures [Line Items] | |||
Number of largest company reinsurers | 10 | ||
Program Services [Member] | Ten Largest Reinsurers [Member] | |||
Reinsurance Disclosures [Line Items] | |||
Recoverable balances as a percentage of the total balance | 71.00% | 75.00% | |
Program Services [Member] | Fosun International Holdings, Ltd [Member] | |||
Reinsurance Disclosures [Line Items] | |||
Recoverable balances as a percentage of the total balance | 21.00% | ||
Program Services and Other [Member] | |||
Reinsurance Disclosures [Line Items] | |||
Reinsurance recoverables | $ | $ 1,600,000 | $ 1,300,000 |
Reinsurance (Effect Of Reinsura
Reinsurance (Effect Of Reinsurance And Retrocessional Reinsurance On Premiums Written And Earned) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effects of Reinsurance [Line Items] | |||
Direct premiums written | $ 7,341,388 | $ 6,584,804 | $ 4,172,467 |
Direct premiums earned | 6,962,507 | 6,235,218 | 4,068,622 |
Assumed premiums written | 1,438,583 | 1,279,665 | 1,334,493 |
Assumed premiums earned | 1,368,153 | 1,319,613 | 1,287,395 |
Ceded premiums written | (3,367,900) | (3,076,891) | (1,089,173) |
Ceded premiums earned | (3,280,867) | (2,842,771) | (1,108,039) |
Net premiums written | 5,412,071 | 4,787,578 | 4,417,787 |
Net premiums earned | 5,049,793 | 4,712,060 | 4,247,978 |
Underwriting [Member] | |||
Effects of Reinsurance [Line Items] | |||
Direct premiums written | 5,084,641 | 4,562,256 | 3,919,602 |
Direct premiums earned | 4,767,836 | 4,384,562 | 3,777,335 |
Assumed premiums written | 1,349,686 | 1,236,740 | 1,333,505 |
Assumed premiums earned | 1,289,375 | 1,291,032 | 1,286,043 |
Ceded premiums written | (1,024,097) | (1,013,406) | (835,320) |
Ceded premiums earned | (1,008,970) | (964,549) | (815,400) |
Net premiums written | 5,410,230 | 4,785,590 | 4,417,787 |
Net premiums earned | 5,048,241 | 4,711,045 | 4,247,978 |
Program Services and Other [Member] | |||
Effects of Reinsurance [Line Items] | |||
Direct premiums written | 2,256,747 | 2,022,548 | 252,865 |
Direct premiums earned | 2,194,671 | 1,850,656 | 291,287 |
Assumed premiums written | 88,897 | 42,925 | 988 |
Assumed premiums earned | 78,778 | 28,581 | 1,352 |
Ceded premiums written | (2,343,803) | (2,063,485) | (253,853) |
Ceded premiums earned | (2,271,897) | (1,878,222) | (292,639) |
Net premiums written | 1,841 | 1,988 | 0 |
Net premiums earned | $ 1,552 | $ 1,015 | $ 0 |
Reinsurance Reinsurance (Effect
Reinsurance Reinsurance (Effect of Reinsurance and Retrocessional Reinsurance on Incurred Losses and Loss Adjustment Expenses) (Details) - Underwriting Operations [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effects of Reinsurance [Line Items] | |||
Gross | $ 3,447,186 | $ 3,530,790 | $ 3,722,604 |
Ceded losses and loss adjustment expenses | (556,618) | (710,568) | (856,843) |
Net losses and loss adjustment expenses | $ 2,890,568 | $ 2,820,222 | $ 2,865,761 |
Life And Annuity Benefits (Narr
Life And Annuity Benefits (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Liability for Future Policy Benefit, before Reinsurance [Abstract] | |||
Adjustment to life and annuity benefits | $ 51,400 | $ 0 | $ 0 |
Cumulative adjustment life and annuity benefits | $ 51,400 | ||
Average reserve valuation rate | 2.30% | ||
Life and annuity benefits reserve single contract concentration | 32.80% | ||
Annuities included in life and annuity benefits subject to discretionary withdrawal | $ 0 |
Life And Annuity Benefits (Sche
Life And Annuity Benefits (Schedule Of Life And Annuity Benefits) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Liability for Future Policy Benefit, before Reinsurance [Abstract] | ||
Life | $ 125,094 | $ 122,798 |
Annuities | 813,476 | 827,773 |
Accident and health | 47,159 | 50,882 |
Total life and annuity benefits | $ 985,729 | $ 1,001,453 |
Senior Long-Term Debt And Oth_3
Senior Long-Term Debt And Other Debt (Narrative) (Details) - USD ($) $ in Thousands | Oct. 18, 2019 | Sep. 17, 2019 | May 20, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 |
Debt Instrument [Line Items] | |||||||
Loss on early extinguishment of debt | $ 17,586 | $ 0 | $ 0 | ||||
Senior long-term debt and other debt | 3,534,183 | 3,009,577 | |||||
Senior long-term debt and other debt, estimated fair value | 3,907,000 | 3,030,000 | |||||
Interest on senior long-term debt and other debt | $ 169,700 | 155,400 | $ 141,300 | ||||
7.125% Unsecured Senior Notes Due September 30, 2019 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 7.125% | ||||||
Senior long-term debt and other debt, estimated fair value | 234,800 | ||||||
6.25% Unsecured Senior Notes Due September 30, 2020 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 6.25% | ||||||
Debt instrument, repurchased face amount | $ 125,200 | ||||||
Early repayment of senior debt | $ 233,400 | $ 130,100 | |||||
Senior long-term debt and other debt, estimated fair value | $ 224,800 | ||||||
5.35% Unsecured Senior Notes Due June 1, 2021 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 5.35% | ||||||
Debt instrument, repurchased face amount | $ 97,800 | ||||||
Early repayment of senior debt | $ 160,200 | 103,000 | |||||
Senior long-term debt and other debt, estimated fair value | $ 152,200 | ||||||
5.0% Unsecured Senior Notes Due May 20 2049 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Net proceeds from issuance of unsecured senior notes | $ 592,200 | ||||||
3.35% Unsecured Senior Notes Due September 17 2029 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Net proceeds from issuance of unsecured senior notes | 297,500 | ||||||
4.15% Unsecured Senior Notes Due September 17 2050 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Net proceeds from issuance of unsecured senior notes | $ 494,500 | ||||||
Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, capacity available | $ 300,000 | 300,000 | |||||
Borrowing capacity increase line of credit facility | $ 200,000 | ||||||
Line of credit facility, unused capacity, commitment fee percentage | 0.20% | ||||||
Borrowings outstanding under the facility | $ 0 | $ 0 | |||||
Secured Letters Of Credit [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, capacity available | $ 200,000 | ||||||
Unsecured Senior Notes [Member] | 7.125% Unsecured Senior Notes Due September 30, 2019 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 7.125% | 7.125% | |||||
Unsecured Senior Notes [Member] | 6.25% Unsecured Senior Notes Due September 30, 2020 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 6.25% | 6.25% | |||||
Unsecured Senior Notes [Member] | 5.35% Unsecured Senior Notes Due June 1, 2021 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 5.35% | 5.35% | |||||
Unsecured Senior Notes [Member] | 5.0% Unsecured Senior Notes Due May 20 2049 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 5.00% | ||||||
Debt instrument, face amount | $ 600,000 | ||||||
Unsecured Senior Notes [Member] | 3.50% Unsecured Senior Notes Due November 1, 2027 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 3.50% | 3.50% | |||||
Unsecured Senior Notes [Member] | 4.30% Unsecured Senior Notes Due November 1, 2047 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 4.30% | 4.30% | |||||
Unsecured Senior Notes [Member] | 5.0% Unsecured Senior Notes Due April 5, 2046 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 5.00% | 5.00% | |||||
Unsecured Senior Notes [Member] | 7.35% Unsecured Senior Notes Due August 15, 2034 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 7.35% | 7.35% | |||||
Unsecured Senior Notes [Member] | 3.35% Unsecured Senior Notes Due September 17 2029 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 3.35% | 3.35% | 3.35% | ||||
