Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 01, 2023 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2022 | ||
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 | $ 17,203,000,000 | ||
Entity Common Stock, Shares Outstanding | 13,408,610 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
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, 2022 | Dec. 31, 2021 | |
ASSETS | |||
Fixed maturity securities, available-for-sale (amortized cost of $12,805,887 in 2022 and $12,061,467 in 2021) | $ 11,856,835 | $ 12,587,305 | |
Equity securities (cost of $3,100,040 in 2022 and $2,867,899 in 2021) | 7,671,912 | 9,023,927 | |
Short-term investments, available-for-sale (estimated fair value approximates cost) | 2,669,262 | 1,799,988 | |
Total Investments | 22,198,009 | 23,411,220 | |
Cash and cash equivalents | 4,137,432 | 3,978,490 | |
Restricted cash and cash equivalents | 1,084,081 | 902,457 | |
Receivables | 2,961,056 | 2,413,938 | |
Reinsurance recoverables | 8,446,745 | 7,293,555 | |
Deferred policy acquisition costs | 925,483 | 794,145 | |
Prepaid reinsurance premiums | 2,066,114 | 1,798,571 | |
Goodwill | [1] | 2,638,838 | 2,899,140 |
Intangible assets | 1,747,464 | 1,822,486 | |
Other assets | 3,586,037 | 3,163,094 | |
Total Assets | 49,791,259 | 48,477,096 | |
LIABILITIES AND EQUITY | |||
Unpaid losses and loss adjustment expenses | 20,947,898 | 18,178,894 | |
Life and annuity benefits | 759,025 | 902,980 | |
Unearned premiums | 6,220,748 | 5,383,619 | |
Payables to insurance and reinsurance companies | 669,742 | 616,665 | |
Senior long-term debt and other debt (estimated fair value of $3,541,000 in 2022 and $5,017,000 in 2021) | 4,103,629 | 4,361,266 | |
Other liabilities | 3,438,738 | 3,832,084 | |
Total Liabilities | 36,139,780 | 33,275,508 | |
Redeemable noncontrolling interests | 523,154 | 461,378 | |
Commitments and contingencies | |||
Shareholders' equity: | |||
Preferred stock | 591,891 | 591,891 | |
Common stock | 3,493,893 | 3,441,079 | |
Retained earnings | 9,836,827 | 10,446,763 | |
Accumulated other comprehensive income (loss) | (857,077) | 237,617 | |
Total Shareholders' Equity | 13,065,534 | 14,717,350 | |
Noncontrolling interests | 62,791 | 22,860 | |
Total Equity | 13,128,325 | 14,740,210 | |
Total Liabilities and Equity | $ 49,791,259 | $ 48,477,096 | |
[1]As of December 31, 2022, goodwill was net of accumulated impairment losses of $190.6 million, of which $171.9 million was in Other and $18.7 million was in Markel Ventures. 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 $18.7 million was in Markel Ventures. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Fixed maturity securities, available-for-sale (amortized cost of $12,805,887 in 2022 and $12,061,467 in 2021) | $ 12,805,887 | $ 12,061,467 |
Equity securities (cost of $3,100,040 in 2022 and $2,867,899 in 2021) | 3,100,040 | 2,867,899 |
Senior long-term debt and other debt (estimated fair value of $3,541,000 in 2022 and $5,017,000 in 2021) | $ 3,541,000 | $ 5,017,000 |
Consolidated Statements Of Inco
Consolidated Statements Of Income (Loss) And Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||||
OPERATING REVENUES | |||||||
Earned premiums | $ 7,587,792 | $ 6,503,029 | $ 5,612,205 | ||||
Net investment income | 446,755 | 367,417 | 375,826 | ||||
Net investment gains (losses) | (1,595,733) | 1,978,534 | 617,979 | ||||
Products revenues | 2,427,096 | 1,712,120 | 1,439,515 | ||||
Services and other revenues | 2,809,425 | 2,285,325 | 1,689,541 | ||||
Total Operating Revenues | 11,675,335 | 12,846,425 | 9,735,066 | ||||
OPERATING EXPENSES | |||||||
Losses and loss adjustment expenses | 4,445,589 | 3,581,205 | 3,466,961 | ||||
Underwriting, acquisition and insurance expenses | 2,515,583 | 2,293,739 | 2,017,627 | ||||
Products expenses | 2,241,736 | 1,544,506 | 1,256,159 | ||||
Services and other expenses | 2,306,635 | 2,022,935 | 1,561,120 | ||||
Amortization of intangible assets | 178,778 | [1] | 160,539 | [2] | 159,315 | [3] | |
Impairment of goodwill | 80,000 | 0 | 0 | ||||
Total Operating Expenses | 11,768,321 | 9,602,924 | 8,461,182 | ||||
Operating Income (Loss) | (92,986) | 3,243,501 | 1,273,884 | ||||
Interest expense | (196,062) | (183,579) | (177,582) | ||||
Net foreign exchange gains (losses) | 140,209 | 72,271 | (95,853) | ||||
Income (Loss) Before Income Taxes | (148,839) | 3,132,193 | 1,000,449 | ||||
Income tax (expense) benefit | 47,636 | (684,458) | (168,682) | ||||
Net Income (Loss) | (101,203) | 2,447,735 | 831,767 | ||||
Net income attributable to noncontrolling interests | (112,920) | (22,732) | (15,737) | ||||
Net Income (Loss) to Shareholders | (214,123) | 2,425,003 | 816,030 | ||||
Preferred stock dividends | (36,000) | (36,000) | (18,400) | ||||
Net Income (Loss) to Common Shareholders | (250,123) | 2,389,003 | 797,630 | ||||
OTHER COMPREHENSIVE INCOME (LOSS) | |||||||
Net holding gains (losses) arising during the period | (1,155,054) | (348,315) | 356,159 | ||||
Reclassification adjustments for net gains (losses) included in net income (loss) | 44,906 | (6,623) | (3,386) | ||||
Change in net unrealized gains (losses) on available-for-sale investments, net of taxes | (1,110,148) | (354,938) | 352,773 | ||||
