Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 02, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2021 | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 15,976,000,000 | ||
Entity Common Stock, Shares Outstanding | 13,607,288 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001096343 | ||
Current Fiscal Year End Date | --12-31 | ||
Auditor Name | KPMG LLP | ||
Auditor Location | Richmond, VA | ||
Auditor Firm ID | 185 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
ASSETS | |||
Fixed maturity securities, available-for-sale (amortized cost of $12,061,467 in 2021 and $9,655,261 in 2020) | $ 12,587,305 | $ 10,681,734 | |
Equity securities (cost of $2,867,899 in 2021 and $2,732,998 in 2020) | 9,023,927 | 6,994,110 | |
Short-term investments, available-for-sale (estimated fair value approximates cost) | 1,799,988 | 2,034,099 | |
Total Investments | 23,411,220 | 19,709,943 | |
Cash and cash equivalents | 3,978,490 | 4,341,736 | |
Restricted cash and cash equivalents | 902,457 | 874,913 | |
Receivables | 2,413,938 | 1,930,211 | |
Reinsurance recoverables | 7,293,555 | 5,989,337 | |
Deferred policy acquisition costs | 765,915 | 630,794 | |
Prepaid reinsurance premiums | 1,798,571 | 1,451,858 | |
Goodwill | [1] | 2,899,140 | 2,604,624 |
Intangible assets | 1,822,486 | 1,782,718 | |
Other assets | 3,163,094 | 2,393,920 | |
Total Assets | 48,448,866 | 41,710,054 | |
LIABILITIES AND EQUITY | |||
Unpaid losses and loss adjustment expenses | 18,178,894 | 16,222,376 | |
Life and annuity benefits | 902,980 | 1,069,986 | |
Unearned premiums | 5,383,619 | 4,433,245 | |
Payables to insurance and reinsurance companies | 616,665 | 493,470 | |
Senior long-term debt and other debt (estimated fair value of $5,017,000 in 2021 and $4,367,000 in 2020) | 4,361,266 | 3,484,023 | |
Other liabilities | 3,826,156 | 2,946,631 | |
Total Liabilities | 33,269,580 | 28,649,731 | |
Redeemable noncontrolling interests | 461,378 | 245,642 | |
Commitments and contingencies | |||
Shareholders' equity: | |||
Preferred stock | 591,891 | 591,891 | |
Common stock | 3,441,079 | 3,428,340 | |
Retained earnings | 10,424,461 | 8,195,182 | |
Accumulated other comprehensive income | 237,617 | 584,376 | |
Total Shareholders' Equity | 14,695,048 | 12,799,789 | |
Noncontrolling interests | 22,860 | 14,892 | |
Total Equity | 14,717,908 | 12,814,681 | |
Total Liabilities and Equity | $ 48,448,866 | $ 41,710,054 | |
[1] | As of December 31, 2021, goodwill was net of accumulated impairment losses of $110.6 million, of which $91.9 million was in Other and $18.7 million was in Markel Ventures. As of December 31, 2020, goodwill was net of accumulated impairment losses of $139.2 million, of which $91.9 million was in Other and $47.3 million was in Markel Ventures. The decrease in accumulated impairment losses in 2021 reflects a disposal transaction that was completed during the year. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Fixed maturities, available-for-sale, amortized cost | $ 12,061,467 | $ 9,655,261 |
Equity securities, cost | 2,867,899 | 2,732,998 |
Long-term debt, fair value | $ 5,017,000 | $ 4,367,000 |
Consolidated Statements Of Inco
Consolidated Statements Of Income And Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
OPERATING REVENUES | ||||||
Earned premiums | $ 6,503,029 | $ 5,612,205 | $ 5,049,793 | |||
Net investment income | 374,601 | 371,830 | 451,888 | |||
Net investment gains | 1,978,534 | 617,979 | 1,601,722 | |||
Products revenues | 1,712,120 | 1,439,515 | 1,609,586 | |||
Services and other revenues | 2,278,141 | 1,693,537 | 813,202 | |||
Total Operating Revenues | 12,846,425 | 9,735,066 | 9,526,191 | |||
OPERATING EXPENSES | ||||||
Losses and loss adjustment expenses | 3,581,205 | 3,466,961 | 2,891,190 | |||
Underwriting, acquisition and insurance expenses | 2,293,739 | 2,017,627 | 1,878,093 | |||
Products expenses | 1,544,506 | 1,256,159 | 1,455,245 | |||
Services and other expenses | 2,022,935 | 1,561,120 | 675,679 | |||
Amortization of intangible assets | 160,539 | [1] | 159,315 | [2] | 148,638 | [3] |
Total Operating Expenses | 9,602,924 | 8,461,182 | 7,048,845 | |||
Operating Income | 3,243,501 | 1,273,884 | 2,477,346 | |||
Interest expense | (183,579) | (177,582) | (171,687) | |||
Net foreign exchange gains (losses) | 72,271 | (95,853) | (2,265) | |||
Loss on early extinguishment of debt | 0 | 0 | (17,586) | |||
Income Before Income Taxes | 3,132,193 | 1,000,449 | 2,285,808 | |||
Income tax expense | (684,458) | (168,682) | (486,346) | |||
Net Income | 2,447,735 | 831,767 | 1,799,462 | |||
Net income attributable to noncontrolling interests | (22,732) | (15,737) | (8,996) | |||
Net Income to Shareholders | 2,425,003 | 816,030 | 1,790,466 | |||
Preferred stock dividends | (36,000) | (18,400) | 0 | |||
Net Income to Common Stockholders | 2,389,003 | 797,630 | 1,790,466 | |||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||
Net holding gains (losses) arising during the period | (348,315) | 356,159 | 299,125 | |||
Reclassification adjustments for net gains included in net income | (6,623) | (3,386) | (1,148) | |||
Change in net unrealized gains on available-for-sale investments, net of taxes | (354,938) | 352,773 | 297,977 | |||
Change in foreign currency translation adjustments, net of taxes | (213) | 29,847 | 382 | |||
Change in net actuarial pension loss, net of taxes | 8,390 | (6,998) | 5,042 | |||
Total Other Comprehensive Income (Loss) | (346,761) | 375,622 | 303,401 | |||
Comprehensive Income | 2,100,974 | 1,207,389 | 2,102,863 | |||
Comprehensive income attributable to noncontrolling interests | (22,730) | (15,755) | (8,975) | |||
Comprehensive Income to Shareholders | $ 2,078,244 | $ 1,191,634 | $ 2,093,888 | |||
NET INCOME PER COMMON SHARE | ||||||
Basic (dollars per share) | $ 176.92 | $ 55.67 | $ 129.25 | |||
Diluted (dollars per share) | $ 176.51 | $ 55.63 | $ 129.07 | |||
[1] | Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's Insurance and Reinsurance segments. | |||||
[2] | Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's Insurance and Reinsurance segments. | |||||
[3] | Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's Insurance and Reinsurance segments. |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Equity - USD ($) $ in Thousands | Total | Total Equity [Member] | Total Shareholders' Equity [Member] | Preferred Stock [Member] | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests [Member] | Redeemable Noncontrolling Interests [Member] | Nephila Holdings Limited [Member]Total Equity [Member] | Nephila Holdings Limited [Member]Noncontrolling Interests [Member] | Lansing Building Products, LLC [Member]Redeemable Noncontrolling Interests [Member] | Buckner HeavyLift Cranes [Member]Redeemable Noncontrolling Interests [Member] | Metromont LLC [Member]Redeemable Noncontrolling Interests [Member] |
Balance at Dec. 31, 2018 | $ 9,100,302 | $ 9,080,653 | $ 0 | $ 3,392,993 | $ 5,782,310 | $ (94,650) | $ 19,649 | |||||||
Balance, redeemable noncontrolling interests at Dec. 31, 2018 | $ 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 | |||||||||
Repurchase of common stock | (116,307) | (116,307) | 0 | 0 | (116,307) | 0 | 0 | 0 | ||||||
Restricted stock awards expensed | 16,000 | 16,000 | 0 | 16,000 | 0 | 0 | 0 | 0 | ||||||
Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | $ (8,250) | $ (8,250) | ||||||
Adjustment of redeemable noncontrolling interests | 1,105 | 1,105 | 0 | 0 | 1,105 | 0 | 0 | (1,105) | ||||||
Purchase of noncontrolling interest | (4,219) | (4,219) | 0 | (4,219) | 0 | 0 | 0 | (4,542) | ||||||
Other | 3,717 | (253) | 0 | 145 | (398) | 0 | 3,970 | (7,648) | ||||||
Balance at Dec. 31, 2019 | 11,078,416 | 11,070,867 | 0 | 3,404,919 | 7,457,176 | 208,772 | 7,549 | |||||||
Balance, redeemable noncontrolling interests at Dec. 31, 2019 | 177,562 | |||||||||||||
Net income (loss) | 831,767 | 819,256 | 816,030 | 816,030 | 0 | 3,226 | 12,511 | |||||||
Other comprehensive income (loss) | 375,622 | 375,604 | 375,604 | 0 | 375,604 | 0 | 18 | |||||||
Comprehensive Income (Loss) | 1,207,389 | 1,194,860 | 1,191,634 | 3,226 | 12,529 | |||||||||
Issuance of stock | 591,891 | 591,891 | 591,891 | 0 | 0 | 0 | 0 | 0 | ||||||
Repurchase of common stock | (26,832) | (26,832) | 0 | 0 | (26,832) | 0 | 0 | 0 | ||||||
Preferred stock dividends | 18,400 | (18,400) | (18,400) | 0 | 0 | (18,400) | 0 | 0 | 0 | |||||
Restricted stock awards expensed | 29,779 | 29,779 | 0 | 29,779 | 0 | 0 | 0 | 0 | ||||||
Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $ 43,566 | ||||||
Adjustment of redeemable noncontrolling interests | (28,705) | (28,705) | 0 | 0 | (28,705) | 0 | 0 | 28,705 | ||||||
Purchase of noncontrolling interest | (6,131) | (6,131) | 0 | (6,131) | 0 | 0 | 0 | (7,029) | ||||||
Other | 3,630 | (487) | 0 | (227) | (260) | 0 | 4,117 | (9,691) | ||||||
Balance at Dec. 31, 2020 | 12,814,681 | 12,814,681 | 12,799,789 | 591,891 | 3,428,340 | 8,195,182 | 584,376 | 14,892 | ||||||
Balance, redeemable noncontrolling interests at Dec. 31, 2020 | 245,642 | 245,642 | ||||||||||||
Net income (loss) | 2,447,735 | 2,432,260 | 2,425,003 | 2,425,003 | 0 | 7,257 | 15,475 | |||||||
Other comprehensive income (loss) | (346,761) | (346,759) | (346,759) | 0 | (346,759) | 0 | (2) | |||||||
Comprehensive Income (Loss) | 2,100,974 | 2,085,501 | 2,078,244 | 7,257 | 15,473 | |||||||||
Repurchase of common stock | (206,518) | (206,518) | 0 | 0 | (206,518) | 0 | 0 | 0 | ||||||
Preferred stock dividends | 36,000 | (36,000) | (36,000) | 0 | 0 | (36,000) | 0 | 0 | 0 | |||||
Restricted stock awards expensed | 30,916 | 30,916 | 0 | 30,916 | 0 | 0 | 0 | 0 | ||||||
Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $ 26,438 | $ 269,908 | |||||
Adjustment of redeemable noncontrolling interests | 46,874 | 46,874 | 0 | 0 | 46,874 | 0 | 0 | (46,874) | ||||||
Purchase of noncontrolling interest | (18,779) | (18,779) | 0 | (18,779) | 0 | 0 | 0 | (38,214) | ||||||
Other | 1,233 | 522 | 0 | 602 | (80) | 0 | 711 | (10,995) | ||||||
Balance at Dec. 31, 2021 | 14,717,908 | $ 14,717,908 | $ 14,695,048 | $ 591,891 | $ 3,441,079 | $ 10,424,461 | $ 237,617 | $ 22,860 | ||||||
Balance, redeemable noncontrolling interests at Dec. 31, 2021 | $ 461,378 | $ 461,378 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING ACTIVITIES | |||
Net income | $ 2,447,735 | $ 831,767 | $ 1,799,462 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Deferred income tax expense (benefit) | 453,905 | (2,733) | 323,385 |
Depreciation and amortization | 336,393 | 307,069 | 269,239 |
Net investment gains | (1,978,534) | (617,979) | (1,601,722) |
Net foreign exchange losses (gains) | (72,271) | 95,853 | 2,265 |
Increase in receivables | (372,491) | (28,174) | (103,982) |
Increase in reinsurance recoverables | (1,312,258) | (549,654) | (209,971) |
Increase in deferred policy acquisition costs | (139,609) | (61,569) | (93,015) |
Increase in prepaid reinsurance premiums | (347,982) | (34,480) | (84,835) |
Increase in unpaid losses and loss adjustment expenses | 2,042,486 | 1,383,430 | 436,234 |
Decrease in life and annuity benefits | (54,591) | (44,651) | (52,159) |
Increase in unearned premiums | 970,246 | 354,679 | 438,951 |
Increase in payables to insurance and reinsurance companies | 131,559 | 76,586 | 65,460 |
Increase (decrease) in income taxes payable | 24,582 | (70,277) | 36,938 |
Other | 144,897 | 97,720 | 47,870 |
Net Cash Provided By Operating Activities | 2,274,067 | 1,737,587 | 1,274,120 |
INVESTING ACTIVITIES | |||
Proceeds from sales of fixed maturity securities and equity securities | 224,720 | 1,580,288 | 353,918 |
Proceeds from maturities, calls and prepayments of fixed maturity securities | 683,961 | 642,135 | 772,336 |
Cost of fixed maturity securities and equity securities purchased | (3,420,759) | (1,322,218) | (955,970) |
Net change in short-term investments | 228,955 | (829,457) | (95,867) |
Cost of equity method investments | (41,860) | (5,066) | (257,663) |
Additions to property and equipment | (145,249) | (101,301) | (123,376) |
Acquisitions, net of cash acquired | (517,439) | (554,127) | (245,332) |
Other | 49,869 | 77,998 | 16,795 |
Net Cash Used By Investing Activities | (2,937,802) | (511,748) | (535,159) |
FINANCING ACTIVITIES | |||
Additions to senior long-term debt and other debt | 1,198,505 | 223,183 | 1,645,182 |
Repayment of senior long-term debt and other debt | (486,730) | (275,996) | (1,103,674) |
Premiums and fees related to early extinguishment of debt | 0 | 0 | (27,073) |
Repurchases of common stock | (206,518) | (26,832) | (116,307) |
Issuance of preferred stock, net | 0 | 591,891 | 0 |
Dividends paid on preferred stock | (36,000) | (18,400) | 0 |
Other | (99,490) | (59,290) | (38,811) |
Net Cash Provided By Financing Activities | 369,767 | 434,556 | 359,317 |
Effect of foreign currency rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | (41,734) | 55,901 | 5,643 |
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | (335,702) | 1,716,296 | 1,103,921 |
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year | 5,216,649 | 3,500,353 | 2,396,432 |
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS AT END OF YEAR | $ 4,880,947 | $ 5,216,649 | $ 3,500,353 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Summary of Significant Accounting Policies Markel Corporation is a diverse financial holding company serving a variety of niche markets. Markel Corporation's principal business markets and underwrites specialty insurance products. Through its wholly owned subsidiary, Markel Ventures, Inc. (Markel Ventures), Markel Corporation also owns controlling interests in various businesses that operate outside of the specialty insurance marketplace. See note 2 for details regarding reportable segments. a) Basis of Presentation. The accompanying consolidated financial statements have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP) and include the accounts of Markel Corporation and its consolidated subsidiaries, as well as any variable interest entities (VIEs) that meet the requirements for consolidation (the Company). All significant intercompany balances and transactions have been eliminated in consolidation. The Company consolidates the results of its Markel Ventures subsidiaries on a one-month lag, with the exception of significant transactions or events that occur during the intervening period. Certain prior period amounts have been reclassified to conform to the current period presentation. 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 and 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 other comprehensive income. Unrealized gains and losses on equity securities, net of income taxes, are included in net income as net investment gains. The Company completes a detailed analysis each quarter to assess declines in the fair value of its available-for-sale investments. Any impairment losses on the Company's available-for-sale investments are recorded as an allowance, subject to reversal. Premiums and discounts are amortized or accreted over the lives of the related fixed maturity securities as an adjustment to the yield using the effective interest method. Dividend and interest income are recognized when earned. Accrued interest receivable is excluded from both the estimated fair value and the amortized cost basis of available-for-sale securities and included within other assets on the Company's consolidated balance sheets. Any uncollectible accrued interest receivable is written off in the period it is deemed uncollectible. Realized investment gains or losses on available-for-sale investments are included in net income. Realized gains or losses from sales of available-for-sale investments are derived using the first-in, first-out method on the trade date. The Company's other investments are primarily comprised of investments accounted for under the equity method of accounting, which initially 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 and other transactions impacting the investee's equity. 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. See note 4 and note 5 for further details regarding the Company's investment portfolio. 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. 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. The Company monitors credit risk associated with receivables, taking into consideration the fact that in certain instances in the Company's insurance operations credit risk may be reduced by the Company's right to offset loss obligations or unearned premiums against premiums receivable. An allowance is established for credit losses expected to be incurred over the life of the receivable, which is recorded net of this allowance. The allowance is charged to net income in the period the receivable is recorded and revised in subsequent periods to reflect changes in the Company's estimate of expected credit losses. As of December 31, 2021 and 2020, the allowance for credit losses associated with the Company's receivables was not material to the consolidated financial statements. g) Reinsurance Recoverables. Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured business. The Company evaluates the financial condition of its reinsurers and monitors concentration of credit risk to minimize its exposure to significant losses from individual reinsurers. To further reduce credit exposure on reinsurance recoverables, 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. An allowance is established for credit losses expected to be incurred over the life of the reinsurance recoverable, which is recorded net of this allowance. The allowance is charged to net income in the period the recoverable is recorded and revised in subsequent periods to reflect changes in the Company's estimate of expected credit losses. As of December 31, 2021 and 2020, the allowance for credit losses associated with the Company's reinsurance recoverables was not material to the consolidated financial statements. 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. See note 2(a) and (e) for further details regarding policy acquisition costs. 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 j) Property and Equipment. Property and equipment is maintained primarily by certain of the Company's Markel Ventures businesses and is stated at cost less accumulated depreciation. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful lives of the respective assets. Property and equipment, net of accumulated depreciation, was $1.1 billion and $632.0 million as of December 31, 2021 and 2020, respectively, and is included in other assets on the Company's consolidated balance sheets. k) Leases. The present value of future lease payments for the Company's leases with terms greater than 12 months is included on the consolidated balance sheets 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 accounts 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 contractual obligation to make lease payments, 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 lease 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 sheets. Total lease costs are primarily comprised of rental expense for operating leases, which is recognized on a straight line basis over the lease term. 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. See note 7 for further details regarding leases. 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 $529.3 million and $412.6 million as of December 31, 2021 and 2020, 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 are currently redeemable or become redeemable between 2022 and 2032. 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 was also the redemption date. Changes in the redemption value also result in an adjustment to net income to common shareholders in the calculation of basic and diluted net income per common share. See note 17 for further details regarding the calculation of basic and diluted net income per common 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. See note 13 for further details regarding income taxes. 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. See note 9 for further details regarding unpaid losses and loss adjustment expenses. 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. See note 11 for further details regarding life and annuity benefits. 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, or immediately if the coverage period has ended. The Company uses the periodic method to account for assumed reinsurance from foreign reinsurers as a result of the sufficiency of the information provided by the reinsurer, which is consistent with its accounting for assumed reinsurance 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 remaining coverage period. Other Revenues Other revenues primarily relate to the Company's Markel Ventures, insurance-linked securities (ILS) and program services 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. Contracts with customers generally have an original term of one year or less. For contracts with customers that have an original term greater than one year, 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. Through its Markel Ventures operations, the Company has several different businesses that manufacture or produce a variety of products, including ornamental plants, equipment used in baking systems, over-the-road transportation equipment, portable dredges, residential homes and flooring for the trucking industry. 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. Through its Markel Ventures operations, the Company also has several different businesses that provide various types of services, including distribution of exterior building products, fire protection and life safety services and consulting services. Service revenues are generally recognized over the term of the contracts based on hours incurred or as services are provided. The Company's other revenues also include investment management fee income and managing general agent (MGA) commissions for services provided through our ILS operations. Investment management fee income 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. MGA commissions are based on the direct written premiums of the insurance contracts placed. Commissions received for these services are generally recognized when the related policy is written. 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. See note 8 for further details regarding products, services, and other revenues. 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) 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. See note 18 for further details regarding the components of other comprehensive income. t) 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. See note 18 for further details regarding comprehensive income. u) Net Income Per Common Share. Basic net income per common 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 common 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. See note 17 for further details regarding the calculation of basic and diluted net income per common share. v) Variable Interest Entities. The Company determines whether it has relationships with entities defined as VIEs in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (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. See note 15 for further details regarding the Company's involvement with VIEs. w) Recent Accounting Pronouncements. Accounting Standards Adopted in 2021 The Company adopted FASB Accounting Standards Update (ASU) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , effective January 1, 2021. Adoption of this standard did not have a material impact on the Company's financial position, results of operations or cash flows. Accounting Standards Not Yet Adopted In August 2018, the FASB issued ASU No. 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts . The FASB subsequently issued several ASUs as amendments to ASU No. 2018-12. The standard requires insurance companies with long duration contracts to: (1) review and, if there is a change, update the assumptions used to measure expected cash flows at least annually; (2) update the discount rate assumption at each reporting date; and (3) enhance disclosures related to the liability, including the significant inputs, judgments, assumptions and methods used to measure the liability. ASU No. 2018-12 becomes effective for the Company during the first quarter of 2023 and will be applied using a modified retrospective approach that requires restatement of prior periods presented. The standard will, among other things, impact the discount rate used in estimating reserves for the Company's life and annuity reinsurance portfolio, which is in runoff. Currently, the discount rate assumption is locked-in for the life of the contracts, unless there is a loss recognition event. The Company is currently evaluating ASU No. 2018-12 to determine the impact that adopting this standard will have on its consolidated financial statements. In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customer s, which becomes effective for the Company during the first quarter of 2023. ASU No. 2021-08 requires contract assets and liabilities accounted for under FASB ASC 606, Revenue from Contracts with Customers , to be recorded at the acquisition date as if the acquirer entered into those contracts itself on the contract inception dates, rather than at fair value. At adoption, ASU No. 2021-08 will not impact the Company's financial position, results of operations or cash flows, but prospectively, the amendments will impact amounts recorded by the Company for assets acquired and liabilities assumed in conjunction with certain acquisitions. |
Segment Reporting Disclosures
Segment Reporting Disclosures | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Segment Reporting Disclosures | Segment Reporting Disclosures The chief operating decision maker reviews the Company's ongoing underwriting operations on a global basis in the following two segments: Insurance and Reinsurance. In determining how to allocate resources and assess the performance of the Company's underwriting results, management considers many factors, including the nature of the insurance product sold, the type of account written and the type of customer served. The Insurance segment includes all direct business and facultative placements written within the Company's underwriting operations. The Reinsurance segment includes all treaty reinsurance written within the Company's underwriting operations. All investing activities related to the Company's insurance operations are included in the Investing segment. The chief operating decision maker reviews and assesses Markel Ventures' performance in the aggregate, as a single operating segment. The Markel Ventures segment primarily consists of controlling interests in a diverse portfolio of businesses that operate in various industries. The Company's other operations primarily consist of the results of the Company's insurance-linked securities operations and program services business. Other operations also include results for lines of business discontinued prior to, or in conjunction with, acquisitions, including development on asbestos and environmental loss reserves and results attributable to the run-off of life and annuity reinsurance business, which are monitored separately from the Company's ongoing underwriting operations. For purposes of segment reporting, none of these other operations are considered to be reportable segments. Segment profit for each of the Company's underwriting segments is measured by underwriting profit. The property and casualty insurance industry commonly defines underwriting profit as earned premiums net of losses and loss adjustment expenses and underwriting, acquisition and insurance expenses. Underwriting profit does not replace operating income or net income computed in accordance with U.S. GAAP as a measure of profitability. Underwriting profit or loss provides a basis for management to evaluate the Company's underwriting performance. Segment profit for the Company's underwriting segments may also include other revenues and expenses that are attributable to the Company's underwriting operations that are not captured in underwriting profit. Segment profit for the Investing segment is measured by net investment income and net investment gains. Segment profit for the Markel Ventures segment is measured by operating income. For management reporting purposes, the Company allocates assets to its underwriting operations and to its Investing and Markel Ventures segments and certain of its other operations, including its insurance-linked securities and program services operations. Underwriting assets include assets attributed to the Company's Insurance and Reinsurance segments, discontinued underwriting lines of business, as well as assets that are not specifically allocated to the Company's other operations. Generally, the Company manages its underwriting assets in the aggregate and therefore does not allocate assets to individual underwriting segments. a) The following tables summarize the Company's segment disclosures. Year Ended December 31, 2021 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures (1) Other (2) Consolidated Gross premium volume $ 7,239,676 $ 1,246,143 $ — $ — $ 2,952,863 $ 11,438,682 Net written premiums 5,998,890 1,126,167 — — (5,326) 7,119,731 Earned premiums 5,465,284 1,042,048 — — (4,303) 6,503,029 Losses and loss adjustment expenses: Current accident year (3,311,185) (749,815) — — — (4,061,000) Prior accident years 506,292 (19,928) — — (6,569) 479,795 Underwriting, acquisition and insurance expenses: Amortization of policy acquisition costs (1,153,049) (266,217) — — — (1,419,266) Other underwriting expenses (810,929) (61,326) — — (2,218) (874,473) Underwriting profit (loss) 696,413 (55,238) — — (13,090) 628,085 Net investment income — — 374,590 11 — 374,601 Net investment gains — — 1,978,534 — — 1,978,534 Products revenues — — — 1,712,120 — 1,712,120 Services and other revenues — — — 1,931,696 346,445 2,278,141 Products expenses — — — (1,544,506) — (1,544,506) Services and other expenses — 109 — (1,769,201) (253,843) (2,022,935) Amortization of intangible assets (3) — — — (57,568) (102,971) (160,539) Segment profit (loss) $ 696,413 $ (55,129) $ 2,353,124 $ 272,552 $ (23,459) $ 3,243,501 Interest expense (183,579) Net foreign exchange gains 72,271 Income before income taxes $ 3,132,193 U.S. GAAP combined ratio (4) 87 % 105 % NM (5) 90 % (1) Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $72.6 million for the year ended December 31, 2021. (2) Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment as well as any amortization of intangible assets that is not allocated to a reportable segment. Amortization of intangible assets attributable to the Company's underwriting segments was $41.2 million for the year ended December 31, 2021, however, the Company does not allocate amortization of intangible assets between the Insurance and Reinsurance segments. (3) Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's Insurance and Reinsurance segments. (4) The U.S. GAAP combined ratio is a measure of underwriting performance and represents the relationship of incurred losses, loss adjustment expenses and underwriting, acquisition and insurance expenses to earned premiums. (5) NM - Ratio is not meaningful Year Ended December 31, 2020 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures (1) Other (2) Consolidated Gross premium volume $ 6,029,024 $ 1,130,923 $ — $ — $ 2,106,718 $ 9,266,665 Net written premiums 4,977,662 960,123 — — (5,547) 5,932,238 Earned premiums 4,688,448 929,348 — — (5,591) 5,612,205 Losses and loss adjustment expenses: Current accident year (3,373,085) (700,240) — — — (4,073,325) Prior accident years 554,586 51,755 — — 23 606,364 Underwriting, acquisition and insurance expenses: Amortization of policy acquisition costs (988,668) (240,493) — — — (1,229,161) Other underwriting expenses (712,280) (74,379) — — (1,807) (788,466) Underwriting profit (loss) 169,001 (34,009) — — (7,375) 127,617 Net investment income — — 371,585 245 — 371,830 Net investment gains — — 617,979 — — 617,979 Products revenues — — — 1,439,515 — 1,439,515 Services and other revenues — — — 1,355,199 338,338 1,693,537 Products expenses — — — (1,256,159) — (1,256,159) Services and other expenses — (41,461) — (1,232,150) (287,509) (1,561,120) Amortization of intangible assets (3) — — — (52,572) (106,743) (159,315) Segment profit (loss) $ 169,001 $ (75,470) $ 989,564 $ 254,078 $ (63,289) $ 1,273,884 Interest expense (177,582) Net foreign exchange losses (95,853) Income before income taxes $ 1,000,449 U.S. GAAP combined ratio (4) 96 % 104 % NM (5) 98 % (1) Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $60.3 million for the year ended December 31, 2020. (2) Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment as well as any amortization of intangible assets that is not allocated to a reportable segment. Amortization of intangible assets attributable to the Company's underwriting segments was $41.9 million for the year ended December 31, 2020, however, the Company does not allocate amortization of intangible assets between the Insurance and Reinsurance segments. (3) Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's Insurance and Reinsurance segments. (4) The U.S. GAAP combined ratio is a measure of underwriting performance and represents the relationship of incurred losses, loss adjustment expenses and underwriting, acquisition and insurance expenses to earned premiums. (5) NM - Ratio is not meaningful 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 Underwriting, acquisition and insurance expenses: Amortization of policy acquisition costs (860,917) (239,579) — — — (1,100,496) Other underwriting 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 that is not allocated to a reportable segment. Amortization of intangible assets attributable to the Company's underwriting segments was $39.7 million for the year ended December 31, 2019, however, the Company does not allocate amortization of intangible assets between the Insurance and Reinsurance segments. (3) Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's Insurance and Reinsurance segments. (4) The U.S. GAAP combined ratio is a measure of underwriting performance and represents the relationship of incurred losses, loss adjustment expenses and underwriting, acquisition and insurance expenses to earned premiums. (5) NM - Ratio is not meaningful b) The following table summarizes earned premiums by major product grouping within each underwriting segment. Years Ended December 31, (dollars in thousands) 2021 2020 2019 Insurance segment: General liability $ 1,564,221 $ 1,261,411 $ 1,039,617 Professional liability 1,412,592 1,068,365 814,587 Property 362,637 356,934 364,830 Marine and energy 495,897 458,050 391,464 Personal lines 451,095 405,210 378,522 Programs 222,410 238,909 294,418 Workers' compensation 354,337 338,186 349,770 Credit and surety 161,155 151,397 128,379 Other products 440,940 409,986 382,486 Total Insurance 5,465,284 4,688,448 4,144,073 Reinsurance segment: Property 129,760 191,968 201,486 Casualty 635,345 441,599 408,368 Specialty 276,943 295,781 293,733 Total Reinsurance 1,042,048 929,348 903,587 Other (4,303) (5,591) 2,133 Total earned premiums $ 6,503,029 $ 5,612,205 $ 5,049,793 The Company does not manage products at this level of aggregation as it offers a diverse portfolio of products and manages these products in logical groupings within each underwriting segment. During the years ended December 31, 2021, 2020 and 2019, 80%, 79% and 81%, respectively, of gross premiums written in the Company's underwriting segments were attributed to risks or cedents located in the United States. Substantially all of the gross premiums written in the Company's program services and other fronting businesses during 2021, 2020 and 2019 were attributed to risks located in the United States. Most of the Company's gross written premiums are placed through insurance and reinsurance brokers. During the years ended December 31, 2021, 2020 and 2019, the Company's top three independent brokers accounted for 28%, 31% and 28% of gross premiums written in the Company's underwriting segments. During the years ended December 31, 2021, 2020 and 2019, the top three independent brokers accounted for 19%, 20% and 17%, respectively, of gross premiums written in the Insurance segment and 84%, 84% and 82%, respectively, of gross premiums written in the Reinsurance segment. c) The following table summarizes total products revenues and services and other revenues by major product and service grouping within our Markel Ventures segment. Years Ended December 31, (dollars in thousands) 2021 2020 2019 Products: Consumer and building $ 911,422 $ 814,697 $ 771,378 Transportation-related 474,839 351,559 507,463 Equipment manufacturing 325,859 273,259 330,745 Total products revenues 1,712,120 1,439,515 1,609,586 Services and other: Construction 1,554,592 915,696 — Consulting 277,902 283,386 292,512 Other 99,202 156,117 152,186 Total services and other revenues 1,931,696 1,355,199 444,698 Total products revenues and services and other revenues $ 3,643,816 $ 2,794,714 $ 2,054,284 The Company does not manage the Markel Ventures portfolio of businesses at this level of aggregation due to the distinct characteristics of each business and the autonomy with which each business operates. Management reviews and assesses the performance of the Markel Ventures businesses in the aggregate at the Markel Ventures segment level, while individual management teams are responsible for developing strategic initiatives, managing day-to-day operations and making investment and capital allocation decisions for their respective companies. During the years ended December 31, 2021, 2020 and 2019, the portion of Markel Ventures segment revenues attributable to U.S. operations was 95%, 95%, and 90%, respectively. d) The following table reconciles segment assets to the Company's consolidated balance sheets. December 31, (dollars in thousands) 2021 2020 Segment assets: Investing $ 28,277,801 $ 24,781,946 Underwriting 8,083,086 7,228,297 Markel Ventures 4,958,279 3,636,060 Total segment assets 41,319,166 35,646,303 Other operations 7,129,700 6,063,751 Total assets $ 48,448,866 $ 41,710,054 e) The following table summarizes deferred policy acquisition costs, unearned premiums and unpaid losses and loss adjustment expenses. (dollars in thousands) Deferred Policy Unearned Unpaid Losses and December 31, 2021 Insurance segment $ 549,250 $ 3,350,054 $ 10,051,994 Reinsurance segment 216,665 802,824 3,639,210 Other underwriting — — 271,356 Total underwriting 765,915 4,152,878 13,962,560 Program services and other fronting — 1,230,741 4,216,334 Total $ 765,915 $ 5,383,619 $ 18,178,894 December 31, 2020 Insurance segment $ 454,723 $ 2,746,032 $ 9,241,952 Reinsurance segment 176,071 708,855 3,417,973 Other underwriting — — 276,090 Total underwriting 630,794 3,454,887 12,936,015 Program services and other fronting — 978,358 3,286,361 Total $ 630,794 $ 4,433,245 $ 16,222,376 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Metromont LLC In December 2021, the Company acquired 51% of Metromont LLC (Metromont), a precast concrete manufacturer and concrete building solutions provider for commercial projects. Under the terms of the acquisition agreement, the Company has the option to acquire the remaining equity interests and the remaining equity holders have the option to sell their interests to the Company in the future. The redemption value of the remaining equity interests is generally based on Metromont's earnings in specified periods preceding the redemption date. Total consideration for the transaction was $282.3 million, all of which was cash. The purchase price was preliminarily allocated to the acquired assets and liabilities of Metromont based on estimated fair value at the acquisition date. The Company recognized goodwill of $219.3 million and intangible assets of $143.9 million. Goodwill is primarily attributable to expected future earnings and cash flow potential of Metromont, and it is expected to be deductible for income tax purposes. Additionally, the Company recognized redeemable noncontrolling interests of $269.9 million. Results attributable to Metromont will be included in the Company's Markel Ventures segment. Due to the one month lag in consolidating the results of the Company's Markel Ventures operations, the financial results for Metromont will be included in the Company's consolidated statements of income and comprehensive income beginning in January 2022. 