Debt instrument, face amount | $ 300,000 | ||||||
Unsecured Senior Notes [Member] | 4.15% Unsecured Senior Notes Due September 17 2050 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 4.15% | 4.15% | 4.15% | ||||
Debt instrument, face amount | $ 500,000 | ||||||
Other Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior long-term debt and other debt | $ 95,272 | $ 102,975 | |||||
Other Debt [Member] | Markel Ventures [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior long-term debt and other debt | $ 70,400 | $ 78,100 | |||||
Minimum [Member] | Other Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 1.70% | ||||||
Maximum [Member] | Other Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 6.10% |
Senior Long-Term Debt And Oth_4
Senior Long-Term Debt And Other Debt (Summary Of Senior Long-Term Debt And Other Debt) (Details) - USD ($) $ in Thousands | Sep. 17, 2019 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||||
Line of credit facility, initiation date | Apr. 10, 2019 | |||
Line of credit facility, expiration date | Apr. 10, 2024 | |||
Senior long-term debt and other debt | $ 3,534,183 | $ 3,009,577 | ||
7.125% Unsecured Senior Notes Due September 30, 2019 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate | 7.125% | |||
6.25% Unsecured Senior Notes Due September 30, 2020 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate | 6.25% | |||
5.35% Unsecured Senior Notes Due June 1, 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate | 5.35% | |||
3.35% Unsecured Senior Notes Due September 17 2029 [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from debt, net of issuance costs | $ 297,500 | |||
4.15% Unsecured Senior Notes Due September 17 2050 [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from debt, net of issuance costs | 494,500 | |||
Unsecured Senior Notes [Member] | 7.125% Unsecured Senior Notes Due September 30, 2019 [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes | $ 0 | $ 234,640 | ||
Debt instrument, interest rate | 7.125% | 7.125% | ||
Debt instrument, unamortized discount | $ 0 | $ 142 | ||
Unsecured Senior Notes [Member] | 6.25% Unsecured Senior Notes Due September 30, 2020 [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes | $ 0 | $ 367,213 | ||
Debt instrument, interest rate | 6.25% | 6.25% | ||
Debt Instrument, unamortized premium | $ 0 | $ 17,213 | ||
Unsecured Senior Notes [Member] | 5.35% Unsecured Senior Notes Due June 1, 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes | $ 0 | $ 249,417 | ||
Debt instrument, interest rate | 5.35% | 5.35% | ||
Debt instrument, unamortized discount | $ 0 | $ 499 | ||
Unsecured Senior Notes [Member] | 4.90% Unsecured Senior Notes Due July 1, 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes | $ 349,181 | $ 348,864 | ||
Debt instrument, interest rate | 4.90% | 4.90% | ||
Debt instrument, unamortized discount | $ 705 | $ 978 | ||
Unsecured Senior Notes [Member] | 3.625% Unsecured Senior Notes Due March 30, 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes | $ 249,226 | $ 248,988 | ||
Debt instrument, interest rate | 3.625% | 3.625% | ||
Debt instrument, unamortized discount | $ 653 | $ 855 | ||
Unsecured Senior Notes [Member] | 3.50% Unsecured Senior Notes Due November 1, 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes | $ 297,402 | $ 297,035 | ||
Debt instrument, interest rate | 3.50% | 3.50% | ||
Debt instrument, unamortized discount | $ 2,013 | $ 2,298 | ||
Unsecured Senior Notes [Member] | 3.35% Unsecured Senior Notes Due September 17 2029 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 300,000 | |||
Unsecured senior notes | $ 297,125 | $ 0 | ||
Debt instrument, interest rate | 3.35% | 3.35% | 3.35% | |
Debt instrument, unamortized discount | $ 2,410 | $ 0 | ||
Unsecured Senior Notes [Member] | 7.35% Unsecured Senior Notes Due August 15, 2034 [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes | $ 128,788 | $ 128,715 | ||
Debt instrument, interest rate | 7.35% | 7.35% | ||
Debt instrument, unamortized discount | $ 1,005 | $ 1,074 | ||
Unsecured Senior Notes [Member] | 5.0% Unsecured Senior Notes Due March 30, 2043 [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes | $ 244,505 | $ 244,269 | ||
Debt instrument, interest rate | 5.00% | 5.00% | ||
Debt instrument, unamortized discount | $ 5,207 | $ 5,431 | ||
Unsecured Senior Notes [Member] | 5.0% Unsecured Senior Notes Due April 5, 2046 [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes | $ 492,761 | $ 492,486 | ||
Debt instrument, interest rate | 5.00% | 5.00% | ||
Debt instrument, unamortized discount | $ 6,421 | $ 6,664 | ||
Unsecured Senior Notes [Member] | 4.30% Unsecured Senior Notes Due November 1, 2047 [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes | $ 295,154 | $ 294,975 | ||
Debt instrument, interest rate | 4.30% | 4.30% | ||
Debt instrument, unamortized discount | $ 4,126 | $ 4,278 | ||
Unsecured Senior Notes [Member] | 5.0% Unsecured Senior Notes Due May 20, 2049 [Member] [Domain] | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes | $ 591,010 | $ 0 | ||
Debt instrument, interest rate | 5.00% | 5.00% | ||
Debt instrument, unamortized discount | $ 7,684 | $ 0 | ||
Unsecured Senior Notes [Member] | 4.15% Unsecured Senior Notes Due September 17 2050 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 500,000 | |||
Unsecured senior notes | $ 493,759 | $ 0 | ||
Debt instrument, interest rate | 4.15% | 4.15% | 4.15% | |
Debt instrument, unamortized discount | $ 5,449 | $ 0 | ||
Other Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior long-term debt and other debt | $ 95,272 | 102,975 | ||
Other Debt [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate | 1.70% | |||
Other Debt [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate | 6.10% | |||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 300,000 | 300,000 | ||
Long-term line of credit | $ 0 | $ 0 | ||
Line of credit facility, unused capacity, commitment fee percentag | 0.20% | |||
Secured Letters Of Credit [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 200,000 |
Senior Long-Term Debt And Oth_5
Senior Long-Term Debt And Other Debt (Summary Of Future Principal Payments Due At Maturity On Senior Long-Term Debt And Other Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
2020 | $ 63,519 | |
2021 | 25,546 | |
2022 | 356,185 | |
2023 | 250,428 | |
2024 | 0 | |
2025 and thereafter | 2,879,852 | |
Total principal payments | 3,575,530 | |
Net unamortized premium | (35,673) | |
Net unamortized debt issuance costs | (5,674) | |
Senior long-term debt and other debt | $ 3,534,183 | $ 3,009,577 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Line Items] | |||
Unrecognized tax benefits | $ 0 | ||
Income tax payments | 128,200,000 | $ 63,100,000 | $ 70,200,000 |
Income taxes payable | 64,100,000 | 83,700,000 | |
Income taxes receivable | 6,300,000 | 49,300,000 | |
Tax Cuts and Jobs Act, Change in Tax Rate, Income Tax Expense (Benefit) | 0 | 5,699,000 | 339,899,000 |
Change in tax status of UK subsidiaries one-time tax Eexpense | 6,658,000 | (103,281,000) | $ 0 |
Net deferred tax liability | 860,720,000 | 446,045,000 | |
Tax credit carryforwards | 47,233,000 | 39,877,000 | |
Net operating loss carryforwards | 33,500,000 | ||
Gross deferred tax assets | 580,192,000 | 485,429,000 | |
Estimated gross deferred tax assets including net operating losses realized through generating taxable income or reversal of existing temporary differences attributable to gross deferred tax liabilities | 534,600,000 | ||
Valuation allowance | $ (45,544,000) | (36,286,000) | |
Income Tax Examination, Year under Examination | 2017 | ||