Change in foreign currency translation adjustments, net of taxes | (9,259) | (213) | 29,847 | ||||
Change in net actuarial pension loss, net of taxes | 24,730 | 8,390 | (6,998) | ||||
Total Other Comprehensive Income (Loss) | (1,094,677) | (346,761) | 375,622 | ||||
Comprehensive Income (Loss) | (1,195,880) | 2,100,974 | 1,207,389 | ||||
Comprehensive income attributable to noncontrolling interests | (112,937) | (22,730) | (15,755) | ||||
Comprehensive Income (Loss) to Shareholders | $ (1,308,817) | $ 2,078,244 | $ 1,191,634 | ||||
NET INCOME PER COMMON SHARE | |||||||
Basic (dollars per share) | $ (23.57) | $ 176.92 | $ 55.67 | ||||
Diluted (dollars per share) | [4],[5] | $ (23.57) | $ 176.51 | $ 55.63 | |||
[1]Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets attributable to the Company's underwriting segments, included in Other, was $38.5 million for the year ended December 31, 2022.[2]Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets attributable to the Company's underwriting segments, included in Other, was $41.2 million for the year ended December 31, 2021.[3]Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets attributable to the Company's underwriting segments, included in Other, was $41.9 million for the year ended December 31, 2020.[4] (1) The Company has issued grants and awards of restricted stock units to employees as performance, retention or hiring incentives, as well as awards of restricted stock to non-employee directors, under its equity incentive compensation plan. At December 31, 2022, there were 116,431 shares available for future awards under the Company's equity incentive compensation plan. (2) The impact of 33 thousand shares from restricted stock units and restricted stock was excluded from the computation of diluted net loss per common share for the year ended December 31, 2022 because the effect would have been anti-dilutive. |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Equity - USD ($) $ in Thousands | Total | Total Equity [Member] | Total Shareholders' Equity [Member] | Preferred Stock [Member] | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests [Member] | Redeemable Noncontrolling Interests [Member] | Velocity [Member] Total Equity [Member] | Velocity [Member] Noncontrolling Interests [Member] | Volante [Member] Total Equity [Member] | Volante [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, 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) | 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 | 12,836,983 | 12,822,091 | 591,891 | 3,428,340 | 8,217,484 | 584,376 | 14,892 | |||||||||
Balance, redeemable noncontrolling interests at Dec. 31, 2020 | 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 | 14,740,210 | 14,740,210 | 14,717,350 | 591,891 | 3,441,079 | 10,446,763 | 237,617 | 22,860 | ||||||||
Balance, redeemable noncontrolling interests at Dec. 31, 2021 | 461,378 | 461,378 | ||||||||||||||
Net income (loss) | (101,203) | (127,384) | (214,123) | (214,123) | 0 | 86,739 | 26,181 | |||||||||
Other comprehensive income (loss) | (1,094,677) | (1,094,694) | (1,094,694) | 0 | (1,094,694) | 0 | 17 | |||||||||
Comprehensive Income (Loss) | (1,195,880) | (1,222,078) | (1,308,817) | 86,739 | 26,198 | |||||||||||
Repurchase of common stock | (290,796) | (290,796) | 0 | 0 | (290,796) | 0 | 0 | 0 | ||||||||
Preferred stock dividends | (36,000) | (36,000) | (36,000) | 0 | 0 | (36,000) | 0 | 0 | 0 | |||||||
Restricted stock awards expensed | 41,684 | 41,684 | 0 | 41,684 | 0 | 0 | 0 | 0 | ||||||||
Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $ (22,485) | ||||||||
Adjustment of redeemable noncontrolling interests | (69,896) | (69,896) | 0 | 0 | (69,896) | 0 | 0 | 69,896 | ||||||||
Dispositions | 0 | 0 | 0 | 0 | 0 | 0 | $ (22,059) | $ (22,059) | $ (3,490) | $ (3,490) | ||||||
Redemption of Markel CATCo Re noncontrolling interests | (22,261) | 0 | 0 | 0 | 0 | (22,261) | 0 | |||||||||
Other | 13,011 | 12,009 | 0 | 11,130 | 879 | 0 | 1,002 | (11,833) | ||||||||
Balance at Dec. 31, 2022 | 13,128,325 | $ 13,128,325 | $ 13,065,534 | $ 591,891 | $ 3,493,893 | $ 9,836,827 | $ (857,077) | $ 62,791 | ||||||||
Balance, redeemable noncontrolling interests at Dec. 31, 2022 | $ 523,154 | $ 523,154 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
OPERATING ACTIVITIES | |||
Net income (loss) | $ (101,203) | $ 2,447,735 | $ 831,767 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Deferred income tax expense (benefit) | (281,752) | 453,905 | (2,733) |
Depreciation and amortization | 366,954 | 336,393 | 307,069 |
Net investment losses (gains) | 1,595,733 | (1,978,534) | (617,979) |
Net foreign exchange losses (gains) | (140,209) | (72,271) | 95,853 |
Gain on sale of businesses, net | (225,832) | (22,085) | 0 |
Impairment of goodwill | 80,000 | 0 | 0 |
Increase in receivables | (653,261) | (372,491) | (28,174) |
Increase in reinsurance recoverables | (1,168,483) | (1,312,258) | (549,654) |
Increase in deferred policy acquisition costs | (140,630) | (139,609) | (61,569) |
Increase in prepaid reinsurance premiums | (271,292) | (347,982) | (34,480) |
Increase in unpaid losses and loss adjustment expenses | 2,383,268 | 2,042,486 | 1,383,430 |
Decrease in life and annuity benefits | (47,419) | (54,591) | (44,651) |