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 12 months from the acquisition date. As a result, the fair value recorded for these items is a provisional estimate and is subject to adjustment. Once completed, any adjustments resulting from the valuations may impact the individual amounts recorded for assets acquired and liabilities assumed, as well as the residual goodwill. Buckner HeavyLift Cranes In August 2021, the Company acquired 90% of the holding company for the Buckner HeavyLift Cranes companies (Buckner), a provider of crane rental services for large commercial contractors. Under the terms of the acquisition agreement, the Company has the option to acquire the remaining equity interests and the remaining equity holders have the option to sell their interests to the Company in the future. The redemption value of the remaining equity interests is generally based on Buckner's earnings in specified periods preceding the redemption dates. Total consideration for the transaction was $237.9 million, all of which was cash. The purchase price was preliminarily allocated to the acquired assets and liabilities of Buckner based on estimated fair value at the acquisition date. The Company recognized goodwill of $74.5 million, intangible assets of $60.0 million and fixed assets of $332.6 million, primarily related to cranes. Goodwill is primarily attributable to expected future earnings and cash flow potential of Buckner, and it is not expected to be deductible for income tax purposes. Intangible assets include $50.0 million of customer relationships and $10.0 million of trade names, which are expected to be amortized over 6 years and 15 years, respectively. Additionally, the Company assumed long-term debt of $165.1 million and recognized redeemable noncontrolling interests of $26.4 million. Results attributable to Buckner are 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 12 months from the acquisition date. As a result, the fair value recorded for these items is a provisional estimate and is subject to adjustment. Once completed, any adjustments resulting from the valuations may impact the individual amounts recorded for assets acquired and liabilities assumed, as well as the residual goodwill. Lansing Building Products, LLC In April 2020, the Company acquired a controlling interest in Lansing Building Products, LLC, a supplier of exterior building products and materials to professional contractors throughout the U.S., which simultaneously acquired the distribution business of Harvey Building Products to enhance geographic reach and scale (together, Lansing), bringing the Company's ownership in Lansing to 91%. Under the terms of the acquisition agreement, the Company has the option to acquire the remaining equity interests and the remaining equity holders have the option to sell their interests to the Company in the future. The redemption value of the remaining equity interests is generally based on Lansing's earnings in specified periods preceding the redemption dates. Total consideration for both transactions was $559.2 million, all of which was cash. The purchase price was allocated to the acquired assets and liabilities of Lansing based on estimated fair value at the acquisition date. The Company recognized goodwill of $287.1 million, which is primarily attributable to expected future earnings and cash flow potential of Lansing. The majority of the goodwill recognized is not deductible for income tax purposes. The Company also recognized other intangible assets of $210.0 million, which included $188.0 million of customer relationships and $22.0 million of trade names, which are being amortized over a weighted average period of 16 years and 14 years, respectively. The Company also recognized redeemable noncontrolling interests of $43.6 million. Results attributable to Lansing are included in the Company's Markel Ventures segment. 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 of $204.0 million. Total consideration also included the estimated fair value of contingent consideration, which the Company paid in 2021 based on VSC's earnings, as defined in the purchase agreement. The purchase price was allocated to the acquired assets and liabilities of VSC based on estimated fair value at the acquisition date. The Company recognized goodwill of $124.9 million, which is primarily attributable to expected future earnings and cash flow potential of VSC. All of the goodwill recognized is deductible for income tax purposes. The Company also recognized other intangible assets of $64.5 million, which included $48.0 million of customer relationships, $14.0 million of trade names and $2.5 million of other intangible assets, which are being amortized over a weighted average period of 12 years, 12 years and 8 years, respectively. Results attributable to VSC are included in the Company's Markel Ventures segment. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments a) The following tables summarize the Company's available-for-sale investments. Commercial and residential mortgage-backed securities include securities issued by U.S. government-sponsored enterprises and U.S. government agencies. The net unrealized holding gains in the tables below are presented before taxes and any reserve deficiency adjustments for life and annuity benefit reserves. See note 11. December 31, 2021 (dollars in thousands) Amortized Gross Gross Estimated Fixed maturity securities: U.S. Treasury securities $ 2,489,032 $ 2,633 $ (21,471) $ 2,470,194 U.S. government-sponsored enterprises 753,029 28,997 (6,439) 775,587 Obligations of states, municipalities and political subdivisions 4,007,211 266,575 (7,862) 4,265,924 Foreign governments 1,394,771 134,071 (9,488) 1,519,354 Commercial mortgage-backed securities 1,928,775 69,810 (8,152) 1,990,433 Residential mortgage-backed securities 699,136 27,084 (170) 726,050 Asset-backed securities 3,035 46 — 3,081 Corporate bonds 786,478 54,475 (4,271) 836,682 Total fixed maturity securities 12,061,467 583,691 (57,853) 12,587,305 Short-term investments 1,805,300 28 (5,340) 1,799,988 Investments, available-for-sale $ 13,866,767 $ 583,719 $ (63,193) $ 14,387,293 December 31, 2020 (dollars in thousands) Amortized Gross Gross Estimated Fixed maturity securities: U.S. Treasury securities $ 580,716 $ 9,091 $ (507) $ 589,300 U.S. government-sponsored enterprises 500,053 51,593 (92) 551,554 Obligations of states, municipalities and political subdivisions 3,903,292 386,784 (235) 4,289,841 Foreign governments 1,352,616 275,450 (57) 1,628,009 Commercial mortgage-backed securities 1,736,257 149,359 (34) 1,885,582 Residential mortgage-backed securities 811,732 58,742 (29) 870,445 Asset-backed securities 5,812 154 — 5,966 Corporate bonds 764,783 96,257 (3) 861,037 Total fixed maturity securities 9,655,261 1,027,430 (957) 10,681,734 Short-term investments 2,030,460 3,645 (6) 2,034,099 Investments, available-for-sale $ 11,685,721 $ 1,031,075 $ (963) $ 12,715,833 b) The following tables summarize gross unrealized investment losses on available-for-sale investments by the length of time that securities have continuously been in an unrealized loss position. December 31, 2021 Less than 12 months 12 months or longer Total (dollars in thousands) Estimated Gross Estimated Gross Estimated Gross Fixed maturity securities: U.S. Treasury securities $ 2,236,637 $ (18,433) $ 97,173 $ (3,038) $ 2,333,810 $ (21,471) U.S. government-sponsored enterprises 381,495 (5,640) 14,010 (799) 395,505 (6,439) Obligations of states, municipalities and political subdivisions 393,249 (6,941) 23,589 (921) 416,838 (7,862) Foreign governments 322,813 (8,596) 25,564 (892) 348,377 (9,488) Commercial mortgage-backed securities 345,616 (7,765) 9,189 (387) 354,805 (8,152) Residential mortgage-backed securities 12,828 (159) 269 (11) 13,097 (170) Corporate bonds 193,786 (4,271) — — 193,786 (4,271) Total fixed maturity securities 3,886,424 (51,805) 169,794 (6,048) 4,056,218 (57,853) Short-term investments 228,870 (5,340) — — 228,870 (5,340) Total $ 4,115,294 $ (57,145) $ 169,794 $ (6,048) $ 4,285,088 $ (63,193) At December 31, 2021, the Company held 277 available-for-sale securities in an unrealized loss position with a total estimated fair value of $4.3 billion and gross unrealized losses of $63.2 million. Of these 277 securities, 13 securities had been in a continuous unrealized loss position for one year or longer and had a total estimated fair value of $169.8 million and gross unrealized losses of $6.0 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, 2020 Less than 12 months 12 months or longer Total (dollars in thousands) Estimated Gross Estimated Gross Estimated Gross Fixed maturity securities: U.S. Treasury securities $ 66,220 $ (507) $ — $ — $ 66,220 $ (507) U.S. government-sponsored enterprises 14,878 (92) — — 14,878 (92) Obligations of states, municipalities and political subdivisions 28,037 (223) 2,960 (12) 30,997 (235) Foreign governments 20,790 (57) — — 20,790 (57) Commercial mortgage-backed securities 13,178 (26) 2,526 (8) 15,704 (34) Residential mortgage-backed securities 3,345 (29) — — 3,345 (29) Corporate bonds 92 (3) — — 92 (3) Total fixed maturity securities 146,540 (937) 5,486 (20) 152,026 (957) Short-term investments 349,978 (6) — — 349,978 (6) Total $ 496,518 $ (943) $ 5,486 $ (20) $ 502,004 $ (963) At December 31, 2020, the Company held 36 available-for-sale securities in an unrealized loss position with a total estimated fair value of $502.0 million and gross unrealized losses of $963 thousand. Of these 36 securities, six securities had been in a continuous unrealized loss position for one year or longer and had a total estimated fair value of $5.5 million and gross unrealized losses of $20 thousand. The Company completes a detailed analysis each quarter to assess whether the decline in the fair value of any investment below its cost basis is the result of a credit loss. All available-for-sale securities with unrealized losses are reviewed. The Company considers many factors in completing its quarterly review of securities with unrealized losses for credit-related impairment to determine whether a credit loss exists, including the extent to which fair value is below cost, the implied yield to maturity, rating downgrades of the security and whether or not the issuer has failed to make scheduled principal or interest payments. The Company also takes into consideration information about the financial condition of the issuer and industry factors that could negatively impact the capital markets. If the decline in fair value of an available-for-sale security below its amortized cost is considered to be the result of a credit loss, the Company compares the estimated present value of the cash flows expected to be collected to the amortized cost of the security. The extent to which the estimated present value of the cash flows expected to be collected is less than the amortized cost of the security represents the credit loss, which is recorded as an allowance and recognized in net income. The allowance is limited to the difference between the fair value and the amortized cost of the security. Any remaining decline in fair value represents the non-credit portion of the impairment, which is recognized in other comprehensive income. The Company did not have an allowance for credit losses as of December 31, 2021 or 2020. Quarterly, the Company also considers whether it intends to sell an available-for-sale security or if it is more likely than not that it will be required to sell the security before recovery of its amortized cost. In these instances, a decline in fair value is recognized in net income based on the fair value of the security at the time of assessment, resulting in a new cost basis for the security. c) The amortized cost and estimated fair value of fixed maturity securities at December 31, 2021 are shown below by contractual maturity. (dollars in thousands) Amortized Estimated Due in one year or less $ 582,521 $ 585,681 Due after one year through five years 3,855,478 3,927,196 Due after five years through ten years 2,839,521 2,947,481 Due after ten years 2,153,001 2,407,383 9,430,521 9,867,741 Commercial mortgage-backed securities 1,928,775 1,990,433 Residential mortgage-backed securities 699,136 726,050 Asset-backed securities 3,035 3,081 Total fixed maturity securities $ 12,061,467 $ 12,587,305 Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties, and the holders may have the right to put the securities back to the issuer. Based on expected maturities, the estimated average duration of fixed maturity securities at December 31, 2021 was 4.7 years. d) The following table presents the components of net investment income. Years Ended December 31, (dollars in thousands) 2021 2020 2019 Interest: Tax-exempt municipal bonds $ 57,460 $ 63,718 $ 71,351 Taxable municipal bonds 66,052 66,713 72,818 Other taxable bonds 159,854 157,990 162,861 Short-term investments, including overnight deposits 2,954 14,321 50,425 Dividends on equity securities 98,099 89,303 100,222 Income (loss) from equity method investments 8,890 (4,430) 4,368 Other (1,706) 434 5,338 391,603 388,049 467,383 Investment expenses (17,002) (16,219) (15,495) Net investment income $ 374,601 $ 371,830 $ 451,888 e) The following table presents the components of net investment gains and the change in net unrealized gains included in other comprehensive income (loss). Gross realized investment gains and losses on fixed maturity securities, short-term investments and other investments were not material to the consolidated financial statements and are presented on a net basis in the following table. Years Ended December 31, (dollars in thousands) 2021 2020 2019 Fixed maturity securities, short-term investments and other investments: Net realized investment gains (losses) $ 37,908 $ 14,780 $ (1,482) Equity securities: Change in fair value of securities sold during the period 25,902 (470,008) 38,291 Change in fair value of securities held at the end of the period 1,914,724 1,073,207 1,564,913 Total change in fair value 1,940,626 603,199 1,603,204 Net investment gains $ 1,978,534 $ 617,979 $ 1,601,722 Change in net unrealized gains on available-for-sale investments included in other comprehensive income (loss): Fixed maturity securities $ (504,133) $ 507,903 $ 429,654 Short-term investments (8,951) 2,344 3,626 Reserve deficiency adjustment for life and annuity benefit reserves (see note 11) 62,988 (68,158) (51,390) Net increase (decrease) $ (450,096) $ 442,089 $ 381,890 f) Total restricted assets are included on the Company's consolidated balance sheets as follows. December 31, (dollars in thousands) 2021 2020 Investments $ 4,403,414 $ 4,217,230 Restricted cash and cash equivalents 902,457 874,913 Total $ 5,305,871 $ 5,092,143 The following table presents the components of restricted assets. December 31, (dollars in thousands) 2021 2020 Assets held in trust or on deposit to support underwriting activities $ 4,895,627 $ 4,704,943 Assets pledged as security for letters of credit 410,244 387,200 Total $ 5,305,871 $ 5,092,143 g) At December 31, 2021 and 2020, 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. h) The Company's equity method investments, which totaled $459.7 million and $378.0 million as of December 31, 2021 and 2020, respectively, are included in other assets on the consolidated balance sheets. The Company's most significant equity method investment is an investment in Hagerty, Inc. (Hagerty), an automotive enthusiast brand offering integrated membership products and programs as well as a specialty insurance provider focused on the global automobile enthusiast market that became a publicly traded company in December 2021. At that time, Hagerty raised additional capital through a private offering of Class A common shares, including an additional $30.0 million investment by the Company, resulting in a dilution of the Company's ownership interest in Hagerty from 25% to 23% and a corresponding investment gain of $24.6 million on the deemed sale, which was included in net investment gains in the Company's consolidated statement of income and comprehensive income. Following these transactions, the Company's investment is comprised of Class A common shares, which are listed for trading on the New York Stock Exchange, as well as Class V common shares, associated with the Company's original investment in 2019, that have special voting rights and can be converted on a one-for-one basis into Class A common shares. The Company accounts for its investment under the equity method as it is deemed to have the ability to exercise significant influence over Hagerty's operating and financial policies through a combination of its voting interest, its right to designate a board member and business it conducts with Hagerty. As of December 31, 2021 and 2020, the carrying value of the Company's investment in Hagerty was $256.6 million and $205.6 million, respectively. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements ASC 820, Fair Value Measurements and Disclosures, establishes a three-level hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the assets or liabilities fall within different levels of the hierarchy, the classification is based on the lowest level input that is significant to the fair value measurement of the asset or liability. Classification of assets and liabilities within the hierarchy considers the markets in which the assets and liabilities are traded and the reliability and transparency of the assumptions used to determine fair value. The hierarchy requires the use of observable market data when available. The levels of the hierarchy are defined as follows: • Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities traded in active markets. • Level 2 – Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and market-corroborated inputs. • Level 3 – Inputs to the valuation methodology are unobservable for the asset or liability and are significant to the fair value measurement. In accordance with ASC 820, the Company determines fair value based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various methods, including the market, income and cost approaches. The Company uses valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The following section describes the valuation methodologies used by the Company to measure assets and liabilities at fair value, including an indication of the level within the fair value hierarchy in which each asset or liability is generally classified. Available-for-sale investments and equity securities. Available-for-sale investments and equity securities are recorded at fair value on a recurring basis. Available-for-sale investments include fixed maturity securities and short-term investments. Short-term investments include certificates of deposit, commercial paper, discount notes and treasury bills with original maturities of one year or less. Fair value is determined by the Company after considering various sources of information, including information provided by a third party pricing service. The pricing service provides prices for substantially all of the Company's fixed maturity securities and equity securities. In determining fair value, the Company generally does not adjust the prices obtained from the pricing service. The Company obtains an understanding of the pricing service's valuation methodologies and related inputs, which include, but are not limited to, reported trades, benchmark yields, issuer spreads, bids, offers, duration, credit ratings, estimated cash flows and prepayment speeds. The Company validates prices provided by the pricing service by reviewing prices from other pricing sources and analyzing pricing data in certain instances. The Company has evaluated the various types of securities in its investment portfolio to determine an appropriate fair value hierarchy level based upon trading activity and the observability of market inputs. Level 1 investments include those traded on an active exchange, such as the New York Stock Exchange. Level 2 investments include U.S. Treasury securities, U.S. government-sponsored enterprises, municipal bonds, foreign government bonds, commercial mortgage-backed securities, residential mortgage-backed securities, asset-backed securities and corporate debt securities. Level 3 investments include the Company's investments in insurance-linked securities funds that are not traded on an active exchange and are valued using unobservable inputs. Fair value for available-for-sale investments and equity securities is measured based upon quoted prices in active markets, if available. Due to variations in trading volumes and the lack of quoted market prices, fixed maturity securities are classified as Level 2 investments. The fair value of fixed maturity securities is normally derived through recent reported trades for identical or similar securities, making adjustments through the reporting date based upon available market observable data previously described. If there are no recent reported trades, the fair value of fixed maturity securities may be derived through the use of matrix pricing or model processes, where future cash flow expectations are developed based upon collateral performance and discounted at an estimated market rate. Significant inputs used to determine the fair value of obligations of states, municipalities and political subdivisions, corporate bonds and obligations of foreign governments include reported trades, benchmark yields, issuer spreads, bids, offers, credit information and estimated cash flows. Significant inputs used to determine the fair value of commercial mortgage-backed securities, residential mortgage-backed securities and asset-backed securities include the type of underlying assets, benchmark yields, prepayment speeds, collateral information, tranche type and volatility, estimated cash flows, credit information, default rates, recovery rates, issuer spreads and the year of issue. Due to the significance of unobservable inputs required in measuring the fair value of the Company's investments in certain insurance-linked securities funds, these investments are classified as Level 3 within the fair value hierarchy. The fair value of the securities is 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. 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 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, 2021 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Investments: Fixed maturity securities, available-for-sale: U.S. Treasury securities $ — $ 2,470,194 $ — $ 2,470,194 U.S. government-sponsored enterprises — 775,587 — 775,587 Obligations of states, municipalities and political subdivisions — 4,265,924 — 4,265,924 Foreign governments — 1,519,354 — 1,519,354 Commercial mortgage-backed securities — 1,990,433 — 1,990,433 Residential mortgage-backed securities — 726,050 — 726,050 Asset-backed securities — 3,081 — 3,081 Corporate bonds — 836,682 — 836,682 Total fixed maturity securities, available-for-sale — 12,587,305 — 12,587,305 Equity securities: Insurance, banks and other financial institutions 3,307,755 — 56,472 3,364,227 Industrial, consumer and all other 5,659,700 — — 5,659,700 Total equity securities 8,967,455 — 56,472 9,023,927 Short-term investments, available-for-sale 1,619,496 180,492 — 1,799,988 Total investments $ 10,586,951 $ 12,767,797 $ 56,472 $ 23,411,220 December 31, 2020 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Investments: Fixed maturity securities, available-for-sale: U.S. Treasury securities $ — $ 589,300 $ — $ 589,300 U.S. government-sponsored enterprises — 551,554 — 551,554 Obligations of states, municipalities and political subdivisions — 4,289,841 — 4,289,841 Foreign governments — 1,628,009 — 1,628,009 Commercial mortgage-backed securities — 1,885,582 — 1,885,582 Residential mortgage-backed securities — 870,445 — 870,445 Asset-backed securities — 5,966 — 5,966 Corporate bonds — 861,037 — 861,037 Total fixed maturity securities, available-for-sale — 10,681,734 — 10,681,734 Equity securities: Insurance, banks and other financial institutions 2,516,361 — 58,493 2,574,854 Industrial, consumer and all other 4,419,256 — — 4,419,256 Total equity securities 6,935,617 — 58,493 6,994,110 Short-term investments, available-for-sale 1,922,459 111,640 — 2,034,099 Total investments $ 8,858,076 $ 10,793,374 $ 58,493 $ 19,709,943 The following table summarizes changes in Level 3 investments measured at fair value on a recurring basis. (dollars in thousands) 2021 2020 Equity securities, beginning of period $ 58,493 $ 45,992 Purchases 18,900 90,000 Sales (15,015) (73,902) Net investment losses (5,906) (3,597) Equity securities, end of period $ 56,472 $ 58,493 Level 3 investments include the Company's investment in an insurance-linked securities fund managed by Markel CATCo Investment Management Ltd. (MCIM). See note 15 for further detail regarding investments managed by MCIM. In connection with the run-off of one of the funds managed by MCIM and to facilitate the return of capital to third party investors, the Company invested $90.0 million in that fund effective January 1, 2020. This investment replaced collateral previously provided by other investors for risk exposures within the underlying reinsurance contracts in which the fund is invested related to loss events that occur after December 31, 2019 and through the expiration of the reinsurance contracts. All of these reinsurance contracts expired or were commuted in 2020, resulting in the subsequent return of a portion of the Company's capital. However, the Company continues to have exposure to adverse loss development on 2020 exposures under any unsettled contracts through its remaining investment in the fund ($40.7 million at December 31, 2021). Level 3 investments also include the Company's investment in Lodgepine Fund Limited (Lodgepine Fund), an insurance-linked securities fund managed by Lodgepine Capital Management Limited (LCM). In connection with the launch of Lodgepine Fund on July 1, 2021, the Company invested $18.9 million in that fund. In November 2021, the Lodgepine operations were placed into run-off. As of December 31, 2021, the Company's remaining investment in Lodgepine Fund was $15.7 million. Except as disclosed in note 3, the Company did not have any assets or liabilities measured at fair value on a non-recurring basis during the years ended December 31, 2021 and 2020. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
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, 2020 $ 771,447 $ 122,745 $ 606,777 $ 807,579 $ 2,308,548 Acquisitions (see note 3) — — 287,097 — 287,097 Foreign currency movements and other adjustments (2) 1,253 — 7,171 555 8,979 December 31, 2020 (3) $ 772,700 $ 122,745 $ 901,045 $ 808,134 $ 2,604,624 Acquisitions (see note 3) — — 293,838 — 293,838 Foreign currency movements and other adjustments (2) 2,012 — 1,707 (3,041) 678 December 31, 2021 (3) $ 774,712 $ 122,745 $ 1,196,590 $ 805,093 $ 2,899,140 (1) Amounts included in Other reflect the Company's operations that are not included in a reportable segment and are primarily related to the Company's program services and insurance-linked securities operations. (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, 2021, goodwill was net of accumulated impairment losses of $110.6 million, of which $91.9 million was in Other and $18.7 million was in Markel Ventures. As of December 31, 2020, 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. The decrease in accumulated impairment losses in 2021 reflects a disposal transaction that was completed during the year. The Company completed its annual tests for goodwill and indefinite-lived intangible asset impairment as of October 1, 2021 based upon results of operations through September 30, 2021. See note 1 for further details regarding impairment testing. Based on the results of these tests, as well as analysis of definite-lived intangible assets, the Company determined none of its goodwill or intangible assets were impaired. However, revenues within the Company's Nephila ILS operations continue to be impacted by consecutive years of elevated catastrophe losses and uncertainty resulting from COVID-19, both of which have impacted investment performance in the broader ILS market. These events, as well as recent volatility in the capital markets, also have impacted investor decisions around allocation of capital to ILS, which in turn have impacted the Company's assumptions for capital raises and redemptions within the funds managed. The Company's cash flow assumptions for the Nephila reporting unit ($413.2 million of goodwill as of December 31, 2021) reflect management's best estimate of the reporting unit's future cash flows, based on information currently available, however, these assumptions are inherently uncertain, require a high degree of estimation and judgment and are subject to change depending on the outcome of future events. Changes to these assumptions or an increase in the market-based weighted average cost of capital could have an adverse impact on the fair value of the Nephila reporting unit, which could result in an impairment of goodwill. The following table presents a rollforward of net intangible assets by reportable segment. (dollars in thousands) Underwriting (1) Markel Ventures Other (2) Total January 1, 2020 $ 484,160 $ 473,122 $ 781,192 $ 1,738,474 Acquisitions (see note 3) — 210,000 — 210,000 Amortization of intangible assets (41,906) (52,572) (64,837) (159,315) Foreign currency movements and other adjustments (3) 385 (7,430) 604 (6,441) December 31, 2020 $ 442,639 $ 623,120 $ 716,959 $ 1,782,718 Acquisitions (see note 3) — 203,879 — 203,879 Amortization of intangible assets (41,182) (57,568) (61,789) (160,539) Foreign currency movements and other adjustments (3) (202) (3,252) (118) (3,572) December 31, 2021 $ 401,255 $ 766,179 $ 655,052 $ 1,822,486 (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 and are primarily related to the Company's program services and insurance-linked securities operations. (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 $183.3 million for 2022, $181.4 million for 2023, $179.5 million for 2024, $172.8 million for 2025 and $164.6 million for 2026. Indefinite-lived intangible assets were $92.4 million at both December 31, 2021 and 2020. For the year ended December 31, 2021, the Company acquired $203.9 million of intangible assets, all of which is expected to be amortizable over a weighted average period of 8 years. These definite-lived intangible assets acquired during 2021 include customer relationships and trade names, which are expected to be amortized over a weighted average period of 6 years and 15 years, respectively. The Company has not completed the process of determining the fair value of the assets acquired and liabilities assumed for the acquisitions that were completed in 2021. As a result, the fair value recorded for acquired intangible assets and their useful lives is a provisional estimate and is subject to adjustment. The following table presents the components of intangible assets. December 31, 2021 2020 (dollars in thousands) Gross Accumulated Gross Accumulated Customer relationships $ 1,379,739 $ (405,057) $ 1,203,128 $ (340,424) Investment management agreements 468,000 (92,478) 468,000 (62,911) Broker relationships 206,855 (109,210) 207,360 (99,719) Trade names 238,331 (100,023) 231,177 (85,610) Technology 113,200 (82,845) 113,202 (71,888) Agent relationships 92,000 (28,622) 92,000 (22,489) Insurance licenses 74,333 — 74,333 — Renewal rights 21,449 (21,449) 21,449 (20,616) Other 145,695 (77,432) 152,635 (76,909) Total $ 2,739,602 $ (917,116) $ 2,563,284 $ (780,566) |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases The Company's leases primarily consist of operating leases for real estate and have remaining terms of up to 21 years. Total lease costs for operating leases were $115.4 million, $94.4 million and $62.7 million for the years ended December 31, 2021, 2020 and 2019, respectively. The following table summarizes details for the Company's operating leases recorded on the consolidated balance sheet. December 31, (dollars in thousands) 2021 2020 Right-of-use lease assets $ 533,702 $ 528,418 Lease liabilities $ 571,337 $ 565,249 Weighted average remaining lease term 10.8 years 12.1 years Weighted average discount rate 3.0 % 3.0 % The following table summarizes maturities of the Company's operating lease liabilities as of December 31, 2021, which reconciles to total operating lease liabilities included in other liabilities on the Company's consolidated balance sheet. Years Ending December 31, (dollars in thousands) 2022 $ 103,358 2023 83,753 2024 67,731 2025 56,642 2026 50,434 2027 and thereafter 311,735 Total lease payments 673,653 Less imputed interest (102,316) Total operating lease liabilities $ 571,337 |
Products, Services and Other Re
Products, Services and Other Revenues | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Products, Services and Other Revenues | Products, Services and Other Revenues The amount of revenues from contracts with customers for the years ended December 31, 2021, 2020 and 2019 was $3.8 billion, $2.9 billion and $2.2 billion, respectively. The following table presents revenues from contracts with customers by segment and type, all of which are included in products revenues and services and other revenues in the consolidated statements of income and comprehensive income, along with a reconciliation to total products revenues and services and other revenues. Years Ended December 31, 2021 2020 2019 (dollars in thousands) Markel Ventures Other Total Markel Ventures Other Total Markel Ventures Other Total Products $ 1,668,448 $ — $ 1,668,448 $ 1,396,706 $ — $ 1,396,706 $ 1,558,265 $ — $ 1,558,265 Services 1,863,706 134,850 1,998,556 1,295,734 116,476 1,412,210 392,680 97,447 490,127 Investment management — 86,257 86,257 — 117,193 117,193 — 150,864 150,864 Total revenues from contracts with customers 3,532,154 221,107 3,753,261 2,692,440 233,669 2,926,109 1,950,945 248,311 2,199,256 Program services and other fronting — 123,823 123,823 — 102,989 102,989 — 116,376 116,376 Other 111,662 1,515 113,177 102,274 1,680 103,954 103,339 3,817 107,156 Total $ 3,643,816 $ 346,445 $ 3,990,261 $ 2,794,714 $ 338,338 $ 3,133,052 $ 2,054,284 $ 368,504 $ 2,422,788 |
Unpaid Losses And Loss Adjustme
Unpaid Losses And Loss Adjustment Expenses | 12 Months Ended |
Dec. 31, 2021 | |