Earliest Tax Year [Member] | |||
Income Tax Disclosure [Line Items] | |||
Tax credit, expiration date | Dec. 31, 2028 | ||
Operating loss carryforwards, expiration date | Dec. 31, 2028 | ||
Latest Tax Year [Member] | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards, expiration date | Dec. 31, 2037 | ||
Certain Branch Operations In Europe And Wholly Owned Subsidiary In Brazil [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards | $ 109,300,000 | ||
Certain Branch Operations In Europe And Wholly Owned Subsidiary In Brazil [Member] | Earliest Tax Year [Member] | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards, expiration date | Dec. 31, 2020 | ||
Certain Branch Operations In Europe And Wholly Owned Subsidiary In Brazil [Member] | Subject To Expiration [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards | $ 33,000,000 | ||
Certain Branch Operations In Europe And Wholly Owned Subsidiary In Brazil [Member] | Latest Tax Year [Member] | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards, expiration date | Dec. 31, 2029 | ||
Other Liabilities [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net deferred tax liability | $ 883,000,000 | 481,900,000 | |
Other Assets [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net deferred tax assets | $ 22,300,000 | $ 35,900,000 |
Income Taxes (Components Of Inc
Income Taxes (Components Of Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Domestic operations | $ 1,664,762 | $ 99,373 | $ 337,704 |
Foreign operations | 621,046 | (107,228) | (250,409) |
Income (Loss) Before Income Taxes | $ 2,285,808 | $ (7,855) | $ 87,295 |
Income Taxes (Components Of I_2
Income Taxes (Components Of Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Domestic, current | $ 139,597 | $ 77,936 | $ (19,255) |
Foreign, current | 23,364 | 41,833 | 29,882 |
Total current tax expense | 162,961 | 119,769 | 10,627 |
Domestic, deferred | 217,928 | (77,255) | (222,427) |
Foreign, deferred | 105,457 | 79,984 | (101,663) |
Total deferred tax expense (benefit) | 323,385 | 2,729 | (324,090) |
Income tax expense (benefit) | $ 486,346 | $ 122,498 | $ (313,463) |
Income Taxes (Reconciliations O
Income Taxes (Reconciliations Of United States Corporate Income Tax Rate To Effective Tax Rate On Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Income taxes at U.S. corporate tax rate | $ 480,020 | $ (1,650) | $ 30,553 |
Foreign operations | 14,718 | 4,951 | 37,207 |
Tax-exempt investment income | (18,430) | (18,927) | (41,565) |
Change in tax status of UK subsidiaries | (6,658) | 103,281 | 0 |
Tax credits | (4,104) | (3,617) | (10,236) |
Nondeductible loss on investments managed by MCIM | 0 | 26,552 | 16,231 |
TCJA | 0 | (5,699) | (339,899) |
Other | 20,800 | 17,607 | (5,754) |
Income tax expense (benefit) | $ 486,346 | $ 122,498 | $ (313,463) |
Income Taxes (Components Of Dom
Income Taxes (Components Of Domestic And Foreign Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Unpaid losses and loss adjustment expenses | $ 163,522 | $ 164,497 |
Unearned premiums recognized for income tax purposes | 102,020 | 85,952 |
Life and annuity benefits | 84,890 | 78,370 |
Lease liabilities | 55,362 | 0 |
Tax credit carryforwards | 47,233 | 39,877 |
Net operating loss carryforwards | 39,429 | 46,662 |
Accrued incentive compensation | 35,132 | 30,308 |
Other differences between financial reporting and tax bases | 52,604 | 39,763 |
Total gross deferred tax assets | 580,192 | 485,429 |
Less valuation allowance | (45,544) | (36,286) |
Total gross deferred tax assets, net of allowance | 534,648 | 449,143 |
Investments | 996,543 | 590,250 |
Goodwill and other intangible assets | 134,573 | 124,953 |
Deferred policy acquisition costs | 113,243 | 89,716 |
Right-of-use lease assets | 49,583 | 0 |
Other differences between financial reporting and tax bases | 101,426 | 90,269 |
Total gross deferred tax liabilities | 1,395,368 | 895,188 |
Net deferred tax liability | $ 860,720 | $ 446,045 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan [Abstract] | |||
Expenses relating to defined contribution plans | $ 42.4 | $ 41.8 | $ 36.7 |
Projected benefit plan obligations of Terra Nova Pension Plan | 191.4 | 171.5 | |
Fair value of Terra Nova Pension Plan assets | $ 216.9 | $ 187 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Markel Diversified Fund [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, consolidated, carrying amount, assets | $ 19.6 | $ 28.6 |
Unconsolidated Markel CATCo Fund 2 [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, consolidated, carrying amount, investment in one of the unconsolidated funds | 26.8 | 26.2 |
Unconsolidated Markel CATCo Funds [Member] | ||
Variable Interest Entity [Line Items] | ||
Net assets under management of MCIM for unconsolidated VIEs | $ 2,700 | $ 3,400 |
Related Party Transactions Rela
Related Party Transactions Related Party Transactions (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Services and other revenues | $ 813,202 | $ 635,083 | $ 462,263 |
Reinsurance recoverables | 5,432,712 | 5,221,947 | |
Nephila Holdings Limited [Member] | |||
Related Party Transaction [Line Items] | |||
Gross written premiums on Markel's program with Nephila | 425,000 | 322,100 | |
Syndicate 2357 and certain other Nephila Reinsurers [Member] | |||
Related Party Transaction [Line Items] | |||
Reinsurance recoverables | 238,800 | 179,800 | |
Markel CATCo Re. Related Party Transaction 2 [Member] | |||
Related Party Transaction [Line Items] | |||
Ceded losses and loss adjustment expenses | 4,900 | ||
Ceding fees | 8,800 | ||
Reinsurance recoverables | 4,900 | ||
Markel CATCo Re. Related Party Transaction 1 [Member] | |||
Related Party Transaction [Line Items] | |||
Gross written premiums on behalf of Markel CATCo Re. | 5,500 | 10,900 | 9,700 |
Insurance-linked Securities Operations [Member] | |||
Related Party Transaction [Line Items] | |||
Services and other revenues | 225,600 | 91,500 | 28,700 |
Insurance-linked Securities Operations [Member] | Unconsolidated entities managed by Nephila and MCIM [Member] | |||
Related Party Transaction [Line Items] | |||
Services and other revenues | 200,800 | 90,600 | 28,700 |
Underwriting Operations [Member] | |||
Related Party Transaction [Line Items] | |||
Ceded losses and loss adjustment expenses | (556,618) | (710,568) | (856,843) |
Reinsurance recoverables | $ 3,447,186 | $ 3,530,790 | $ 3,722,604 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock, shares authorized | 50,000,000 | 50,000,000 | |
Common stock, par value | $ 0 | $ 0 | |
Common stock, shares issued | 13,794,142 | 13,887,711 | |
Common stock, shares outstanding | 13,794,142 | 13,887,711 | |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |
Preferred stock, par value | $ 0 | $ 0 | |
Preferred stock, shares issued | 0 | 0 | |
Preferred stock, shares outstanding | 0 | 0 | |
Stock Repurchased During Period, Shares | 104,719 | ||
Stock Repurchased During Period, Value | $ 111.6 | ||
May 2018 Share Repurchase Program [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Repurchased During Period, Shares | 73,371 | ||
Stock Repurchased During Period, Value | $ 75.8 | ||
Cumulative Stock Repurchased Shares | 93,036 | ||
Cumulative stock repurchased value | $ 97.2 | ||
August 2019 Share Repurchase Program [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Board of Directors approved the repurchase of common stock under a share repurchase program, maximum | $ 300 | ||
Stock Repurchased During Period, Shares | 31,348 | ||
Stock Repurchased During Period, Value | $ 35.8 | ||
2016 Employee Stock Purchase And Bonus Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Bonus calculation percentage based on the value of stocks acquired by employees | 10.00% | ||