Increase in unearned premiums | 886,393 | 970,246 | 354,679 |
Increase in payables to insurance and reinsurance companies | 210,810 | 131,559 | 76,586 |
Other | 216,365 | 191,564 | 27,443 |
Net Cash Provided By Operating Activities | 2,709,442 | 2,274,067 | 1,737,587 |
INVESTING ACTIVITIES | |||
Proceeds from sales, maturities, calls and prepayments of fixed maturity securities | 1,152,335 | 708,111 | 862,333 |
Cost of fixed maturity securities purchased | (2,112,066) | (3,165,323) | (1,129,781) |
Proceeds from sales of equity securities | 242,010 | 200,570 | 1,360,090 |
Cost of equity securities purchased | (442,991) | (255,436) | (192,437) |
Net change in short-term investments | (846,019) | 228,955 | (829,457) |
Additions to property and equipment | (254,712) | (145,249) | (101,301) |
Acquisitions, net of cash acquired | (79,000) | (517,439) | (554,127) |
Consolidation of Markel CATCo Re, net | 629,955 | 0 | 0 |
Distributions to Markel CATCo Re noncontrolling interests for buy-out transaction | (169,380) | 0 | 0 |
Proceeds from sale of businesses, net | 201,370 | 40,720 | 0 |
Other | 8,294 | (32,711) | 72,932 |
Net Cash Used By Investing Activities | (1,670,204) | (2,937,802) | (511,748) |
FINANCING ACTIVITIES | |||
Additions to senior long-term debt and other debt | 1,034,052 | 1,198,505 | 223,183 |
Repayment of senior long-term debt and other debt | (1,255,005) | (486,730) | (275,996) |
Repurchases of common stock | (290,796) | (206,518) | (26,832) |
Issuance of preferred stock, net | 0 | 0 | 591,891 |
Dividends paid on preferred stock | (36,000) | (36,000) | (18,400) |
Other | (47,562) | (99,490) | (59,290) |
Net Cash Provided (Used) By Financing Activities | (595,311) | 369,767 | 434,556 |
Effect of foreign currency rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | (103,361) | (41,734) | 55,901 |
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | 340,566 | (335,702) | 1,716,296 |
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year | 4,880,947 | 5,216,649 | 3,500,353 |
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS AT END OF YEAR | $ 5,221,513 | $ 4,880,947 | $ 5,216,649 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
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. Available-for-sale investments include fixed maturity securities and short-term investments. Fixed maturity securities include government and municipal bonds and mortgage-backed securities with original maturities of more than one year. Short-term investments include certificates of deposit, commercial paper, discount notes and treasury bills with original maturities of one year or less. 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 or losses. 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. 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. See note 7 for further details regarding receivables. 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. Cash 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, 2022 and 2021, 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, salaries and benefits 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 (f) for further details regarding policy acquisition costs, as well as note 24 for details regarding a change to the Company's policy for accounting for deferred 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) Equity Method Investments. The Company holds certain investments that are required to be accounted for under the equity method, whereby they 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 services and other revenues. 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 6 for further details regarding the Company's equity method investments. k) 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 $1.2 billion and $1.1 billion as of December 31, 2022 and 2021, respectively, and is included in other assets on the Company's consolidated balance sheets. l) 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 9 for further details regarding leases. m) 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 $639.6 million and $529.3 million as of December 31, 2022 and 2021, respectively, and are included in other assets on the Company's consolidated balance sheets. n) 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 2023 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 19 for further details regarding the calculation of basic and diluted net income per common share. o) 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 15 for further details regarding income taxes. p) 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 11 for further details regarding unpaid losses and loss adjustment expenses. q) 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 contracts are included in services and other revenues and services and other expenses in the Company's consolidated statements of income and comprehensive income. Investment income earned on the investments that support the policy benefit reserves are included in net investment income. See note 13 for further details regarding life and annuity benefits and note 1(x) for information on changes to the accounting for life and annuity benefits beginning in 2023. r) 