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) 2021 2020 2019 Net reserves for losses and loss adjustment expenses, beginning of year $ 10,485,717 $ 9,475,261 $ 9,214,443 Effect of foreign currency rate changes on beginning of year balance (54,736) 68,368 18,857 Effect of adoption of ASC 326, Financial Instruments—Credit Losses — 3,849 — Adjusted net reserves for losses and loss adjustment expenses, beginning of year 10,430,981 9,547,478 9,233,300 Incurred losses and loss adjustment expenses: Current accident year 4,061,000 4,073,325 3,426,441 Prior accident years (478,930) (606,414) (535,307) Total incurred losses and loss adjustment expenses 3,582,070 3,466,911 2,891,134 Payments: Current accident year 637,169 749,887 671,208 Prior accident years 2,066,290 1,779,980 1,979,032 Total payments 2,703,459 2,529,867 2,650,240 Effect of foreign currency rate changes on current year activity (4,253) 1,195 1,067 Net reserves for losses and loss adjustment expenses of insurance companies sold (2,762) — — Net reserves for losses and loss adjustment expenses, end of year 11,302,577 10,485,717 9,475,261 Reinsurance recoverables on unpaid losses 6,876,317 5,736,659 5,253,415 Gross reserves for losses and loss adjustment expenses, end of year $ 18,178,894 $ 16,222,376 $ 14,728,676 Catastrophe Losses In 2021, current accident year losses and loss adjustment expenses included $195.0 million of net losses and loss adjustment expenses from Winter Storm Uri, European Floods and Hurricane Ida (2021 Catastrophes). These net losses and loss adjustment expenses were net of ceded losses of $221.7 million. In 2020, current accident year losses and loss adjustment expenses included $172.2 million of net losses and loss adjustment expenses from Hurricanes Isaias, Laura, Sally, Delta and Zeta, as well as wildfires in the western U.S. and the derecho in Iowa (2020 Catastrophes). The net losses and loss adjustment expenses on the 2020 Catastrophe for the year ended December 31, 2020 were net of ceded losses of $125.7 million. In 2019, current accident year losses and loss adjustment expenses included $114.0 million of net losses and loss adjustment expenses from Hurricane Dorian and Typhoons Faxai and Hagibis (2019 Catastrophes). The net losses and loss adjustment expenses on the 2019 Catastrophes for the year ended December 31, 2019 were net of ceded losses of $62.5 million. COVID-19 Losses In 2020, current accident year losses and loss adjustment expenses included $358.3 million of net losses and loss adjustment expenses attributed to the COVID-19 pandemic. These losses and loss adjustment expenses were net of ceded losses of $106.2 million. In 2021, the Company increased its estimate of net losses and loss adjustment expenses attributed to COVID-19 by $15.7 million. Both the gross and net loss estimates for losses attributed to COVID-19 represent the Company's best estimates as of December 31, 2021 based upon information currently available. The Company's estimates for these losses and loss adjustment expenses are based on reported claims, detailed policy level reviews and reviews of in-force assumed reinsurance contracts for potential exposures, as well as analysis of ceded reinsurance contracts. These estimates also consider analysis provided by the Company's reinsurers, brokers and claims counsel and the results of recent judicial rulings. There are no recent historical events with similar characteristics to COVID-19, and therefore the Company has no past loss experience on which to base its estimates. Significant assumptions on which the Company's estimates of reserves for COVID-19 losses and loss adjustment expenses are based include the scope of coverage provided under the Company's policies, particularly those that provide for business interruption coverage, as well as coverage provided under the Company's ceded reinsurance contracts. Due to the inherent uncertainty associated with the assumptions surrounding the COVID-19 pandemic, these assumptions are subject to a wide range of variability. Assumptions about coverage, liability and reinsurance continue to be subject to judicial review and may be subject to other government action. Additionally, there has been significant litigation involving the handling of business interruption claims associated with COVID-19, and in certain instances, assessing the validity of policy exclusions for pandemics and interpreting policy terms to determine coverage for pandemics. Such matters have been, and are expected to continue to be, subject to judicial review and also may be subject to other government action. While the Company believes the gross and net reserves for losses and loss adjustment expenses for COVID-19 as of December 31, 2021 are adequate based on information available at this time, the Company continues to closely monitor reported claims, ceded reinsurance contract attachment, government actions, judicial decisions and may adjust the estimates of gross and net losses as new information becomes available. Such adjustments to the Company's reserves for COVID-19 losses and loss adjustment expenses may be material to the Company's results of operations, financial condition and cash flows. b) Reserving Methodology 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 United Kingdom (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 and, in some instances, loss estimates. 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 67% of total unpaid losses and loss adjustment expenses at December 31, 2021 compared to 66% at December 31, 2020. 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 and economic 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, as well as analysis of our ceded reinsurance contracts. The Company also considers loss experience on historical events that may have similar characteristics to the underlying event. 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 as appropriate. For example, both the gross and net losses on the 2021, 2020 and 2019 Catastrophes as of December 31, 2021 represent the Company's best estimates based upon information currently available. For the 2021 Catastrophes, these estimates are still dependent on broad assumptions about coverage, liability and reinsurance. While the Company believes the reserves for the 2021, 2020 and 2019 Catastrophes as of December 31, 2021 are adequate, it continues to closely monitor reported claims and may adjust estimates of gross and net losses as new information becomes available. Loss reserves are established at management's best estimate, which is developed using the actuarially calculated point estimate as the starting point. 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 influencing the development of management's best estimate include: the credibility and timeliness of claims and loss information received from cedents and 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. Inherent in the Company's reserving practices is the desire to establish loss reserves that are more likely redundant than deficient, and therefore, will ultimately prove to be adequate. This approach to establishing loss reserves typically results in loss reserves that exceed the calculated actuarial point estimate. However, following an acquisition of insurance operations, acquired reserves initially are recorded at fair value, and therefore the acquired loss reserves may be closer to the actuarial point estimate until the Company builds total loss reserves that are consistent with the Company's historic level of confidence. 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. The Company's ultimate liability may be greater or less than current reserves. Changes in the Company's estimated ultimate liability for loss reserves generally occur as a result of the emergence of unanticipated loss activity, the completion of specific actuarial or claims studies or changes in internal or external factors that impact the assumptions used to derive the Company's estimates. The Company closely monitors new information on reported claims and uses statistical analyses prepared by its actuaries to evaluate the adequacy of recorded reserves. Management exercises judgment when assessing the relative credibility of loss development trends. 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. c) Prior Accident Year Loss Development The following tables summarize, by segment, the product lines with the most significant changes in prior accident years loss reserves for the years ended December 31, 2021, 2020 and 2019, along with the corresponding accident years and the trends and factors that impacted management's best estimate of ultimate losses and loss adjustment expenses on underlying products in each of these product lines. The Company does not estimate losses at this level of aggregation as it offers a diverse portfolio of products and manages these products in logical groupings within each underwriting segment. As a result of the trends and factors described in the following tables, the Company's actuaries adjusted their estimates of the ultimate liability for unpaid losses and loss adjustment expenses. Additionally, for those product lines with favorable development on prior accident years loss reserves, management has now given more credibility to the favorable trends observed by the Company's actuaries and after also incorporating these favorable trends into its best estimate, reduced prior years loss reserves accordingly. Year Ended December 31, 2021 (dollars in millions) Loss Development Accident Years with Most Significant Development Trends and Factors Impacting Loss Estimates Insurance segment: General liability $ (139.7) Several Lower than expected frequency of claims and more favorable experience than originally anticipated across several sub-product lines Property (96.5) 2018 to 2020 Lower than expected frequency of large claims as well as favorable development on COVID-19 and catastrophe events Workers' compensation (79.0) Several Lower loss severity than originally anticipated Marine and energy (60.0) 2018 to 2020 Lower loss frequency and severity than originally anticipated Professional liability (54.7) Several Lower loss frequency and severity than originally anticipated Other products (76.4) Total Insurance (506.3) Reinsurance segment: Property 35.0 2020 Adverse development on COVID-19 and catastrophe events Professional liability 29.2 Several Recognition of additional exposures on prior accident years related to net favorable premium adjustments General liability (19.2) 2011, 2012, 2017 and 2020 Favorable development on COVID-19 and catastrophe events as well as lower than expected paid losses on reported claims Credit and surety (16.6) 2020 Recognition of reduced exposures on mortgage insurance risks Other products (8.5) Total Reinsurance 19.9 Net other prior years' development 6.6 Total decrease $ (479.8) Year Ended December 31, 2020 (dollars in millions) Loss Development Accident Years with Most Significant Development Trends and Factors Impacting Loss Estimates Insurance segment: General liability $ (131.8) Several More favorable claims experience than originally anticipated across several sub-product lines Professional liability (128.9) Several More favorable claims experience than originally anticipated across several sub-product lines Workers' compensation (92.3) 2017 to 2019 Lower loss severity than originally anticipated Marine and energy (46.0) 2016 to 2019 Lower than expected frequency of claims Other products (155.6) Total Insurance (554.6) Reinsurance segment: Property (68.4) 2017 to 2019 Lower than expected severity of claims Public entity 34.4 2016 to 2019 Higher than expected frequency and severity of claims Professional liability 21.0 2016 to 2019 Recognition of additional exposures on prior accident years related to net favorable premium adjustments and higher than expected loss severity and claims frequency Other products (38.8) Total Reinsurance (51.8) Total decrease $ (606.4) Year Ended December 31, 2019 (dollars in millions) Loss Development Accident Years with Most Significant Development Trends and Factors Impacting Loss Estimates Insurance segment: General liability $ (161.4) 2015 to 2018 Lower loss severity than originally anticipated Workers' compensation (108.4) 2016 to 2018 Lower loss severity than originally anticipated and a net decrease in open claims Professional liability (61.8) 2017 and 2018 Lower than expected case incurred losses and a decrease in the frequency of large losses Marine and energy (43.7) 2017 and 2018 Lower than expected loss severity and claims frequency Other products (86.8) Total Insurance (462.1) Reinsurance segment: Property (29.6) 2016 and 2017 Lower than expected incurred and paid losses on reported claims Whole account (26.2) 2010 and prior Lower than expected incurred and paid losses on reported claims Other products (9.0) Total Reinsurance (64.8) Net other prior years' development (8.4) Total decrease $ (535.3) d) Historic Loss Development 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, 2021. 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 2020 is presented as supplementary information. All amounts included in the following tables related to transactions denominated in a foreign currency have been translated into U.S. Dollars using the exchange rates in effect at December 31, 2021. The difference between the segment loss development implied by the tables for the year ended December 31, 2021 and actual losses and loss adjustment expenses recognized on prior accident years for the Insurance and Reinsurance segments for the year ended December 31, 2021 is primarily attributed to the fact that amounts presented in these tables exclude amounts attributed to the 2011 and prior accident years. Adverse development on 2011 and prior accident years for the year ended December 31, 2021 totaled $26.8 million for the Insurance segment. Favorable development on 2011 and prior accident years for the year ended December 31, 2021 totaled $57.2 million for the Reinsurance segment. For the Reinsurance segment, this favorable development was due in part to lower than expected paid and incurred losses on reported claims within the segment's professional liability product lines across multiple accident years prior to 2012, which partially offset the overall increase in prior accident year losses and loss adjustment expenses within the Reinsurance segment's professional liability product lines driven by the recognition of additional exposures related to net favorable premium adjustments on more recent accident years. This favorable development was also due in part to lower than expected paid losses on reported claims within the segment's general liability product lines on the 2011 accident year. The remaining difference between the segment loss development implied by the tables for the year ended December 31, 2021 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 previously described, none of which are material to the Insurance or Reinsurance segments. The Insurance segment table that follows 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, Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 December 31, 2021 2012 $ 1,374.7 $ 1,617.5 $ 1,495.8 $ 1,434.1 $ 1,401.2 $ 1,367.6 $ 1,354.4 $ 1,334.1 $ 1,323.2 $ 1,315.0 $ 42.1 130,000 2013 1,742.5 1,702.6 1,532.2 1,468.6 1,421.7 1,375.3 1,333.2 1,314.0 1,310.3 71.2 91,000 2014 1,869.5 1,704.6 1,636.7 1,578.3 1,529.8 1,508.8 1,475.8 1,478.3 83.9 85,000 2015 1,790.9 1,718.8 1,596.4 1,541.6 1,510.9 1,478.1 1,474.1 99.4 88,000 2016 1,879.0 1,876.0 1,774.1 1,719.5 1,693.0 1,685.6 112.7 100,000 2017 2,335.2 2,204.5 2,084.0 2,044.9 2,031.4 168.4 137,000 2018 2,460.4 2,357.1 2,127.5 2,089.2 251.8 189,000 2019 2,586.3 2,339.7 2,285.1 599.0 224,000 2020 3,114.6 3,005.8 1,404.4 172,000 2021 3,127.9 2,234.7 113,000 Total $ 19,802.7 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 2020 2021 2012 $ 234.2 $ 569.7 $ 783.1 $ 941.6 $ 1,057.6 $ 1,122.6 $ 1,156.3 $ 1,183.3 $ 1,220.6 $ 1,225.7 2013 272.1 572.9 781.3 952.4 1,041.1 1,103.9 1,127.8 1,162.4 1,176.1 2014 333.0 660.8 898.2 1,066.9 1,173.0 1,257.8 1,306.5 1,326.5 2015 323.2 666.9 879.0 1,043.5 1,154.7 1,246.9 1,276.5 2016 372.7 754.5 985.1 1,171.7 1,302.8 1,366.4 2017 439.3 994.4 1,290.3 1,529.9 1,638.9 2018 495.7 1,029.0 1,364.7 1,516.2 2019 529.5 1,102.2 1,281.2 2020 822.0 1,165.1 2021 478.2 Total $ 12,450.8 All outstanding liabilities for unpaid losses and loss adjustment expenses before 2012, net of reinsurance 236.1 Total liabilities for unpaid losses and loss adjustment expenses, net of reinsurance $ 7,588.0 Ultimate incurred losses and allocated loss adjustment expenses as of December 31, 2013 for the Insurance segment include $256.9 million and $313.7 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, which we did not write 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 2020 2021 December 31, 2021 2012 $ 73.1 $ 553.1 $ 510.3 $ 487.0 $ 458.1 $ 456.9 $ 448.7 $ 445.8 $ 441.1 $ 453.2 $ 40.8 2013 $ 590.1 $ 582.1 $ 547.4 $ 533.5 $ 544.1 $ 506.9 $ 488.8 $ 491.1 $ 485.9 $ 40.8 2014 575.9 560.5 532.5 579.5 557.7 533.4 517.4 518.6 71.3 2015 528.2 514.4 532.8 524.0 512.9 507.8 495.6 98.6 2016 514.0 524.4 523.6 521.9 531.5 555.8 85.5 2017 901.6 933.9 939.6 940.9 913.1 138.0 2018 753.7 784.9 778.2 783.0 203.0 2019 673.0 687.1 700.3 285.5 2020 684.8 740.2 455.3 2021 741.1 560.6 Total $ 6,386.8 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 2020 2021 2012 $ 4.1 $ 64.5 $ 129.0 $ 184.2 $ 231.9 $ 264.4 $ 289.6 $ 309.6 $ 327.2 $ 340.5 2013 $ 71.2 $ 155.9 $ 209.0 $ 267.7 $ 300.6 $ 330.7 $ 349.8 $ 365.6 $ 377.5 2014 98.1 157.2 222.9 269.8 306.9 341.1 359.5 376.3 2015 63.8 132.2 204.4 255.4 303.0 328.2 348.5 2016 79.7 169.9 240.7 297.3 349.6 383.7 2017 157.5 358.8 480.5 562.8 626.7 2018 87.3 252.6 355.5 426.1 2019 53.9 178.5 276.1 2020 94.7 206.4 2021 79.8 Total $ 3,441.6 All outstanding liabilities for unpaid losses and loss adjustment expenses before 2012, net of reinsurance 372.2 Total liabilities for unpaid losses and loss adjustment expenses, net of reinsurance $ 3,317.4 Ultimate incurred losses and allocated loss adjustment expenses as of December 31, 2013 for the Reinsurance segment include $477.7 million and $539.3 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 $52.6 million and $68.6 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, 2021 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 9 10 Insurance 21.6 % 22.9 % 14.3 % 11.8 % 7.2 % 5.0 % 2.4 % 2.0 % 1.9 % 0.4 % Reinsurance 12.1 % 16.5 % 13.2 % 10.3 % 8.4 % 6.2 % 4.3 % 3.6 % 3.2 % 2.9 % 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, 2021 Net outstanding liabilities Insurance segment $ 7,588,025 Reinsurance segment 3,317,369 Other underwriting 120,740 Program services and other fronting 11,577 Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance 11,037,711 Reinsurance recoverable on unpaid losses Insurance segment 2,180,653 Reinsurance segment 352,193 Other underwriting 134,155 Program services and other fronting 4,209,316 Total reinsurance recoverable on unpaid losses 6,876,317 Unallocated loss adjustment expenses 322,210 Unamortized discount, net of acquisition fair value adjustments, included in unpaid losses and loss adjustment expenses (57,344) 264,866 Total gross liability for unpaid losses and loss adjustment expenses $ 18,178,894 e) 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, 2021, A&E reserves were $218.6 million and $66.2 million on a gross and net basis, respectively. At December 31, 2020, A&E reserves were $219.7 million and $65.5 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, 2021 are adequate. |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2021 | |
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 credit losses expected to be recognized over the life of the reinsurance recoverables. 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. Within the Company's underwriting operations, at December 31, 2021 and 2020, balances recoverable from the ten largest reinsurers, by group, represented 63% and 60%, respectively, of reinsurance recoverables before considering reinsurance allowances and collateral. At December 31, 2021, the largest reinsurance balance was due from RenaissanceRe and represented 10% of reinsurance recoverables before considering reinsurance allowances and collateral. Within its 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, which, in some instances, exceeds the related reinsurance recoverable. Within the Company's program services business, at December 31, 2021 and 2020, balances recoverable from the ten largest reinsurers, by group, represented 68% and 70%, respectively, of reinsurance recoverables before considering reinsurance allowances and collateral. At December 31, 2021, the largest reinsurance balance was due from Lloyd's of London (Lloyd's) and represented 14% 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, 2021 (dollars in thousands) Direct Assumed Ceded Net Premiums Underwriting: Written $ 6,863,229 $ 1,622,700 $ (1,360,763) $ 7,125,166 Earned $ 6,275,078 $ 1,482,755 $ (1,250,392) $ 6,507,441 Program services and other fronting: Written 2,644,955 307,798 (2,958,188) (5,435) Earned 2,453,990 261,591 (2,719,993) (4,412) Consolidated: Written $ 9,508,184 $ 1,930,498 $ (4,318,951) $ 7,119,731 Earned $ 8,729,068 $ 1,744,346 $ (3,970,385) $ 6,503,029 Year Ended December 31, 2020 (dollars in thousands) Direct Assumed Ceded Net Premiums Underwriting: Written $ 5,715,038 $ 1,444,967 $ (1,222,390) $ 5,937,615 Earned $ 5,357,888 $ 1,394,239 $ (1,134,501) $ 5,617,626 Program services and other fronting: Written 2,038,743 67,917 (2,112,037) (5,377) Earned 2,084,888 74,847 (2,165,156) (5,421) Consolidated: Written $ 7,753,781 $ 1,512,884 $ (3,334,427) $ 5,932,238 Earned $ 7,442,776 $ 1,469,086 $ (3,299,657) $ 5,612,205 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 fronting: 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 Substantially all of the premiums written and earned in the Company's program services and other fronting operations for the years ended December 31, 2021, 2020 and 2019 were ceded. The percentage of consolidated ceded earned premiums to gross earned premiums was 38%, 37% and 39% for the years ended December 31, 2021, 2020 and 2019, respectively. The percentage of consolidated assumed earned premiums to net earned premiums was 27%, 26% and 27% for the years ended December 31, 2021, 2020 and 2019, respectively. Substantially all of the incurred losses and loss adjustment expenses in the Company's program services and other fronting operations, which totaled $2.5 billion and $1.6 billion for the years ended December 31, 2021 and 2020, respectively, were ceded. The following table summarizes the effect of reinsurance and retrocessional reinsurance on losses and loss adjustment expenses in the Company's underwriting operations. Years ended December 31, (dollars in thousands) 2021 2020 2019 Gross $ 4,477,752 $ 4,189,948 $ 3,447,186 Ceded (893,230) (722,619) (556,618) Net losses and loss adjustment expenses $ 3,584,522 $ 3,467,329 $ 2,890,568 |
Life And Annuity Benefits
Life And Annuity Benefits | 12 Months Ended |
Dec. 31, 2021 | |
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) 2021 2020 Life $ 113,797 $ 125,856 Annuities 753,971 900,298 Accident and health 35,212 43,832 Total $ 902,980 $ 1,069,986 Life and annuity benefits are compiled on a reinsurance contract-by-contract basis and are discounted using standard actuarial techniques and cash flow models. Since the development of the life and annuity reinsurance reserves is based upon cash flow projection models, the Company must make estimates and assumptions based on cedent experience, industry mortality tables, and expense and investment experience, including a provision for adverse deviation. The assumptions used to determine policy benefit reserves are generally locked-in for the life of the contract unless an unlocking event occurs. Loss recognition testing is performed to determine if existing policy benefit reserves, together with the present value of future gross premiums and expected investment income earned thereon, are adequate to cover the present value of future benefits, settlement and maintenance costs. If the existing policy benefit reserves are not sufficient, the locked-in assumptions are revised to current best estimate assumptions and a charge to earnings for life and annuity benefits is recognized at that time. Life and annuity benefits are also adjusted to the extent unrealized gains on the investments supporting the policy benefit reserves would result in a reserve deficiency if those gains were realized. As of December 31, 2021 and 2020, the cumulative increase to life and annuity benefits attributable to unrealized gains on the underlying investment portfolio totaled $56.6 million and $119.6 million, respectively. During 2021, the Company decreased life and annuity benefits by $63.0 million, reflecting an increase in market yield on the investment securities supporting the policy benefit reserves, and increased the change in net unrealized holding gains included in other comprehensive income by a corresponding amount. During 2020 and 2019, the Company increased life and annuity benefits by $68.2 million and $51.4 million, respectively, as a result of decreases in the market yield on the investment securities supporting the policy benefit reserves, and decreased the change in net unrealized holding gains included in other comprehensive income by corresponding amounts. 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, 2021. As of December 31, 2021, the largest life and annuity benefits reserve for a single contract was 33.7% of the total. None of the annuities included in life and annuity benefits on the consolidated balance sheets are subject to discretionary withdrawal. |
Senior Long-Term Debt And Other
Senior Long-Term Debt And Other Debt | 12 Months Ended |
Dec. 31, 2021 | |
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) 2021 2020 4.90% unsecured senior notes, due July 1, 2022, interest payable semi-annually, net of unamortized discount of $159 in 2021 and $432 in 2020 $ 349,815 $ 349,498 3.625% unsecured senior notes, due March 30, 2023, interest payable semi-annually, net of unamortized discount of $251 in 2021 and $452 in 2020 249,702 249,464 3.50% unsecured senior notes, due November 1, 2027, interest payable semi-annually, net of unamortized discount of $1,445 in 2021 and $1,729 in 2020 298,136 297,769 3.35% unsecured senior notes, due September 17, 2029, interest payable semi-annually, net of unamortized discount of $1,916 in 2021 and $2,163 in 2020 297,700 297,404 7.35% unsecured senior notes, due August 15, 2034, interest payable semi-annually, net of unamortized discount of $868 in 2021 and $937 in 2020 128,932 128,859 5.0% unsecured senior notes, due March 30, 2043, interest payable semi-annually, net of unamortized discount of $4,759 in 2021 and $4,983 in 2020 244,978 244,742 5.0% unsecured senior notes, due April 5, 2046, interest payable semi-annually, net of unamortized discount of $5,933 in 2021 and $6,177 in 2020 493,310 493,035 4.30% unsecured senior notes, due November 1, 2047, interest payable semi-annually, net of unamortized discount of $3,821 in 2021 and $3,973 in 2020 295,512 295,333 5.0% unsecured senior notes, due May 20, 2049, interest payable semi-annually, net of unamortized discount of $7,161 in 2021 and $7,422 in 2020 591,621 591,316 4.15% unsecured senior notes, due September 17, 2050, interest payable semi-annually, net of unamortized discount of $5,095 in 2021 and $5,272 in 2020 494,138 493,935 3.45% unsecured senior notes, due May 7, 2052, interest payable semi-annually, net of unamortized discount of $8,461 in 2021 590,378 — Other debt, at various interest rates ranging from 1.3% to 8.0% 327,044 42,668 Senior long-term debt and other debt $ 4,361,266 $ 3,484,023 In May 2021, the Company issued $600 million of 3.45% unsecured senior notes due May 2052. Net proceeds to the Company were $591.4 million, before expenses. The Company expects to use a portion of these proceeds to retire its 4.9% unsecured senior notes due July 1, 2022 ($350.0 million aggregate principal outstanding at December 31, 2021) and the remainder 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 or redeem $350.0 million of principal on its 6.25% unsecured senior notes due September 30, 2020 and $250.0 million of principal on its 5.35% unsecured senior notes due June 1, 2021 for a total purchase price of $626.7 million. In connection with the purchases and redemptions described above, 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 $287.6 million and $42.7 million associated with its Markel Ventures subsidiaries as of December 31, 2021 and 2020, respectively. The Markel Ventures debt is non-recourse to the holding company and generally is secured by the assets of those subsidiaries. The estimated fair value of the Company's senior long-term debt and other debt was $5.0 billion and $4.4 billion at December 31, 2021 and 2020, respectively. The following table summarizes the future principal payments due at maturity on senior long-term debt and other debt as of December 31, 2021. Years Ending December 31, (dollars in 2022 $ 499,043 2023 300,441 2024 27,881 2025 24,853 2026 25,267 2027 and thereafter 3,530,486 Total principal payments $ 4,407,971 Net unamortized discount (39,869) Net unamortized debt issuance costs (6,836) Senior long-term debt and other debt $ 4,361,266 The Company maintains a 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, 2021) 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. At December 31, 2021 and 2020, the Company had no borrowings outstanding under this revolving credit facility. This facility expires in April 2024. At December 31, 2021, 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 $178.6 million, $178.2 million and $169.7 million in interest on its senior long-term debt and other debt during the years ended December 31, 2021, 2020 and 2019, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes Income before incomes taxes includes the following components, based on country of domicile. Years Ended December 31, (dollars in thousands) 2021 2020 2019 U.S. operations $ 2,263,748 $ 1,003,714 $ 1,664,762 Foreign operations 868,445 (3,265) 621,046 Income before incomes taxes $ 3,132,193 $ 1,000,449 $ 2,285,808 Income tax expense includes the following components, based on the taxing authority to which taxes are paid. The Company's most significant U.K. and Bermuda subsidiaries have elected to be taxed as domestic corporations for U.S. tax purposes. U.S. income tax also includes state income tax expense, which is not material to the consolidated financial statements. Years Ended December 31, (dollars in thousands) 2021 2020 2019 Current: U.S. income tax $ 200,742 $ 182,046 $ 122,120 Foreign income tax 29,811 (10,631) 40,841 Total current tax expense 230,553 171,415 162,961 Deferred: U.S. income tax 438,240 (557) 328,016 Foreign income tax 15,665 (2,176) (4,631) Total deferred tax expense (benefit) 453,905 (2,733) 323,385 Income tax expense $ 684,458 $ 168,682 $ 486,346 For foreign subsidiaries that the Company has not elected 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 for the years ended December 31, 2021, 2020 and 2019, GILTI tax was not material to the consolidated financial statements. Additionally, U.S. income taxes have not been recognized on any undistributed earnings of our foreign subsidiaries that are considered indefinitely reinvested, the amount of which is not material to the consolidated financial statements. The Company made net income tax payments of $204.9 million, $241.7 million and $128.2 million in 2021, 2020 and 2019, respectively. Income taxes payable were $31.3 million and $17.2 million at December 31, 2021 and 2020, respectively, and were included in other liabilities on the consolidated balance sheets. Income taxes receivable were $18.9 million and $26.1 million at December 31, 2021 and 2020, respectively, and were included in other assets on the consolidated balance sheets. The following table presents a reconciliation of income taxes computed using the U.S. corporate tax rate of 21% to the Company's income tax expense. Years Ended December 31, (dollars in thousands) 2021 2020 2019 Income taxes at U.S. corporate tax rate $ 657,760 $ 210,093 $ 480,020 Increase (decrease) resulting from: Tax-exempt investment income (16,109) (16,415) (18,430) Foreign operations 14,443 6,500 14,718 Nondeductible (deductible) losses on certain foreign investments 1,240 (38,666) — Other 27,124 7,170 10,038 Income tax expense $ 684,458 $ 168,682 $ 486,346 Effective tax rate 22 % 17 % 21 % The following table presents the components of domestic and foreign deferred tax assets and liabilities. December 31, (dollars in thousands) 2021 2020 Assets: Unpaid losses and loss adjustment expenses $ 187,609 $ 192,755 Unearned premiums 139,350 116,714 Lease liabilities 135,795 135,104 Life and annuity benefits 78,777 108,825 Accrued incentive compensation 50,806 30,374 Net operating loss carryforwards 47,510 27,341 Tax credit carryforwards 21,734 15,885 Other differences between financial reporting and tax bases 66,951 63,840 Total gross deferred tax assets 728,532 690,838 Less valuation allowance (23,352) (24,396) Total gross deferred tax assets, net of allowance 705,180 666,442 Liabilities: Investments 1,401,871 1,102,476 Goodwill and other intangible assets 185,195 173,059 Deferred policy acquisition costs 141,523 118,581 Right-of-use lease assets 127,313 127,391 Property, plant and equipment 126,846 38,920 Other differences between financial reporting and tax bases 129,866 92,150 Total gross deferred tax liabilities 2,112,614 1,652,577 Net deferred tax liability $ 1,407,434 $ 986,135 Deferred tax assets and liabilities are recorded on the consolidated balance sheets on a net basis by taxing jurisdiction. As of December 31, 2021 and 2020, the Company's consolidated balance sheets included net deferred tax liabilities of $1.4 billion and $990.1 million, respectively, in other liabilities and net deferred tax assets of $18.4 million and $3.9 million, respectively, in other assets. At December 31, 2021, the Company had tax credit carryforwards of $21.7 million, substantially all of which related to foreign tax credits to be used against U.S. income tax. The Company expects to utilize all tax credit carryforwards before expiration. The earliest any of these credits will expire is 2031. At December 31, 2021, the Company also had net operating losses of $103.8 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 is not subject to expiration. At December 31, 2021, certain branch operations in Europe had net operating losses of $75.5 million that can be used to offset future income in their local jurisdictions. The Company's ability to use these losses is 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, 2021, the Company had total gross deferred tax assets of $728.5 million. The Company has a valuation allowance of $23.4 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 $705.2 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, 2021, the Company did not have any material unrecognized tax benefits. The Company does not anticipate any changes in unrecognized tax benefits during 2022 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 are adequate as of December 31, 2021, 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, 2017. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Postemployment Benefits [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 we re $52.7 million, $48.6 million and $42.4 million in 2021, 2020 and 2019, 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, 2021 and 2020 were $210.2 million and $220.5 million, respectively, and the related fair value of plan assets was $243.6 million and $242.3 million, respective ly. The corresponding net asset for pension benefits, also referred to as the funded status of the plan, at December 31, 2021 and 2020 was included in other assets on the Company's consolidated balance sheets. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities MCIM, a wholly-owned consolidated subsidiary of the Company, is an insurance-linked securities investment fund manager and reinsurance manager headquartered in Bermuda. Results attributable to MCIM are not included in a reportable segment. MCIM serves as the insurance manager for Markel CATCo Re Ltd. (Markel CATCo Re), a Bermuda Class 3 reinsurance company, and as the investment manager for Markel CATCo Reinsurance Fund Ltd., a Bermuda exempted mutual fund company comprised of multiple segregated accounts (Markel CATCo Funds). The Markel CATCo Funds issued multiple classes of nonvoting, redeemable preference shares to investors and the Markel CATCo Funds are primarily invested in nonvoting preference shares of Markel CATCo Re. The underwriting results of Markel CATCo Re are attributed to the Markel CATCo Funds through those nonvoting preference shares. Voting shares in Markel CATCo Reinsurance Fund Ltd. and Markel CATCo Re are held by MCIM. The Markel CATCo Funds and Markel CATCo Re are considered VIEs, as their preference shareholders have no voting rights. MCIM has the power to direct the activities that most significantly impact the economic performance of these entities, but does not have a variable interest in any of the entities. With the exception of an investment in one of the Markel CATCo Funds ($40.7 million and $58.5 million at December 31, 2021 and 2020, respectively), the Company's involvement is generally limited to that of an investment or insurance manager, receiving fees that are at market and commensurate with the level of effort required. The Company is not the primary beneficiary of the Markel CATCo Funds or Markel CATCo Re and therefore does not consolidate these entities. The Company's exposure to risk from unconsolidated Markel CATCo Funds and Markel CATCo Re is generally limited to its investment and any earned but uncollected fees. The Company has not issued any investment performance guarantees to these VIEs or their investors. As of December 31, 2021 and 2020, net assets under management of MCIM for unconsolidated VIEs were $825.3 million and $929.2 million, respectively. In July 2019, both the Markel CATCo Funds and Markel CATCo Re were placed into run-off. See note 19 for further details regarding developments in the Company's Markel CATCo operations. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
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. Insurance-Linked Securities Within the Company's insurance-linked securities operations, the Company provides investment and insurance management services through Nephila Holdings Ltd. (together with its consolidated subsidiaries, Nephila). Nephila serves as the investment manager to several Bermuda, Ireland and U.S. based private funds (the Nephila Funds). To provide access for the Nephila Funds to the insurance, reinsurance and weather markets, Nephila also provides managing general agent services and acts as an insurance manager to certain Bermuda Class 3 and 3A reinsurance companies and Lloyd's Syndicate 2357 (Syndicate 2357) (collectively, the Nephila Reinsurers), as well as other unaffiliated insurance entities. Nephila receives management fees for investment and insurance management services provided through its insurance-linked securities operations based on the net asset value of the accounts managed, and, for certain funds, incentive fees based on the annual performance of the funds managed. Nephila also receives commissions from the Nephila Reinsurers, which are based on the direct written premiums of the insurance contracts placed. For the years ended December 31, 2021, 2020 and 2019, total revenues attributed to unconsolidated entities managed by Nephila were $141.9 million, $152.0 million and $165.5 million, respectively. Through the Company's program services operations and other fronting arrangements, the Company has programs with Nephila through which the Company writes insurance policies that are ceded to Syndicate 2357 and certain other Nephila Reinsurers. Through these programs, Nephila utilizes certain of the Company's licensed insurance companies to write U.S. catastrophe exposed property risk that is then ceded to Nephila Reinsurers. For the years ended December 31, 2021, 2020 and 2019, gross premiums written through these programs with Nephila were $689.2 million, $412.4 million and $425.0 million, respectively, all of which were ceded to Nephila Reinsurers. As of December 31, 2021 and 2020, reinsurance recoverables on the consolidated balance sheets included $751.0 million and $353.8 million, respectively, due from Nephila Reinsurers. Under these programs, the Company bears underwriting risk for annual aggregate agreement year losses in excess of a limit the Company believes is unlikely to be exceeded. To the extent losses under these programs exceed the prescribed limits, the Company is obligated to pay such losses to the cedents without recourse to the Nephila Reinsurers. While the Company believes losses under these programs are unlikely, those losses, if incurred, could be material to the Company's consolidated results of operations and financial condition. The Company has also entered into other assumed and ceded reinsurance transactions with the Nephila Reinsurers in the normal course of business, which are not material to the Company's consolidated financial statements. Hagerty |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders' Equity a) The Company has 50,000,000 shares of no par value common stock authorized. The following table presents a rollforward of changes in common shares issued and outstanding. Years Ended December 31, (in thousands) 2021 2020 Issued and outstanding common shares, beginning of year 13,783 13,794 Issuance of common shares 18 13 Repurchase of common shares (169) (24) Issued and outstanding common shares, end of year 13,632 13,783 b) The Company also has 10,000,000 shares of no par value preferred stock authorized, of which 600,000 shares were issued and outstanding at December 31, 2021 and 2020. The outstanding preferred shares were issued in May 2020 for an aggregate initial purchase price of $600 million and net proceeds of $591.9 million. The Company has the option to redeem the preferred shares: • in whole but not in part, at any time, within 90 days after the occurrence of a "rating agency event," at $1,020 per preferred share, plus accrued and unpaid dividends, • in whole but not in part, at any time, within 90 days after the occurrence of a "regulatory capital event" at $1,000 per preferred share, plus accrued and unpaid dividends, or • in whole or in part, on June 1, 2025, or every fifth anniversary of that date, at $1,000 per preferred share, plus accrued and unpaid dividends. A "rating agency event" means that any nationally recognized statistical rating organization that publishes a rating for the Company amends, clarifies or changes the criteria it uses to assign equity credit to securities like the preferred shares, which results in shortening the length of time that the preferred shares are assigned a particular level of equity credit or in the lowering of the equity credit assigned to the preferred shares. A "regulatory capital event" means that the Company becomes subject to capital adequacy supervision by a capital regulator and determines that, under such capital adequacy guidelines, the liquidation preference amount of the preferred shares would not qualify as capital. The preferred shares rank senior to the Company's common stock with respect to the payment of dividends and liquidation rights. Holders of the preferred shares are entitled to receive non-cumulative cash dividends, when, as and if declared by the Board of Directors, from the original issue date, semi-annually in arrears on the first day of June and December of each year. The Company accrues dividends when they are declared by the Board of Directors. To the extent declared, these dividends will accrue, on the liquidation preference of $1,000 per share, at a fixed annual rate of 6.00% from the original issue date to June 1, 2025. After June 1, 2025, the dividend rate will reset every five For the years ended December 31, 2021 and 2020, the Company declared and paid dividends on preferred shares of $36.0 million, or $60.00 per share, and $18.4 million, or $30.67 per share, respectively. c) The following table presents net income per common share and diluted net income per common share. Years Ended December 31, (in thousands, except per share amounts) 2021 2020 2019 Net income to common shareholders $ 2,389,003 $ 797,630 $ 1,790,466 Adjustment of redeemable noncontrolling interests 46,874 (28,705) 1,105 Adjusted net income to common shareholders $ 2,435,877 $ 768,925 $ 1,791,571 Basic common shares outstanding 13,768 13,811 13,861 Dilutive potential common shares from restricted stock units and restricted stock (1) 32 12 20 Diluted common shares outstanding 13,800 13,823 13,881 Basic net income per common share $ 176.92 $ 55.67 $ 129.25 Diluted net income per common share (1) $ 176.51 $ 55.63 $ 129.07 (1) The Company has issued grants and awards of restricted stock units to employees as performance, retention or hiring incentives, as well as awards of restricted stock to non-employee directors, under its equity incentive compensation plan. At December 31, 2021, there were 151,417 shares available for future awards under the Company's equity incentive compensation plan. |