Percentage of bonus shares award to loan program participants | 5.00% | ||
Shares authorized under the 2016 Employee Stock Purchase and Bonus Plan | 125,000 | ||
Number of shares available for purchase | 100,471 | 105,283 | |
Loans outstanding under 2016 Employee Stock Purchase and Bonus Plan | $ 18.4 | $ 19.2 | |
2016 Compensation Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares available for future awards | 205,686 | ||
2016 Compensation Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of restricted stock units awarded | 15,145 | ||
Number of restricted stock units vested | 17,391 | ||
Weighted average grant-date fair value, share-based awards | $ 1,025.81 | $ 1,121.68 | $ 979.23 |
Unrecognized compensation cost related to nonvested share-based awards | $ 7.8 | ||
Weighted average remaining service period of share-based awards | 1 year 7 months 6 days | ||
Fair value of the vested share-based awards | $ 17.6 | $ 19.1 | $ 28.8 |
2016 Compensation Plan [Member] | Restricted Stock Units (RSUs) [Member] | Non-Employee Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of restricted stock units awarded | 968 | ||
2016 Compensation Plan [Member] | Restricted Stock Units (RSUs) [Member] | Performance Based [Member] | Associates And Executive Officers [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares of common stock issuable for each vested restricted stock unit | 1 | ||
Number of restricted stock units awarded | 11,418 | ||
Restricted stock awards, vesting period | 3 years | ||
2016 Compensation Plan [Member] | Restricted Stock Units (RSUs) [Member] | Retention And Hiring [Member] | Associates And Executive Officers [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares of common stock issuable for each vested restricted stock unit | 1 | ||
Number of restricted stock units awarded | 2,759 |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule Of Net Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||||||||||||||
Earnings Per Share [Line Items] | ||||||||||||||||||||||||||||||
Document Period End Date | Dec. 31, 2019 | |||||||||||||||||||||||||||||
Net Income (Loss) to Shareholders | $ 511,104 | [1] | $ 205,637 | [1] | $ 497,298 | [1] | $ 576,427 | [1] | $ (751,543) | [1] | $ 409,438 | [1] | $ 278,231 | [1] | $ (64,306) | [1] | $ 434,881 | [1] | $ (259,141) | [1] | $ 149,660 | [1] | $ 69,869 | [1] | $ 1,790,466 | [2] | $ (128,180) | [2] | $ 395,269 | [2] |
Adjustment of redeemable noncontrolling interests | 1,105 | (4,828) | (33,738) | |||||||||||||||||||||||||||
Adjusted net income to shareholders | $ 1,791,571 | $ (133,008) | $ 361,531 | |||||||||||||||||||||||||||
Basic common shares outstanding | 13,861 | 13,923 | 13,964 | |||||||||||||||||||||||||||
Diluted shares outstanding | 13,881 | 13,923 | 14,006 | |||||||||||||||||||||||||||
Basic net income (loss) per share (dollars per share) | $ 36.34 | $ 13.97 | $ 36.10 | $ 42.81 | $ (53.88) | $ 28.56 | $ 20.01 | $ (4.25) | $ 30.48 | $ (18.82) | $ 10.34 | $ 3.91 | $ 129.25 | $ (9.55) | $ 25.89 | |||||||||||||||
Diluted net income (loss) per share (dollars per share) | $ 36.26 | $ 13.95 | $ 36.07 | $ 42.76 | $ (53.88) | $ 28.50 | $ 19.97 | $ (4.25) | $ 30.39 | $ (18.82) | $ 10.31 | $ 3.90 | $ 129.07 | [3] | $ (9.55) | [3] | $ 25.81 | [3] | ||||||||||||
Stock Options [Member] | ||||||||||||||||||||||||||||||
Earnings Per Share [Line Items] | ||||||||||||||||||||||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 0 | 1 | |||||||||||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||||||||||||||||||||
Earnings Per Share [Line Items] | ||||||||||||||||||||||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 20 | 0 | 41 | |||||||||||||||||||||||||||
Dilutive potential common shares | 25 | |||||||||||||||||||||||||||||
[1] | Effective January 1, 2018, the Company adopted ASU No. 2016-01. As a result, the change in fair value of equity securities is no longer recognized in other comprehensive income; rather, all changes in the fair value of equity securities are now recognized in net income. Prior periods have not been restated to conform to the current presentation. | |||||||||||||||||||||||||||||
[2] | Effective January 1, 2018, the Company adopted ASU No. 2016-01. As a result, the change in fair value of equity securities is no longer recognized in other comprehensive income; rather, all changes in the fair value of equity securities are now recognized in net income. Prior periods have not been restated to conform to the current presentation. | |||||||||||||||||||||||||||||
[3] | The impact of restricted stock units and restricted stock of 25 thousand shares was excluded from the computation of diluted earnings per share for the year ended December 31, 2018 because the effect would have been anti-dilutive. |
Shareholders' Equity (Summary O
Shareholders' Equity (Summary Of Nonvested Share-Based Awards) (Details) - 2016 Compensation Plan [Member] - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Number of awards, nonvested awards, beginning balance | 20,873 | ||
Number of awards, granted | 15,145 | ||
Number of awards, vested | (17,391) | ||
Number of awards, nonvested awards, ending balance | 17,574 | 20,873 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Weighted average grant-date fair value, nonvested awards, beginning balance | $ 1,042.83 | ||
Weighted average grant-date fair value, granted | 1,025.81 | $ 1,121.68 | $ 979.23 |
Weighted average grant-date fair value, vested | 1,011.55 | ||
Weighted average grant-date fair value, nonvested awards, ending balance | $ 1,073.99 | $ 1,042.83 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 1,053 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 1,038.76 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) (Change In Accumulated Other Comprehensive Income By Component, Net Of Taxes And Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Cumulative effect of adoption of ASU No. 2016-01, net of taxes | $ (2,595,484) | |||
Cumulative effect of adoption of ASU No 2018-02 | 402,853 | |||
Accumulated other comprehensive income (loss), net of tax, adjusted | 152,940 | |||
Accumulated other comprehensive income (loss), beginning balance | $ (94,650) | $ 2,345,571 | $ 1,565,866 | |
Other comprehensive income (loss) before reclassifications | 302,436 | (257,780) | 800,834 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 986 | 10,190 | (21,129) | |
Total other comprehensive income (loss) | 303,422 | (247,590) | 779,705 | |
Accumulated other comprehensive income (loss), ending balance | 208,772 | (94,650) | 2,345,571 | |
Unrealized Holding Gains On Available-For-Sale Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Cumulative effect of adoption of ASU No. 2016-01, net of taxes | (2,597,976) | |||
Cumulative effect of adoption of ASU No 2018-02 | 401,539 | |||
Accumulated other comprehensive income (loss), net of tax, adjusted | 281,536 | |||
Accumulated other comprehensive income (loss), beginning balance | 48,060 | 2,477,973 | 1,714,930 | |
Other comprehensive income (loss) before reclassifications | 299,125 | (241,325) | 787,339 | |
Amounts reclassified from accumulated other comprehensive income (loss) | (1,148) | 7,849 | (24,296) | |
Total other comprehensive income (loss) | 297,977 | (233,476) | 763,043 | |
Accumulated other comprehensive income (loss), ending balance | 346,037 | 48,060 | 2,477,973 | |
Foreign Currency [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Cumulative effect of adoption of ASU No. 2016-01, net of taxes | 2,492 | |||
Cumulative effect of adoption of ASU No 2018-02 | 1,314 | |||