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, precast concrete, 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 through 2022, managing general agent (MGA) commissions for services provided through the Company's ILS operations. Investment management fee income is recognized over the period in which investment management services are provided and is calculated and recognized monthly, typically 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 10 for further details regarding products, services and other revenues. s) 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. t) Foreign Currency Transactions. The U.S. Dollar is the Company's reporting currency and the primary functional currency of its foreign underwriting operations. The functional currencies of the Company's other foreign operations are the currencies of the primary economic environments in which the majority of their business is transacted. Foreign currency transaction gains and losses are the result of exchange rate changes on transactions denominated in currencies other than the functional currency at each foreign entity. Monetary assets and liabilities are remeasured to the functional currency at current exchange rates, with resulting gains and losses included in net foreign exchange gains within net income. Non-monetary assets and liabilities are remeasured to the functional currency at historic exchange rates. Available-for-sale securities are recorded at fair value with resulting gains and losses, including the portion attributable to movements in exchange rates, included in the change in net unrealized gains on available-for-sale investments, net of taxes within other comprehensive income. While the Company attempts to naturally hedge its 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 20 for further details regarding the components of other comprehensive income. u) 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 20 for further details regarding other comprehensive income. v) 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 19 for further details regarding the calculation of basic and diluted net income per common share. w) 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 17 for further details regarding the Company's involvement with VIEs. x) Recent Accounting Pronouncements. Accounting Standards Not Yet Adopted In August 2018, the FASB issued Accounting Standards Update (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 certain qualitative and quantitative disclosures. 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, including a cumulative adjustment to accumulated other comprehensive income as of January 1, 2021 (the transition date). 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 adoption of ASU 2018-12 will result in a decrease to accumulated other comprehensive income of $15.3 million, net of taxes, as a result of changing the discount rate assumption as of January 1, 2021. However, the cumulative impact of changes in the discount rate assumption through the January 1, 2023 adoption date is based on the discount rate assumption determined as of the adoption date. Based on increases in interest rates between the transition date and the adoption date, the cumulative increase to accumulated other comprehensive income as of January 1, 2023 will be $89.6 million, net of taxes. In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts w |
Segment Reporting Disclosures
Segment Reporting Disclosures | 12 Months Ended | |
Dec. 31, 2022 | ||
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ||
Segment Reporting Disclosures | Segment Reporting Disclosures The chief operating decision maker reviews the Company's ongoing underwriting operations on a global basis in the following two segments: Insurance and Reinsurance. In determining how to allocate resources and assess the performance of the Company's underwriting results, management considers many factors, including the nature of the insurance product sold, the type of account written and the type of customer served. The Insurance segment includes all direct business and facultative placements written on a risk-bearing basis within the Company's underwriting operations. The Reinsurance segment includes all treaty reinsurance written on a risk-bearing basis within the Company's underwriting operations. All investing activities related to the Company's insurance operations are included in the Investing segment. The chief operating decision maker reviews and assesses Markel Ventures' performance in the aggregate, as a single operating segment. The Markel Ventures segment primarily consists of controlling interests in a diverse portfolio of businesses that operate in various industries. The Company's other operations primarily consist of the results of the Company's insurance-linked securities operations and program services business. Other operations also include results for lines of business discontinued prior to, or in conjunction with, acquisitions, including development on asbestos and environmental loss reserves and results attributable to the run-off of life and annuity reinsurance business, which are monitored separately from the Company's ongoing underwriting operations. For purposes