Other Comprehensive Income
Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2021 | |
Other Comprehensive Income (Loss), Tax [Abstract] | |
Other Comprehensive Income | Other Comprehensive Income Other comprehensive income includes changes in net unrealized gains on available-for-sale investments, which is comprised of net holding gains arising during the period, changes in unrealized other-than-temporary impairment losses, if any, and reclassification adjustments for net realized 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 noncontrolling interests. (dollars in thousands) Unrealized Foreign Net Actuarial Total December 31, 2018 $ 48,060 $ (86,652) $ (56,058) $ (94,650) Total other comprehensive income before income taxes 381,890 403 6,390 388,683 Income tax expense (83,913) — (1,348) (85,261) Total other comprehensive income 297,977 403 5,042 303,422 December 31, 2019 $ 346,037 $ (86,249) $ (51,016) $ 208,772 Total other comprehensive income (loss) before income taxes 442,089 29,829 (8,849) 463,069 Income tax (expense) benefit (89,316) — 1,851 (87,465) Total other comprehensive income (loss) 352,773 29,829 (6,998) 375,604 December 31, 2020 $ 698,810 $ (56,420) $ (58,014) $ 584,376 Total other comprehensive income (loss) before income taxes (450,096) (2,091) 10,663 (441,524) Income tax (expense) benefit 95,158 1,880 (2,273) 94,765 Total other comprehensive income (loss) (354,938) (211) 8,390 (346,759) December 31, 2021 $ 343,872 $ (56,631) $ (49,624) $ 237,617 |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies a) Late in the fourth quarter of 2018, the Company was contacted by and received inquiries from the U.S. Department of Justice (DOJ), U.S. Securities and Exchange Commission (SEC) and Bermuda Monetary Authority (BMA) (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 met with the Governmental Authorities and reported the findings from the internal review. On September 27, 2021, the SEC notified the Company that it has concluded its investigation and it does not intend to recommend an enforcement action against MCIM. On September 28, 2021, the Company was advised by the DOJ that it has concluded its investigation and will not take any action against MCIM. Throughout the Markel CATCo Inquiries, the Company has proactively kept the BMA informed of the status of the SEC and DOJ investigations, including the recent conclusion of those investigations. There are currently no pending requests from the BMA, and it has been over a year since the BMA has contacted the Company in relation to the Markel CATCo Inquiries. Matters related to or arising from the Company's Markel CATCo operations, including matters of which the Company is currently unaware, could result in additional claims, litigation, investigations, enforcement actions or proceedings. For example, on December 2, 2021, seven jointly managed investment funds that were invested in the Markel CATCo Funds filed a lawsuit in the Circuit Court of the Twentieth Judicial Circuit in and for Collier County Florida against the former Chief Executive Officer of MCIM alleging fraudulent and negligent misrepresentation. This lawsuit seeks relief of, among other things, compensatory damages in the amount of $69.0 million, plus return of invested funds and related fees and expenses, punitive damages, and other costs and interest. On December 3, 2021, another investor in the Markel CATCo Funds filed a lawsuit the United States District Court for the Middle District of Florida against the former Chief Executive Officer of MCIM alleging fraudulent and negligent misrepresentation. This lawsuit claims that the plaintiff suffered losses of "nearly $20 million" and seeks relief of, among other things, compensatory damages, attorneys' fees, punitive damages, and other costs and interest. The former CEO of MCIM has sought indemnification from the Markel CATCo entities in connection with these lawsuits. The Company believes the claims are without merit and any material loss resulting from these lawsuits to be remote. Additional litigation may be filed by other 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. An unfavorable outcome could have a material adverse effect on the Company's results of operations and financial condition. Even if an unfavorable outcome does not materialize, these matters could have an adverse impact on the Company's reputation and result in substantial expense and disruption. Costs incurred in connection with Markel CATCo litigation and disputes, and related matters, are being expensed as incurred. In addition, the Company may take steps to mitigate potential risks or liabilities related to or arising from the Company's Markel CATCo operations. For example, in September and October 2021, and in February 2022, terms were announced of a proposed transaction that would allow the acceleration of a full return of remaining capital to investors in the Markel CATCo Funds, which are currently in run-off. Under the terms of the proposed transaction, the Company would provide cash funding that is not expected to exceed $175 million and tail risk cover of $145 million to Markel CATCo Re in exchange for the Markel CATCo Funds' interests in Markel CATCo Re. The Company would also make $120 million in payments to or for the benefit of investors, which would be an expense to the Company. These amounts are estimates and are subject to change, primarily based on the NAV of the Markel CATCo Funds at the closing of the transaction, the amount of capital available for distribution from the Markel CATCo Funds at the closing of the transaction and the ultimate level of tail risk cover provided by the Company. As a result of the transaction, the Company would have exposure to adverse loss development on reinsurance contracts written by Markel CATCo Re for loss events that occurred in 2020 and prior years. However, subsequent favorable development on loss reserves held by Markel CATCo Re, less estimated transaction costs and operating expenses, would be distributed to investors. As a condition to this transaction, all investors in the Markel CATCo Funds, the Markel CATCo Group Companies (MCIM, the Markel CATCo Funds and Markel CATCo Re), Markel Corporation and each of their related parties, among others, would grant mutual releases of all claims related to the transaction, the Markel CATCo Group Companies' businesses and the investors' investments in the Funds. Over 99% of investors in the Markel CATCo Funds have undertaken to support the proposed transaction, but it is still subject to formal investor approval and is also subject to court approvals in both Bermuda and the United States. If all required approvals are obtained, the transaction is expected to close in the first half of 2022. In connection with the transaction, the Markel CATCo Group Companies entered into provisional liquidation in Bermuda on October 1, 2021. On November 4, 2021, the provisional liquidation was recognized in the United States under Chapter 15 of the United States Bankruptcy Code. Other steps the Company may take to mitigate potential risks or liabilities related to or arising from the Company's Markel CATCo operations could have a material impact on the Company's results of operations or financial condition. b) 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. |
Statutory Financial Information
Statutory Financial Information | 12 Months Ended |
Dec. 31, 2021 | |
Statutory Financial Information [Abstract] | |
Statutory Financial Information | Statutory Financial Information a) The following table summarizes statutory capital and surplus for the Company's insurance subsidiaries. December 31, (dollars in thousands) 2021 2020 United States $ 4,493,310 $ 3,967,112 United Kingdom $ 736,575 $ 635,382 Bermuda $ 2,106,606 $ 1,905,070 Other $ 95,693 $ 103,828 As of December 31, 2021, 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. The following table summarizes statutory net income (loss) for the Company's insurance subsidiaries. Years Ended December 31, (dollars in thousands) 2021 2020 2019 United States $ 705,908 $ 616,135 $ 419,396 United Kingdom $ 56,546 $ (25,776) $ 108,759 Bermuda $ 556,275 $ 228,740 $ 447,479 Other $ 1,780 $ (4,628) $ (4,499) 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, 2021, the Company's U.S. insurance subsidiaries could pay up to $740.8 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 maturity securities 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 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. Earnings of the Company's U.K. insurance subsidiaries are available for distribution to the holding company to the extent not otherwise restricted. Bermuda The Company's Bermuda insurance subsidiary, Markel Bermuda Limited (MBL), 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, 2021, MBL satisfied both the enhanced capital requirements and the minimum solvency and liquidity requirements. Under the Bermuda Insurance Act, MBL 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 BMA. Further, MBL 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. MBL 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, MBL 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 MBL'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, 2021, MBL could pay up to $526.7 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, 2021 was $1.0 billion. Of this amount, $329.9 million was provided by the holding company and is not available for general use by the Company. The remaining amount, provided by the Company's insurance subsidiaries, is not available for distribution to the holding company. The Company's corporate member may also be required to maintain funds under the control of Lloyd's in excess of its capital requirements and such funds also may not be available for distribution to the holding company. |
Markel Corporation (Parent Comp
Markel Corporation (Parent Company Only) Financial Information | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 (dollars in thousands) ASSETS Investments, at estimated fair value: Fixed maturity securities, available-for-sale (amortized cost of $210,111 in 2021 and $248,206 in 2020) $ 228,705 $ 274,297 Equity securities (cost of $1,771,597 in 2021 and $1,307,230 in 2020) 2,784,189 1,817,068 Short-term investments, available-for-sale (estimated fair value approximates cost) 1,474,997 1,249,970 Total Investments 4,487,891 3,341,335 Cash and cash equivalents 763,985 657,539 Restricted cash and cash equivalents 15,485 65,971 Receivables 18,770 14,737 Investments in consolidated subsidiaries 13,276,669 12,259,007 Notes receivable from subsidiaries 135,756 85,756 Income taxes receivable 48,344 37,505 Other assets 408,161 364,403 Total Assets $ 19,155,061 $ 16,826,253 LIABILITIES AND SHAREHOLDERS' EQUITY Senior long-term debt $ 4,034,223 $ 3,441,355 Notes payable to subsidiaries 32,753 317,753 Net deferred tax liability 295,289 170,270 Other liabilities 97,748 97,086 Total Liabilities 4,460,013 4,026,464 Shareholders' equity: Preferred stock 591,891 591,891 Common stock 3,441,079 3,428,340 Retained earnings 10,424,461 8,195,182 Accumulated other comprehensive income 237,617 584,376 Total Shareholders' Equity 14,695,048 12,799,789 Total Liabilities and Shareholders' Equity $ 19,155,061 $ 16,826,253 CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Years Ended December 31, 2021 2020 2019 (dollars in thousands) REVENUES Net investment income $ 20,177 $ 18,026 $ 48,845 Dividends on common stock of consolidated subsidiaries 1,081,988 466,244 863,335 Net investment gains: Net realized investment gains 23,652 27,774 3,848 Change in fair value of equity securities 514,727 82,389 293,296 Net investment gains 538,379 110,163 297,144 Total Revenues 1,640,544 594,433 1,209,324 EXPENSES Services and other expenses 22,379 1,025 6,436 Interest expense 185,568 187,562 219,082 Net foreign exchange losses (gains) (6,236) 6,823 3,973 Loss on early extinguishment of debt — — 13,656 Total Expenses 201,711 195,410 243,147 Income Before Equity in Undistributed Earnings of Consolidated Subsidiaries and Income Taxes 1,438,833 399,023 966,177 Equity in undistributed earnings of consolidated subsidiaries 1,081,976 400,289 851,337 Income tax (expense) benefit (95,806) 16,718 (27,048) Net Income to Shareholders 2,425,003 816,030 1,790,466 Preferred stock dividends (36,000) (18,400) — Net Income to Common Shareholders $ 2,389,003 $ 797,630 $ 1,790,466 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 $ (5,885) $ 21,482 $ 14,016 Consolidated subsidiaries' net holding gains (losses) arising during the period (342,430) 334,677 285,109 Reclassification adjustments for net gains included in net income to shareholders (34) (14,937) (4,591) Consolidated subsidiaries' reclassification adjustments for net gains (losses) included in net income to shareholders (6,589) 11,551 3,443 Change in net unrealized gains on available-for-sale investments, net of taxes (354,938) 352,773 297,977 Consolidated subsidiaries' change in foreign currency translation adjustments, net of taxes (211) 29,829 403 Consolidated subsidiaries' change in net actuarial pension loss, net of taxes 8,390 (6,998) 5,042 Total Other Comprehensive Income (Loss) to Shareholders (346,759) 375,604 303,422 Comprehensive Income to Shareholders $ 2,078,244 $ 1,191,634 $ 2,093,888 CONDENSED STATEMENTS OF CASH FLOWS Years Ended December 31, 2021 2020 2019 (dollars in thousands) OPERATING ACTIVITIES Net income to shareholders $ 2,425,003 $ 816,030 $ 1,790,466 Adjustments to reconcile net income to shareholders to net cash provided by operating activities (2,213,261) (708,162) (1,530,940) Net Cash Provided By Operating Activities 211,742 107,868 259,526 INVESTING ACTIVITIES Proceeds from sales of fixed maturity securities and equity securities 105,700 557,088 326,564 Proceeds from maturities, calls and prepayments of fixed maturity securities 37,607 39,051 41,673 Cost of fixed maturity securities and equity securities purchased (73,644) (90,459) (82,332) Net change in short-term investments (224,646) (522,666) (236,251) Return of capital from subsidiaries 17,193 15,164 14,865 Decrease (increase) in notes receivable due from subsidiaries (50,000) (25,000) 100,000 Capital contributions to subsidiaries (271,729) (605,426) (413,148) Cost of equity method investments (38,550) (4,917) (213,100) Other (5,368) 17,984 6,719 Net Cash Used By Investing Activities (503,437) (619,181) (455,010) FINANCING ACTIVITIES Additions to senior long-term debt 591,354 — 1,384,182 Decrease in notes payable to subsidiaries — (50,000) (99,839) Repayment of senior long-term debt — — (484,811) Premiums and fees related to early extinguishment of debt — — (13,248) Repurchases of common stock (206,518) (26,832) (116,307) Issuance of preferred stock, net — 591,891 — Dividends paid on preferred stock (36,000) (18,400) — Other (1,181) 15 (2,564) Net Cash Provided By Financing Activities 347,655 496,674 667,413 Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents 55,960 (14,639) 471,929 Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year 723,510 738,149 266,220 CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS AT END OF YEAR $ 779,470 $ 723,510 $ 738,149 |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2021 | |
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 period amounts have been reclassified to conform to the current period 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 and 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 other comprehensive income. Unrealized gains and losses on equity securities, net of income taxes, are included in net income as net investment gains. The Company completes a detailed analysis each quarter to assess declines in the fair value of its available-for-sale investments. Any impairment losses on the Company's available-for-sale investments are recorded as an allowance, subject to reversal. Premiums and discounts are amortized or accreted over the lives of the related fixed maturity securities as an adjustment to the yield using the effective interest method. Dividend and interest income are recognized when earned. Accrued interest receivable is excluded from both the estimated fair value and the amortized cost basis of available-for-sale securities and included within other assets on the Company's consolidated balance sheets. Any uncollectible accrued interest receivable is written off in the period it is deemed uncollectible. Realized investment gains or losses on available-for-sale investments are included in net income. Realized gains or losses from sales of available-for-sale investments are derived using the first-in, first-out method on the trade date. The Company's other investments are primarily comprised of investments accounted for under the equity method of accounting, which initially 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 and other transactions impacting the investee's equity. 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. See note 4 and note 5 for further details regarding the Company's investment portfolio. |
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. 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. The Company monitors credit risk associated with receivables, taking into consideration the fact that in certain instances in the Company's insurance operations credit risk may be reduced by the Company's right to offset loss obligations or unearned premiums against premiums receivable. An allowance is established for credit losses expected to be incurred over the life of the receivable, which is recorded net of this allowance. The allowance is charged to net income in the period the receivable is recorded and revised in subsequent periods to reflect changes in the Company's estimate of expected credit losses. As of December 31, 2021 and 2020, the allowance for credit losses associated with the Company's receivables was not material to the consolidated financial statements. |
Reinsurance Recoverables | Reinsurance Recoverables. Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured business. The Company evaluates the financial condition of its reinsurers and monitors concentration of credit risk to minimize its exposure to significant losses from individual reinsurers. To further reduce credit exposure on reinsurance recoverables, 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. An allowance is established for credit losses expected to be incurred over the life of the reinsurance recoverable, which is recorded net of this allowance. The allowance is charged to net income in the period the recoverable is recorded and revised in subsequent periods to reflect changes in the Company's estimate of expected credit losses. As of December 31, 2021 and 2020, the allowance for credit losses associated with the Company's reinsurance recoverables was not material to the consolidated financial statements. |
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. See note 2(a) and (e) for further details regarding policy acquisition costs. |
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 |
Property and Equipment | Property and Equipment. Property and equipment is maintained primarily by certain of the Company's Markel Ventures businesses and is stated at cost less accumulated depreciation. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful lives of the respective assets. Property and equipment, net of accumulated depreciation, was $1.1 billion and $632.0 million as of December 31, 2021 and 2020, respectively, and is included in other assets on the Company's consolidated balance sheets. |
Leases | Leases. The present value of future lease payments for the Company's leases with terms greater than 12 months is included on the consolidated balance sheets 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 accounts 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 contractual obligation to make lease payments, 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 lease 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 sheets. Total lease costs are primarily comprised of rental expense for operating leases, which is recognized on a straight line basis over the lease term. 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. See note 7 for further details regarding leases. |
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 $529.3 million and $412.6 million as of December 31, 2021 and 2020, 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 are currently redeemable or become redeemable between 2022 and 2032.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 was also the redemption date. Changes in the redemption value also result in an adjustment to net income to common shareholders in the calculation of basic and diluted net income per common share. See note 17 for further details regarding the calculation of basic and diluted net income per common 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. See note 13 for further details regarding income taxes. |
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. See note 9 for further details regarding unpaid losses and loss adjustment expenses. |
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. See note 11 for further details regarding life and annuity benefits. |
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, or immediately if the coverage period has ended. The Company uses the periodic method to account for assumed reinsurance from foreign reinsurers as a result of the sufficiency of the information provided by the reinsurer, which is consistent with its accounting for assumed reinsurance 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 remaining coverage period. Other Revenues Other revenues primarily relate to the Company's Markel Ventures, insurance-linked securities (ILS) and program services 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. Contracts with customers generally have an original term of one year or less. For contracts with customers that have an original term greater than one year, 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. Through its Markel Ventures operations, the Company has several different businesses that manufacture or produce a variety of products, including ornamental plants, equipment used in baking systems, over-the-road transportation equipment, portable dredges, residential homes and flooring for the trucking industry. 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. Through its Markel Ventures operations, the Company also has several different businesses that provide various types of services, including distribution of exterior building products, fire protection and life safety services and consulting services. Service revenues are generally recognized over the term of the contracts based on hours incurred or as services are provided. The Company's other revenues also include investment management fee income and managing general agent (MGA) commissions for services provided through our ILS operations. Investment management fee income 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. MGA commissions are based on the direct written premiums of the insurance contracts placed. Commissions received for these services are generally recognized when the related policy is written. 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. See note 8 for further details regarding products, services, and other revenues. |
Other Revenues | Other Revenues Other revenues primarily relate to the Company's Markel Ventures, insurance-linked securities (ILS) and program services 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. Contracts with customers generally have an original term of one year or less. For contracts with customers that have an original term greater than one year, 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. Through its Markel Ventures operations, the Company has several different businesses that manufacture or produce a variety of products, including ornamental plants, equipment used in baking systems, over-the-road transportation equipment, portable dredges, residential homes and flooring for the trucking industry. 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. Through its Markel Ventures operations, the Company also has several different businesses that provide various types of services, including distribution of exterior building products, fire protection and life safety services and consulting services. Service revenues are generally recognized over the term of the contracts based on hours incurred or as services are provided. The Company's other revenues also include investment management fee income and managing general agent (MGA) commissions for services provided through our ILS operations. Investment management fee income 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. MGA commissions are based on the direct written premiums of the insurance contracts placed. Commissions received for these services are generally recognized when the related policy is written. 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. See note 8 for further details regarding products, services, and other revenues. |
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. |
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. See note 18 for further details regarding the components of other comprehensive income. |
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. See note 18 for further details regarding comprehensive income. |
Net Income Per Common Share | Net Income Per Common Share. Basic net income per common 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 common 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. See note 17 for further details regarding the calculation of basic and diluted net income per common share. |
Variable Interest Entities | Variable Interest Entities. The Company determines whether it has relationships with entities defined as VIEs in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (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. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements. Accounting Standards Adopted in 2021 The Company adopted FASB Accounting Standards Update (ASU) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , effective January 1, 2021. Adoption of this standard did not have a material impact on the Company's financial position, results of operations or cash flows. Accounting Standards Not Yet Adopted In August 2018, the FASB issued ASU No. 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts . The FASB subsequently issued several ASUs as amendments to ASU No. 2018-12. The standard requires insurance companies with long duration contracts to: (1) review and, if there is a change, update the assumptions used to measure expected cash flows at least annually; (2) update the discount rate assumption at each reporting date; and (3) enhance disclosures related to the liability, including the significant inputs, judgments, assumptions and methods used to measure the liability. ASU No. 2018-12 becomes effective for the Company during the first quarter of 2023 and will be applied using a modified retrospective approach that requires restatement of prior periods presented. The standard will, among other things, impact the discount rate used in estimating reserves for the Company's life and annuity reinsurance portfolio, which is in runoff. Currently, the discount rate assumption is locked-in for the life of the contracts, unless there is a loss recognition event. The Company is currently evaluating ASU No. 2018-12 to determine the impact that adopting this standard will have on its consolidated financial statements. In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customer s, which becomes effective for the Company during the first quarter of 2023. ASU No. 2021-08 requires contract assets and liabilities accounted for under FASB ASC 606, Revenue from Contracts with Customers , to be recorded at the acquisition date as if the acquirer entered into those contracts itself on the contract inception dates, rather than at fair value. At adoption, ASU No. 2021-08 will not impact the Company's financial position, results of operations or cash flows, but prospectively, the amendments will impact amounts recorded by the Company for assets acquired and liabilities assumed in conjunction with certain acquisitions. |
Segment Reporting Disclosures (
Segment Reporting Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures (1) Other (2) Consolidated Gross premium volume $ 7,239,676 $ 1,246,143 $ — $ — $ 2,952,863 $ 11,438,682 Net written premiums 5,998,890 1,126,167 — — (5,326) 7,119,731 Earned premiums 5,465,284 1,042,048 — — (4,303) 6,503,029 Losses and loss adjustment expenses: Current accident year (3,311,185) (749,815) — — — (4,061,000) Prior accident years 506,292 (19,928) — — (6,569) 479,795 Underwriting, acquisition and insurance expenses: Amortization of policy acquisition costs (1,153,049) (266,217) — — — (1,419,266) Other underwriting expenses (810,929) (61,326) — — (2,218) (874,473) Underwriting profit (loss) 696,413 (55,238) — — (13,090) 628,085 Net investment income — — 374,590 11 — 374,601 Net investment gains — — 1,978,534 — — 1,978,534 Products revenues — — — 1,712,120 — 1,712,120 Services and other revenues — — — 1,931,696 346,445 2,278,141 Products expenses — — — (1,544,506) — (1,544,506) Services and other expenses — 109 — (1,769,201) (253,843) (2,022,935) Amortization of intangible assets (3) — — — (57,568) (102,971) (160,539) Segment profit (loss) $ 696,413 $ (55,129) $ 2,353,124 $ 272,552 $ (23,459) $ 3,243,501 Interest expense (183,579) Net foreign exchange gains 72,271 Income before income taxes $ 3,132,193 U.S. GAAP combined ratio (4) 87 % 105 % NM (5) 90 % (1) Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $72.6 million for the year ended December 31, 2021. (2) Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment as well as any amortization of intangible assets that is not allocated to a reportable segment. Amortization of intangible assets attributable to the Company's underwriting segments was $41.2 million for the year ended December 31, 2021, however, the Company does not allocate amortization of intangible assets between the Insurance and Reinsurance segments. (3) Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's Insurance and Reinsurance segments. (4) The U.S. GAAP combined ratio is a measure of underwriting performance and represents the relationship of incurred losses, loss adjustment expenses and underwriting, acquisition and insurance expenses to earned premiums. (5) NM - Ratio is not meaningful Year Ended December 31, 2020 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures (1) Other (2) Consolidated Gross premium volume $ 6,029,024 $ 1,130,923 $ — $ — $ 2,106,718 $ 9,266,665 Net written premiums 4,977,662 960,123 — — (5,547) 5,932,238 Earned premiums 4,688,448 929,348 — — (5,591) 5,612,205 Losses and loss adjustment expenses: Current accident year (3,373,085) (700,240) — — — (4,073,325) Prior accident years 554,586 51,755 — — 23 606,364 Underwriting, acquisition and insurance expenses: Amortization of policy acquisition costs (988,668) (240,493) — — — (1,229,161) Other underwriting expenses (712,280) (74,379) — — (1,807) (788,466) Underwriting profit (loss) 169,001 (34,009) — — (7,375) 127,617 Net investment income — — 371,585 245 — 371,830 Net investment gains — — 617,979 — — 617,979 Products revenues — — — 1,439,515 — 1,439,515 Services and other revenues — — — 1,355,199 338,338 1,693,537 Products expenses — — — (1,256,159) — (1,256,159) Services and other expenses — (41,461) — (1,232,150) (287,509) (1,561,120) Amortization of intangible assets (3) — — — (52,572) (106,743) (159,315) Segment profit (loss) $ 169,001 $ (75,470) $ 989,564 $ 254,078 $ (63,289) $ 1,273,884 Interest expense (177,582) Net foreign exchange losses (95,853) Income before income taxes $ 1,000,449 U.S. GAAP combined ratio (4) 96 % 104 % NM (5) 98 % (1) Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $60.3 million for the year ended December 31, 2020. (2) Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment as well as any amortization of intangible assets that is not allocated to a reportable segment. Amortization of intangible assets attributable to the Company's underwriting segments was $41.9 million for the year ended December 31, 2020, however, the Company does not allocate amortization of intangible assets between the Insurance and Reinsurance segments. (3) Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's Insurance and Reinsurance segments. (4) The U.S. GAAP combined ratio is a measure of underwriting performance and represents the relationship of incurred losses, loss adjustment expenses and underwriting, acquisition and insurance expenses to earned premiums. (5) NM - Ratio is not meaningful 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 Underwriting, acquisition and insurance expenses: Amortization of policy acquisition costs (860,917) (239,579) — — — (1,100,496) Other underwriting 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 that is not allocated to a reportable segment. Amortization of intangible assets attributable to the Company's underwriting segments was $39.7 million for the year ended December 31, 2019, however, the Company does not allocate amortization of intangible assets between the Insurance and Reinsurance segments. (3) Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's Insurance and Reinsurance segments. (4) The U.S. GAAP combined ratio is a measure of underwriting performance and represents the relationship of incurred losses, loss adjustment expenses and underwriting, acquisition and insurance expenses to earned premiums. (5) NM - Ratio is not meaningful |
Summary Of Revenues By Segment And By Product | The following table summarizes earned premiums by major product grouping within each underwriting segment. Years Ended December 31, (dollars in thousands) 2021 2020 2019 Insurance segment: General liability $ 1,564,221 $ 1,261,411 $ 1,039,617 Professional liability 1,412,592 1,068,365 814,587 Property 362,637 356,934 364,830 Marine and energy 495,897 458,050 391,464 Personal lines 451,095 405,210 378,522 Programs 222,410 238,909 294,418 Workers' compensation 354,337 338,186 349,770 Credit and surety 161,155 151,397 128,379 Other products 440,940 409,986 382,486 Total Insurance 5,465,284 4,688,448 4,144,073 Reinsurance segment: Property 129,760 191,968 201,486 Casualty 635,345 441,599 408,368 Specialty 276,943 295,781 293,733 Total Reinsurance 1,042,048 929,348 903,587 Other (4,303) (5,591) 2,133 Total earned premiums $ 6,503,029 $ 5,612,205 $ 5,049,793 The Company does not manage products at this level of aggregation as it offers a diverse portfolio of products and manages these products in logical groupings within each underwriting segment. Years Ended December 31, (dollars in thousands) 2021 2020 2019 Products: Consumer and building $ 911,422 $ 814,697 $ 771,378 Transportation-related 474,839 351,559 507,463 Equipment manufacturing 325,859 273,259 330,745 Total products revenues 1,712,120 1,439,515 1,609,586 Services and other: Construction 1,554,592 915,696 — Consulting 277,902 283,386 292,512 Other 99,202 156,117 152,186 Total services and other revenues 1,931,696 1,355,199 444,698 Total products revenues and services and other revenues $ 3,643,816 $ 2,794,714 $ 2,054,284 The Company does not manage the Markel Ventures portfolio of businesses at this level of aggregation due to the distinct characteristics of each business and the autonomy with which each business operates. Management reviews and assesses the performance of the Markel Ventures businesses in the aggregate at the Markel Ventures segment level, while individual management teams are responsible for developing strategic initiatives, managing day-to-day operations and making investment and capital allocation decisions for their respective companies. |
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) 2021 2020 Segment assets: Investing $ 28,277,801 $ 24,781,946 Underwriting 8,083,086 7,228,297 Markel Ventures 4,958,279 3,636,060 Total segment assets 41,319,166 35,646,303 Other operations 7,129,700 6,063,751 Total assets $ 48,448,866 $ 41,710,054 |
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 Unearned Unpaid Losses and December 31, 2021 Insurance segment $ 549,250 $ 3,350,054 $ 10,051,994 Reinsurance segment 216,665 802,824 3,639,210 Other underwriting — — 271,356 Total underwriting 765,915 4,152,878 13,962,560 Program services and other fronting — 1,230,741 4,216,334 Total $ 765,915 $ 5,383,619 $ 18,178,894 December 31, 2020 Insurance segment $ 454,723 $ 2,746,032 $ 9,241,952 Reinsurance segment 176,071 708,855 3,417,973 Other underwriting — — 276,090 Total underwriting 630,794 3,454,887 12,936,015 Program services and other fronting — 978,358 3,286,361 Total $ 630,794 $ 4,433,245 $ 16,222,376 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-For-Sale Investments | The following tables summarize the Company's available-for-sale investments. Commercial and residential mortgage-backed securities include securities issued by U.S. government-sponsored enterprises and U.S. government agencies. The net unrealized holding gains in the tables below are presented before taxes and any reserve deficiency adjustments for life and annuity benefit reserves. See note 11. December 31, 2021 (dollars in thousands) Amortized Gross Gross Estimated Fixed maturity securities: U.S. Treasury securities $ 2,489,032 $ 2,633 $ (21,471) $ 2,470,194 U.S. government-sponsored enterprises 753,029 28,997 (6,439) 775,587 Obligations of states, municipalities and political subdivisions 4,007,211 266,575 (7,862) 4,265,924 Foreign governments 1,394,771 134,071 (9,488) 1,519,354 Commercial mortgage-backed securities 1,928,775 69,810 (8,152) 1,990,433 Residential mortgage-backed securities 699,136 27,084 (170) 726,050 Asset-backed securities 3,035 46 — 3,081 Corporate bonds 786,478 54,475 (4,271) 836,682 Total fixed maturity securities 12,061,467 583,691 (57,853) 12,587,305 Short-term investments 1,805,300 28 (5,340) 1,799,988 Investments, available-for-sale $ 13,866,767 $ 583,719 $ (63,193) $ 14,387,293 December 31, 2020 (dollars in thousands) Amortized Gross Gross Estimated Fixed maturity securities: U.S. Treasury securities $ 580,716 $ 9,091 $ (507) $ 589,300 U.S. government-sponsored enterprises 500,053 51,593 (92) 551,554 Obligations of states, municipalities and political subdivisions 3,903,292 386,784 (235) 4,289,841 Foreign governments 1,352,616 275,450 (57) 1,628,009 Commercial mortgage-backed securities 1,736,257 149,359 (34) 1,885,582 Residential mortgage-backed securities 811,732 58,742 (29) 870,445 Asset-backed securities 5,812 154 — 5,966 Corporate bonds 764,783 96,257 (3) 861,037 Total fixed maturity securities 9,655,261 1,027,430 (957) 10,681,734 Short-term investments 2,030,460 3,645 (6) 2,034,099 Investments, available-for-sale $ 11,685,721 $ 1,031,075 $ (963) $ 12,715,833 |