Accumulated other comprehensive income (loss), net of tax, adjusted | (70,197) | |||
Accumulated other comprehensive income (loss), beginning balance | (86,652) | (74,003) | (84,406) | |
Other comprehensive income (loss) before reclassifications | 403 | (16,455) | 10,403 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 | |
Total other comprehensive income (loss) | 403 | (16,455) | 10,403 | |
Accumulated other comprehensive income (loss), ending balance | (86,249) | (86,652) | (74,003) | |
Net Actuarial Pension Loss [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Cumulative effect of adoption of ASU No. 2016-01, net of taxes | 0 | |||
Cumulative effect of adoption of ASU No 2018-02 | 0 | |||
Accumulated other comprehensive income (loss), net of tax, adjusted | $ (58,399) | |||
Accumulated other comprehensive income (loss), beginning balance | (56,058) | (58,399) | (64,658) | |
Other comprehensive income (loss) before reclassifications | 2,908 | 0 | 3,092 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 2,134 | 2,341 | 3,167 | |
Total other comprehensive income (loss) | 5,042 | 2,341 | 6,259 | |
Accumulated other comprehensive income (loss), ending balance | $ (51,016) | $ (56,058) | $ (58,399) |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) (Schedule Of Tax Expense (Benefit) Of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Comprehensive Income (Loss), Tax [Abstract] | |||
Net holding gains (losses) arising during the period | $ 84,219 | $ (68,056) | $ 372,469 |
Reclassification adjustments for net gains (losses) included in net income (loss) | (305) | 2,086 | (10,072) |
Change in net unrealized gains on investments | 83,914 | (65,970) | 362,397 |
Change in foreign currency translation adjustments | 0 | 1,523 | 28 |
Change in net actuarial pension loss | 1,348 | 622 | 1,284 |
Total | $ 85,262 | $ (63,825) | $ 363,709 |
Other Comprehensive Income (L_5
Other Comprehensive Income (Loss) (Amounts Reclassified From Accumulated Other Comprehensive Income Into Income, By Component) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2019 | [1] | Sep. 30, 2019 | [1] | Jun. 30, 2019 | [1] | Mar. 31, 2019 | [1] | Dec. 31, 2018 | [1] | Sep. 30, 2018 | [1] | Jun. 30, 2018 | [1] | Mar. 31, 2018 | [1] | Dec. 31, 2017 | [1] | Sep. 30, 2017 | [1] | Jun. 30, 2017 | [1] | Mar. 31, 2017 | [1] | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | |
Reclassification Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||||||||||||||
Cumulative effect of adoption of ASU No. 2016-01, net of taxes | $ (2,595,484) | |||||||||||||||||||||||||||
Other-than-temporary impairment losses | $ 0 | $ 0 | $ (7,589) | |||||||||||||||||||||||||
Net realized investment gains (losses), excluding other-than-temporary impairment losses | (1,482) | (11,974) | 47,174 | |||||||||||||||||||||||||
Income (Loss) Before Income Taxes | 2,285,808 | (7,855) | 87,295 | |||||||||||||||||||||||||
Income Taxes | (486,346) | (122,498) | 313,463 | |||||||||||||||||||||||||
Underwriting, acquisition and insurance expenses | (1,878,093) | (1,777,511) | (1,589,464) | |||||||||||||||||||||||||
Net income (loss) | $ 511,513 | $ 203,953 | $ 506,483 | $ 577,513 | $ (753,374) | $ 409,028 | $ 279,587 | $ (65,594) | $ 439,326 | $ (261,035) | $ 151,427 | $ 71,040 | 1,799,462 | (130,353) | 400,758 | |||||||||||||
Cumulative effect of adoption of ASU No 2018-02 | 402,853 | |||||||||||||||||||||||||||
Unrealized Holding Gains On Available-For-Sale Securities [Member] | ||||||||||||||||||||||||||||
Reclassification Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||||||||||||||
Cumulative effect of adoption of ASU No. 2016-01, net of taxes | (2,597,976) | |||||||||||||||||||||||||||
Cumulative effect of adoption of ASU No 2018-02 | 401,539 | |||||||||||||||||||||||||||
Net Actuarial Pension Loss [Member] | ||||||||||||||||||||||||||||
Reclassification Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||||||||||||||
Cumulative effect of adoption of ASU No. 2016-01, net of taxes | 0 | |||||||||||||||||||||||||||
Cumulative effect of adoption of ASU No 2018-02 | $ 0 | |||||||||||||||||||||||||||
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Unrealized Holding Gains On Available-For-Sale Securities [Member] | ||||||||||||||||||||||||||||
Reclassification Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||||||||||||||
Other-than-temporary impairment losses | 0 | 0 | (7,589) | |||||||||||||||||||||||||
Net realized investment gains (losses), excluding other-than-temporary impairment losses | 1,453 | (9,935) | 41,957 | |||||||||||||||||||||||||
Income (Loss) Before Income Taxes | 1,453 | (9,935) | 34,368 | |||||||||||||||||||||||||
Income Taxes | (305) | 2,086 | (10,072) | |||||||||||||||||||||||||
Net income (loss) | 1,148 | (7,849) | 24,296 | |||||||||||||||||||||||||
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Net Actuarial Pension Loss [Member] | ||||||||||||||||||||||||||||
Reclassification Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||||||||||||||
Income Taxes | 1,348 | 622 | 648 | |||||||||||||||||||||||||
Underwriting, acquisition and insurance expenses | (6,390) | (2,963) | (3,815) | |||||||||||||||||||||||||
Net income (loss) | $ (5,042) | $ (2,341) | $ (3,167) | |||||||||||||||||||||||||
[1] | Effective January 1, 2018, the Company adopted ASU No. 2016-01. As a result, the change in fair value of equity securities is no longer recognized in other comprehensive income; rather, all changes in the fair value of equity securities are now recognized in net income. Prior periods have not been restated to conform to the current presentation. |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Feb. 21, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Industrial Products [Member] | Markel Ventures [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss contingency, estimate of possible loss | $ 20.2 | $ 33.5 | ||
Markel CATCo IM [Member] | ||||
Loss Contingencies [Line Items] | ||||
Accrued incentive and retention compensation | $ 34.9 | |||
Alissa Fredricks v. Markel CATCo Investment Management Ltd. and Markel Corp. [Member] | ||||
Loss Contingencies [Line Items] | ||||
Asserted claims | $ 7.5 | |||
Anthony Belisle v. Markel CATCo Investment Management Ltd and Markel Corp. [Member] | ||||
Loss Contingencies [Line Items] | ||||
Asserted claims | $ 66 | |||
Unconsolidated Markel CATCo Funds [Member] | ||||
Loss Contingencies [Line Items] | ||||
Other Commitment | 90 | |||
Lodgepine Fund Limited [Member] | ||||
Loss Contingencies [Line Items] | ||||
Other Commitment | $ 100 |
Statutory Financial Informati_3
Statutory Financial Information (Narrative) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Statutory Accounting Practices [Line Items] | |
Amount of cash and investments held as funds at Lloyd's | $ 899.3 |
Funds at Lloyd's, holding company | 336.7 |
United States [Member] | |
Statutory Accounting Practices [Line Items] | |
Amount available for dividend payment | 561.8 |
Bermuda [Member] | |
Statutory Accounting Practices [Line Items] | |
Amount available for dividend payment | $ 401 |
Statutory Financial Informati_4
Statutory Financial Information (Actual Statutory Capital And Surplus) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
United States [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Actual statutory capital and surplus | $ 3,673,216 | $ 3,158,828 |
United Kingdom [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Actual statutory capital and surplus | 662,151 | 621,802 |
Bermuda [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Actual statutory capital and surplus | 1,604,184 | 1,495,563 |