of segment reporting, none of these other operations are considered to be reportable segments. Segment profit for each of the Company's underwriting segments is measured by underwriting profit. The property and casualty insurance industry commonly defines underwriting profit as earned premiums net of losses and loss adjustment expenses and underwriting, acquisition and insurance expenses. Underwriting profit does not replace operating income or net income computed in accordance with U.S. GAAP as a measure of profitability. Underwriting profit or loss provides a basis for management to evaluate the Company's underwriting performance. Segment profit for the Company's underwriting segments may also include other revenues and expenses that are attributable to the Company's underwriting operations that are not captured in underwriting profit. Segment profit for the Investing segment is measured by income from the Company's investment portfolio, which is comprised of net investment income and net investment gains. Segment profit for the Investing segment also includes income from equity method investments, which is included within services and other revenues. Segment profit for the Markel Ventures segment is measured by operating income. For management reporting purposes, the Company allocates assets to its underwriting operations and to its Investing and Markel Ventures segments and certain of its other operations, including its insurance-linked securities and program services operations. Underwriting assets include assets attributed to the Company's Insurance and Reinsurance segments, discontinued underwriting lines of business, as well as assets that are not specifically allocated to the Company's other operations. Generally, the Company manages its underwriting assets in the aggregate and therefore does not allocate assets to individual underwriting segments. a) The following tables summarize the Company's segment disclosures. Year Ended December 31, 2022 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures Other (1) Consolidated Gross premium volume $ 8,606,700 $ 1,229,851 $ — $ — $ 3,365,131 $ 13,201,682 Net written premiums 7,040,176 1,167,312 — — (4,098) 8,203,390 Earned premiums 6,528,263 1,063,347 — — (3,818) 7,587,792 Losses and loss adjustment expenses: Current accident year (3,936,425) (676,610) — — — (4,613,035) Prior accident years 142,924 26,052 — — (1,530) 167,446 Underwriting, acquisition and insurance expenses: Amortization of policy acquisition costs (1,375,539) (279,567) — — — (1,655,106) Other underwriting expenses (809,352) (49,363) — — (1,762) (860,477) Underwriting profit (loss) 549,871 83,859 — — (7,110) 626,620 Net investment income — — 445,846 909 — 446,755 Net investment losses — — (1,595,733) — — (1,595,733) Products revenues — — — 2,427,096 — 2,427,096 Services and other revenues — — (17,661) 2,329,522 497,564 2,809,425 Products expenses — — — (2,241,736) — (2,241,736) Services and other expenses — — — (2,111,510) (195,125) (2,306,635) Amortization of intangible assets (2) — — — (79,043) (99,735) (178,778) Impairment of goodwill — — — — (80,000) (80,000) Segment profit (loss) $ 549,871 $ 83,859 $ (1,167,548) $ 325,238 $ 115,594 $ (92,986) Interest expense (196,062) Net foreign exchange gains 140,209 Loss before income taxes $ (148,839) (1) Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment, as well as amortization of intangible assets attributable to the underwriting segments, which is not allocated between the Insurance and Reinsurance segments. (2) Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets attributable to the Company's underwriting segments, included in Other, was $38.5 million for the year ended December 31, 2022. Year Ended December 31, 2021 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures Other (1) 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 — — 367,406 11 — 367,417 Net investment gains — — 1,978,534 — — 1,978,534 Products revenues — — — 1,712,120 — 1,712,120 Services and other revenues — — 7,184 1,931,696 346,445 2,285,325 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 (2) — — — (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 (1) Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment, as well as amortization of intangible assets attributable to the underwriting segments, which is not allocated between the Insurance and Reinsurance segments. (2) Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets attributable to the Company's underwriting segments, included in Other, was $41.2 million for the year ended December 31, 2021. Year Ended December 31, 2020 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures Other (1) 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 — — 375,581 245 — 375,826 Net investment gains — — 617,979 — — 617,979 Products revenues — — — 1,439,515 — 1,439,515 Services and other revenues — — (3,996) 1,355,199 338,338 1,689,541 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 (2) — — — (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 (1) Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment, as well as amortization of intangible assets attributable to the underwriting segments, which is not allocated between