Summary Of Gross Unrealized Investment Losses By Length Of Time That Securities Have Continuously Been In An Unrealized Loss Position | 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, 2021 Less than 12 months 12 months or longer Total (dollars in thousands) Estimated Gross Estimated Gross Estimated Gross Fixed maturity securities: U.S. Treasury securities $ 2,236,637 $ (18,433) $ 97,173 $ (3,038) $ 2,333,810 $ (21,471) U.S. government-sponsored enterprises 381,495 (5,640) 14,010 (799) 395,505 (6,439) Obligations of states, municipalities and political subdivisions 393,249 (6,941) 23,589 (921) 416,838 (7,862) Foreign governments 322,813 (8,596) 25,564 (892) 348,377 (9,488) Commercial mortgage-backed securities 345,616 (7,765) 9,189 (387) 354,805 (8,152) Residential mortgage-backed securities 12,828 (159) 269 (11) 13,097 (170) Corporate bonds 193,786 (4,271) — — 193,786 (4,271) Total fixed maturity securities 3,886,424 (51,805) 169,794 (6,048) 4,056,218 (57,853) Short-term investments 228,870 (5,340) — — 228,870 (5,340) Total $ 4,115,294 $ (57,145) $ 169,794 $ (6,048) $ 4,285,088 $ (63,193) December 31, 2020 Less than 12 months 12 months or longer Total (dollars in thousands) Estimated Gross Estimated Gross Estimated Gross Fixed maturity securities: U.S. Treasury securities $ 66,220 $ (507) $ — $ — $ 66,220 $ (507) U.S. government-sponsored enterprises 14,878 (92) — — 14,878 (92) Obligations of states, municipalities and political subdivisions 28,037 (223) 2,960 (12) 30,997 (235) Foreign governments 20,790 (57) — — 20,790 (57) Commercial mortgage-backed securities 13,178 (26) 2,526 (8) 15,704 (34) Residential mortgage-backed securities 3,345 (29) — — 3,345 (29) Corporate bonds 92 (3) — — 92 (3) Total fixed maturity securities 146,540 (937) 5,486 (20) 152,026 (957) Short-term investments 349,978 (6) — — 349,978 (6) Total $ 496,518 $ (943) $ 5,486 $ (20) $ 502,004 $ (963) |
Schedule Of Amortized Cost And Estimated Fair Value Of Fixed Maturities By Contractual Maturity | The amortized cost and estimated fair value of fixed maturity securities at December 31, 2021 are shown below by contractual maturity. (dollars in thousands) Amortized Estimated Due in one year or less $ 582,521 $ 585,681 Due after one year through five years 3,855,478 3,927,196 Due after five years through ten years 2,839,521 2,947,481 Due after ten years 2,153,001 2,407,383 9,430,521 9,867,741 Commercial mortgage-backed securities 1,928,775 1,990,433 Residential mortgage-backed securities 699,136 726,050 Asset-backed securities 3,035 3,081 Total fixed maturity securities $ 12,061,467 $ 12,587,305 |
Components Of Net Investment Income | The following table presents the components of net investment income. Years Ended December 31, (dollars in thousands) 2021 2020 2019 Interest: Tax-exempt municipal bonds $ 57,460 $ 63,718 $ 71,351 Taxable municipal bonds 66,052 66,713 72,818 Other taxable bonds 159,854 157,990 162,861 Short-term investments, including overnight deposits 2,954 14,321 50,425 Dividends on equity securities 98,099 89,303 100,222 Income (loss) from equity method investments 8,890 (4,430) 4,368 Other (1,706) 434 5,338 391,603 388,049 467,383 Investment expenses (17,002) (16,219) (15,495) Net investment income $ 374,601 $ 371,830 $ 451,888 |
Summary Of Net Realized Investment Gains (Losses) And The Change In Net Unrealized Gains On Investments | The following table presents the components of net investment gains and the change in net unrealized gains included in other comprehensive income (loss). Gross realized investment gains and losses on fixed maturity securities, short-term investments and other investments were not material to the consolidated financial statements and are presented on a net basis in the following table. Years Ended December 31, (dollars in thousands) 2021 2020 2019 Fixed maturity securities, short-term investments and other investments: Net realized investment gains (losses) $ 37,908 $ 14,780 $ (1,482) Equity securities: Change in fair value of securities sold during the period 25,902 (470,008) 38,291 Change in fair value of securities held at the end of the period 1,914,724 1,073,207 1,564,913 Total change in fair value 1,940,626 603,199 1,603,204 Net investment gains $ 1,978,534 $ 617,979 $ 1,601,722 Change in net unrealized gains on available-for-sale investments included in other comprehensive income (loss): Fixed maturity securities $ (504,133) $ 507,903 $ 429,654 Short-term investments (8,951) 2,344 3,626 Reserve deficiency adjustment for life and annuity benefit reserves (see note 11) 62,988 (68,158) (51,390) Net increase (decrease) $ (450,096) $ 442,089 $ 381,890 |
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) 2021 2020 Investments $ 4,403,414 $ 4,217,230 Restricted cash and cash equivalents 902,457 874,913 Total $ 5,305,871 $ 5,092,143 |
Components Of Restricted Assets | The following table presents the components of restricted assets. December 31, (dollars in thousands) 2021 2020 Assets held in trust or on deposit to support underwriting activities $ 4,895,627 $ 4,704,943 Assets pledged as security for letters of credit 410,244 387,200 Total $ 5,305,871 $ 5,092,143 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Balances Of Assets Measured At Fair Value On A Recurring Basis | The following tables present the balances of assets measured at fair value on a recurring basis by level within the fair value hierarchy. December 31, 2021 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Investments: Fixed maturity securities, available-for-sale: U.S. Treasury securities $ — $ 2,470,194 $ — $ 2,470,194 U.S. government-sponsored enterprises — 775,587 — 775,587 Obligations of states, municipalities and political subdivisions — 4,265,924 — 4,265,924 Foreign governments — 1,519,354 — 1,519,354 Commercial mortgage-backed securities — 1,990,433 — 1,990,433 Residential mortgage-backed securities — 726,050 — 726,050 Asset-backed securities — 3,081 — 3,081 Corporate bonds — 836,682 — 836,682 Total fixed maturity securities, available-for-sale — 12,587,305 — 12,587,305 Equity securities: Insurance, banks and other financial institutions 3,307,755 — 56,472 3,364,227 Industrial, consumer and all other 5,659,700 — — 5,659,700 Total equity securities 8,967,455 — 56,472 9,023,927 Short-term investments, available-for-sale 1,619,496 180,492 — 1,799,988 Total investments $ 10,586,951 $ 12,767,797 $ 56,472 $ 23,411,220 December 31, 2020 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Investments: Fixed maturity securities, available-for-sale: U.S. Treasury securities $ — $ 589,300 $ — $ 589,300 U.S. government-sponsored enterprises — 551,554 — 551,554 Obligations of states, municipalities and political subdivisions — 4,289,841 — 4,289,841 Foreign governments — 1,628,009 — 1,628,009 Commercial mortgage-backed securities — 1,885,582 — 1,885,582 Residential mortgage-backed securities — 870,445 — 870,445 Asset-backed securities — 5,966 — 5,966 Corporate bonds — 861,037 — 861,037 Total fixed maturity securities, available-for-sale — 10,681,734 — 10,681,734 Equity securities: Insurance, banks and other financial institutions 2,516,361 — 58,493 2,574,854 Industrial, consumer and all other 4,419,256 — — 4,419,256 Total equity securities 6,935,617 — 58,493 6,994,110 Short-term investments, available-for-sale 1,922,459 111,640 — 2,034,099 Total investments $ 8,858,076 $ 10,793,374 $ 58,493 $ 19,709,943 |
Summary Of Changes In Level 3 Investments Measured At Fair Value On A Recurring Basis | The following table summarizes changes in Level 3 investments measured at fair value on a recurring basis. (dollars in thousands) 2021 2020 Equity securities, beginning of period $ 58,493 $ 45,992 Purchases 18,900 90,000 Sales (15,015) (73,902) Net investment losses (5,906) (3,597) Equity securities, end of period $ 56,472 $ 58,493 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2020 $ 771,447 $ 122,745 $ 606,777 $ 807,579 $ 2,308,548 Acquisitions (see note 3) — — 287,097 — 287,097 Foreign currency movements and other adjustments (2) 1,253 — 7,171 555 8,979 December 31, 2020 (3) $ 772,700 $ 122,745 $ 901,045 $ 808,134 $ 2,604,624 Acquisitions (see note 3) — — 293,838 — 293,838 Foreign currency movements and other adjustments (2) 2,012 — 1,707 (3,041) 678 December 31, 2021 (3) $ 774,712 $ 122,745 $ 1,196,590 $ 805,093 $ 2,899,140 (1) Amounts included in Other reflect the Company's operations that are not included in a reportable segment and are primarily related to the Company's program services and insurance-linked securities operations. (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, 2021, goodwill was net of accumulated impairment losses of $110.6 million, of which $91.9 million was in Other and $18.7 million was in Markel Ventures. As of December 31, 2020, 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. The decrease in accumulated impairment losses in 2021 reflects a disposal transaction that was completed during the year. |
Components of Net Intangible Assets | The following table presents a rollforward of net intangible assets by reportable segment. (dollars in thousands) Underwriting (1) Markel Ventures Other (2) Total January 1, 2020 $ 484,160 $ 473,122 $ 781,192 $ 1,738,474 Acquisitions (see note 3) — 210,000 — 210,000 Amortization of intangible assets (41,906) (52,572) (64,837) (159,315) Foreign currency movements and other adjustments (3) 385 (7,430) 604 (6,441) December 31, 2020 $ 442,639 $ 623,120 $ 716,959 $ 1,782,718 Acquisitions (see note 3) — 203,879 — 203,879 Amortization of intangible assets (41,182) (57,568) (61,789) (160,539) Foreign currency movements and other adjustments (3) (202) (3,252) (118) (3,572) December 31, 2021 $ 401,255 $ 766,179 $ 655,052 $ 1,822,486 (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 and are primarily related to the Company's program services and insurance-linked securities operations. (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, 2021 2020 (dollars in thousands) Gross Accumulated Gross Accumulated Customer relationships $ 1,379,739 $ (405,057) $ 1,203,128 $ (340,424) Investment management agreements 468,000 (92,478) 468,000 (62,911) Broker relationships 206,855 (109,210) 207,360 (99,719) Trade names 238,331 (100,023) 231,177 (85,610) Technology 113,200 (82,845) 113,202 (71,888) Agent relationships 92,000 (28,622) 92,000 (22,489) Insurance licenses 74,333 — 74,333 — Renewal rights 21,449 (21,449) 21,449 (20,616) Other 145,695 (77,432) 152,635 (76,909) Total $ 2,739,602 $ (917,116) $ 2,563,284 $ (780,566) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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. December 31, (dollars in thousands) 2021 2020 Right-of-use lease assets $ 533,702 $ 528,418 Lease liabilities $ 571,337 $ 565,249 Weighted average remaining lease term 10.8 years 12.1 years Weighted average discount rate 3.0 % 3.0 % |
Maturities of Operating Lease Liabilities | The following table summarizes maturities of the Company's operating lease liabilities as of December 31, 2021, which reconciles to total operating lease liabilities included in other liabilities on the Company's consolidated balance sheet. Years Ending December 31, (dollars in thousands) 2022 $ 103,358 2023 83,753 2024 67,731 2025 56,642 2026 50,434 2027 and thereafter 311,735 Total lease payments 673,653 Less imputed interest (102,316) Total operating lease liabilities $ 571,337 |
Products, Services and Other _2
Products, Services and Other Revenues (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule Of Revenues From Contracts With Customers By Type | The following table presents revenues from contracts with customers by segment and type, all of which are included in products revenues and services and other revenues in the consolidated statements of income and comprehensive income, along with a reconciliation to total products revenues and services and other revenues. Years Ended December 31, 2021 2020 2019 (dollars in thousands) Markel Ventures Other Total Markel Ventures Other Total Markel Ventures Other Total Products $ 1,668,448 $ — $ 1,668,448 $ 1,396,706 $ — $ 1,396,706 $ 1,558,265 $ — $ 1,558,265 Services 1,863,706 134,850 1,998,556 1,295,734 116,476 1,412,210 392,680 97,447 490,127 Investment management — 86,257 86,257 — 117,193 117,193 — 150,864 150,864 Total revenues from contracts with customers 3,532,154 221,107 3,753,261 2,692,440 233,669 2,926,109 1,950,945 248,311 2,199,256 Program services and other fronting — 123,823 123,823 — 102,989 102,989 — 116,376 116,376 Other 111,662 1,515 113,177 102,274 1,680 103,954 103,339 3,817 107,156 Total $ 3,643,816 $ 346,445 $ 3,990,261 $ 2,794,714 $ 338,338 $ 3,133,052 $ 2,054,284 $ 368,504 $ 2,422,788 |
Unpaid Losses And Loss Adjust_2
Unpaid Losses And Loss Adjustment Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims [Abstract] | |
Reconciliation Of Consolidated Reserves For Losses And Loss Adjustment Expenses | The following table presents a reconciliation of consolidated beginning and ending reserves for losses and loss adjustment expenses. Years Ended December 31, (dollars in thousands) 2021 2020 2019 Net reserves for losses and loss adjustment expenses, beginning of year $ 10,485,717 $ 9,475,261 $ 9,214,443 Effect of foreign currency rate changes on beginning of year balance (54,736) 68,368 18,857 Effect of adoption of ASC 326, Financial Instruments—Credit Losses — 3,849 — Adjusted net reserves for losses and loss adjustment expenses, beginning of year 10,430,981 9,547,478 9,233,300 Incurred losses and loss adjustment expenses: Current accident year 4,061,000 4,073,325 3,426,441 Prior accident years (478,930) (606,414) (535,307) Total incurred losses and loss adjustment expenses 3,582,070 3,466,911 2,891,134 Payments: Current accident year 637,169 749,887 671,208 Prior accident years 2,066,290 1,779,980 1,979,032 Total payments 2,703,459 2,529,867 2,650,240 Effect of foreign currency rate changes on current year activity (4,253) 1,195 1,067 Net reserves for losses and loss adjustment expenses of insurance companies sold (2,762) — — Net reserves for losses and loss adjustment expenses, end of year 11,302,577 10,485,717 9,475,261 Reinsurance recoverables on unpaid losses 6,876,317 5,736,659 5,253,415 Gross reserves for losses and loss adjustment expenses, end of year $ 18,178,894 $ 16,222,376 $ 14,728,676 |
Prior Year Losses and Loss Adjustment Expenses Development by Segment and by Product Line | The following tables summarize, by segment, the product lines with the most significant changes in prior accident years loss reserves for the years ended December 31, 2021, 2020 and 2019, along with the corresponding accident years and the trends and factors that impacted management's best estimate of ultimate losses and loss adjustment expenses on underlying products in each of these product lines. The Company does not estimate losses at this level of aggregation as it offers a diverse portfolio of products and manages these products in logical groupings within each underwriting segment. As a result of the trends and factors described in the following tables, the Company's actuaries adjusted their estimates of the ultimate liability for unpaid losses and loss adjustment expenses. Additionally, for those product lines with favorable development on prior accident years loss reserves, management has now given more credibility to the favorable trends observed by the Company's actuaries and after also incorporating these favorable trends into its best estimate, reduced prior years loss reserves accordingly. Year Ended December 31, 2021 (dollars in millions) Loss Development Accident Years with Most Significant Development Trends and Factors Impacting Loss Estimates Insurance segment: General liability $ (139.7) Several Lower than expected frequency of claims and more favorable experience than originally anticipated across several sub-product lines Property (96.5) 2018 to 2020 Lower than expected frequency of large claims as well as favorable development on COVID-19 and catastrophe events Workers' compensation (79.0) Several Lower loss severity than originally anticipated Marine and energy (60.0) 2018 to 2020 Lower loss frequency and severity than originally anticipated Professional liability (54.7) Several Lower loss frequency and severity than originally anticipated Other products (76.4) Total Insurance (506.3) Reinsurance segment: Property 35.0 2020 Adverse development on COVID-19 and catastrophe events Professional liability 29.2 Several Recognition of additional exposures on prior accident years related to net favorable premium adjustments General liability (19.2) 2011, 2012, 2017 and 2020 Favorable development on COVID-19 and catastrophe events as well as lower than expected paid losses on reported claims Credit and surety (16.6) 2020 Recognition of reduced exposures on mortgage insurance risks Other products (8.5) Total Reinsurance 19.9 Net other prior years' development 6.6 Total decrease $ (479.8) Year Ended December 31, 2020 (dollars in millions) Loss Development Accident Years with Most Significant Development Trends and Factors Impacting Loss Estimates Insurance segment: General liability $ (131.8) Several More favorable claims experience than originally anticipated across several sub-product lines Professional liability (128.9) Several More favorable claims experience than originally anticipated across several sub-product lines Workers' compensation (92.3) 2017 to 2019 Lower loss severity than originally anticipated Marine and energy (46.0) 2016 to 2019 Lower than expected frequency of claims Other products (155.6) Total Insurance (554.6) Reinsurance segment: Property (68.4) 2017 to 2019 Lower than expected severity of claims Public entity 34.4 2016 to 2019 Higher than expected frequency and severity of claims Professional liability 21.0 2016 to 2019 Recognition of additional exposures on prior accident years related to net favorable premium adjustments and higher than expected loss severity and claims frequency Other products (38.8) Total Reinsurance (51.8) Total decrease $ (606.4) Year Ended December 31, 2019 (dollars in millions) Loss Development Accident Years with Most Significant Development Trends and Factors Impacting Loss Estimates Insurance segment: General liability $ (161.4) 2015 to 2018 Lower loss severity than originally anticipated Workers' compensation (108.4) 2016 to 2018 Lower loss severity than originally anticipated and a net decrease in open claims Professional liability (61.8) 2017 and 2018 Lower than expected case incurred losses and a decrease in the frequency of large losses Marine and energy (43.7) 2017 and 2018 Lower than expected loss severity and claims frequency Other products (86.8) Total Insurance (462.1) Reinsurance segment: Property (29.6) 2016 and 2017 Lower than expected incurred and paid losses on reported claims Whole account (26.2) 2010 and prior Lower than expected incurred and paid losses on reported claims Other products (9.0) Total Reinsurance (64.8) Net other prior years' development (8.4) Total decrease $ (535.3) |
Ultimate Incurred Losses And Cumulative Paid Losses And Allocated Loss Adjustment Expenses, Net Of Reinsurance | The Insurance segment table that follows 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, Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 December 31, 2021 2012 $ 1,374.7 $ 1,617.5 $ 1,495.8 $ 1,434.1 $ 1,401.2 $ 1,367.6 $ 1,354.4 $ 1,334.1 $ 1,323.2 $ 1,315.0 $ 42.1 130,000 2013 1,742.5 1,702.6 1,532.2 1,468.6 1,421.7 1,375.3 1,333.2 1,314.0 1,310.3 71.2 91,000 2014 1,869.5 1,704.6 1,636.7 1,578.3 1,529.8 1,508.8 1,475.8 1,478.3 83.9 85,000 2015 1,790.9 1,718.8 1,596.4 1,541.6 1,510.9 1,478.1 1,474.1 99.4 88,000 2016 1,879.0 1,876.0 1,774.1 1,719.5 1,693.0 1,685.6 112.7 100,000 2017 2,335.2 2,204.5 2,084.0 2,044.9 2,031.4 168.4 137,000 2018 2,460.4 2,357.1 2,127.5 2,089.2 251.8 189,000 2019 2,586.3 2,339.7 2,285.1 599.0 224,000 2020 3,114.6 3,005.8 1,404.4 172,000 2021 3,127.9 2,234.7 113,000 Total $ 19,802.7 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 2020 2021 2012 $ 234.2 $ 569.7 $ 783.1 $ 941.6 $ 1,057.6 $ 1,122.6 $ 1,156.3 $ 1,183.3 $ 1,220.6 $ 1,225.7 2013 272.1 572.9 781.3 952.4 1,041.1 1,103.9 1,127.8 1,162.4 1,176.1 2014 333.0 660.8 898.2 1,066.9 1,173.0 1,257.8 1,306.5 1,326.5 2015 323.2 666.9 879.0 1,043.5 1,154.7 1,246.9 1,276.5 2016 372.7 754.5 985.1 1,171.7 1,302.8 1,366.4 2017 439.3 994.4 1,290.3 1,529.9 1,638.9 2018 495.7 1,029.0 1,364.7 1,516.2 2019 529.5 1,102.2 1,281.2 2020 822.0 1,165.1 2021 478.2 Total $ 12,450.8 All outstanding liabilities for unpaid losses and loss adjustment expenses before 2012, net of reinsurance 236.1 Total liabilities for unpaid losses and loss adjustment expenses, net of reinsurance $ 7,588.0 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 2020 2021 December 31, 2021 2012 $ 73.1 $ 553.1 $ 510.3 $ 487.0 $ 458.1 $ 456.9 $ 448.7 $ 445.8 $ 441.1 $ 453.2 $ 40.8 2013 $ 590.1 $ 582.1 $ 547.4 $ 533.5 $ 544.1 $ 506.9 $ 488.8 $ 491.1 $ 485.9 $ 40.8 2014 575.9 560.5 532.5 579.5 557.7 533.4 517.4 518.6 71.3 2015 528.2 514.4 532.8 524.0 512.9 507.8 495.6 98.6 2016 514.0 524.4 523.6 521.9 531.5 555.8 85.5 2017 901.6 933.9 939.6 940.9 913.1 138.0 2018 753.7 784.9 778.2 783.0 203.0 2019 673.0 687.1 700.3 285.5 2020 684.8 740.2 455.3 2021 741.1 560.6 Total $ 6,386.8 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 2020 2021 2012 $ 4.1 $ 64.5 $ 129.0 $ 184.2 $ 231.9 $ 264.4 $ 289.6 $ 309.6 $ 327.2 $ 340.5 2013 $ 71.2 $ 155.9 $ 209.0 $ 267.7 $ 300.6 $ 330.7 $ 349.8 $ 365.6 $ 377.5 2014 98.1 157.2 222.9 269.8 306.9 341.1 359.5 376.3 2015 63.8 132.2 204.4 255.4 303.0 328.2 348.5 2016 79.7 169.9 240.7 297.3 349.6 383.7 2017 157.5 358.8 480.5 562.8 626.7 2018 87.3 252.6 355.5 426.1 2019 53.9 178.5 276.1 2020 94.7 206.4 2021 79.8 Total $ 3,441.6 All outstanding liabilities for unpaid losses and loss adjustment expenses before 2012, net of reinsurance 372.2 Total liabilities for unpaid losses and loss adjustment expenses, net of reinsurance $ 3,317.4 |
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, 2021 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 9 10 Insurance 21.6 % 22.9 % 14.3 % 11.8 % 7.2 % 5.0 % 2.4 % 2.0 % 1.9 % 0.4 % Reinsurance 12.1 % 16.5 % 13.2 % 10.3 % 8.4 % 6.2 % 4.3 % 3.6 % 3.2 % 2.9 % |
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, 2021 Net outstanding liabilities Insurance segment $ 7,588,025 Reinsurance segment 3,317,369 Other underwriting 120,740 Program services and other fronting 11,577 Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance 11,037,711 Reinsurance recoverable on unpaid losses Insurance segment 2,180,653 Reinsurance segment 352,193 Other underwriting 134,155 Program services and other fronting 4,209,316 Total reinsurance recoverable on unpaid losses 6,876,317 Unallocated loss adjustment expenses 322,210 Unamortized discount, net of acquisition fair value adjustments, included in unpaid losses and loss adjustment expenses (57,344) 264,866 Total gross liability for unpaid losses and loss adjustment expenses $ 18,178,894 |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 (dollars in thousands) Direct Assumed Ceded Net Premiums Underwriting: Written $ 6,863,229 $ 1,622,700 $ (1,360,763) $ 7,125,166 Earned $ 6,275,078 $ 1,482,755 $ (1,250,392) $ 6,507,441 Program services and other fronting: Written 2,644,955 307,798 (2,958,188) (5,435) Earned 2,453,990 261,591 (2,719,993) (4,412) Consolidated: Written $ 9,508,184 $ 1,930,498 $ (4,318,951) $ 7,119,731 Earned $ 8,729,068 $ 1,744,346 $ (3,970,385) $ 6,503,029 Year Ended December 31, 2020 (dollars in thousands) Direct Assumed Ceded Net Premiums Underwriting: Written $ 5,715,038 $ 1,444,967 $ (1,222,390) $ 5,937,615 Earned $ 5,357,888 $ 1,394,239 $ (1,134,501) $ 5,617,626 Program services and other fronting: Written 2,038,743 67,917 (2,112,037) (5,377) Earned 2,084,888 74,847 (2,165,156) (5,421) Consolidated: Written $ 7,753,781 $ 1,512,884 $ (3,334,427) $ 5,932,238 Earned $ 7,442,776 $ 1,469,086 $ (3,299,657) $ 5,612,205 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 fronting: 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 |
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) 2021 2020 2019 Gross $ 4,477,752 $ 4,189,948 $ 3,447,186 Ceded (893,230) (722,619) (556,618) Net losses and loss adjustment expenses $ 3,584,522 $ 3,467,329 $ 2,890,568 |
Life And Annuity Benefits (Tabl
Life And Annuity Benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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) 2021 2020 Life $ 113,797 $ 125,856 Annuities 753,971 900,298 Accident and health 35,212 43,832 Total $ 902,980 $ 1,069,986 |
Senior Long-Term Debt And Oth_2
Senior Long-Term Debt And Other Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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) 2021 2020 4.90% unsecured senior notes, due July 1, 2022, interest payable semi-annually, net of unamortized discount of $159 in 2021 and $432 in 2020 $ 349,815 $ 349,498 3.625% unsecured senior notes, due March 30, 2023, interest payable semi-annually, net of unamortized discount of $251 in 2021 and $452 in 2020 249,702 249,464 3.50% unsecured senior notes, due November 1, 2027, interest payable semi-annually, net of unamortized discount of $1,445 in 2021 and $1,729 in 2020 298,136 297,769 3.35% unsecured senior notes, due September 17, 2029, interest payable semi-annually, net of unamortized discount of $1,916 in 2021 and $2,163 in 2020 297,700 297,404 7.35% unsecured senior notes, due August 15, 2034, interest payable semi-annually, net of unamortized discount of $868 in 2021 and $937 in 2020 128,932 128,859 5.0% unsecured senior notes, due March 30, 2043, interest payable semi-annually, net of unamortized discount of $4,759 in 2021 and $4,983 in 2020 244,978 244,742 5.0% unsecured senior notes, due April 5, 2046, interest payable semi-annually, net of unamortized discount of $5,933 in 2021 and $6,177 in 2020 493,310 493,035 4.30% unsecured senior notes, due November 1, 2047, interest payable semi-annually, net of unamortized discount of $3,821 in 2021 and $3,973 in 2020 295,512 295,333 5.0% unsecured senior notes, due May 20, 2049, interest payable semi-annually, net of unamortized discount of $7,161 in 2021 and $7,422 in 2020 591,621 591,316 4.15% unsecured senior notes, due September 17, 2050, interest payable semi-annually, net of unamortized discount of $5,095 in 2021 and $5,272 in 2020 494,138 493,935 3.45% unsecured senior notes, due May 7, 2052, interest payable semi-annually, net of unamortized discount of $8,461 in 2021 590,378 — Other debt, at various interest rates ranging from 1.3% to 8.0% 327,044 42,668 Senior long-term debt and other debt $ 4,361,266 $ 3,484,023 |
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, 2021. Years Ending December 31, (dollars in 2022 $ 499,043 2023 300,441 2024 27,881 2025 24,853 2026 25,267 2027 and thereafter 3,530,486 Total principal payments $ 4,407,971 Net unamortized discount (39,869) Net unamortized debt issuance costs (6,836) Senior long-term debt and other debt $ 4,361,266 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Components Of Income Before Income Taxes | Income before incomes taxes includes the following components, based on country of domicile. Years Ended December 31, (dollars in thousands) 2021 2020 2019 U.S. operations $ 2,263,748 $ 1,003,714 $ 1,664,762 Foreign operations 868,445 (3,265) 621,046 Income before incomes taxes $ 3,132,193 $ 1,000,449 $ 2,285,808 |
Components Of Income Tax Expense (Benefit) | Income tax expense includes the following components, based on the taxing authority to which taxes are paid. The Company's most significant U.K. and Bermuda subsidiaries have elected to be taxed as domestic corporations for U.S. tax purposes. U.S. income tax also includes state income tax expense, which is not material to the consolidated financial statements. Years Ended December 31, (dollars in thousands) 2021 2020 2019 Current: U.S. income tax $ 200,742 $ 182,046 $ 122,120 Foreign income tax 29,811 (10,631) 40,841 Total current tax expense 230,553 171,415 162,961 Deferred: U.S. income tax 438,240 (557) 328,016 Foreign income tax 15,665 (2,176) (4,631) Total deferred tax expense (benefit) 453,905 (2,733) 323,385 Income tax expense $ 684,458 $ 168,682 $ 486,346 |
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 of 21% to the Company's income tax expense. Years Ended December 31, (dollars in thousands) 2021 2020 2019 Income taxes at U.S. corporate tax rate $ 657,760 $ 210,093 $ 480,020 Increase (decrease) resulting from: Tax-exempt investment income (16,109) (16,415) (18,430) Foreign operations 14,443 6,500 14,718 Nondeductible (deductible) losses on certain foreign investments 1,240 (38,666) — Other 27,124 7,170 10,038 Income tax expense $ 684,458 $ 168,682 $ 486,346 Effective tax rate 22 % 17 % 21 % |
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) 2021 2020 Assets: Unpaid losses and loss adjustment expenses $ 187,609 $ 192,755 Unearned premiums 139,350 116,714 Lease liabilities 135,795 135,104 Life and annuity benefits 78,777 108,825 Accrued incentive compensation 50,806 30,374 Net operating loss carryforwards 47,510 27,341 Tax credit carryforwards 21,734 15,885 Other differences between financial reporting and tax bases 66,951 63,840 Total gross deferred tax assets 728,532 690,838 Less valuation allowance (23,352) (24,396) Total gross deferred tax assets, net of allowance 705,180 666,442 Liabilities: Investments 1,401,871 1,102,476 Goodwill and other intangible assets 185,195 173,059 Deferred policy acquisition costs 141,523 118,581 Right-of-use lease assets 127,313 127,391 Property, plant and equipment 126,846 38,920 Other differences between financial reporting and tax bases 129,866 92,150 Total gross deferred tax liabilities 2,112,614 1,652,577 Net deferred tax liability $ 1,407,434 $ 986,135 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Common Stock Outstanding Roll Forward | The Company has 50,000,000 shares of no par value common stock authorized. The following table presents a rollforward of changes in common shares issued and outstanding. Years Ended December 31, (in thousands) 2021 2020 Issued and outstanding common shares, beginning of year 13,783 13,794 Issuance of common shares 18 13 Repurchase of common shares (169) (24) Issued and outstanding common shares, end of year 13,632 13,783 |
Schedule Of Net Income Per Common Share | The following table presents net income per common share and diluted net income per common share. Years Ended December 31, (in thousands, except per share amounts) 2021 2020 2019 Net income to common shareholders $ 2,389,003 $ 797,630 $ 1,790,466 Adjustment of redeemable noncontrolling interests 46,874 (28,705) 1,105 Adjusted net income to common shareholders $ 2,435,877 $ 768,925 $ 1,791,571 Basic common shares outstanding 13,768 13,811 13,861 Dilutive potential common shares from restricted stock units and restricted stock (1) 32 12 20 Diluted common shares outstanding 13,800 13,823 13,881 Basic net income per common share $ 176.92 $ 55.67 $ 129.25 Diluted net income per common share (1) $ 176.51 $ 55.63 $ 129.07 (1) The Company has issued grants and awards of restricted stock units to employees as performance, retention or hiring incentives, as well as awards of restricted stock to non-employee directors, under its equity incentive compensation plan. At December 31, 2021, there were 151,417 shares available for future awards under the Company's equity incentive compensation plan. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Comprehensive Income (Loss), Tax [Abstract] | |
Change In Accumulated Other Comprehensive Income By Component, Net Of Noncontrolling Interests | The following table presents the change in accumulated other comprehensive income (loss) by component, net of noncontrolling interests. (dollars in thousands) Unrealized Foreign Net Actuarial Total December 31, 2018 $ 48,060 $ (86,652) $ (56,058) $ (94,650) Total other comprehensive income before income taxes 381,890 403 6,390 388,683 Income tax expense (83,913) — (1,348) (85,261) Total other comprehensive income 297,977 403 5,042 303,422 December 31, 2019 $ 346,037 $ (86,249) $ (51,016) $ 208,772 Total other comprehensive income (loss) before income taxes 442,089 29,829 (8,849) 463,069 Income tax (expense) benefit (89,316) — 1,851 (87,465) Total other comprehensive income (loss) 352,773 29,829 (6,998) 375,604 December 31, 2020 $ 698,810 $ (56,420) $ (58,014) $ 584,376 Total other comprehensive income (loss) before income taxes (450,096) (2,091) 10,663 (441,524) Income tax (expense) benefit 95,158 1,880 (2,273) 94,765 Total other comprehensive income (loss) (354,938) (211) 8,390 (346,759) December 31, 2021 $ 343,872 $ (56,631) $ (49,624) $ 237,617 |
Statutory Financial Informati_2
Statutory Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Statutory Financial Information [Abstract] | |
Statutory Capital And Surplus | The following table summarizes statutory capital and surplus for the Company's insurance subsidiaries. December 31, (dollars in thousands) 2021 2020 United States $ 4,493,310 $ 3,967,112 United Kingdom $ 736,575 $ 635,382 Bermuda $ 2,106,606 $ 1,905,070 Other $ 95,693 $ 103,828 |
Statutory Net Income (Loss) | The following table summarizes statutory net income (loss) for the Company's insurance subsidiaries. Years Ended December 31, (dollars in thousands) 2021 2020 2019 United States $ 705,908 $ 616,135 $ 419,396 United Kingdom $ 56,546 $ (25,776) $ 108,759 Bermuda $ 556,275 $ 228,740 $ 447,479 Other $ 1,780 $ (4,628) $ (4,499) |
Markel Corporation (Parent Co_2
Markel Corporation (Parent Company Only) Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule Of Condensed Balance Sheets | CONDENSED BALANCE SHEETS December 31, 2021 2020 (dollars in thousands) ASSETS Investments, at estimated fair value: Fixed maturity securities, available-for-sale (amortized cost of $210,111 in 2021 and $248,206 in 2020) $ 228,705 $ 274,297 Equity securities (cost of $1,771,597 in 2021 and $1,307,230 in 2020) 2,784,189 1,817,068 Short-term investments, available-for-sale (estimated fair value approximates cost) 1,474,997 1,249,970 Total Investments 4,487,891 3,341,335 Cash and cash equivalents 763,985 657,539 Restricted cash and cash equivalents 15,485 65,971 Receivables 18,770 14,737 Investments in consolidated subsidiaries 13,276,669 12,259,007 Notes receivable from subsidiaries 135,756 85,756 Income taxes receivable 48,344 37,505 Other assets 408,161 364,403 Total Assets $ 19,155,061 $ 16,826,253 LIABILITIES AND SHAREHOLDERS' EQUITY Senior long-term debt $ 4,034,223 $ 3,441,355 Notes payable to subsidiaries 32,753 317,753 Net deferred tax liability 295,289 170,270 Other liabilities 97,748 97,086 Total Liabilities 4,460,013 4,026,464 Shareholders' equity: Preferred stock 591,891 591,891 Common stock 3,441,079 3,428,340 Retained earnings 10,424,461 8,195,182 Accumulated other comprehensive income 237,617 584,376 Total Shareholders' Equity 14,695,048 12,799,789 Total Liabilities and Shareholders' Equity $ 19,155,061 $ 16,826,253 |
Schedule Of Condensed Statements Of Income And Comprehensive Income | CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Years Ended December 31, 2021 2020 2019 (dollars in thousands) REVENUES Net investment income $ 20,177 $ 18,026 $ 48,845 Dividends on common stock of consolidated subsidiaries 1,081,988 466,244 863,335 Net investment gains: Net realized investment gains 23,652 27,774 3,848 Change in fair value of equity securities 514,727 82,389 293,296 Net investment gains 538,379 110,163 297,144 Total Revenues 1,640,544 594,433 1,209,324 EXPENSES Services and other expenses 22,379 1,025 6,436 Interest expense 185,568 187,562 219,082 Net foreign exchange losses (gains) (6,236) 6,823 3,973 Loss on early extinguishment of debt — — 13,656 Total Expenses 201,711 195,410 243,147 Income Before Equity in Undistributed Earnings of Consolidated Subsidiaries and Income Taxes 1,438,833 399,023 966,177 Equity in undistributed earnings of consolidated subsidiaries 1,081,976 400,289 851,337 Income tax (expense) benefit (95,806) 16,718 (27,048) Net Income to Shareholders 2,425,003 816,030 1,790,466 Preferred stock dividends (36,000) (18,400) — Net Income to Common Shareholders $ 2,389,003 $ 797,630 $ 1,790,466 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 $ (5,885) $ 21,482 $ 14,016 Consolidated subsidiaries' net holding gains (losses) arising during the period (342,430) 334,677 285,109 Reclassification adjustments for net gains included in net income to shareholders (34) (14,937) (4,591) Consolidated subsidiaries' reclassification adjustments for net gains (losses) included in net income to shareholders (6,589) 11,551 3,443 Change in net unrealized gains on available-for-sale investments, net of taxes (354,938) 352,773 297,977 Consolidated subsidiaries' change in foreign currency translation adjustments, net of taxes (211) 29,829 403 Consolidated subsidiaries' change in net actuarial pension loss, net of taxes 8,390 (6,998) 5,042 Total Other Comprehensive Income (Loss) to Shareholders (346,759) 375,604 303,422 Comprehensive Income to Shareholders $ 2,078,244 $ 1,191,634 $ 2,093,888 |
Schedule Of Condensed Statements Of Cash Flows | CONDENSED STATEMENTS OF CASH FLOWS Years Ended December 31, 2021 2020 2019 (dollars in thousands) OPERATING ACTIVITIES Net income to shareholders $ 2,425,003 $ 816,030 $ 1,790,466 Adjustments to reconcile net income to shareholders to net cash provided by operating activities (2,213,261) (708,162) (1,530,940) Net Cash Provided By Operating Activities 211,742 107,868 259,526 INVESTING ACTIVITIES Proceeds from sales of fixed maturity securities and equity securities 105,700 557,088 326,564 Proceeds from maturities, calls and prepayments of fixed maturity securities 37,607 39,051 41,673 Cost of fixed maturity securities and equity securities purchased (73,644) (90,459) (82,332) Net change in short-term investments (224,646) (522,666) (236,251) Return of capital from subsidiaries 17,193 15,164 14,865 Decrease (increase) in notes receivable due from subsidiaries (50,000) (25,000) 100,000 Capital contributions to subsidiaries (271,729) (605,426) (413,148) Cost of equity method investments (38,550) (4,917) (213,100) Other (5,368) 17,984 6,719 Net Cash Used By Investing Activities (503,437) (619,181) (455,010) FINANCING ACTIVITIES Additions to senior long-term debt 591,354 — 1,384,182 Decrease in notes payable to subsidiaries — (50,000) (99,839) Repayment of senior long-term debt — — (484,811) Premiums and fees related to early extinguishment of debt — — (13,248) Repurchases of common stock (206,518) (26,832) (116,307) Issuance of preferred stock, net — 591,891 — Dividends paid on preferred stock (36,000) (18,400) — Other (1,181) 15 (2,564) Net Cash Provided By Financing Activities 347,655 496,674 667,413 Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents 55,960 (14,639) 471,929 Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year 723,510 738,149 266,220 CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS AT END OF YEAR $ 779,470 $ 723,510 $ 738,149 |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Deferred policy acquisition cost amortization period | 1 year | |