Other [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Actual statutory capital and surplus | $ 73,643 | $ 74,704 |
Statutory Financial Informati_5
Statutory Financial Information (Statutory Net Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
United States [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | $ 419,396 | $ 414,957 | $ 312,828 |
United Kingdom [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | 108,759 | 40,203 | (25,785) |
Bermuda [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | 447,479 | (131,411) | (78,070) |
Other [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | $ (360) | $ (5,193) | $ (4,812) |
Markel Corporation (Parent Co_3
Markel Corporation (Parent Company Only) Financial Information (Schedule Of Condensed Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Fixed maturities, available-for-sale | $ 9,970,909 | $ 10,043,188 | ||
Equity securities | 7,590,755 | 5,720,945 | ||
Short-term investments, available-for-sale (estimated fair value approximates cost) | 1,196,248 | 1,077,696 | ||
Total Investments | 18,757,912 | 16,841,829 | ||
Cash and cash equivalents | 3,072,807 | 2,014,168 | ||
Restricted cash and cash equivalents | 427,546 | 382,264 | ||
Income taxes receivable | 6,300 | 49,300 | ||
Other assets | 1,906,115 | 1,383,823 | ||
Total Assets | 37,473,815 | 33,306,263 | $ 32,805,016 | |
Net deferred tax liability | 860,720 | 446,045 | ||
Other liabilities | 2,504,802 | 1,796,036 | ||
Total Liabilities | 26,217,837 | 24,031,899 | ||
Total Shareholders' Equity | 11,070,867 | 9,080,653 | ||
Total liabilities and equity | 37,473,815 | 33,306,263 | ||
Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Fixed maturities, available-for-sale | 676,307 | 717,681 | ||
Equity securities | 1,831,333 | 1,175,120 | ||
Short-term investments, available-for-sale (estimated fair value approximates cost) | 724,558 | 451,499 | ||
Total Investments | 3,232,198 | 2,344,300 | ||
Cash and cash equivalents | 737,072 | 263,043 | ||
Restricted cash and cash equivalents | 1,077 | 3,177 | ||
Receivables | 19,846 | 19,295 | ||
Investments in consolidated subsidiaries | 12,239,086 | 10,697,605 | ||
Notes receivable from subsidiaries | 60,111 | 160,111 | ||
Income taxes receivable | 2,170 | 21,174 | ||
Other assets | 347,023 | 135,722 | ||
Total Assets | 16,638,583 | 13,644,427 | ||
Senior long-term debt | 3,438,910 | 2,539,389 | ||
Notes payable to subsidiaries | [1] | 1,835,000 | 1,895,000 | |
Taxes Payable | 18,270 | 0 | ||
Net deferred tax liability | 129,835 | 64,564 | ||
Other liabilities | 145,701 | 64,820 | ||
Total Liabilities | 5,567,716 | 4,563,773 | ||
Total Shareholders' Equity | 11,070,867 | 9,080,654 | ||
Total liabilities and equity | $ 16,638,583 | 13,644,427 | ||
Markel Global Reinsurance Company | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Notes payable to subsidiaries | [1] | $ 1,400,000 | ||
[1] | In December 2018, Markel Corporation purchased Markel Global Reinsurance Company, an indirectly owned subsidiary of Markel Corporation, from Alterra USA Holdings Limited, another indirectly owned subsidiary of Markel Corporation, by issuing a $1.4 billion note payable to subsidiary. |
Markel Corporation (Parent Co_4
Markel Corporation (Parent Company Only) Financial Information (Schedule of Condensed Balance Sheets - Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Condensed Financial Statements, Captions [Line Items] | ||
Fixed maturities, amortized cost | $ 9,448,840 | $ 9,950,773 |
Equity securities, cost | 3,266,735 | 2,971,856 |
Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Fixed maturities, amortized cost | 658,557 | 717,666 |
Equity securities, cost | $ 1,487,478 | $ 1,117,363 |
Markel Corporation (Parent Co_5
Markel Corporation (Parent Company Only) Financial Information (Schedule Of Condensed Statements Of Income And Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||||||||||||
Net investment income | $ 451,888 | $ 434,215 | $ 405,709 | ||||||||||||||||||||||||||||
Change in fair value of equity securities | [1] | 1,603,204 | (425,622) | (44,888) | |||||||||||||||||||||||||||
Net investment gains (losses) | 1,601,722 | (437,596) | (5,303) | ||||||||||||||||||||||||||||
Total Operating Revenues | $ 2,581,529 | $ 2,033,058 | $ 2,439,116 | $ 2,472,488 | $ 1,042,852 | $ 2,235,949 | $ 1,987,013 | $ 1,575,471 | $ 1,662,267 | $ 1,506,148 | $ 1,481,493 | $ 1,411,751 | 9,526,191 | 6,841,285 | 6,061,659 | ||||||||||||||||
Services and other expenses | 675,679 | 474,924 | 458,621 | ||||||||||||||||||||||||||||
Interest expense | 171,687 | 154,212 | 132,451 | ||||||||||||||||||||||||||||
Net foreign exchange gains (losses) | (2,265) | 106,598 | 3,140 | ||||||||||||||||||||||||||||
Loss on early extinguishment of debt | 17,586 | 0 | 0 | ||||||||||||||||||||||||||||
Total operating expenses | 7,048,845 | 6,801,526 | 5,845,053 | ||||||||||||||||||||||||||||
Income tax (expense) benefit | (486,346) | (122,498) | 313,463 | ||||||||||||||||||||||||||||
Net Income (Loss) to Shareholders | 511,104 | [2] | 205,637 | [2] | 497,298 | [2] | 576,427 | [2] | (751,543) | [2] | 409,438 | [2] | 278,231 | [2] | (64,306) | [2] | 434,881 | [2] | (259,141) | [2] | 149,660 | [2] | 69,869 | [2] | 1,790,466 | [3] | (128,180) | [3] | 395,269 | [3] | |
Net holding gains (losses) arising during the period | 299,125 | (241,325) | 787,339 | ||||||||||||||||||||||||||||
Reclassification adjustments for net gains (losses) included in net income to shareholders | (1,148) | 7,849 | (24,296) | ||||||||||||||||||||||||||||
Change in net unrealized gains on available-for-sale investments, net of taxes | 297,977 | (233,476) | 763,043 | ||||||||||||||||||||||||||||
Change in foreign currency translation adjustments, net of taxes | 382 | (16,495) | 10,449 | ||||||||||||||||||||||||||||
Total Other Comprehensive Income (Loss) | 303,401 | (247,630) | 779,751 | ||||||||||||||||||||||||||||
Comprehensive Income (Loss) to Shareholders | $ 488,244 | $ 250,069 | $ 623,330 | $ 732,245 | $ (680,373) | $ 315,106 | $ 164,336 | $ (174,839) | $ 629,247 | $ (19,869) | $ 342,357 | $ 223,239 | 2,093,888 | (375,770) | 1,174,974 | ||||||||||||||||
Parent Company [Member] | |||||||||||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||||||||||||
Net investment income | 48,845 | 32,631 | 21,076 | ||||||||||||||||||||||||||||
Dividends on common stock of consolidated subsidiaries | 863,335 | 749,171 | 895,920 | ||||||||||||||||||||||||||||
Marketable Securities, Realized Gain (Loss) | 3,848 | (3,341) | 3,383 | ||||||||||||||||||||||||||||
Change in fair value of equity securities | [4] | 293,296 | (110,356) | 0 | |||||||||||||||||||||||||||
Net investment gains (losses) | 297,144 | (113,697) | 3,383 | ||||||||||||||||||||||||||||
Total Operating Revenues | 1,209,324 | 668,105 | 920,379 | ||||||||||||||||||||||||||||
Services and other expenses | 6,436 | 6,532 | 11,708 | ||||||||||||||||||||||||||||
Interest expense | 219,082 | 145,681 | 122,151 | ||||||||||||||||||||||||||||
Net foreign exchange gains (losses) | 3,973 | (3,391) | 0 | ||||||||||||||||||||||||||||
Loss on early extinguishment of debt | 13,656 | 0 | 0 | ||||||||||||||||||||||||||||
Total operating expenses | 243,147 | 148,822 | 133,859 | ||||||||||||||||||||||||||||
Income before equity in undistributed earnings of consolidated subsidiaries and income taxes | 966,177 | 519,283 | 786,520 | ||||||||||||||||||||||||||||
Equity in undistributed earnings of consolidated subsidiaries | 851,337 | (696,045) | (469,365) | ||||||||||||||||||||||||||||
Income tax (expense) benefit | (27,048) | 48,582 | 78,114 | ||||||||||||||||||||||||||||
Net Income (Loss) to Shareholders | [4] | 1,790,466 | (128,180) | 395,269 | |||||||||||||||||||||||||||