the Insurance and Reinsurance segments. (2) Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets attributable to the Company's underwriting segments, included in Other, was $41.9 million for the year ended December 31, 2020. b) The following amounts attributable to the Markel Ventures segment are also reviewed, or included in measures reviewed, by the Company's chief operating decision maker. Years Ended December 31, (dollars in thousands) 2022 2021 2020 Depreciation expense $ 102,055 $ 72,580 $ 60,284 Interest expense (1) $ 46,780 $ 35,031 $ 46,664 Income tax expense $ 61,588 $ 43,626 $ 45,815 Capital expenditures $ 225,230 $ 124,451 $ 75,404 (1) Interest expense for the years ended December 31, 2022, 2021 and 2020 included intercompany interest expense of $27.4 million, $25.8 million and $32.0 million, respectively, which was eliminated in consolidation. c) The following table summarizes earned premiums by major product grouping within each underwriting segment. Years Ended December 31, (dollars in thousands) 2022 2021 2020 Insurance segment: General liability $ 1,927,721 $ 1,564,221 $ 1,261,411 Professional liability 1,739,983 1,523,536 1,141,034 Property 428,563 362,637 356,934 Marine and energy 585,885 495,897 458,050 Personal lines 489,648 451,095 405,210 Programs 384,952 222,410 238,909 Workers' compensation 385,054 354,337 338,186 Credit and surety 193,701 161,155 151,397 Other products 392,756 329,996 337,317 Total Insurance 6,528,263 5,465,284 4,688,448 Reinsurance segment: Professional liability 398,839 320,646 243,645 General liability 382,482 314,699 195,468 Specialty 275,033 276,943 298,267 Property 6,993 129,760 191,968 Total Reinsurance 1,063,347 1,042,048 929,348 Other (3,818) (4,303) (5,591) Total earned premiums $ 7,587,792 $ 6,503,029 $ 5,612,205 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, 2022, 2021 and 2020, 80%, 80% and 79%, 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 2022, 2021 and 2020 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, 2022, 2021 and 2020, the Company's top three independent brokers accounted for 28%, 28% and 31% of gross premiums written in the Company's underwriting segments. During the years ended December 31, 2022, 2021 and 2020, the top three independent brokers accounted for 19%, 19% and 20%, respectively, of gross premiums written in the Insurance segment and 88%, 84% and 84%, respectively, of gross premiums written in the Reinsurance segment. d) The following table summarizes total products revenues and services and other revenues by major product and service grouping within the Company's Markel Ventures segment. Years Ended December 31, (dollars in thousands) 2022 2021 2020 Products: Consumer and building $ 1,510,130 $ 911,422 $ 814,697 Transportation-related 612,467 474,839 351,559 Equipment manufacturing 304,499 325,859 273,259 Total products revenues 2,427,096 1,712,120 1,439,515 Services and other: Construction 1,910,403 1,554,592 915,696 Consulting 326,549 277,902 283,386 Other 92,570 99,202 156,117 Total services and other revenues 2,329,522 1,931,696 1,355,199 Total products revenues and services and other revenues $ 4,756,618 $ 3,643,816 $ 2,794,714 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, 2022, 2021 and 2020, the portion of Markel Ventures segment revenues attributable to U.S. operations was 96%, 95%, and 95%, respectively. e) The following table reconciles segment assets to the Company's consolidated balance sheets. December 31, (dollars in thousands) 2022 2021 Segment assets: Investing $ 26,982,280 $ 28,277,801 Underwriting 8,853,559 8,111,316 Markel Ventures 5,315,677 4,958,279 Total segment assets 41,151,516 41,347,396 Other operations 8,639,743 7,129,700 Total assets $ 49,791,259 $ 48,477,096 f) 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, 2022 Insurance segment $ 677,921 $ 4,015,252 $ 11,616,386 Reinsurance segment 247,562 921,541 3,581,699 Other underwriting — 9,473 197,602 Total underwriting 925,483 4,946,266 15,395,687 Program services and other fronting — 1,274,482 5,204,290 Markel CATCo Re (see note 17) — — 347,921 Total $ 925,483 $ 6,220,748 $ 20,947,898 December 31, 2021 Insurance segment $ 574,181 $ 3,350,054 $ 10,051,994 Reinsurance segment 219,964 802,824 3,639,210 Other underwriting — — 271,356 Total underwriting 794,145 4,152,878 13,962,560 Program services and other fronting — 1,230,741 4,216,334 Total $ 794,145 $ 5,383,619 $ 18,178,894 | [1] |
[1]Interest expense for the years ended December 31, 2022, 2021 and 2020 included intercompany interest expense of $27.4 million, $25.8 million and $32.0 million, respectively, which was eliminated in consolidation. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2022 | |
Business combinations, Asset acquisition and Disposition [Abstract] | |