Property, plant and equipment, net | $ 1,100 | $ 632 |
Inventory, net | $ 529.3 | $ 412.6 |
Tax benefit greater than 50% | 50.00% | |
Insurance premiums revenue recognition period | 1 year |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 | |
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 |
Segment Reporting Disclosures_2
Segment Reporting Disclosures (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Underwriting Operations [Member] | United States [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of gross premiums written | 80.00% | 79.00% | 81.00% |
Markel Ventures [Member] | United States [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of Revenue Attributable to U.S. | 95.00% | 95.00% | 90.00% |
Top Three Independent Brokers | Underwriting Operations [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of gross premiums written | 28.00% | 31.00% | 28.00% |
Top Three Independent Brokers | Insurance [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of gross premiums written | 19.00% | 20.00% | 17.00% |
Top Three Independent Brokers | Reinsurance [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of gross premiums written | 84.00% | 84.00% | 82.00% |
Segment Reporting Disclosures_3
Segment Reporting Disclosures (Company's Segment Disclosures) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Segment Reporting Information [Line Items] | ||||||
Gross written premiums | $ 11,438,682 | $ 9,266,665 | $ 8,779,971 | |||
Net written premiums | 7,119,731 | 5,932,238 | 5,412,071 | |||
Earned premiums | 6,503,029 | 5,612,205 | 5,049,793 | |||
Losses and loss adjustment expenses, current accident year | (4,061,000) | (4,073,325) | (3,426,441) | |||
Losses and loss adjustment expenses, prior accident years | 479,795 | 606,364 | 535,251 | |||
Amortization of policy acquisition costs | (1,419,266) | (1,229,161) | (1,100,496) | |||
Other operating expenses | (874,473) | (788,466) | (777,597) | |||
Underwriting profit (loss) | 628,085 | 127,617 | 280,510 | |||
Net investment income | 374,601 | 371,830 | 451,888 | |||
Net investment gains | 1,978,534 | 617,979 | 1,601,722 | |||
Products revenues | 1,712,120 | 1,439,515 | 1,609,586 | |||
Services and other revenues | 2,278,141 | 1,693,537 | 813,202 | |||
Products expenses | (1,544,506) | (1,256,159) | (1,455,245) | |||
Services and other expenses | (2,022,935) | (1,561,120) | (675,679) | |||
Amortization of intangible assets | (160,539) | [1] | (159,315) | [2] | (148,638) | [3] |
Segment profit (loss) | 3,243,501 | 1,273,884 | 2,477,346 | |||
Interest expense | (183,579) | (177,582) | (171,687) | |||
Net foreign exchange gains (losses) | 72,271 | (95,853) | (2,265) | |||
Loss on early extinguishment of debt | 0 | 0 | (17,586) | |||
Income Before Income Taxes | $ 3,132,193 | $ 1,000,449 | $ 2,285,808 | |||
U.S. GAAP combined ratio | 90.00% | [4] | 98.00% | [5] | 94.00% | [6] |
Insurance [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Gross written premiums | $ 7,239,676 | $ 6,029,024 | $ 5,320,253 | |||
Net written premiums | 5,998,890 | 4,977,662 | 4,444,702 | |||
Earned premiums | 5,465,284 | 4,688,448 | 4,144,073 | |||
Losses and loss adjustment expenses, current accident year | (3,311,185) | (3,373,085) | (2,730,971) | |||
Losses and loss adjustment expenses, prior accident years | 506,292 | 554,586 | 462,124 | |||
Amortization of policy acquisition costs | (1,153,049) | (988,668) | (860,917) | |||
Other operating expenses | (810,929) | (712,280) | (704,531) | |||
Underwriting profit (loss) | 696,413 | 169,001 | 309,778 | |||
Net investment income | 0 | 0 | 0 | |||
Net investment gains | 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] |
Segment profit (loss) | $ 696,413 | $ 169,001 | $ 309,778 | |||
U.S. GAAP combined ratio | 87.00% | [4] | 96.00% | [5] | 93.00% | [6] |
Reinsurance [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Gross written premiums | $ 1,246,143 | $ 1,130,923 | $ 1,114,153 | |||
Net written premiums | 1,126,167 | 960,123 | 964,947 | |||
Earned premiums | 1,042,048 | 929,348 | 903,587 | |||
Losses and loss adjustment expenses, current accident year | (749,815) | (700,240) | (695,470) | |||
Losses and loss adjustment expenses, prior accident years | (19,928) | 51,755 | 64,768 | |||
Amortization of policy acquisition costs | (266,217) | (240,493) | (239,579) | |||
Other operating expenses | (61,326) | (74,379) | (73,305) | |||
Underwriting profit (loss) | (55,238) | (34,009) | (39,999) | |||
Net investment income | 0 | 0 | 0 | |||
Net investment gains | 0 | 0 | 0 | |||
Products revenues | 0 | 0 | ||||
Services and other revenues | 0 | 0 | 0 | |||
Products expenses | 0 | 0 | 0 | |||
Services and other expenses | 109 | (41,461) | 0 | |||
Amortization of intangible assets | 0 | [1] | 0 | [2] | 0 | [3] |
Segment profit (loss) | $ (55,129) | $ (75,470) | $ (39,999) | |||
U.S. GAAP combined ratio | 105.00% | [4] | 104.00% | [5] | 104.00% | [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 | 374,590 | 371,585 | 451,152 | |||
Net investment gains | 1,978,534 | 617,979 | 1,601,722 | |||
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] |
Segment profit (loss) | 2,353,124 | 989,564 | 2,052,874 | |||
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 | 11 | [7] | 245 | [8] | 736 | [9] |
Net investment gains | 0 | [7] | 0 | [8] | 0 | [9] |
Products revenues | 1,712,120 | [7] | 1,439,515 | [8] | 1,609,586 | [9] |
Services and other revenues | 1,931,696 | [7] | 1,355,199 | [8] | 444,698 | [9] |
Products expenses | (1,544,506) | [7] | (1,256,159) | [8] | (1,455,245) | [9] |
Services and other expenses | (1,769,201) | [7] | (1,232,150) | [8] | (389,385) | [9] |
Amortization of intangible assets | (57,568) | [1],[7] | (52,572) | [2],[8] | (41,973) | [3],[9] |
Segment profit (loss) | 272,552 | [7] | 254,078 | [8] | 168,417 | [9] |
Depreciation | 72,600 | [7] | 60,300 | [8] | 53,600 | [9] |
Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Gross written premiums | 2,952,863 | [10] | 2,106,718 | [11] | 2,345,565 | [12] |
Net written premiums | (5,326) | [10] | (5,547) | [11] | 2,422 | [12] |
Earned premiums | (4,303) | [10] | (5,591) | [11] | 2,133 | [12] |
Losses and loss adjustment expenses, current accident year | 0 | [10] | 0 | [11] | 0 | [12] |
Losses and loss adjustment expenses, prior accident years | (6,569) | [10] | 23 | [11] | 8,359 | [12] |
Amortization of policy acquisition costs | 0 | [10] | 0 | [11] | 0 | [12] |
Other operating expenses | (2,218) | [10] | (1,807) | [11] | 239 | [12] |
Underwriting profit (loss) | (13,090) | [10] | (7,375) | [11] | 10,731 | [12] |
Net investment income | 0 | [10] | 0 | [11] | 0 | [12] |
Net investment gains | 0 | [10] | 0 | [11] | 0 | [12] |
Products revenues | 0 | [10],[11] | 0 | [12] | ||
Services and other revenues | 346,445 | [10] | 338,338 | [11] | 368,504 | [12] |
Products expenses | 0 | [10] | 0 | [11] | 0 | [12] |
Services and other expenses | (253,843) | [10] | (287,509) | [11] | (286,294) | [12] |
Amortization of intangible assets | (102,971) | [1],[10] | (106,743) | [2],[11] | (106,665) | [3],[12] |
Segment profit (loss) | (23,459) | [10] | (63,289) | [11] | (13,724) | [12] |
Underwriting [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Amortization of intangible assets | $ 41,182 | [10],[13] | $ 41,906 | [11],[13] | $ 39,700 | [12] |
[1] | Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's Insurance and Reinsurance segments. | |||||
[2] | Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's Insurance and Reinsurance segments. | |||||
[3] | Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's Insurance and Reinsurance segments. | |||||
[4] | The U.S. GAAP combined ratio is a measure of underwriting performance and represents the relationship of incurred losses, loss adjustment expenses and underwriting, acquisition and insurance expenses to earned premiums. | |||||
[5] | 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 $72.6 million for the year ended December 31, 2021. | |||||
[8] | Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $60.3 million for the year ended December 31, 2020 | |||||
[9] | 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. | |||||
[10] | Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment as well as any amortization of intangible assets that is not allocated to a reportable segment. Amortization of intangible assets attributable to the Company's underwriting segments was $41.2 million for the year ended December 31, 2021, however, the Company does not allocate amortization of intangible assets between the Insurance and Reinsurance segments. | |||||
[11] | Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment as well as any amortization of intangible assets that is not allocated to a reportable segment. Amortization of intangible assets attributable to the Company's underwriting segments was $41.9 million for the year ended December 31, 2020, however, the Company does not allocate amortization of intangible assets between the Insurance and Reinsurance segments. | |||||
[12] | Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment as well as any amortization of intangible assets that is not allocated to a reportable segment. Amortization of intangible assets attributable to the Company's underwriting segments was $39.7 million for the year ended December 31, 2019, however, the Company does not allocate amortization of intangible assets between the Insurance and Reinsurance segments. | |||||
[13] | Amounts included in Underwriting reflect the intangible assets associated with the Company's underwriting segments, which are not allocated between the Insurance and Reinsurance segments. |
Segment Reporting Disclosures_4
Segment Reporting Disclosures (Summary Of Segment Revenue By Product) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Product Information [Line Items] | ||||||
Earned premiums | $ 6,503,029 | $ 5,612,205 | $ 5,049,793 | |||
Products revenues | 1,712,120 | 1,439,515 | 1,609,586 | |||
Services and other revenues | 2,278,141 | 1,693,537 | 813,202 | |||
Total products revenues and services and other revenues | 12,846,425 | 9,735,066 | 9,526,191 | |||
Insurance [Member] | ||||||
Product Information [Line Items] | ||||||
Earned premiums | 5,465,284 | 4,688,448 | 4,144,073 | |||
Products revenues | 0 | 0 | ||||
Services and other revenues | 0 | 0 | 0 | |||
Insurance [Member] | General liability [Member] | ||||||
Product Information [Line Items] | ||||||
Earned premiums | 1,564,221 | 1,261,411 | 1,039,617 | |||
Insurance [Member] | Professional Liability [Member] | ||||||
Product Information [Line Items] | ||||||
Earned premiums | 1,412,592 | 1,068,365 | 814,587 | |||
Insurance [Member] | Property [Member] | ||||||
Product Information [Line Items] | ||||||
Earned premiums | 362,637 | 356,934 | 364,830 | |||
Insurance [Member] | Marine and energy [Member] | ||||||
Product Information [Line Items] | ||||||
Earned premiums | 495,897 | 458,050 | 391,464 | |||
Insurance [Member] | Personal Lines [Member] | ||||||
Product Information [Line Items] | ||||||
Earned premiums | 451,095 | 405,210 | 378,522 | |||
Insurance [Member] | Programs [Member] | ||||||
Product Information [Line Items] | ||||||
Earned premiums | 222,410 | 238,909 | 294,418 | |||
Insurance [Member] | Workers' Compensation [Member] | ||||||
Product Information [Line Items] | ||||||
Earned premiums | 354,337 | 338,186 | 349,770 | |||
Insurance [Member] | Credit and surety [Member] | ||||||
Product Information [Line Items] | ||||||
Earned premiums | 161,155 | 151,397 | 128,379 | |||
Insurance [Member] | Other products [Member] | ||||||
Product Information [Line Items] | ||||||
Earned premiums | 440,940 | 409,986 | 382,486 | |||
Reinsurance [Member] | ||||||
Product Information [Line Items] | ||||||
Earned premiums | 1,042,048 | 929,348 | 903,587 | |||
Products revenues | 0 | 0 | ||||
Services and other revenues | 0 | 0 | 0 | |||
Reinsurance [Member] | Property [Member] | ||||||
Product Information [Line Items] | ||||||
Earned premiums | 129,760 | 191,968 | 201,486 | |||
Reinsurance [Member] | Casualty [Member] | ||||||
Product Information [Line Items] | ||||||
Earned premiums | 635,345 | 441,599 | 408,368 | |||
Reinsurance [Member] | Specialty [Member] | ||||||
Product Information [Line Items] | ||||||
Earned premiums | 276,943 | 295,781 | 293,733 | |||
Other [Member] | ||||||
Product Information [Line Items] | ||||||
Earned premiums | (4,303) | [1] | (5,591) | [2] | 2,133 | [3] |
Products revenues | 0 | [1],[2] | 0 | [3] | ||
Services and other revenues | 346,445 | [1] | 338,338 | [2] | 368,504 | [3] |
Markel Ventures [Member] | ||||||
Product Information [Line Items] | ||||||
Earned premiums | 0 | [4] | 0 | [5] | 0 | [6] |
Products revenues | 1,712,120 | [4] | 1,439,515 | [5] | 1,609,586 | [6] |
Services and other revenues | 1,931,696 | [4] | 1,355,199 | [5] | 444,698 | [6] |
Total products revenues and services and other revenues | 3,643,816 | 2,794,714 | 2,054,284 | |||
Markel Ventures [Member] | Consumer and Building Products | ||||||
Product Information [Line Items] | ||||||
Products revenues | 911,422 | 814,697 | 771,378 | |||
Markel Ventures [Member] | Transportation-related | ||||||
Product Information [Line Items] | ||||||
Products revenues | 474,839 | 351,559 | 507,463 | |||
Markel Ventures [Member] | Equipment Manufacturing | ||||||
Product Information [Line Items] | ||||||
Products revenues | 325,859 | 273,259 | 330,745 | |||
Markel Ventures [Member] | Construction | ||||||
Product Information [Line Items] | ||||||
Services and other revenues | 1,554,592 | 915,696 | 0 | |||
Markel Ventures [Member] | Consulting | ||||||
Product Information [Line Items] | ||||||
Services and other revenues | 277,902 | 283,386 | 292,512 | |||
Markel Ventures [Member] | Other Services | ||||||
Product Information [Line Items] | ||||||
Services and other revenues | $ 99,202 | $ 156,117 | $ 152,186 | |||
[1] | Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment as well as any amortization of intangible assets that is not allocated to a reportable segment. Amortization of intangible assets attributable to the Company's underwriting segments was $41.2 million for the year ended December 31, 2021, however, the Company does not allocate amortization of intangible assets between the Insurance and Reinsurance segments. | |||||
[2] | Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment as well as any amortization of intangible assets that is not allocated to a reportable segment. Amortization of intangible assets attributable to the Company's underwriting segments was $41.9 million for the year ended December 31, 2020, however, the Company does not allocate amortization of intangible assets between the Insurance and Reinsurance segments. | |||||
[3] | Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment as well as any amortization of intangible assets that is not allocated to a reportable segment. Amortization of intangible assets attributable to the Company's underwriting segments was $39.7 million for the year ended December 31, 2019, however, the Company does not allocate amortization of intangible assets between the Insurance and Reinsurance segments. | |||||
[4] | Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $72.6 million for the year ended December 31, 2021. | |||||
[5] | Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $60.3 million for the year ended December 31, 2020 | |||||
[6] | Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $53.6 million for the year ended December 31, 2019. |
Segment Reporting Disclosures_5
Segment Reporting Disclosures (Reconciliation Of Segment Assets To The Company's Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Segment Reporting Information [Line Items] | ||
Assets | $ 48,448,866 | $ 41,710,054 |
Investing [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 28,277,801 | 24,781,946 |
Underwriting Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 8,083,086 | 7,228,297 |
Markel Ventures [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 4,958,279 | 3,636,060 |
Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 7,129,700 | 6,063,751 |
Segment Assets [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 41,319,166 | $ 35,646,303 |
Segment Reporting Disclosures_6
Segment Reporting Disclosures (Summary Of Deferred Policy Acquisition Costs, Unearned Premiums And Unpaid Losses And Loss Adjustment Expenses) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Segment Reporting Information [Line Items] | |||
Deferred policy acquisition costs | $ 765,915 | $ 630,794 | |
Unearned premiums | 5,383,619 | 4,433,245 | |
Unpaid losses and loss adjustment expenses | 18,178,894 | 16,222,376 | $ 14,728,676 |
Insurance [Member] | |||
Segment Reporting Information [Line Items] | |||
Deferred policy acquisition costs | 549,250 | 454,723 | |
Unearned premiums | 3,350,054 | 2,746,032 | |
Unpaid losses and loss adjustment expenses | 10,051,994 | 9,241,952 | |
Reinsurance [Member] | |||
Segment Reporting Information [Line Items] | |||
Deferred policy acquisition costs | 216,665 | 176,071 | |
Unearned premiums | 802,824 | 708,855 | |
Unpaid losses and loss adjustment expenses | 3,639,210 | 3,417,973 | |
Other underwriting [Member] | |||
Segment Reporting Information [Line Items] | |||
Deferred policy acquisition costs | 0 | 0 | |
Unearned premiums | 0 | 0 | |
Unpaid losses and loss adjustment expenses | 271,356 | 276,090 | |
Underwriting Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Deferred policy acquisition costs | 765,915 | 630,794 | |
Unearned premiums | 4,152,878 | 3,454,887 | |
Unpaid losses and loss adjustment expenses | 13,962,560 | 12,936,015 | |
Program services and other fronting [Member] | |||
Segment Reporting Information [Line Items] | |||
Deferred policy acquisition costs | 0 | 0 | |
Unearned premiums | 1,230,741 | 978,358 | |
Unpaid losses and loss adjustment expenses | $ 4,216,334 | $ 3,286,361 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Millions | Dec. 21, 2021 | Aug. 31, 2021 | Apr. 30, 2020 | Nov. 29, 2019 | Dec. 31, 2021 |
Business Acquisition [Line Items] | |||||
Definite-lived intangible assets, weighted-average amortization period | 8 years | ||||
Customer Relationships [Member] | |||||
Business Acquisition [Line Items] | |||||
Definite-lived intangible assets, weighted-average amortization period | 6 years | ||||
Trade Names [Member] | |||||
Business Acquisition [Line Items] | |||||
Definite-lived intangible assets, weighted-average amortization period | 15 years | ||||
Metromont LLC [Member] | |||||
Business Acquisition [Line Items] | |||||
Percentage acquired | 51.00% | ||||
Total purchase consideration | $ 282.3 | ||||
Cash consideration | 282.3 | ||||
Goodwill recognized | 219.3 | ||||
Goodwill, tax deductible | 219.3 | ||||
Total intangible assets | 143.9 | ||||
Noncontrolling interests | $ 269.9 | ||||
Buckner HeavyLift Cranes [Member] | |||||
Business Acquisition [Line Items] | |||||
Percentage acquired | 90.00% | ||||
Total purchase consideration | $ 237.9 | ||||
Cash consideration | 237.9 | ||||
Goodwill recognized | 74.5 | ||||
Goodwill, tax deductible | 0 | ||||
Total intangible assets | 60 | ||||
Fixed assets | 332.6 | ||||
Long-term debt | 165.1 | ||||
Noncontrolling interests | 26.4 | ||||
Buckner HeavyLift Cranes [Member] | Customer Relationships [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets | $ 50 | ||||
Definite-lived intangible assets, weighted-average amortization period | 6 years | ||||
Buckner HeavyLift Cranes [Member] | Trade Names [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets | $ 10 | ||||
Definite-lived intangible assets, weighted-average amortization period | 15 years | ||||
Lansing Building Products, LLC [Member] | |||||
Business Acquisition [Line Items] | |||||
Percentage acquired | 91.00% | ||||
Total purchase consideration | $ 559.2 | ||||
Cash consideration | 559.2 | ||||
Goodwill recognized | 287.1 | ||||
Total intangible assets | 210 | ||||
Noncontrolling interests | 43.6 | ||||
Lansing Building Products, LLC [Member] | Customer Relationships [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets | $ 188 | ||||
Definite-lived intangible assets, weighted-average amortization period | 16 years | ||||
Lansing Building Products, LLC [Member] | Trade Names [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets | $ 22 | ||||
Definite-lived intangible assets, weighted-average amortization period | 14 years | ||||
VSC Fire & Security, Inc [Member] | |||||
Business Acquisition [Line Items] | |||||
Percentage acquired | 100.00% | ||||
Total purchase consideration | $ 225 | ||||
Cash consideration | 204 | ||||
Goodwill recognized | 124.9 | ||||
Goodwill, tax deductible | 124.9 | ||||
Total intangible assets | 64.5 | ||||
VSC Fire & Security, Inc [Member] | Customer Relationships [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets | $ 48 | ||||
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 | ||||
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 | $ 2.5 | ||||
Definite-lived intangible assets, weighted-average amortization period | 8 years |
Investments (Narrative) (Detail
Investments (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)securities | Dec. 31, 2020USD ($)securities | |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale fixed maturity securities in unrealized loss position, number of positions | securities | 277 | 36 |
Available-for-sale fixed maturity securities in unrealized loss position, number of positions, 12 months or longer | securities | 13 | 6 |
Available-for-sale fixed maturity securities, estimated fair value | $ 4,285,088 | $ 502,004 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 63,193 | 963 |
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer | 169,794 | 5,486 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 6,048 | $ 20 |
Estimated average duration of fixed maturities | 4 years 8 months 12 days | |
Percentage threshold of shareholders' equity used to define concentration of investments | 10.00% | 10.00% |
Investments, Available-for-sale, Allowance for Credit Loss | $ 0 | |
Equity method investments | 459,700 | $ 378,000 |
Hagerty Group, LLC [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity method investments | 256,600 | $ 205,600 |
Additional investment in equity method investment | $ 30,000 | |
Equity method investment, ownership percentage | 25.00% | 23.00% |
Equity method investment, realized gain on deemed partial disposal | $ 24,600 | |
Equity method investment, quoted market value | 1,100,000 | |
Fixed maturities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale fixed maturity securities, estimated fair value | 4,056,218 | $ 152,026 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 57,853 | 957 |
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer | 169,794 | 5,486 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 6,048 | $ 20 |
Investments (Available-For-Sale
Investments (Available-For-Sale Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, amortized cost | $ 12,061,467 | $ 9,655,261 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 583,691 | 1,027,430 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (57,853) | (957) |
Available-for-sale fixed maturity investments, estimated fair value | 12,587,305 | 10,681,734 |
Short-term investments, available-for-sale, amortized cost basis | 1,805,300 | 2,030,460 |
Short-term investments, available-for-sale, accumulated gross unrealized gain before tax | 28 | 3,645 |
Short-term investments, available-for-sale, accumulated gross unrealized loss before tax | (5,340) | (6) |
Short-term investments, available-for-sale | 1,799,988 | 2,034,099 |
Investments, available-for-sale, amortized cost basis | 13,866,767 | 11,685,721 |
Investments, available-for-sale, accumulated gross unrealized gain before tax | 583,719 | 1,031,075 |
Investments, available-for-sale, accumulated gross unrealized loss before tax | (63,193) | (963) |
Investments, available-for-sale | 14,387,293 | 12,715,833 |
Investments, Available-for-sale, Allowance for Credit Loss | 0 | |
U.S. Treasury securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, amortized cost | 2,489,032 | 580,716 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 2,633 | 9,091 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (21,471) | (507) |
Available-for-sale fixed maturity investments, estimated fair value | 2,470,194 | 589,300 |
U.S. government-sponsored enterprises [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, amortized cost | 753,029 | 500,053 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 28,997 | 51,593 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (6,439) | (92) |
Available-for-sale fixed maturity investments, estimated fair value | 775,587 | 551,554 |
Obligations of states, municipalities and political subdivisions [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, amortized cost | 4,007,211 | 3,903,292 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 266,575 | 386,784 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (7,862) | (235) |
Available-for-sale fixed maturity investments, estimated fair value | 4,265,924 | 4,289,841 |
Foreign governments [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, amortized cost | 1,394,771 | 1,352,616 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 134,071 | 275,450 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (9,488) | (57) |
Available-for-sale fixed maturity investments, estimated fair value | 1,519,354 | 1,628,009 |
Commercial mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, amortized cost | 1,928,775 | 1,736,257 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 69,810 | 149,359 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (8,152) | (34) |
Available-for-sale fixed maturity investments, estimated fair value | 1,990,433 | 1,885,582 |
Residential mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, amortized cost | 699,136 | 811,732 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 27,084 | 58,742 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (170) | (29) |
Available-for-sale fixed maturity investments, estimated fair value | 726,050 | 870,445 |
Asset-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, amortized cost | 3,035 | 5,812 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 46 | 154 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | 0 | 0 |
Available-for-sale fixed maturity investments, estimated fair value | 3,081 | 5,966 |
Corporate bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, amortized cost | 786,478 | 764,783 |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 54,475 | 96,257 |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (4,271) | (3) |
Available-for-sale fixed maturity investments, estimated fair value | $ 836,682 | $ 861,037 |
Investments (Summary Of Gross U
Investments (Summary Of Gross Unrealized Investment Losses By Length Of Time That Securities Have Continuously Been In An Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale fixed maturity securities, estimated fair value, less than 12 months | $ 4,115,294 | $ 496,518 |
Available-for-sale fixed maturity securities, gross unrealized holding, less than 12 months | (57,145) | (943) |
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer | 169,794 | 5,486 |
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer | (6,048) | (20) |
Available-for-sale fixed maturity securities, estimated fair value | 4,285,088 | 502,004 |
Available-for-sale fixed maturity securities, gross unrealized holding losses | (63,193) | (963) |
Short-term investments, available-for-sale, continuous unrealized loss position, less than 12 months | 228,870 | 349,978 |
Short-term investments, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | 5,340 | 6 |
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 | 228,870 | 349,978 |
Short-term investments, available-for-sale, unrealized loss position, accumulated loss | 5,340 | 6 |
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 | 2,236,637 | 66,220 |
Available-for-sale fixed maturity securities, gross unrealized holding, less than 12 months | (18,433) | (507) |
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer | 97,173 | 0 |
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer | (3,038) | 0 |
Available-for-sale fixed maturity securities, estimated fair value | 2,333,810 | 66,220 |
Available-for-sale fixed maturity securities, gross unrealized holding losses | (21,471) | (507) |
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 | 381,495 | 14,878 |
Available-for-sale fixed maturity securities, gross unrealized holding, less than 12 months | (5,640) | (92) |
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer | 14,010 | 0 |
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer | (799) | 0 |
Available-for-sale fixed maturity securities, estimated fair value | 395,505 | 14,878 |
Available-for-sale fixed maturity securities, gross unrealized holding losses | (6,439) | (92) |
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 | 393,249 | 28,037 |
Available-for-sale fixed maturity securities, gross unrealized holding, less than 12 months | (6,941) | (223) |
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer | 23,589 | 2,960 |
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer | (921) | (12) |
Available-for-sale fixed maturity securities, estimated fair value | 416,838 | 30,997 |
Available-for-sale fixed maturity securities, gross unrealized holding losses | (7,862) | (235) |
Foreign governments [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale fixed maturity securities, estimated fair value, less than 12 months | 322,813 | 20,790 |
Available-for-sale fixed maturity securities, gross unrealized holding, less than 12 months | (8,596) | (57) |
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer | 25,564 | 0 |
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer | (892) | 0 |
Available-for-sale fixed maturity securities, estimated fair value | 348,377 | 20,790 |
Available-for-sale fixed maturity securities, gross unrealized holding losses | (9,488) | (57) |
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 | 345,616 | 13,178 |
Available-for-sale fixed maturity securities, gross unrealized holding, less than 12 months | (7,765) | (26) |
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer | 9,189 | 2,526 |
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer | (387) | (8) |
Available-for-sale fixed maturity securities, estimated fair value | 354,805 | 15,704 |
Available-for-sale fixed maturity securities, gross unrealized holding losses | (8,152) | (34) |
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 | 12,828 | 3,345 |
Available-for-sale fixed maturity securities, gross unrealized holding, less than 12 months | (159) | (29) |
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer | 269 | 0 |
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer | (11) | 0 |
Available-for-sale fixed maturity securities, estimated fair value | 13,097 | 3,345 |
Available-for-sale fixed maturity securities, gross unrealized holding losses | (170) | (29) |
Corporate bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale fixed maturity securities, estimated fair value, less than 12 months | 193,786 | 92 |
Available-for-sale fixed maturity securities, gross unrealized holding, less than 12 months | (4,271) | (3) |
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer | 0 | 0 |
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer | 0 | 0 |
Available-for-sale fixed maturity securities, estimated fair value | 193,786 | 92 |
Available-for-sale fixed maturity securities, gross unrealized holding losses | (4,271) | (3) |
Total fixed maturities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale fixed maturity securities, estimated fair value, less than 12 months | 3,886,424 | 146,540 |
Available-for-sale fixed maturity securities, gross unrealized holding, less than 12 months | (51,805) | (937) |
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer | 169,794 | 5,486 |
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer | (6,048) | (20) |
Available-for-sale fixed maturity securities, estimated fair value | 4,056,218 | 152,026 |
Available-for-sale fixed maturity securities, gross unrealized holding losses | $ (57,853) | $ (957) |
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, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Due in one year or less, amortized cost | $ 582,521 | |
Due after one year through five years, amortized cost | 3,855,478 | |
Due after five years through ten years, amortized cost | 2,839,521 | |
Due after ten years, amortized cost | 2,153,001 | |
Amortized cost, sub-total | 9,430,521 | |
Fixed maturities, amortized cost | 12,061,467 | $ 9,655,261 |
Due in one year or less, estimated fair value | 585,681 | |
Due after one year through five years, estimated fair value | 3,927,196 | |
Due after five years through ten years, estimated fair value | 2,947,481 | |
Due after ten years, estimated fair value | 2,407,383 | |
Estimated fair value, sub-total | 9,867,741 | |
Available-for-sale fixed maturity investments, estimated fair value | 12,587,305 | 10,681,734 |
Commercial mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 1,928,775 | |
Fixed maturities, amortized cost | 1,928,775 | 1,736,257 |
Estimated fair value | 1,990,433 | |
Available-for-sale fixed maturity investments, estimated fair value | 1,990,433 | 1,885,582 |
Residential mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 699,136 | |
Fixed maturities, amortized cost | 699,136 | 811,732 |
Estimated fair value | 726,050 | |
Available-for-sale fixed maturity investments, estimated fair value | 726,050 | 870,445 |
Asset-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 3,035 | |
Fixed maturities, amortized cost | 3,035 | 5,812 |
Estimated fair value | 3,081 | |
Available-for-sale fixed maturity investments, estimated fair value | $ 3,081 | $ 5,966 |
Investments (Components Of Net
Investments (Components Of Net Investment Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Tax-exempt municipal bonds | $ 57,460 | $ 63,718 | $ 71,351 |
Short-term investments, including overnight deposits | 2,954 | 14,321 | 50,425 |
Dividends on equity securities | 98,099 | 89,303 | 100,222 |
Income (loss) from equity method investments | 8,890 | (4,430) | 4,368 |
Other | (1,706) | 434 | 5,338 |
Total investment income | 391,603 | 388,049 | 467,383 |
Investment expenses | (17,002) | (16,219) | (15,495) |
Net investment income | 374,601 | 371,830 | 451,888 |
Taxable municipal bonds [Member] | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Taxable bonds | 66,052 | 66,713 | 72,818 |
Other taxable bonds [Member] | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Taxable bonds | $ 159,854 | $ 157,990 | $ 162,861 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Gain (Loss) on Securities [Line Items] | |||
Net realized investment gains (losses) | $ 37,908 | $ 14,780 | $ (1,482) |
Change in fair value of equity securities sold during the period | 25,902 | (470,008) | 38,291 |
Change in fair value of equity securities held at the end of the period | 1,914,724 | 1,073,207 | 1,564,913 |
Change in fair value of equity securities | 1,940,626 | 603,199 | 1,603,204 |
Net investment gains | 1,978,534 | 617,979 | 1,601,722 |
Change in net unrealized gains on investments included in other comprehensive income (loss) | (450,096) | 442,089 | 381,890 |
Reserve deficiency adjustment for life and annuity benefit reserves | 62,988 | (68,158) | (51,390) |
Fixed maturities [Member] | |||
Gain (Loss) on Securities [Line Items] | |||
Change in net unrealized gains on investments included in other comprehensive income (loss) | (504,133) | 507,903 | 429,654 |
Short-term investments [Member] | |||
Gain (Loss) on Securities [Line Items] | |||
Change in net unrealized gains on investments included in other comprehensive income (loss) | $ (8,951) | $ 2,344 | $ 3,626 |
Investments (Schedule Of Restri
Investments (Schedule Of Restricted Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||
Investments | $ 4,403,414 | $ 4,217,230 |
Restricted cash and cash equivalents | 902,457 | 874,913 |
Total | $ 5,305,871 | $ 5,092,143 |
Investments Investments (Compon
Investments Investments (Components Of Restricted Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Components Of Restricted Assets [Line Items] | ||
Restricted assets | $ 5,305,871 | $ 5,092,143 |
Assets held in trust or on deposit to support underwriting activities [Member] | ||
Components Of Restricted Assets [Line Items] | ||
Restricted assets | 4,895,627 | 4,704,943 |
Assets pledged as security for letters of credit pledged as collateral [Member] | ||
Components Of Restricted Assets [Line Items] | ||
Restricted assets | $ 410,244 | $ 387,200 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | Jul. 01, 2021 | Jan. 01, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
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 | ||
Purchases | 18,900 | 90,000 | ||
Unconsolidated Markel CATCo Fund 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Purchases | $ 90,000 | |||
Variable interest entity, consolidated, carrying amount, investment in one of the unconsolidated funds | 40,700 | 58,500 | ||
Lodgepine Fund Limited [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Purchases | $ 18,900 | |||
Variable interest entity, consolidated, carrying amount, investment in one of the unconsolidated funds | 15,700 | |||
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, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | $ 12,587,305 | $ 10,681,734 |
Equity securities | 9,023,927 | 6,994,110 |
Short-term investments | 1,799,988 | 2,034,099 |
Investments | 23,411,220 | 19,709,943 |
U.S. Treasury securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 2,470,194 | 589,300 |
U.S. government-sponsored enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 775,587 | 551,554 |
Obligations of states, municipalities and political subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 4,265,924 | 4,289,841 |
Foreign governments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 1,519,354 | 1,628,009 |
Commercial mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 1,990,433 | 1,885,582 |
Residential mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 726,050 | 870,445 |
Asset-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 3,081 | 5,966 |
Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 836,682 | 861,037 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 12,587,305 | 10,681,734 |
Equity securities | 9,023,927 | 6,994,110 |
Short-term investments | 1,799,988 | 2,034,099 |
Investments | 23,411,220 | 19,709,943 |
Fair Value, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Equity securities | 8,967,455 | 6,935,617 |
Short-term investments | 1,619,496 | 1,922,459 |
Investments | 10,586,951 | 8,858,076 |
Fair Value, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 12,587,305 | 10,681,734 |
Equity securities | 0 | 0 |
Short-term investments | 180,492 | 111,640 |
Investments | 12,767,797 | 10,793,374 |
Fair Value, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Equity securities | 56,472 | 58,493 |
Short-term investments | 0 | 0 |
Investments | 56,472 | 58,493 |
Fair Value, Recurring [Member] | U.S. Treasury securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 2,470,194 | 589,300 |