Net holding gains (losses) arising during the period | 14,016 | (1,492) | 52,277 | ||||||||||||||||||||||||||||
Consolidated subsidiaries' net holding gains (losses) arising during the period | 285,109 | (239,833) | 735,062 | ||||||||||||||||||||||||||||
Reclassification adjustments for net gains (losses) included in net income to shareholders | (4,591) | 2,564 | (1,513) | ||||||||||||||||||||||||||||
Consolidated subsidiaries' reclassification adjustments for net gains (losses) included in net income to shareholders | 3,443 | 5,285 | (22,783) | ||||||||||||||||||||||||||||
Change in net unrealized gains on available-for-sale investments, net of taxes | 297,977 | (233,476) | 763,043 | ||||||||||||||||||||||||||||
Change in foreign currency translation adjustments, net of taxes | 0 | 0 | (2,260) | ||||||||||||||||||||||||||||
Consolidated subsidiaries' change in foreign currency translation adjustments, net of taxes | 403 | (16,455) | 12,663 | ||||||||||||||||||||||||||||
Consolidated subsidiaries' change in net actuarial pension loss, net of taxes | 5,042 | 2,341 | 6,259 | ||||||||||||||||||||||||||||
Total Other Comprehensive Income (Loss) | 303,422 | (247,590) | 779,705 | ||||||||||||||||||||||||||||
Comprehensive Income (Loss) to Shareholders | $ 2,093,888 | $ (375,770) | $ 1,174,974 | ||||||||||||||||||||||||||||
[1] | Effective January 1, 2018, the Company adopted ASU No. 2016-01. As a result, equity securities are no longer classified as available-for-sale with unrealized gains and losses recognized in other comprehensive income; rather, all changes in the fair value of equity securities are now recognized in net income. Prior periods have not been restated to conform to the current presentation. Prior to adopting ASU No. 2016-01, the Company recorded certain investments in equity securities at estimated fair value with changes in fair value recorded in net income. | ||||||||||||||||||||||||||||||
[2] | Effective January 1, 2018, the Company adopted ASU No. 2016-01. As a result, the change in fair value of equity securities is no longer recognized in other comprehensive income; rather, all changes in the fair value of equity securities are now recognized in net income. Prior periods have not been restated to conform to the current presentation. | ||||||||||||||||||||||||||||||
[3] | Effective January 1, 2018, the Company adopted ASU No. 2016-01. As a result, the change in fair value of equity securities is no longer recognized in other comprehensive income; rather, all changes in the fair value of equity securities are now recognized in net income. Prior periods have not been restated to conform to the current presentation. | ||||||||||||||||||||||||||||||
[4] | Effective January 1, 2018, the Company adopted ASU No. 2016-01. As a result, equity securities are no longer classified as available-for-sale with unrealized gains and losses recognized in other comprehensive income; rather, all changes in the fair value of equity securities are now recognized in net income. Prior periods have not been restated to conform to the current presentation. |
Markel Corporation (Parent Co_6
Markel Corporation (Parent Company Only) Financial Information (Schedule Of Condensed Statements Of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | [1] | Jun. 30, 2019 | [1] | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | [1] | Jun. 30, 2018 | [1] | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | [1] | Jun. 30, 2017 | [1] | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||||||||||||
Net Income (Loss) to Shareholders | $ 511,104 | [1] | $ 205,637 | $ 497,298 | $ 576,427 | [1] | $ (751,543) | [1] | $ 409,438 | $ 278,231 | $ (64,306) | [1] | $ 434,881 | [1] | $ (259,141) | $ 149,660 | $ 69,869 | [1] | $ 1,790,466 | [2] | $ (128,180) | [2] | $ 395,269 | [2] | |||||||
Net Cash Provided By Operating Activities | 1,274,120 | 892,857 | 858,529 | ||||||||||||||||||||||||||||
Proceeds from sales of fixed maturities and equity securities | 353,918 | 419,199 | 577,650 | ||||||||||||||||||||||||||||
Proceeds from maturities, calls and prepayments of fixed maturities | 772,336 | 551,808 | 1,129,895 | ||||||||||||||||||||||||||||
Cost of fixed maturities and equity securities purchased | (955,970) | (1,545,913) | (1,176,281) | ||||||||||||||||||||||||||||
Net change in short-term investments | (95,867) | 1,101,636 | 234,743 | ||||||||||||||||||||||||||||
Acquisitions, net of cash acquired | (245,332) | (1,175,211) | (1,431,712) | ||||||||||||||||||||||||||||
Cost of equity method investments | (257,663) | (8,864) | (13,023) | ||||||||||||||||||||||||||||
Additions to property and equipment | (123,376) | (106,593) | (74,652) | ||||||||||||||||||||||||||||
Other | 16,795 | (33,301) | 8,923 | ||||||||||||||||||||||||||||
Net Cash Used By Investing Activities | (535,159) | (797,239) | (744,457) | ||||||||||||||||||||||||||||
Additions to senior long-term debt | 1,645,182 | 206,949 | 664,657 | ||||||||||||||||||||||||||||
Repayment and retirement of senior long-term debt | (1,103,674) | (289,199) | (259,972) | ||||||||||||||||||||||||||||
Premiums and fees related to early extinguishment of debt | (27,073) | 0 | 0 | ||||||||||||||||||||||||||||
Repurchases of common stock | (116,307) | (54,007) | (110,838) | ||||||||||||||||||||||||||||
Other | (5,952) | (4,127) | (6,281) | ||||||||||||||||||||||||||||
Net Cash Provided (Used) By Financing Activities | 359,317 | (178,985) | 256,315 | ||||||||||||||||||||||||||||
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | 1,103,921 | (104,414) | 415,682 | ||||||||||||||||||||||||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year | 2,396,432 | 2,500,846 | 2,085,164 | 2,396,432 | 2,500,846 | 2,085,164 | |||||||||||||||||||||||||
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS AT END OF YEAR | 3,500,353 | 2,396,432 | 2,500,846 | 3,500,353 | 2,396,432 | 2,500,846 | |||||||||||||||||||||||||
Parent Company [Member] | |||||||||||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||||||||||||
Net Income (Loss) to Shareholders | [3] | 1,790,466 | (128,180) | 395,269 | |||||||||||||||||||||||||||
Adjustments to reconcile net income (loss) to shareholders to net cash provided (used) by operating activities | (1,530,940) | 3,637 | (166,132) | ||||||||||||||||||||||||||||
Net Cash Provided By Operating Activities | 259,526 | (124,543) | 229,137 | ||||||||||||||||||||||||||||
Proceeds from sales of fixed maturities and equity securities | 326,564 | 204,478 | 20,562 | ||||||||||||||||||||||||||||
Proceeds from maturities, calls and prepayments of fixed maturities | 41,673 | 34,560 | 64,705 | ||||||||||||||||||||||||||||
Cost of fixed maturities and equity securities purchased | (82,332) | (26,336) | (72,910) | ||||||||||||||||||||||||||||
Net change in short-term investments | (236,251) | 930,876 | 649,181 | ||||||||||||||||||||||||||||
Return of capital from subsidiaries | 14,865 | 12,712 | 45,225 | ||||||||||||||||||||||||||||
Decrease (increase) in notes receivable due from subsidiaries | 100,000 | (20,000) | (58) | ||||||||||||||||||||||||||||
Capital contributions to subsidiaries | (413,148) | (103,133) | (270,623) | ||||||||||||||||||||||||||||
Acquisitions, net of cash acquired | 0 | (972,619) | (1,153,683) | ||||||||||||||||||||||||||||
Cost of equity method investments | (213,100) | (4,917) | 0 | ||||||||||||||||||||||||||||
Other | 6,719 | (8,652) | (3,661) | ||||||||||||||||||||||||||||
Net Cash Used By Investing Activities | (455,010) | 46,969 | (721,262) | ||||||||||||||||||||||||||||
Additions to senior long-term debt | 1,384,182 | 0 | 592,923 | ||||||||||||||||||||||||||||