Acquisitions and Dispositions | Acquisitions and Dispositions Volante In October 2022, the Company sold its controlling interest in its Volante managing general agent companies (Volante) for total consideration of $181.9 million, of which $155.6 million was cash. This transaction resulted in a gain of $118.5 million that was included in services and other revenue. Volante underwrites and administers specialty insurance and reinsurance policies and provides delegated underwriting services to third-party providers of insurance capital. Velocity In February 2022, the Company sold the majority of its controlling interest in its Velocity managing general agent companies (Velocity) for total cash consideration of $181.3 million, of which $165.6 million was received in 2022. This transaction resulted in a gain of $107.3 million that was included in services and other revenues. Velocity provides risk origination services for the Company's Nephila insurance-linked securities fund management operations, as well as for third parties. The Company retained a minority interest in Velocity that was recorded at fair value as of the transaction date ($47.4 million) and is accounted for under the equity method. 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 $274.5 million, all of which was cash. As of December 31, 2021, the purchase price was preliminarily allocated to the acquired assets and liabilities of Metromont based on estimated fair value at the acquisition date. During 2022, the Company completed the process of determining the fair value of the assets acquired and liabilities assumed with Metromont and recognized goodwill of $101.6 million, intangible assets of $230.0 million and redeemable noncontrolling interests of $247.4 million. The final purchase price allocation reflected differences from the preliminary purchase price allocation, including an $86.1 million increase in the amount recognized for intangible assets upon completion of a third-party valuation and a $22.5 million decrease in the allocation to redeemable noncontrolling interests, all of which resulted in a $117.7 million decrease to goodwill from the preliminary amount recognized. Goodwill is primarily attributable to expected future earnings and cash flow potential of Metromont, of which the Company's share is deductible for income tax purposes. Intangible assets include $175.0 million of customer relationships and $55.0 million of trade names, which are being amortized over 17 years and 15 years, respectively. Results attributable to Metromont are included in the Company's Markel Ventures segment. 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. As of December 31, 2021, the purchase price was preliminarily allocated to the acquired assets and liabilities of Buckner based on estimated fair value at the acquisition date. During 2022, the Company completed the process of determining the fair value of the assets acquired and liabilities assumed with Buckner and recognized goodwill of $109.9 million, intangible assets of $60.0 million and fixed assets of $290.4 million, primarily related to cranes. The final purchase price allocation reflected differences from the preliminary purchase price allocation, including a $42.2 million decrease in the amount recognized for the cranes upon completion of a third-party valuation, which resulted in a $35.3 million net increase to goodwill from the preliminary amount recognized. Goodwill is primarily attributable to expected future earnings and cash flow potential of Buckner, and it is not deductible for income tax purposes. Intangible assets include $50.0 million of customer relationships and $10.0 million of trade names, which are being amortized over 7 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. 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. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments a) The following tables summarize the Company's available-for-sale investments. Commercial and residential mortgage-backed securities include securities issued by U.S. government-sponsored enterprises and U.S. government agencies. The net unrealized holding gains (losses) in the tables below are presented before taxes and any reserve deficiency adjustments for life and annuity benefit reserves. See note 13. December 31, 2022 (dollars in thousands) Amortized Gross Gross Estimated Fixed maturity securities: U.S. Treasury securities $ 3,050,089 $ 2,363 $ (138,493) $ 2,913,959 U.S. government-sponsored enterprises 871,463 154 (106,079) 765,538 Obligations of states, municipalities and political subdivisions 3,973,911 6,503 (247,231) 3,733,183 Foreign governments 1,473,658 2,843 (169,723) 1,306,778 Commercial mortgage-backed securities 2,109,721 395 (169,668) 1,940,448 Residential mortgage-backed securities 553,591 6 (26,804) 526,793 Asset-backed securities 1,693 — (53) 1,640 Corporate bonds 771,761 836 (104,101) 668,496 Total fixed maturity securities 12,805,887 13,100 (962,152) 11,856,835 Short-term investments 2,663,560 5,760 (58) 2,669,262 Investments, available-for-sale $ 15,469,447 $ 18,860 $ (962,210) $ 14,526,097 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 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, 2022 Less than 12 months 12 months or longer Total (dollars in thousands) Estimated Gross Estimated Gross Estimated Gross Fixed maturity securities: U.S. Treasury securities $ 735,605 $ (30,583) $ 1,907,922 $ (107,910) $ 2,643,527 $ (138,493) U.S. government-sponsored enterprises 413,495 (40,488) 331,391 (65,591) 744,886 (106,079) Obligations of states, municipalities and political subdivisions 2,474,289 (164,537) 348,943 (82,694) 