Fair Value, Recurring [Member] | U.S. Treasury securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | U.S. Treasury securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 2,470,194 | 589,300 |
Fair Value, Recurring [Member] | U.S. Treasury securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | U.S. government-sponsored enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 775,587 | 551,554 |
Fair Value, Recurring [Member] | U.S. government-sponsored enterprises [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | U.S. government-sponsored enterprises [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 775,587 | 551,554 |
Fair Value, Recurring [Member] | U.S. government-sponsored enterprises [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Obligations of states, municipalities and political subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 4,265,924 | 4,289,841 |
Fair Value, Recurring [Member] | Obligations of states, municipalities and political subdivisions [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Obligations of states, municipalities and political subdivisions [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 4,265,924 | 4,289,841 |
Fair Value, Recurring [Member] | Obligations of states, municipalities and political subdivisions [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Foreign governments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 1,519,354 | 1,628,009 |
Fair Value, Recurring [Member] | Foreign governments [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Foreign governments [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 1,519,354 | 1,628,009 |
Fair Value, Recurring [Member] | Foreign governments [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Commercial mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 1,990,433 | 1,885,582 |
Fair Value, Recurring [Member] | Commercial mortgage-backed securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Commercial mortgage-backed securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 1,990,433 | 1,885,582 |
Fair Value, Recurring [Member] | Commercial mortgage-backed securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Residential mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 726,050 | 870,445 |
Fair Value, Recurring [Member] | Residential mortgage-backed securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Residential mortgage-backed securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 726,050 | 870,445 |
Fair Value, Recurring [Member] | Residential mortgage-backed securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Asset-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 3,081 | 5,966 |
Fair Value, Recurring [Member] | Asset-backed securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Asset-backed securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 3,081 | 5,966 |
Fair Value, Recurring [Member] | Asset-backed securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 836,682 | 861,037 |
Fair Value, Recurring [Member] | Corporate bonds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Corporate bonds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 836,682 | 861,037 |
Fair Value, Recurring [Member] | Corporate bonds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Industrial, consumer and all other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 5,659,700 | 4,419,256 |
Fair Value, Recurring [Member] | Industrial, consumer and all other [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 5,659,700 | 4,419,256 |
Fair Value, Recurring [Member] | Industrial, consumer and all other [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Fair Value, Recurring [Member] | Industrial, consumer and all other [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Fair Value, Recurring [Member] | Insurance, banks and other financial institutions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 3,364,227 | 2,574,854 |
Fair Value, Recurring [Member] | Insurance, banks and other financial institutions [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 3,307,755 | 2,516,361 |
Fair Value, Recurring [Member] | Insurance, banks and other financial institutions [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Fair Value, Recurring [Member] | Insurance, banks and other financial institutions [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | $ 56,472 | $ 58,493 |
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, 2021 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | ||
Equity securities, beginning of period | $ 58,493 | $ 45,992 |
Purchases | 18,900 | 90,000 |
Sales | (15,015) | (73,902) |
Net investment gains (losses) on Level 3 investments | (5,906) | (3,597) |
Equity securities, end of period | $ 56,472 | $ 58,493 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Goodwill And Intangible Assets [Line Items] | ||||||
Goodwill, carrying value | $ 2,899,140 | [1] | $ 2,604,624 | [1] | $ 2,308,548 | |
Impairment of goodwill | 0 | 0 | 0 | |||
Amortization of intangible assets | 160,539 | [2] | 159,315 | [3] | 148,638 | [4] |
Estimated amortization of intangible assets for 2022 | 183,300 | |||||
Estimated amortization of intangible assets for 2023 | 181,400 | |||||
Estimated amortization of intangible assets for 2024 | 179,500 | |||||
Estimated amortization of intangible assets for 2025 | 172,800 | |||||
Estimated amortization of intangible assets for 2026 | 164,600 | |||||
Indefinite-lived intangible assets | 92,400 | 92,400 | ||||
Intangible assets acquired during period | 203,879 | 210,000 | ||||
Amortizable intangible assets acquired | $ 203,900 | |||||
Definite-lived intangible assets, weighted-average amortization period | 8 years | |||||
Nephila Holdings Limited [Member] | ||||||
Goodwill And Intangible Assets [Line Items] | ||||||
Goodwill, carrying value | $ 413,200 | |||||
Customer Relationships [Member] | ||||||
Goodwill And Intangible Assets [Line Items] | ||||||
Definite-lived intangible assets, weighted-average amortization period | 6 years | |||||
Trade Names [Member] | ||||||
Goodwill And Intangible Assets [Line Items] | ||||||
Definite-lived intangible assets, weighted-average amortization period | 15 years | |||||
Insurance [Member] | ||||||
Goodwill And Intangible Assets [Line Items] | ||||||
Goodwill, carrying value | $ 774,712 | [1] | 772,700 | [1] | 771,447 | |
Amortization of intangible assets | 0 | [2] | 0 | [3] | 0 | [4] |
Markel Ventures [Member] | ||||||
Goodwill And Intangible Assets [Line Items] | ||||||
Goodwill, carrying value | 1,196,590 | [1] | 901,045 | [1] | 606,777 | |
Amortization of intangible assets | 57,568 | [2],[5] | 52,572 | [3],[6] | $ 41,973 | [4],[7] |
Intangible assets acquired during period | $ 203,879 | $ 210,000 | ||||
[1] | As of December 31, 2021, goodwill was net of accumulated impairment losses of $110.6 million, of which $91.9 million was in Other and $18.7 million was in Markel Ventures. As of December 31, 2020, 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. The decrease in accumulated impairment losses in 2021 reflects a disposal transaction that was completed during the year. | |||||
[2] | Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's Insurance and Reinsurance segments. | |||||
[3] | Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's Insurance and Reinsurance segments. | |||||
[4] | Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's Insurance and Reinsurance segments. | |||||
[5] | Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $72.6 million for the year ended December 31, 2021. | |||||
[6] | Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $60.3 million for the year ended December 31, 2020 | |||||
[7] | Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $53.6 million for the year ended December 31, 2019. |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Components Of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | |||
Goodwill [Line Items] | ||||
Goodwill, beginning balance | $ 2,604,624 | [1] | $ 2,308,548 | |
Acquisitions (see note 3) | 293,838 | 287,097 | ||
Foreign currency movements and other adjustments | [2] | 678 | 8,979 | |
Goodwill, ending balance | [1] | 2,899,140 | 2,604,624 | |
Accumulated impairment losses | [1] | 110,600 | 139,200 | |
Insurance [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill, beginning balance | 772,700 | [1] | 771,447 | |
Acquisitions (see note 3) | 0 | 0 | ||
Foreign currency movements and other adjustments | [2] | 2,012 | 1,253 | |
Goodwill, ending balance | [1] | 774,712 | 772,700 | |
Reinsurance [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill, beginning balance | 122,745 | [1] | 122,745 | |
Acquisitions (see note 3) | 0 | 0 | ||
Foreign currency movements and other adjustments | [2] | 0 | 0 | |
Goodwill, ending balance | [1] | 122,745 | 122,745 | |
Markel Ventures [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill, beginning balance | 901,045 | [1] | 606,777 | |
Acquisitions (see note 3) | 293,838 | 287,097 | ||
Foreign currency movements and other adjustments | [2] | 1,707 | 7,171 | |
Goodwill, ending balance | [1] | 1,196,590 | 901,045 | |
Accumulated impairment losses | [1] | 18,700 | 47,300 | |
Other Operations [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill, beginning balance | [3] | 808,134 | [1] | 807,579 |
Acquisitions (see note 3) | [3] | 0 | 0 | |
Foreign currency movements and other adjustments | [2],[3] | (3,041) | 555 | |
Goodwill, ending balance | [1],[3] | 805,093 | 808,134 | |
Accumulated impairment losses | [1] | $ 91,900 | $ 91,900 | |
[1] | As of December 31, 2021, goodwill was net of accumulated impairment losses of $110.6 million, of which $91.9 million was in Other and $18.7 million was in Markel Ventures. As of December 31, 2020, goodwill was net of accumulated impairment losses of $139.2 million, of which $91.9 million was in Other and $47.3 million was in Markel Ventures. The decrease in accumulated impairment losses in 2021 reflects a disposal transaction that was completed during the year. | |||
[2] | Foreign currency movements and other adjustments includes adjustments to goodwill resulting from changes to the preliminary purchase price allocation, if any, for acquisitions that occurred in the prior year. | |||
[3] | Amounts included in Other reflect the Company's operations that are not included in a reportable segment and are primarily related to the Company's program services and insurance-linked securities operations. |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets Goodwill And Intangible Assets (Components of Net Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||||
Intangible [Line Items] | |||||||
Net intangible assets, beginning balance | $ 1,782,718 | $ 1,738,474 | |||||
Acquisitions (see note 3) | 203,879 | 210,000 | |||||
Amortization of intangible assets | 160,539 | [1] | 159,315 | [2] | $ 148,638 | [3] | |
Foreign currency movements and other adjustments | [4] | (3,572) | (6,441) | ||||
Net intangible assets, ending balance | 1,822,486 | 1,782,718 | 1,738,474 | ||||
Underwriting [Member] | |||||||
Intangible [Line Items] | |||||||
Net intangible assets, beginning balance | [5] | 442,639 | 484,160 | ||||
Acquisitions (see note 3) | [5] | 0 | 0 | ||||
Amortization of intangible assets | (41,182) | [5],[6] | (41,906) | [5],[7] | (39,700) | [8] | |
Foreign currency movements and other adjustments | [4],[5] | (202) | 385 | ||||
Net intangible assets, ending balance | [5] | 401,255 | 442,639 | 484,160 | |||
Markel Ventures [Member] | |||||||
Intangible [Line Items] | |||||||
Net intangible assets, beginning balance | 623,120 | 473,122 | |||||
Acquisitions (see note 3) | 203,879 | 210,000 | |||||
Amortization of intangible assets | 57,568 | [1],[9] | 52,572 | [2],[10] | 41,973 | [3],[11] | |
Foreign currency movements and other adjustments | [4] | (3,252) | (7,430) | ||||
Net intangible assets, ending balance | 766,179 | 623,120 | 473,122 | ||||
Other Operations [Member] | |||||||
Intangible [Line Items] | |||||||
Net intangible assets, beginning balance | [12] | 716,959 | 781,192 | ||||
Acquisitions (see note 3) | [12] | 0 | 0 | ||||
Amortization of intangible assets | [12] | 61,789 | 64,837 | ||||
Foreign currency movements and other adjustments | [4],[12] | (118) | 604 | ||||
Net intangible assets, ending balance | [12] | $ 655,052 | $ 716,959 | $ 781,192 | |||
[1] | Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's Insurance and Reinsurance segments. | ||||||
[2] | Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's Insurance and Reinsurance segments. | ||||||
[3] | Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to the Company's Insurance and Reinsurance segments. | ||||||
[4] | 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] | Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment as well as any amortization of intangible assets that is not allocated to a reportable segment. Amortization of intangible assets attributable to the Company's underwriting segments was $41.2 million for the year ended December 31, 2021, however, the Company does not allocate amortization of intangible assets between the Insurance and Reinsurance segments. | ||||||
[7] | Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment as well as any amortization of intangible assets that is not allocated to a reportable segment. Amortization of intangible assets attributable to the Company's underwriting segments was $41.9 million for the year ended December 31, 2020, however, the Company does not allocate amortization of intangible assets between the Insurance and Reinsurance segments. | ||||||
[8] | Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment as well as any amortization of intangible assets that is not allocated to a reportable segment. Amortization of intangible assets attributable to the Company's underwriting segments was $39.7 million for the year ended December 31, 2019, however, the Company does not allocate amortization of intangible assets between the Insurance and Reinsurance segments. | ||||||
[9] | Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $72.6 million for the year ended December 31, 2021. | ||||||
[10] | Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $60.3 million for the year ended December 31, 2020 | ||||||
[11] | Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $53.6 million for the year ended December 31, 2019. | ||||||
[12] | Amounts included in Other reflect the Company's operations that are not included in a reportable segment and are primarily related to the Company's program services and insurance-linked securities operations. |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets (Components Of Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Indefinite-Lived And Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | $ 2,739,602 | $ 2,563,284 |
Intangible assets, accumulated amortization | (917,116) | (780,566) |
Customer Relationships [Member] | ||
Schedule of Indefinite-Lived And Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 1,379,739 | 1,203,128 |
Intangible assets, accumulated amortization | (405,057) | (340,424) |
Investment Management Agreements [Member] | ||
Schedule of Indefinite-Lived And Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 468,000 | 468,000 |
Intangible assets, accumulated amortization | (92,478) | (62,911) |
Broker Relationships [Member] | ||
Schedule of Indefinite-Lived And Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 206,855 | 207,360 |
Intangible assets, accumulated amortization | (109,210) | (99,719) |
Trade Names [Member] | ||
Schedule of Indefinite-Lived And Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 238,331 | 231,177 |
Intangible assets, accumulated amortization | (100,023) | (85,610) |
Technology [Member] | ||
Schedule of Indefinite-Lived And Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 113,200 | 113,202 |
Intangible assets, accumulated amortization | (82,845) | (71,888) |
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 | (28,622) | (22,489) |
Insurance Licenses [Member] | ||
Schedule of Indefinite-Lived And Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 74,333 | 74,333 |
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 | 21,449 |
Intangible assets, accumulated amortization | (21,449) | (20,616) |
Other [Member] | ||
Schedule of Indefinite-Lived And Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 145,695 | 152,635 |
Intangible assets, accumulated amortization | $ (77,432) | $ (76,909) |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Maximum remaining term of noncancelable leases | 21 years | ||
Operating Lease, Expense | $ 115.4 | $ 94.4 | $ 62.7 |
Leases (Summary of Supplementar
Leases (Summary of Supplementary Balance Sheet Information) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating lease, weighted average remaining lease term | 10 years 9 months 18 days | 12 years 1 month 6 days |
Operating lease, weighted average discount rate, percent | 3.00% | 3.00% |
Other Liabilities [Member] | ||
Leases [Abstract] | ||
Operating lease, liability | $ 571,337 | $ 565,249 |
Lessee, Lease, Description [Line Items] | ||
Operating lease, liability | 571,337 | 565,249 |
Other Assets [Member] | ||
Leases [Abstract] | ||
Operating lease, right-of-use ssset | 533,702 | 528,418 |
Lessee, Lease, Description [Line Items] | ||
Operating lease, right-of-use ssset | $ 533,702 | $ 528,418 |
Leases (Maturities of Operating
Leases (Maturities of Operating Lease Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Lessee, operating lease, liability, payments, due next twelve months | $ 103,358 | |
Lessee, operating lease, liability, payments, due year two | 83,753 | |
Lessee, operating lease, liability, payments, due year three | 67,731 | |
Lessee, operating lease, liability, payments, due year four | 56,642 | |
Lessee, operating lease, liability, payments, due year five | 50,434 | |
Lessee, operating lease, liability, payments, due after year five | 311,735 | |
Lessee, operating lease, liability, payments, due | 673,653 | |
Lessee, operating lease, liability, undiscounted excess amount | (102,316) | |
Other Liabilities [Member] | ||
Leases [Abstract] | ||
Operating lease, liability | 571,337 | $ 565,249 |
Lessee, Lease, Description [Line Items] | ||
Operating lease, liability | $ 571,337 | $ 565,249 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Other Revenues | $ 3,990,261 | $ 3,133,052 | $ 2,422,788 |
Program services and other fronting [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 123,823 | 102,989 | 116,376 |
Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 113,177 | 103,954 | 107,156 |
Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 346,445 | 338,338 | 368,504 |
Other [Member] | Program services and other fronting [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 123,823 | 102,989 | 116,376 |
Other [Member] | Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 1,515 | 1,680 | 3,817 |
Markel Ventures [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 3,643,816 | 2,794,714 | 2,054,284 |
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 | 111,662 | 102,274 | 103,339 |
Revenue from Contract with Customer [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 3,753,261 | 2,926,109 | 2,199,256 |
Revenue from Contract with Customer [Member] | Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 1,668,448 | 1,396,706 | 1,558,265 |
Revenue from Contract with Customer [Member] | Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 1,998,556 | 1,412,210 | 490,127 |
Revenue from Contract with Customer [Member] | Investment management [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 86,257 | 117,193 | 150,864 |
Revenue from Contract with Customer [Member] | Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 221,107 | 233,669 | 248,311 |
Revenue from Contract with Customer [Member] | Other [Member] | Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 0 | 0 | 0 |
Revenue from Contract with Customer [Member] | Other [Member] | Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 134,850 | 116,476 | 97,447 |
Revenue from Contract with Customer [Member] | Other [Member] | Investment management [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 86,257 | 117,193 | 150,864 |
Revenue from Contract with Customer [Member] | Markel Ventures [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 3,532,154 | 2,692,440 | 1,950,945 |
Revenue from Contract with Customer [Member] | Markel Ventures [Member] | Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 1,668,448 | 1,396,706 | 1,558,265 |
Revenue from Contract with Customer [Member] | Markel Ventures [Member] | Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 1,863,706 | 1,295,734 | 392,680 |
Revenue from Contract with Customer [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 Related To Contracts With Customers) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Contracts with customers [Member] | ||
Receivables [Line Items] | ||
Trade and Other Receivables | $ 626.1 | $ 406.4 |
Unpaid Losses And Loss Adjust_3
Unpaid Losses And Loss Adjustment Expenses (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||||
Dec. 31, 2021 | Dec. 31, 2020 | 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] | ||||||||||
Net losses and loss adjustment expenses | $ 4,061,000 | $ 4,073,325 | $ 3,426,441 | |||||||
Adverse (favorable) development on prior years' loss reserves | $ (479,800) | $ (606,400) | (535,300) | |||||||
IBNR reserves as a percentage of total unpaid losses and loss adjustment expenses | 67.00% | 66.00% | ||||||||
Insurance [Member] | ||||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Net losses and loss adjustment expenses | $ 3,311,185 | $ 3,373,085 | 2,730,971 | |||||||
Adverse (favorable) development on prior years' loss reserves | (506,300) | (554,600) | (462,100) | |||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 19,802,700 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 12,450,800 | |||||||||
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 | 26,800 | |||||||||
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 | 1,315,000 | 1,323,200 | 1,334,100 | $ 1,354,400 | $ 1,367,600 | $ 1,401,200 | $ 1,434,100 | $ 1,495,800 | $ 1,617,500 | $ 1,374,700 |
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 1,225,700 | 1,220,600 | 1,183,300 | 1,156,300 | 1,122,600 | 1,057,600 | 941,600 | 783,100 | 569,700 | 234,200 |
Cumulative number of reported claims | 130,000 | |||||||||
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 | 256,900 | |||||||||
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 | $ 1,310,300 | 1,314,000 | 1,333,200 | 1,375,300 | 1,421,700 | 1,468,600 | 1,532,200 | 1,702,600 | 1,742,500 | |
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 1,176,100 | 1,162,400 | 1,127,800 | 1,103,900 | 1,041,100 | 952,400 | 781,300 | 572,900 | 272,100 | |
Cumulative number of reported claims | 91,000 | |||||||||
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 | 313,700 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 29,500 | |||||||||
Reinsurance [Member] | ||||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Net losses and loss adjustment expenses | $ 749,815 | 700,240 | 695,470 | |||||||
Adverse (favorable) development on prior years' loss reserves | 19,900 | (51,800) | (64,800) | |||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 6,386,800 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 3,441,600 | |||||||||
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 | (57,200) | |||||||||
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 | 453,200 | 441,100 | 445,800 | 448,700 | 456,900 | 458,100 | 487,000 | 510,300 | 553,100 | 73,100 |
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 340,500 | 327,200 | 309,600 | 289,600 | 264,400 | 231,900 | 184,200 | 129,000 | 64,500 | $ 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 | 477,700 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 52,600 | |||||||||
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 | 485,900 | 491,100 | 488,800 | 506,900 | 544,100 | 533,500 | 547,400 | 582,100 | 590,100 | |
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 377,500 | 365,600 | 349,800 | $ 330,700 | $ 300,600 | $ 267,700 | $ 209,000 | $ 155,900 | 71,200 | |
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 | 539,300 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 68,600 | |||||||||
Asbestos [Member] | ||||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Asbestos-related reserves, gross loss incurred | 218,600 | 219,700 | ||||||||
Asbestos-related reserves, net loss incurred | 66,200 | 65,500 | ||||||||
2021 Catastrophes [Member] | ||||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Net losses and loss adjustment expenses | 195,000 | |||||||||
Reinsurance recoverables | 221,700 | |||||||||
2020 Catastrophes [Member] | ||||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Net losses and loss adjustment expenses | 172,200 | |||||||||
Reinsurance recoverables | 125,700 | |||||||||
2019 Catastrophes [Member] | ||||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Net losses and loss adjustment expenses | 114,000 | |||||||||
Reinsurance recoverables | $ 62,500 | |||||||||
COVID-19 Pandemic [Member] | ||||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Net losses and loss adjustment expenses | 358,300 | |||||||||
Reinsurance recoverables | $ 106,200 | |||||||||
Adverse (favorable) development on prior years' loss reserves | $ 15,700 |
Unpaid Losses And Loss Adjust_4
Unpaid Losses And Loss Adjustment Expenses (Reconciliation Of Consolidated Reserves For Losses And Loss Adjustment Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims [Abstract] | |||
Net reserves for losses and loss adjustment expenses, beginning of year | $ 10,485,717 | $ 9,475,261 | $ 9,214,443 |
Effect of foreign currency rate changes on beginning of year balance | (54,736) | 68,368 | 18,857 |
Effect of adoption of ASC 326, Financial Instruments-Credit Losses | 0 | 3,849 | 0 |
Adjusted net reserves for losses and loss adjustment expenses, beginning of year | 10,430,981 | 9,547,478 | 9,233,300 |
Incurred losses and loss adjustment expenses, current accident year | 4,061,000 | 4,073,325 | 3,426,441 |
Incurred losses and loss adjustment expenses, prior accident years (including deposit liability) | (478,930) | (606,414) | (535,307) |
Total incurred losses and loss adjustment expenses | 3,582,070 | 3,466,911 | 2,891,134 |
Payments, current accident year | 637,169 | 749,887 | 671,208 |
Payments, prior accident years | 2,066,290 | 1,779,980 | 1,979,032 |
Total payments | 2,703,459 | 2,529,867 | 2,650,240 |
Effect of foreign currency rate changes on current year activity | (4,253) | 1,195 | 1,067 |
Liability for unpaid claims and claims adjustment expenses, business disposal | (2,762) | 0 | 0 |
Net reserves for losses and loss adjustment expenses, end of year | 11,302,577 | 10,485,717 | 9,475,261 |
Reinsurance recoverable on unpaid losses | 6,876,317 | 5,736,659 | 5,253,415 |
Gross reserves for losses and loss adjustment expenses, end of year | $ 18,178,894 | $ 16,222,376 | $ 14,728,676 |
Unpaid Losses And Loss Adjust_5
Unpaid Losses And Loss Adjustment Expenses (Prior Year Losses and Loss Adjustment Expenses Development by Product Line) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Adverse (favorable) development on prior years' loss reserves | $ (479.8) | $ (606.4) | $ (535.3) |
Insurance [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Adverse (favorable) development on prior years' loss reserves | (506.3) | (554.6) | (462.1) |
Insurance [Member] | General liability [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Adverse (favorable) development on prior years' loss reserves | (139.7) | (131.8) | (161.4) |
Insurance [Member] | Property [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Adverse (favorable) development on prior years' loss reserves | (96.5) | ||
Insurance [Member] | Workers' compensation [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Adverse (favorable) development on prior years' loss reserves | (79) | (92.3) | (108.4) |
Insurance [Member] | Marine and energy [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Adverse (favorable) development on prior years' loss reserves | (60) | (46) | (43.7) |
Insurance [Member] | Professional liability [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Adverse (favorable) development on prior years' loss reserves | (54.7) | (128.9) | (61.8) |
Insurance [Member] | Other products [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Adverse (favorable) development on prior years' loss reserves | (76.4) | (155.6) | (86.8) |
Reinsurance [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Adverse (favorable) development on prior years' loss reserves | 19.9 | (51.8) | (64.8) |
Reinsurance [Member] | General liability [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Adverse (favorable) development on prior years' loss reserves | (19.2) | ||
Reinsurance [Member] | Property [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Adverse (favorable) development on prior years' loss reserves | 35 | (68.4) | (29.6) |
Reinsurance [Member] | Professional liability [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Adverse (favorable) development on prior years' loss reserves | 29.2 | 21 | |
Reinsurance [Member] | Other products [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Adverse (favorable) development on prior years' loss reserves | (8.5) | (38.8) | (9) |
Reinsurance [Member] | Public entity | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Adverse (favorable) development on prior years' loss reserves | $ 34.4 | ||
Reinsurance [Member] | Whole account [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Adverse (favorable) development on prior years' loss reserves | (26.2) | ||
Reinsurance [Member] | Credit and surety [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Adverse (favorable) development on prior years' loss reserves | (16.6) | ||
Other [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Adverse (favorable) development on prior years' loss reserves | $ 6.6 | $ (8.4) |
Unpaid Losses And Loss Adjust_6
Unpaid Losses And Loss Adjustment Expenses (Ultimate Incurred Losses And Cumulative Paid Losses And Allocated Loss Adjustment Expenses, Net Of Reinsurance) (Details) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | 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 | $ 11,037,711,000 | |||||||||
Insurance [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 19,802,700,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 12,450,800,000 | |||||||||
All outstanding liabilities for unpaid losses and loss adjustment expenses before 2012, net of reinsurance | 236,100,000 | |||||||||
Total liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | 7,588,025,000 | |||||||||
Insurance [Member] | 2012 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 1,315,000,000 | $ 1,323,200,000 | $ 1,334,100,000 | $ 1,354,400,000 | $ 1,367,600,000 | $ 1,401,200,000 | $ 1,434,100,000 | $ 1,495,800,000 | $ 1,617,500,000 | $ 1,374,700,000 |
Total of incurred-but-not-reported liabilities, net of reinsurance | $ 42,100,000 | |||||||||
Cumulative number of reported claims | 130,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 1,225,700,000 | 1,220,600,000 | 1,183,300,000 | 1,156,300,000 | 1,122,600,000 | 1,057,600,000 | 941,600,000 | 783,100,000 | 569,700,000 | 234,200,000 |
Insurance [Member] | 2013 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 1,310,300,000 | 1,314,000,000 | 1,333,200,000 | 1,375,300,000 | 1,421,700,000 | 1,468,600,000 | 1,532,200,000 | 1,702,600,000 | 1,742,500,000 | |
Total of incurred-but-not-reported liabilities, net of reinsurance | $ 71,200,000 | |||||||||
Cumulative number of reported claims | 91,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 1,176,100,000 | 1,162,400,000 | 1,127,800,000 | 1,103,900,000 | 1,041,100,000 | 952,400,000 | 781,300,000 | 572,900,000 | 272,100,000 | |
Insurance [Member] | 2014 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 1,478,300,000 | 1,475,800,000 | 1,508,800,000 | 1,529,800,000 | 1,578,300,000 | 1,636,700,000 | 1,704,600,000 | 1,869,500,000 | ||
Total of incurred-but-not-reported liabilities, net of reinsurance | $ 83,900,000 | |||||||||
Cumulative number of reported claims | 85,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 1,326,500,000 | 1,306,500,000 | 1,257,800,000 | 1,173,000,000 | 1,066,900,000 | 898,200,000 | 660,800,000 | 333,000,000 | ||
Insurance [Member] | 2015 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 1,474,100,000 | 1,478,100,000 | 1,510,900,000 | 1,541,600,000 | 1,596,400,000 | 1,718,800,000 | 1,790,900,000 | |||
Total of incurred-but-not-reported liabilities, net of reinsurance | $ 99,400,000 | |||||||||
Cumulative number of reported claims | 88,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 1,276,500,000 | 1,246,900,000 | 1,154,700,000 | 1,043,500,000 | 879,000,000 | 666,900,000 | 323,200,000 | |||
Insurance [Member] | 2016 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 1,685,600,000 | 1,693,000,000 | 1,719,500,000 | 1,774,100,000 | 1,876,000,000 | 1,879,000,000 | ||||
Total of incurred-but-not-reported liabilities, net of reinsurance | $ 112,700,000 | |||||||||
Cumulative number of reported claims | 100,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 1,366,400,000 | 1,302,800,000 | 1,171,700,000 | 985,100,000 | 754,500,000 | 372,700,000 | ||||
Insurance [Member] | 2017 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 2,031,400,000 | 2,044,900,000 | 2,084,000,000 | 2,204,500,000 | 2,335,200,000 | |||||
Total of incurred-but-not-reported liabilities, net of reinsurance | $ 168,400,000 | |||||||||
Cumulative number of reported claims | 137,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 1,638,900,000 | 1,529,900,000 | 1,290,300,000 | 994,400,000 | 439,300,000 | |||||
Insurance [Member] | 2018 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 2,089,200,000 | 2,127,500,000 | 2,357,100,000 | 2,460,400,000 | ||||||
Total of incurred-but-not-reported liabilities, net of reinsurance | $ 251,800,000 | |||||||||
Cumulative number of reported claims | 189,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 1,516,200,000 | 1,364,700,000 | 1,029,000,000 | 495,700,000 | ||||||
Insurance [Member] | 2019 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 2,285,100,000 | 2,339,700,000 | 2,586,300,000 | |||||||
Total of incurred-but-not-reported liabilities, net of reinsurance | $ 599,000,000 | |||||||||
Cumulative number of reported claims | 224,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 1,281,200,000 | 1,102,200,000 | 529,500,000 | |||||||
Insurance [Member] | 2020 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 3,005,800,000 | 3,114,600,000 | ||||||||
Total of incurred-but-not-reported liabilities, net of reinsurance | $ 1,404,400,000 | |||||||||
Cumulative number of reported claims | 172,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 1,165,100,000 | 822,000,000 | ||||||||
Insurance [Member] | 2021 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 3,127,900,000 | |||||||||
Total of incurred-but-not-reported liabilities, net of reinsurance | $ 2,234,700,000 | |||||||||
Cumulative number of reported claims | 113,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 478,200,000 | |||||||||
Reinsurance [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 6,386,800,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 3,441,600,000 | |||||||||
All outstanding liabilities for unpaid losses and loss adjustment expenses before 2012, net of reinsurance | 372,200,000 | |||||||||
Total liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | 3,317,369,000 | |||||||||
Reinsurance [Member] | 2012 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 453,200,000 | 441,100,000 | 445,800,000 | 448,700,000 | 456,900,000 | 458,100,000 | 487,000,000 | 510,300,000 | 553,100,000 | 73,100,000 |
Total of incurred-but-not-reported liabilities, net of reinsurance | 40,800,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 340,500,000 | 327,200,000 | 309,600,000 | 289,600,000 | 264,400,000 | 231,900,000 | 184,200,000 | 129,000,000 | 64,500,000 | $ 4,100,000 |
Reinsurance [Member] | 2013 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 485,900,000 | 491,100,000 | 488,800,000 | 506,900,000 | 544,100,000 | 533,500,000 | 547,400,000 | 582,100,000 | 590,100,000 | |
Total of incurred-but-not-reported liabilities, net of reinsurance | 40,800,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 377,500,000 | 365,600,000 | 349,800,000 | 330,700,000 | 300,600,000 | 267,700,000 | 209,000,000 | 155,900,000 | $ 71,200,000 | |
Reinsurance [Member] | 2014 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 518,600,000 | 517,400,000 | 533,400,000 | 557,700,000 | 579,500,000 | 532,500,000 | 560,500,000 | 575,900,000 | ||
Total of incurred-but-not-reported liabilities, net of reinsurance | 71,300,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 376,300,000 | 359,500,000 | 341,100,000 | 306,900,000 | 269,800,000 | 222,900,000 | 157,200,000 | $ 98,100,000 | ||
Reinsurance [Member] | 2015 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 495,600,000 | 507,800,000 | 512,900,000 | 524,000,000 | 532,800,000 | 514,400,000 | 528,200,000 | |||
Total of incurred-but-not-reported liabilities, net of reinsurance | 98,600,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 348,500,000 | 328,200,000 | 303,000,000 | 255,400,000 | 204,400,000 | 132,200,000 | $ 63,800,000 | |||
Reinsurance [Member] | 2016 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 555,800,000 | 531,500,000 | 521,900,000 | 523,600,000 | 524,400,000 | 514,000,000 | ||||
Total of incurred-but-not-reported liabilities, net of reinsurance | 85,500,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 383,700,000 | 349,600,000 | 297,300,000 | 240,700,000 | 169,900,000 | $ 79,700,000 | ||||
Reinsurance [Member] | 2017 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 913,100,000 | 940,900,000 | 939,600,000 | 933,900,000 | 901,600,000 | |||||
Total of incurred-but-not-reported liabilities, net of reinsurance | 138,000,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 626,700,000 | 562,800,000 | 480,500,000 | 358,800,000 | $ 157,500,000 | |||||
Reinsurance [Member] | 2018 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 783,000,000 | 778,200,000 | 784,900,000 | 753,700,000 | ||||||
Total of incurred-but-not-reported liabilities, net of reinsurance | 203,000,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 426,100,000 | 355,500,000 | 252,600,000 | $ 87,300,000 | ||||||
Reinsurance [Member] | 2019 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 700,300,000 | 687,100,000 | 673,000,000 | |||||||
Total of incurred-but-not-reported liabilities, net of reinsurance | 285,500,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 276,100,000 | 178,500,000 | $ 53,900,000 | |||||||
Reinsurance [Member] | 2020 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 740,200,000 | 684,800,000 | ||||||||
Total of incurred-but-not-reported liabilities, net of reinsurance | 455,300,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 206,400,000 | $ 94,700,000 | ||||||||
Reinsurance [Member] | 2021 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 741,100,000 | |||||||||
Total of incurred-but-not-reported liabilities, net of reinsurance | 560,600,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 79,800,000 |
Unpaid Losses And Loss Adjust_7
Unpaid Losses And Loss Adjustment Expenses (Average Annual Percentage Payout Of Incurred Losses By Age (in Years), Net Of Reinsurance) (Details) | Dec. 31, 2021 |
Insurance [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred losses in year 1 | 21.60% |