IncreaseDecreaseInNotesPayableFromSubsidiaries | (99,839) | 47,105 | 0 | ||||||||||||||||||||||||||||
Repayment and retirement of senior long-term debt | (484,811) | 0 | 0 | ||||||||||||||||||||||||||||
Premiums and fees related to early extinguishment of debt | (13,248) | 0 | 0 | ||||||||||||||||||||||||||||
Repurchases of common stock | (116,307) | (54,007) | (110,838) | ||||||||||||||||||||||||||||
Other | (2,564) | (70) | (9,848) | ||||||||||||||||||||||||||||
Net Cash Provided (Used) By Financing Activities | 667,413 | (6,972) | 472,237 | ||||||||||||||||||||||||||||
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | 471,929 | (84,546) | (19,888) | ||||||||||||||||||||||||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year | $ 266,220 | $ 350,766 | $ 370,654 | 266,220 | 350,766 | 370,654 | |||||||||||||||||||||||||
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS AT END OF YEAR | $ 738,149 | $ 266,220 | $ 350,766 | $ 738,149 | $ 266,220 | $ 350,766 | |||||||||||||||||||||||||
[1] | Effective January 1, 2018, the Company adopted ASU No. 2016-01. As a result, the change in fair value of equity securities is no longer recognized in other comprehensive income; rather, all changes in the fair value of equity securities are now recognized in net income. Prior periods have not been restated to conform to the current presentation. | ||||||||||||||||||||||||||||||
[2] | Effective January 1, 2018, the Company adopted ASU No. 2016-01. As a result, the change in fair value of equity securities is no longer recognized in other comprehensive income; rather, all changes in the fair value of equity securities are now recognized in net income. Prior periods have not been restated to conform to the current presentation. | ||||||||||||||||||||||||||||||
[3] | Effective January 1, 2018, the Company adopted ASU No. 2016-01. As a result, equity securities are no longer classified as available-for-sale with unrealized gains and losses recognized in other comprehensive income; rather, all changes in the fair value of equity securities are now recognized in net income. Prior periods have not been restated to conform to the current presentation. |
Quarterly Financial Informati_3
Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||
Operating revenues | $ 2,581,529 | $ 2,033,058 | $ 2,439,116 | $ 2,472,488 | $ 1,042,852 | $ 2,235,949 | $ 1,987,013 | $ 1,575,471 | $ 1,662,267 | $ 1,506,148 | $ 1,481,493 | $ 1,411,751 | $ 9,526,191 | $ 6,841,285 | $ 6,061,659 | |||||||||||||||
Net income (loss) | 511,513 | [1] | 203,953 | [1] | 506,483 | [1] | 577,513 | [1] | (753,374) | [1] | 409,028 | [1] | 279,587 | [1] | (65,594) | [1] | 439,326 | [1] | (261,035) | [1] | 151,427 | [1] | 71,040 | [1] | 1,799,462 | (130,353) | 400,758 | |||
Net income (loss) to shareholders | 511,104 | [1] | 205,637 | [1] | 497,298 | [1] | 576,427 | [1] | (751,543) | [1] | 409,438 | [1] | 278,231 | [1] | (64,306) | [1] | 434,881 | [1] | (259,141) | [1] | 149,660 | [1] | 69,869 | [1] | 1,790,466 | [2] | (128,180) | [2] | 395,269 | [2] |
Comprehensive income (loss) to shareholders | $ 488,244 | $ 250,069 | $ 623,330 | $ 732,245 | $ (680,373) | $ 315,106 | $ 164,336 | $ (174,839) | $ 629,247 | $ (19,869) | $ 342,357 | $ 223,239 | $ 2,093,888 | $ (375,770) | $ 1,174,974 | |||||||||||||||
Basic net income (loss) per share (dollars per share) | $ 36.34 | $ 13.97 | $ 36.10 | $ 42.81 | $ (53.88) | $ 28.56 | $ 20.01 | $ (4.25) | $ 30.48 | $ (18.82) | $ 10.34 | $ 3.91 | $ 129.25 | $ (9.55) | $ 25.89 | |||||||||||||||
Diluted net income (loss) per share (dollars per share) | $ 36.26 | $ 13.95 | $ 36.07 | $ 42.76 | $ (53.88) | $ 28.50 | $ 19.97 | $ (4.25) | $ 30.39 | $ (18.82) | $ 10.31 | $ 3.90 | $ 129.07 | [3] | $ (9.55) | [3] | $ 25.81 | [3] | ||||||||||||
[1] | Effective January 1, 2018, the Company adopted ASU No. 2016-01. As a result, the change in fair value of equity securities is no longer recognized in other comprehensive income; rather, all changes in the fair value of equity securities are now recognized in net income. Prior periods have not been restated to conform to the current presentation. | |||||||||||||||||||||||||||||
[2] | Effective January 1, 2018, the Company adopted ASU No. 2016-01. As a result, the change in fair value of equity securities is no longer recognized in other comprehensive income; rather, all changes in the fair value of equity securities are now recognized in net income. Prior periods have not been restated to conform to the current presentation. | |||||||||||||||||||||||||||||
[3] | The impact of restricted stock units and restricted stock of 25 thousand shares was excluded from the computation of diluted earnings per share for the year ended December 31, 2018 because the effect would have been anti-dilutive. |
Uncategorized Items - mkl123120
Label | Element | Value |
Common Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | $ 3,381,834,000 |
Shares, Issued | us-gaap_SharesIssued | 13,904,000 |
AOCI Attributable to Parent [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | $ 152,940,000 |
Cumulative Effect of Adoption of ASU No 2014-09, Net of Taxes | mkl_CumulativeEffectofAdoptionofASUNo201409NetofTaxes | 0 |
Cumulative Effect of Adoption of ASU No. 2016-01, Net of Tax | mkl_CumulativeEffectofAdoptionofASUNo.201601NetofTax | (2,595,484,000) |
Cumulative Effect of Adoption of ASU No 2018-02 | mkl_CumulativeEffectofAdoptionofASUNo201802 | 402,853,000 |
Retained Earnings [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 5,969,699,000 |
Cumulative Effect of Adoption of ASU No 2014-09, Net of Taxes | mkl_CumulativeEffectofAdoptionofASUNo201409NetofTaxes | 325,000 |
Cumulative Effect of Adoption of ASU No. 2016-01, Net of Tax | mkl_CumulativeEffectofAdoptionofASUNo.201601NetofTax | 2,595,484,000 |
Cumulative Effect of Adoption of ASU No 2018-02 | mkl_CumulativeEffectofAdoptionofASUNo201802 | (402,853,000) |
Noncontrolling Interest [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | (2,567,000) |
Cumulative Effect of Adoption of ASU No 2014-09, Net of Taxes | mkl_CumulativeEffectofAdoptionofASUNo201409NetofTaxes | 0 |
Cumulative Effect of Adoption of ASU No. 2016-01, Net of Tax | mkl_CumulativeEffectofAdoptionofASUNo.201601NetofTax | 0 |
Cumulative Effect of Adoption of ASU No 2018-02 | mkl_CumulativeEffectofAdoptionofASUNo201802 | 0 |
Parent [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 9,504,473,000 |
Cumulative Effect of Adoption of ASU No 2014-09, Net of Taxes | mkl_CumulativeEffectofAdoptionofASUNo201409NetofTaxes | 325,000 |
Cumulative Effect of Adoption of ASU No. 2016-01, Net of Tax | mkl_CumulativeEffectofAdoptionofASUNo.201601NetofTax | 0 |
Cumulative Effect of Adoption of ASU No 2018-02 | mkl_CumulativeEffectofAdoptionofASUNo201802 | 0 |
Total Equity [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 9,501,906,000 |
Cumulative Effect of Adoption of ASU No 2014-09, Net of Taxes | mkl_CumulativeEffectofAdoptionofASUNo201409NetofTaxes | 325,000 |
Cumulative Effect of Adoption of ASU No. 2016-01, Net of Tax | mkl_CumulativeEffectofAdoptionofASUNo.201601NetofTax | 0 |
Cumulative Effect of Adoption of ASU No 2018-02 | mkl_CumulativeEffectofAdoptionofASUNo201802 | 0 |
Redeemable Noncontrolling Interests, Temporary Equity [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 166,269,000 |
Cumulative Effect of Adoption of ASU No 2014-09, Net of Taxes | mkl_CumulativeEffectofAdoptionofASUNo201409NetofTaxes | 0 |
Cumulative Effect of Adoption of ASU No. 2016-01, Net of Tax | mkl_CumulativeEffectofAdoptionofASUNo.201601NetofTax | 0 |
Cumulative Effect of Adoption of ASU No 2018-02 | mkl_CumulativeEffectofAdoptionofASUNo201802 | $ 0 |