Average annual percentage payout of incurred losses in year 2 | 22.90% |
Average annual percentage payout of incurred losses in year 3 | 14.30% |
Average annual percentage payout of incurred losses in year 4 | 11.80% |
Average annual percentage payout of incurred losses in year 5 | 7.20% |
Average annual percentage payout of incurred losses in year 6 | 5.00% |
Average annual percentage payout of incurred losses in year 7 | 2.40% |
Average annual percentage payout of incurred losses in year 8 | 2.00% |
Average annual percentage payout of incurred losses in year 9 | 1.90% |
Average annual percentage payout of incurred losses in year 10 | 0.40% |
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 | 10.30% |
Average annual percentage payout of incurred losses in year 5 | 8.40% |
Average annual percentage payout of incurred losses in year 6 | 6.20% |
Average annual percentage payout of incurred losses in year 7 | 4.30% |
Average annual percentage payout of incurred losses in year 8 | 3.60% |
Average annual percentage payout of incurred losses in year 9 | 3.20% |
Average annual percentage payout of incurred losses in year 10 | 2.90% |
Unpaid Losses And Loss Adjust_8
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | $ 11,037,711 | ||
Reinsurance recoverable on unpaid losses | 6,876,317 | ||
Unallocated loss adjustment expenses | 322,210 | ||
Unamortized discount, net of acquisition fair value adjustments, included in unpaid losses and loss adjustment expenses | (57,344) | ||
Total reconciling items | 264,866 | ||
Total gross liability for unpaid losses and loss adjustment expenses | 18,178,894 | $ 16,222,376 | $ 14,728,676 |
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 | 7,588,025 | ||
Reinsurance recoverable on unpaid losses | 2,180,653 | ||
Total gross liability for unpaid losses and loss adjustment expenses | 10,051,994 | 9,241,952 | |
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 | 3,317,369 | ||
Reinsurance recoverable on unpaid losses | 352,193 | ||
Total gross liability for unpaid losses and loss adjustment expenses | 3,639,210 | 3,417,973 | |
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 | 120,740 | ||
Reinsurance recoverable on unpaid losses | 134,155 | ||
Total gross liability for unpaid losses and loss adjustment expenses | 271,356 | 276,090 | |
Program services and other fronting [Member] | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | 11,577 | ||
Reinsurance recoverable on unpaid losses | 4,209,316 | ||
Total gross liability for unpaid losses and loss adjustment expenses | $ 4,216,334 | $ 3,286,361 |
Reinsurance (Narrative) (Detail
Reinsurance (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reinsurance Disclosures [Line Items] | |||
Percentage of ceded earned premiums to gross earned premiums | 38.00% | 37.00% | 39.00% |
Percentage of assumed earned premiums to net earned premiums | 27.00% | 26.00% | 27.00% |
Underwriting [Member] | |||
Reinsurance Disclosures [Line Items] | |||
Reinsurance recoverables | $ (893,230) | $ (722,619) | $ (556,618) |
Underwriting [Member] | Ten Largest Reinsurers [Member] | |||
Reinsurance Disclosures [Line Items] | |||
Recoverable balances as a percentage of the total balance | 63.00% | 60.00% | |
Underwriting [Member] | RenaissanceRe | |||
Reinsurance Disclosures [Line Items] | |||
Recoverable balances as a percentage of the total balance | 10.00% | ||
Program Services [Member] | Ten Largest Reinsurers [Member] | |||
Reinsurance Disclosures [Line Items] | |||
Recoverable balances as a percentage of the total balance | 68.00% | 70.00% | |
Program Services [Member] | Lloyd's of London | |||
Reinsurance Disclosures [Line Items] | |||
Recoverable balances as a percentage of the total balance | 14.00% | ||
Program services and other fronting [Member] | |||
Reinsurance Disclosures [Line Items] | |||
Reinsurance recoverables | $ 2,500,000 | $ 1,600,000 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effects of Reinsurance [Line Items] | |||
Direct premiums written | $ 9,508,184 | $ 7,753,781 | $ 7,341,388 |
Direct premiums earned | 8,729,068 | 7,442,776 | 6,962,507 |
Assumed premiums written | 1,930,498 | 1,512,884 | 1,438,583 |
Assumed premiums earned | 1,744,346 | 1,469,086 | 1,368,153 |
Ceded premiums written | (4,318,951) | (3,334,427) | (3,367,900) |
Ceded premiums earned | (3,970,385) | (3,299,657) | (3,280,867) |
Net premiums written | 7,119,731 | 5,932,238 | 5,412,071 |
Net premiums earned | 6,503,029 | 5,612,205 | 5,049,793 |
Underwriting [Member] | |||
Effects of Reinsurance [Line Items] | |||
Direct premiums written | 6,863,229 | 5,715,038 | 5,084,641 |
Direct premiums earned | 6,275,078 | 5,357,888 | 4,767,836 |
Assumed premiums written | 1,622,700 | 1,444,967 | 1,349,686 |
Assumed premiums earned | 1,482,755 | 1,394,239 | 1,289,375 |
Ceded premiums written | (1,360,763) | (1,222,390) | (1,024,097) |
Ceded premiums earned | (1,250,392) | (1,134,501) | (1,008,970) |
Net premiums written | 7,125,166 | 5,937,615 | 5,410,230 |
Net premiums earned | 6,507,441 | 5,617,626 | 5,048,241 |
Program services and other fronting [Member] | |||
Effects of Reinsurance [Line Items] | |||
Direct premiums written | 2,644,955 | 2,038,743 | 2,256,747 |
Direct premiums earned | 2,453,990 | 2,084,888 | 2,194,671 |
Assumed premiums written | 307,798 | 67,917 | 88,897 |
Assumed premiums earned | 261,591 | 74,847 | 78,778 |
Ceded premiums written | (2,958,188) | (2,112,037) | (2,343,803) |
Ceded premiums earned | (2,719,993) | (2,165,156) | (2,271,897) |
Net premiums written | (5,435) | (5,377) | 1,841 |
Net premiums earned | $ (4,412) | $ (5,421) | $ 1,552 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effects of Reinsurance [Line Items] | |||
Gross | $ 4,477,752 | $ 4,189,948 | $ 3,447,186 |
Ceded | (893,230) | (722,619) | (556,618) |
Net losses and loss adjustment expenses | $ 3,584,522 | $ 3,467,329 | $ 2,890,568 |
Life And Annuity Benefits (Narr
Life And Annuity Benefits (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Liability for Future Policy Benefit, before Reinsurance [Abstract] | |||
Adjustment to life and annuity benefits | $ (63,000) | $ 68,200 | $ 51,400 |
Cumulative adjustment life and annuity benefits | $ 56,600 | $ 119,600 | |
Average reserve discount rate | 2.30% | ||
Life and annuity benefits reserve single contract concentration | 33.70% | ||
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, 2021 | Dec. 31, 2020 |
Liability for Future Policy Benefit, before Reinsurance [Abstract] | ||
Life | $ 113,797 | $ 125,856 |
Annuities | 753,971 | 900,298 |
Accident and health | 35,212 | 43,832 |
Total life and annuity benefits | $ 902,980 | $ 1,069,986 |
Senior Long-Term Debt And Oth_3
Senior Long-Term Debt And Other Debt (Narrative) (Details) - USD ($) $ in Thousands | May 04, 2021 | Sep. 17, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2020 |
Debt Instrument [Line Items] | ||||||
Loss on early extinguishment of debt | $ 0 | $ 0 | $ 17,586 | |||
Senior long-term debt and other debt | 4,361,266 | 3,484,023 | ||||
Senior long-term debt and other debt, estimated fair value | 5,000,000 | 4,400,000 | ||||
Interest on senior long-term debt and other debt | 178,600 | 178,200 | $ 169,700 | |||
Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, capacity available | 300,000 | |||||
Line of Credit Facility, Increase (Decrease), Net | $ 200,000 | |||||
Line of credit facility, unused capacity, commitment fee percentage | 0.20% | |||||
Borrowings outstanding under the facility | $ 0 | |||||
Revolving Credit Facility [Member] | Secured Letters Of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, capacity available | 200,000 | |||||
Other Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior long-term debt and other debt | 327,044 | 42,668 | ||||
Other Debt [Member] | Markel Ventures [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior long-term debt and other debt | $ 287,600 | $ 42,700 | ||||
3.45% Unsecured Senior Notes due May 7 2052 | ||||||
Debt Instrument [Line Items] | ||||||
Net proceeds from issuance of unsecured senior notes | $ 591,400 | |||||
3.45% Unsecured Senior Notes due May 7 2052 | Unsecured Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate | 3.45% | |||||
Debt instrument, face amount | $ 600,000 | |||||
4.90% Unsecured Senior Notes Due July 1, 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 350,000 | |||||
4.90% Unsecured Senior Notes Due July 1, 2022 [Member] | Unsecured Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate | 4.90% | |||||
3.35% Unsecured Senior Notes Due September 17 2029 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Net proceeds from issuance of unsecured senior notes | $ 297,500 | |||||
3.35% Unsecured Senior Notes Due September 17 2029 [Member] | Unsecured Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate | 3.35% | 3.35% | ||||
Debt instrument, face amount | $ 300,000 | |||||
4.15% Unsecured Senior Notes Due September 17 2050 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Net proceeds from issuance of unsecured senior notes | $ 494,500 | |||||
4.15% Unsecured Senior Notes Due September 17 2050 [Member] | Unsecured Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate | 4.15% | 4.15% | ||||
Debt instrument, face amount | $ 500,000 | |||||
6.25% Unsecured Senior Notes Due September 30, 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, repurchased face amount | $ 350,000 | |||||
Early repayment of senior debt | $ 626,700 | |||||
6.25% Unsecured Senior Notes Due September 30, 2020 [Member] | Unsecured Senior Notes [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, repurchased face amount | $ 250,000 | |||||
5.35% Unsecured Senior Notes Due June 1, 2021 [Member] | Unsecured Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate | 5.35% | |||||
7.35% Unsecured Senior Notes Due August 15, 2034 [Member] | Unsecured Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate | 7.35% |
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 | 12 Months Ended | |||
Dec. 31, 2021 | May 04, 2021 | Dec. 31, 2020 | Sep. 17, 2019 | |
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 | $ 4,361,266 | $ 3,484,023 | ||
4.90% Unsecured Senior Notes Due July 1, 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 350,000 | |||
Unsecured Senior Notes [Member] | 4.90% Unsecured Senior Notes Due July 1, 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes | $ 349,815 | 349,498 | ||
Debt instrument, interest rate | 4.90% | |||
Debt Instrument, Unamortized Discount | $ 159 | 432 | ||
Unsecured Senior Notes [Member] | 3.625% Unsecured Senior Notes Due March 30, 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes | $ 249,702 | 249,464 | ||
Debt instrument, interest rate | 3.625% | |||
Debt Instrument, Unamortized Discount | $ 251 | 452 | ||
Unsecured Senior Notes [Member] | 3.50% Unsecured Senior Notes Due November 1, 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes | $ 298,136 | 297,769 | ||
Debt instrument, interest rate | 3.50% | |||
Debt Instrument, Unamortized Discount | $ 1,445 | 1,729 | ||
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 | $ 297,700 | 297,404 | ||
Debt instrument, interest rate | 3.35% | 3.35% | ||
Debt Instrument, Unamortized Discount | $ 1,916 | 2,163 | ||
Unsecured Senior Notes [Member] | 7.35% Unsecured Senior Notes Due August 15, 2034 [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes | $ 128,932 | 128,859 | ||
Debt instrument, interest rate | 7.35% | |||
Debt Instrument, Unamortized Discount | $ 868 | 937 | ||
Unsecured Senior Notes [Member] | 5.0% Unsecured Senior Notes Due March 30, 2043 [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes | $ 244,978 | 244,742 | ||
Debt instrument, interest rate | 5.00% | |||
Debt Instrument, Unamortized Discount | $ 4,759 | 4,983 | ||
Unsecured Senior Notes [Member] | 5.0% Unsecured Senior Notes Due April 5, 2046 [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes | $ 493,310 | 493,035 | ||
Debt instrument, interest rate | 5.00% | |||
Debt Instrument, Unamortized Discount | $ 5,933 | 6,177 | ||
Unsecured Senior Notes [Member] | 4.30% Unsecured Senior Notes Due November 1, 2047 [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes | $ 295,512 | 295,333 | ||
Debt instrument, interest rate | 4.30% | |||
Debt Instrument, Unamortized Discount | $ 3,821 | 3,973 | ||
Unsecured Senior Notes [Member] | 5.0% Unsecured Senior Notes Due May 20, 2049 [Member] [Domain] | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes | $ 591,621 | 591,316 | ||
Debt instrument, interest rate | 5.00% | |||
Debt Instrument, Unamortized Discount | $ 7,161 | 7,422 | ||
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 | $ 494,138 | 493,935 | ||
Debt instrument, interest rate | 4.15% | 4.15% | ||
Debt Instrument, Unamortized Discount | $ 5,095 | 5,272 | ||
Unsecured Senior Notes [Member] | 3.45% Unsecured Senior Notes due May 7 2052 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 600,000 | |||
Unsecured senior notes | $ 590,378 | 0 | ||
Debt instrument, interest rate | 3.45% | |||
Debt Instrument, Unamortized Discount | $ 8,461 | |||
Other Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior long-term debt and other debt | $ 327,044 | $ 42,668 | ||
Other Debt [Member] | Other Debt [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate | 1.30% | |||
Other Debt [Member] | Other Debt [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate | 8.00% |
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, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
2022 | $ 499,043 | |
2023 | 300,441 | |
2024 | 27,881 | |
2025 | 24,853 | |
2026 | 25,267 | |
2027 and thereafter | 3,530,486 | |
Total principal payments | 4,407,971 | |
Net unamortized premium | (39,869) | |
Net unamortized debt issuance costs | (6,836) | |
Senior long-term debt and other debt | $ 4,361,266 | $ 3,484,023 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Line Items] | |||
Income tax payments | $ 204,900,000 | $ 241,700,000 | $ 128,200,000 |
Income taxes payable | 31,300,000 | 17,200,000 | |
Income taxes receivable | 18,900,000 | 26,100,000 | |
Unrecognized tax benefits | 0 | ||
Net deferred tax liability | 1,407,434,000 | 986,135,000 | |
Tax credit carryforwards | 21,734,000 | 15,885,000 | |
Net operating loss carryforwards | 103,800,000 | ||
Gross deferred tax assets | 728,532,000 | 690,838,000 | |
Valuation allowance | (23,352,000) | (24,396,000) | |
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 | $ 705,200,000 | ||
Income Tax Examination, Year under Examination | 2017 | ||
Earliest Tax Year [Member] | |||
Income Tax Disclosure [Line Items] | |||
Tax credit, expiration date | Dec. 31, 2031 | ||
Certain Branch Operations In Europe And Wholly Owned Subsidiary In Brazil [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards | $ 75,500,000 | ||
Other Liabilities [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net deferred tax liability | 1,400,000,000 | 990,100,000 | |
Other Assets [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net deferred tax assets | $ 18,400,000 | $ 3,900,000 |
Income Taxes (Components Of Inc
Income Taxes (Components Of Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
U.S. operations | $ 2,263,748 | $ 1,003,714 | $ 1,664,762 |
Foreign operations | 868,445 | (3,265) | 621,046 |
Income Before Income Taxes | $ 3,132,193 | $ 1,000,449 | $ 2,285,808 |
Income Taxes (Components Of I_2
Income Taxes (Components Of Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
U.S., current | $ 200,742 | $ 182,046 | $ 122,120 |
Foreign, current | 29,811 | (10,631) | 40,841 |
Total current tax expense | 230,553 | 171,415 | 162,961 |
U.S., deferred | 438,240 | (557) | 328,016 |
Foreign, deferred | 15,665 | (2,176) | (4,631) |
Total deferred tax expense (benefit) | 453,905 | (2,733) | 323,385 |
Income tax expense (benefit) | $ 684,458 | $ 168,682 | $ 486,346 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Income taxes at U.S. corporate tax rate | $ 657,760 | $ 210,093 | $ 480,020 |
Tax-exempt investment income | (16,109) | (16,415) | (18,430) |
Foreign operations | 14,443 | 6,500 | 14,718 |
Nondeductible (deductible) losses on certain foreign investments | 1,240 | (38,666) | 0 |
Other | 27,124 | 7,170 | 10,038 |
Income tax expense (benefit) | $ 684,458 | $ 168,682 | $ 486,346 |
Effective tax rate | 22.00% | 17.00% | 21.00% |
U.S. corporate tax rate | 21.00% |
Income Taxes (Components Of Dom
Income Taxes (Components Of Domestic And Foreign Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Unpaid losses and loss adjustment expenses | $ 187,609 | $ 192,755 |
Unearned premiums recognized for income tax purposes | 139,350 | 116,714 |
Lease liabilities | 135,795 | 135,104 |
Life and annuity benefits | 78,777 | 108,825 |
Accrued incentive compensation | 50,806 | 30,374 |
Net operating loss carryforwards | 47,510 | 27,341 |
Tax credit carryforwards | 21,734 | 15,885 |
Other differences between financial reporting and tax bases | 66,951 | 63,840 |
Total gross deferred tax assets | 728,532 | 690,838 |
Less valuation allowance | (23,352) | (24,396) |
Total gross deferred tax assets, net of allowance | 705,180 | 666,442 |
Investments | 1,401,871 | 1,102,476 |
Goodwill and other intangible assets | 185,195 | 173,059 |
Deferred policy acquisition costs | 141,523 | 118,581 |
Right-of-use lease assets | 127,313 | 127,391 |
Property, plant and equipment | 126,846 | 38,920 |
Other differences between financial reporting and tax bases | 129,866 | 92,150 |
Total gross deferred tax liabilities | 2,112,614 | 1,652,577 |
Net deferred tax liability | $ 1,407,434 | $ 986,135 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Postemployment Benefits [Abstract] | |||
Expenses relating to defined contribution plans | $ 52.7 | $ 48.6 | $ 42.4 |
Projected benefit plan obligations of Terra Nova Pension Plan | 210.2 | 220.5 | |
Fair value of Terra Nova Pension Plan assets | $ 243.6 | $ 242.3 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Unconsolidated Markel CATCo Fund 2 [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, consolidated, carrying amount, investment in one of the unconsolidated funds | $ 40.7 | $ 58.5 |
Unconsolidated Markel CATCo Funds [Member] | ||
Variable Interest Entity [Line Items] | ||
Net assets under management of MCIM for unconsolidated VIEs | $ 825.3 | $ 929.2 |
Related Party Transactions Rela
Related Party Transactions Related Party Transactions (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||
Services and other revenues | $ 2,278,141 | $ 1,693,537 | $ 813,202 |
Gross written premiums | 11,438,682 | 9,266,665 | 8,779,971 |
Ceded written premium | 4,318,951 | 3,334,427 | 3,367,900 |
Reinsurance recoverables | 7,293,555 | 5,989,337 | |
Syndicate 2357 and certain other Nephila Reinsurers [Member] | |||
Related Party Transaction [Line Items] | |||
Gross written premiums | 689,200 | 412,400 | 425,000 |
Ceded written premium | 689,200 | 412,400 | 425,000 |
Reinsurance recoverables | 751,000 | 353,800 | |
Hagerty Group, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Gross written premiums | 591,200 | 506,700 | 422,100 |
Ceded written premium | 335,000 | 239,300 | 202,100 |
Insurance-linked Securities Operations [Member] | Unconsolidated entities managed by Nephila [Member] | |||
Related Party Transaction [Line Items] | |||
Services and other revenues | $ 141,900 | $ 152,000 | $ 165,500 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | May 27, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Preferred stock, shares authorized | 10,000,000 | |||
Issuance of preferred stock, net | $ 0 | $ 591,891 | $ 0 | |
Issuer's Redemption Option, Period to Redeem After a Redemption Event | 90 days | |||
Preferred Stock, Redemption Price Per Share | $ 1,000 | |||
Preferred stock dividends | $ 36,000 | $ 18,400 | ||
us-gaap_PreferredStockDividendsPerShareDeclaredandCashPaid | $ 60 | $ 30.67 | ||
Rating Agency Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Preferred Stock, Redemption Price Per Share | 1,020 | |||
Regulatory Capital Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Preferred Stock, Redemption Price Per Share | $ 1,000 | |||
Series A Preferred Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Preferred Stock, No Par Value | $ 0 | |||
Preferred stock, shares issued | 600,000 | 600,000 | ||
Preferred stock, shares outstanding | 600,000 | 600,000 | ||
Preferred Stock, Dividend Rate, Percentage | 6.00% | |||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | |||
Issuance of stock | $ 600,000 | |||
Issuance of preferred stock, net | $ 591,900 | |||
Preferred Stock, Reset Period | 5 years | |||
Preferred Stock, Dividend Rate, Reset Percentage | 5.662% | |||
Earnings Per Share [Line Items] | ||||
Preferred stock, shares issued | 600,000 | 600,000 | ||
Preferred stock, shares outstanding | 600,000 | 600,000 | ||
Common Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Repurchased During Period, Shares | 169,000 | 24,000 | ||
Stock Repurchased During Period, Value | $ 0 | $ 0 | $ 0 | |
Issuance of stock | 0 | |||
Preferred stock dividends | $ 0 | $ 0 | ||
Earnings Per Share [Line Items] | ||||
Shares, Outstanding | 13,632,000 | 13,783,000 |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule of Common Stock Outstanding Roll Forward) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Class of Stock [Line Items] | |||
Common stock, shares authorized | 50,000,000 | ||
Common stock, no par value | $ 0 | ||
Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Shares, issued | 13,632,000 | 13,783,000 | 13,794,000 |
Stock Repurchased During Period, Shares | (169,000) | (24,000) | |
Common Stock [Member] | Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Issuance of common stock, shares | 18,000 | 13,000 |
Shareholders' Equity (Schedul_2
Shareholders' Equity (Schedule Of Net Income Per Common Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Earnings Per Share [Line Items] | ||||
Net income to common shareholders | $ 2,389,003 | $ 797,630 | $ 1,790,466 | |
Adjustment of redeemable noncontrolling interests | 46,874 | (28,705) | 1,105 | |
Adjusted net income to common shareholders | $ 2,435,877 | $ 768,925 | $ 1,791,571 | |
Basic common shares outstanding | 13,768,000 | 13,811,000 | 13,861,000 | |
Diluted common shares outstanding | 13,800,000 | 13,823,000 | 13,881,000 | |
Basic net income per common share | $ 176.92 | $ 55.67 | $ 129.25 | |
Diluted net income per common share | $ 176.51 | $ 55.63 | $ 129.07 | |
2016 Compensation Plan [Member] | ||||
Earnings Per Share [Line Items] | ||||
Number of shares available for future awards | [1] | 151,417 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Earnings Per Share [Line Items] | ||||
Dilutive potential common shares from restricted stock units and restricted stock | [1] | 32,000 | 12,000 | 20,000 |
[1] | The Company has issued grants and awards of restricted stock units to employees as performance, retention or hiring incentives, as well as awards of restricted stock to non-employee directors, under its equity incentive compensation plan. At December 31, 2021, there were 151,417 shares available for future awards under the Company's equity incentive compensation plan. |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Change In Accumulated Other Comprehensive Income By Component, Net Of Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), beginning balance | $ 584,376 | ||
Income tax expense | (684,458) | $ (168,682) | $ (486,346) |
Accumulated other comprehensive income (loss), ending balance | 237,617 | 584,376 | |
Unrealized Gains On Available-For-Sale Investments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), beginning balance | 698,810 | 346,037 | 48,060 |
Total other comprehensive income (loss) before income taxes | (450,096) | 442,089 | 381,890 |
Income tax expense | 95,158 | (89,316) | (83,913) |
Total other comprehensive income (loss) | (354,938) | 352,773 | 297,977 |
Accumulated other comprehensive income (loss), ending balance | 343,872 | 698,810 | 346,037 |
Foreign Currency [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), beginning balance | (56,420) | (86,249) | (86,652) |
Total other comprehensive income (loss) before income taxes | (2,091) | 29,829 | 403 |
Income tax expense | 1,880 | 0 | 0 |
Total other comprehensive income (loss) | (211) | 29,829 | 403 |
Accumulated other comprehensive income (loss), ending balance | (56,631) | (56,420) | (86,249) |
Net Actuarial Pension Loss [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), beginning balance | (58,014) | (51,016) | (56,058) |
Total other comprehensive income (loss) before income taxes | 10,663 | (8,849) | 6,390 |
Income tax expense | (2,273) | 1,851 | (1,348) |
Total other comprehensive income (loss) | 8,390 | (6,998) | 5,042 |
Accumulated other comprehensive income (loss), ending balance | (49,624) | (58,014) | (51,016) |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), beginning balance | 584,376 | 208,772 | (94,650) |
Total other comprehensive income (loss) before income taxes | (441,524) | 463,069 | 388,683 |
Income tax expense | 94,765 | (87,465) | (85,261) |
Total other comprehensive income (loss) | (346,759) | 375,604 | 303,422 |
Accumulated other comprehensive income (loss), ending balance | $ 237,617 | $ 584,376 | $ 208,772 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 02, 2021 |
Loss Contingencies [Line Items] | ||
Tail risk cover in proposed CATCo transaction | $ 145 | |
Payments to or for the benefit of investors in proposed CATCo transaction | 120 | |
Investment Funds v. for Chief Executive Officer of MCIM | ||
Loss Contingencies [Line Items] | ||
Asserted claims | $ 69 | |
Market CATCO Re | Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Other Commitment | $ 175 |
Statutory Financial Informati_3
Statutory Financial Information (Narrative) (Details) $ in Millions | Dec. 31, 2021USD ($) |
Statutory Accounting Practices [Line Items] | |
Amount of cash and investments held as funds at Lloyd's | $ 1,000 |
Funds at Lloyd's, holding company | 329.9 |
United States [Member] | |
Statutory Accounting Practices [Line Items] | |
Amount available for dividend payment | 740.8 |
Bermuda [Member] | |
Statutory Accounting Practices [Line Items] | |
Amount available for dividend payment | $ 526.7 |
Statutory Financial Informati_4
Statutory Financial Information (Actual Statutory Capital And Surplus) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
United States [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Statutory capital and surplus | $ 4,493,310 | $ 3,967,112 |
United Kingdom [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Statutory capital and surplus | 736,575 | 635,382 |
Bermuda [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Statutory capital and surplus | 2,106,606 | 1,905,070 |
Other [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Statutory capital and surplus | $ 95,693 | $ 103,828 |
Statutory Financial Informati_5
Statutory Financial Information (Statutory Net Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
United States [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | $ 705,908 | $ 616,135 | $ 419,396 |
United Kingdom [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | 56,546 | (25,776) | 108,759 |
Bermuda [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | 556,275 | 228,740 | 447,479 |
Other [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | $ 1,780 | $ (4,628) | $ (4,499) |
Markel Corporation (Parent Co_3
Markel Corporation (Parent Company Only) Financial Information (Schedule Of Condensed Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Condensed Financial Statements, Captions [Line Items] | ||
Fixed maturities, available-for-sale | $ 12,587,305 | $ 10,681,734 |
Equity securities | 9,023,927 | 6,994,110 |
Short-term investments, available-for-sale (estimated fair value approximates cost) | 1,799,988 | 2,034,099 |
Investments | 23,411,220 | 19,709,943 |
Cash and cash equivalents | 3,978,490 | 4,341,736 |
Restricted cash and cash equivalents | 902,457 | 874,913 |
Receivables | 2,413,938 | 1,930,211 |
Income taxes receivable | 18,900 | 26,100 |
Other assets | 3,163,094 | 2,393,920 |
Total Assets | 48,448,866 | 41,710,054 |
Senior long-term debt | 4,361,266 | 3,484,023 |
Net deferred tax liability | 1,407,434 | 986,135 |
Other liabilities | 3,826,156 | 2,946,631 |
Total Liabilities | 33,269,580 | 28,649,731 |
Preferred stock | 591,891 | 591,891 |
Common stock | 3,441,079 | 3,428,340 |
Retained earnings | 10,424,461 | 8,195,182 |
Accumulated other comprehensive income | 237,617 | 584,376 |
Total Shareholders' Equity | 14,695,048 | 12,799,789 |
Total Liabilities and Equity | 48,448,866 | 41,710,054 |
Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Fixed maturities, available-for-sale | 228,705 | 274,297 |
Equity securities | 2,784,189 | 1,817,068 |
Short-term investments, available-for-sale (estimated fair value approximates cost) | 1,474,997 | 1,249,970 |
Investments | 4,487,891 | 3,341,335 |
Cash and cash equivalents | 763,985 | 657,539 |
Restricted cash and cash equivalents | 15,485 | 65,971 |
Receivables | 18,770 | 14,737 |
Investments in consolidated subsidiaries | 13,276,669 | 12,259,007 |
Notes receivable from subsidiaries | 135,756 | 85,756 |
Income taxes receivable | 48,344 | 37,505 |
Other assets | 408,161 | 364,403 |
Total Assets | 19,155,061 | 16,826,253 |
Senior long-term debt | 4,034,223 | 3,441,355 |
Notes payable to subsidiaries | 32,753 | 317,753 |
Net deferred tax liability | 295,289 | 170,270 |
Other liabilities | 97,748 | 97,086 |
Total Liabilities | 4,460,013 | 4,026,464 |
Preferred stock | 591,891 | 591,891 |
Common stock | 3,441,079 | 3,428,340 |
Retained earnings | 10,424,461 | 8,195,182 |
Accumulated other comprehensive income | 237,617 | 584,376 |
Total Shareholders' Equity | 14,695,048 | 12,799,789 |
Total Liabilities and Equity | $ 19,155,061 | $ 16,826,253 |
Markel Corporation (Parent Co_4
Markel Corporation (Parent Company Only) Financial Information (Schedule of Condensed Balance Sheets - Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Condensed Financial Statements, Captions [Line Items] | ||
Fixed maturities, amortized cost | $ 12,061,467 | $ 9,655,261 |
Equity securities, cost | 2,867,899 | 2,732,998 |
Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Fixed maturities, amortized cost | 210,111 | 248,206 |
Equity securities, cost | $ 1,771,597 | $ 1,307,230 |
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net investment income | $ 374,601 | $ 371,830 | $ 451,888 |
Change in fair value of equity securities | 1,940,626 | 603,199 | 1,603,204 |
Net investment gains | 1,978,534 | 617,979 | 1,601,722 |
Total Operating Revenues | 12,846,425 | 9,735,066 | 9,526,191 |
Services and other expenses | 2,022,935 | 1,561,120 | 675,679 |
Interest expense | 183,579 | 177,582 | 171,687 |
Net foreign exchange gains (losses) | 72,271 | (95,853) | (2,265) |
Loss on early extinguishment of debt | 0 | 0 | 17,586 |
Total operating expenses | 9,602,924 | 8,461,182 | 7,048,845 |
Income tax expense | (684,458) | (168,682) | (486,346) |
Net Income to Shareholders | 2,425,003 | 816,030 | 1,790,466 |
Preferred stock dividends | (36,000) | (18,400) | 0 |
Net income to common shareholders | 2,389,003 | 797,630 | 1,790,466 |
Net holding gains (losses) arising during the period | (348,315) | 356,159 | 299,125 |
Reclassification adjustments for net gains included in net income to shareholders | (6,623) | (3,386) | (1,148) |
Change in net unrealized gains on available-for-sale investments, net of taxes | (354,938) | 352,773 | 297,977 |
Total Other Comprehensive Income (Loss) | (346,761) | 375,622 | 303,401 |
Comprehensive Income to Shareholders | 2,078,244 | 1,191,634 | 2,093,888 |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net investment income | 20,177 | 18,026 | 48,845 |
Dividends on common stock of consolidated subsidiaries | 1,081,988 | 466,244 | 863,335 |
Net realized investment gains | 23,652 | 27,774 | 3,848 |
Change in fair value of equity securities | 514,727 | 82,389 | 293,296 |
Net investment gains | 538,379 | 110,163 | 297,144 |
Total Operating Revenues | 1,640,544 | 594,433 | 1,209,324 |
Services and other expenses | 22,379 | 1,025 | 6,436 |
Interest expense | 185,568 | 187,562 | 219,082 |
Net foreign exchange gains (losses) | (6,236) | 6,823 | 3,973 |
Loss on early extinguishment of debt | 0 | 0 | 13,656 |
Total operating expenses | 201,711 | 195,410 | 243,147 |
Income before equity in undistributed earnings of consolidated subsidiaries and income taxes | 1,438,833 | 399,023 | 966,177 |
Equity in undistributed earnings of consolidated subsidiaries | 1,081,976 | 400,289 | 851,337 |
Income tax expense | (95,806) | 16,718 | (27,048) |
Net Income to Shareholders | 2,425,003 | 816,030 | 1,790,466 |
Preferred stock dividends | (36,000) | (18,400) | 0 |
Net income to common shareholders | 2,389,003 | 797,630 | 1,790,466 |
Net holding gains (losses) arising during the period | (5,885) | 21,482 | 14,016 |
Consolidated subsidiaries' net holding gains (losses) arising during the period | (342,430) | 334,677 | 285,109 |
Reclassification adjustments for net gains included in net income to shareholders | (34) | (14,937) | (4,591) |
Consolidated subsidiaries' reclassification adjustments for net gains (losses) included in net income to shareholders | (6,589) | 11,551 | 3,443 |
Change in net unrealized gains on available-for-sale investments, net of taxes | (354,938) | 352,773 | 297,977 |
Consolidated subsidiaries' change in foreign currency translation adjustments, net of taxes | (211) | 29,829 | 403 |
Consolidated subsidiaries' change in net actuarial pension loss, net of taxes | 8,390 | (6,998) | 5,042 |
Total Other Comprehensive Income (Loss) | (346,759) | 375,604 | 303,422 |
Comprehensive Income to Shareholders | $ 2,078,244 | $ 1,191,634 | $ 2,093,888 |
Markel Corporation (Parent Co_6
Markel Corporation (Parent Company Only) Financial Information (Schedule Of Condensed Statements Of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net Income to Shareholders | $ 2,425,003 | $ 816,030 | $ 1,790,466 |
Net Cash Provided By Operating Activities | 2,274,067 | 1,737,587 | 1,274,120 |
Proceeds from sales of fixed maturity securities and equity securities | 224,720 | 1,580,288 | 353,918 |
Proceeds from maturities, calls and prepayments of fixed maturity securities | 683,961 | 642,135 | 772,336 |
Cost of fixed maturity securities and equity securities purchased | (3,420,759) | (1,322,218) | (955,970) |
Net change in short-term investments | 228,955 | (829,457) | (95,867) |
Acquisitions, net of cash acquired | (517,439) | (554,127) | (245,332) |
Cost of equity method investments | (41,860) | (5,066) | (257,663) |
Additions to property and equipment | (145,249) | (101,301) | (123,376) |
Other | 49,869 | 77,998 | 16,795 |
Net Cash Used By Investing Activities | (2,937,802) | (511,748) | (535,159) |
Additions to senior long-term debt | 1,198,505 | 223,183 | 1,645,182 |
Repayment and retirement of senior long-term debt | (486,730) | (275,996) | (1,103,674) |
Premiums and fees related to early extinguishment of debt | 0 | 0 | (27,073) |
Repurchases of common stock | (206,518) | (26,832) | (116,307) |
Issuance of preferred stock, net | 0 | 591,891 | 0 |
Dividends paid on preferred stock | (36,000) | (18,400) | 0 |
Other | (99,490) | (59,290) | (38,811) |
Net Cash Provided By Financing Activities | 369,767 | 434,556 | 359,317 |
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | (335,702) | 1,716,296 | 1,103,921 |
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year | 5,216,649 | 3,500,353 | 2,396,432 |
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS AT END OF YEAR | 4,880,947 | 5,216,649 | 3,500,353 |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net Income to Shareholders | 2,425,003 | 816,030 | 1,790,466 |
Adjustments to reconcile net income to shareholders to net cash provided by operating activities | (2,213,261) | (708,162) | (1,530,940) |
Net Cash Provided By Operating Activities | 211,742 | 107,868 | 259,526 |
Proceeds from sales of fixed maturity securities and equity securities | 105,700 | 557,088 | 326,564 |
Proceeds from maturities, calls and prepayments of fixed maturity securities | 37,607 | 39,051 | 41,673 |
Cost of fixed maturity securities and equity securities purchased | (73,644) | (90,459) | (82,332) |
Net change in short-term investments | (224,646) | (522,666) | (236,251) |
Return of capital from subsidiaries | 17,193 | 15,164 | 14,865 |
Decrease (increase) in notes receivable due from subsidiaries | (50,000) | (25,000) | 100,000 |
Capital contributions to subsidiaries | (271,729) | (605,426) | (413,148) |
Cost of equity method investments | (38,550) | (4,917) | (213,100) |
Other | (5,368) | 17,984 | 6,719 |
Net Cash Used By Investing Activities | (503,437) | (619,181) | (455,010) |
Additions to senior long-term debt | 591,354 | 0 | 1,384,182 |
Decrease in notes payable to subsidiaries | 0 | (50,000) | (99,839) |
Repayment and retirement of senior long-term debt | 0 | 0 | (484,811) |
Premiums and fees related to early extinguishment of debt | 0 | 0 | (13,248) |
Repurchases of common stock | (206,518) | (26,832) | (116,307) |
Issuance of preferred stock, net | 0 | 591,891 | 0 |
Dividends paid on preferred stock | (36,000) | (18,400) | 0 |
Other | (1,181) | 15 | (2,564) |
Net Cash Provided By Financing Activities | 347,655 | 496,674 | 667,413 |
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | 55,960 | (14,639) | 471,929 |
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year | 723,510 | 738,149 | 266,220 |
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS AT END OF YEAR | $ 779,470 | $ 723,510 | $ 738,149 |
Uncategorized Items - mkl-20211
Label | Element | Value |
Parent [Member] | ||
Cumulative Effect of Adoption of ASU No 2016-13, Net of Taxes | mkl_CumulativeEffectofAdoptionofASUNo201613NetofTaxes | $ (3,827,000) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | mkl_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance | 11,067,040,000 |
Retained Earnings [Member] | ||
Cumulative Effect of Adoption of ASU No 2016-13, Net of Taxes | mkl_CumulativeEffectofAdoptionofASUNo201613NetofTaxes | (3,827,000) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | mkl_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance | 7,453,349,000 |
Preferred Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | mkl_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance | 0 |
AOCI Attributable to Parent [Member] | ||
Cumulative Effect of Adoption of ASU No 2016-13, Net of Taxes | mkl_CumulativeEffectofAdoptionofASUNo201613NetofTaxes | 0 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | mkl_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance | 208,772,000 |
Redeemable Noncontrolling Interests, Temporary Equity [Member] | ||
Cumulative Effect of Adoption of ASU No 2016-13, Net of Taxes | mkl_CumulativeEffectofAdoptionofASUNo201613NetofTaxes | 0 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | mkl_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance | 177,562,000 |
Total Equity [Member] | ||
Cumulative Effect of Adoption of ASU No 2016-13, Net of Taxes | mkl_CumulativeEffectofAdoptionofASUNo201613NetofTaxes | (3,827,000) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | mkl_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance | 11,074,589,000 |
Common Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | mkl_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance | 3,404,919,000 |
Noncontrolling Interest [Member] | ||
Cumulative Effect of Adoption of ASU No 2016-13, Net of Taxes | mkl_CumulativeEffectofAdoptionofASUNo201613NetofTaxes | 0 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | mkl_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance | $ 7,549,000 |