2,823,232 (247,231) Foreign governments 900,322 (115,324) 300,423 (54,399) 1,200,745 (169,723) Commercial mortgage-backed securities 1,611,603 (117,482) 305,217 (52,186) 1,916,820 (169,668) Residential mortgage-backed securities 516,423 (25,232) 9,342 (1,572) 525,765 (26,804) Asset-backed securities 1,640 (53) — — 1,640 (53) Corporate bonds 496,766 (74,542) 153,035 (29,559) 649,801 (104,101) Total fixed maturity securities 7,150,143 (568,241) 3,356,273 (393,911) 10,506,416 (962,152) Short-term investments 774,480 (58) — — 774,480 (58) Total $ 7,924,623 $ (568,299) $ 3,356,273 $ (393,911) $ 11,280,896 $ (962,210) At December 31, 2022, the Company held 1,400 available-for-sale securities in an unrealized loss position with a total estimated fair value of $11.3 billion and gross unrealized losses of $962.2 million. Of these 1,400 securities, 246 securities had been in a continuous unrealized loss position for one year or longer and had a total estimated fair value of $3.4 billion and gross unrealized losses of $393.9 million. 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 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, 2022 or 2021. Quarterly, the Company also considers whether it intends to sell an available-for-sale security or if it is more likely than not that it will be required to sell a security before recovery of its amortized cost. In these instances, a decline in fair value is recognized in net income based on the fair value of the security at the time of assessment, resulting in a new cost basis for the security. As of December 31, 2022, the Company did not intend to sell or believe it would be required to sell any available-for-sale securities in an unrealized loss position before recovery of their amortized cost. c) The amortized cost and estimated fair value of fixed maturity securities at December 31, 2022 are shown below by contractual maturity. (dollars in thousands) Amortized Estimated Due in one year or less $ 1,363,418 $ 1,337,550 Due after one year through five years 3,926,756 3,708,752 Due after five years through ten years 3,115,913 2,787,686 Due after ten years 1,734,795 1,553,966 10,140,882 9,387,954 Commercial mortgage-backed securities 2,109,721 1,940,448 Residential mortgage-backed securities 553,591 526,793 Asset-backed securities 1,693 1,640 Total fixed maturity securities $ 12,805,887 $ 11,856,835 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, 2022 was 3.9 years . d) The following table presents the components of net investment income. Years Ended December 31, (dollars in thousands) 2022 2021 2020 Interest: Fixed maturity securities $ 294,417 $ 283,366 $ 288,421 Short-term investments 33,493 2,475 6,400 Cash and cash equivalents 28,890 479 7,921 Dividends on equity securities 107,213 98,099 89,303 464,013 384,419 392,045 Investment expenses (17,258) (17,002) (16,219) Net investment income $ 446,755 $ 367,417 $ 375,826 e) The following table presents the components of net investment gains (losses) included in net income (loss) and the change in net unrealized gains (losses) included in other comprehensive income (loss). Gross realized investment gains and losses on fixed maturity securities, short-term investments and other investments were not material to the consolidated financial statements and are presented on a net basis in the following table. Years Ended December 31, (dollars in thousands) 2022 2021 2020 Fixed maturity securities, short-term investments and other investments: Net realized investment gains (losses) $ (40,983) $ 37,908 $ 14,780 Equity securities: Change in fair value of securities sold during the period (14,884) 25,902 (470,008) Change in fair value of securities held at the end of the period (1,539,866) 1,914,724 1,073,207 Total change in fair value (1,554,750) 1,940,626 603,199 Net investment gains (losses) $ (1,595,733) $ 1,978,534 $ 617,979 Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income (loss): Fixed maturity securities $ (1,474,890) $ (504,133) $ 507,903 Short-term investments 11,014 (8,951) 2,344 Reserve deficiency adjustment for life and annuity benefit reserves (see note 13) 56,560 62,988 (68,158) Net increase (decrease) $ (1,407,316) $ (450,096) $ 442,089 f) Total restricted assets are included on the Company's consolidated balance sheets as follows. December 31, (dollars in thousands) 2022 2021 Investments $ 4,160,842 $ 4,403,414 Restricted cash and cash equivalents 1,084,081 902,457 Total $ 5,244,923 $ 5,305,871 The following table presents the components of restricted assets. December 31, (dollars in thousands) 2022 2021 Assets held in trust or on deposit to support underwriting activities $ 4,807,135 $ 4,895,627 Assets pledged as security for letters of credit 437,788 410,244 Total $ 5,244,923 $ 5,305,871 g) At December 31, 2022 and 2021, 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. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements [Text Block] | Fair Value Measurements FASB ASC 820, Fair Value Measurements and Disclosures, establishes a three-level hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the assets or liabilities fall within different levels of the hierarchy, the classification is based on the lowest level input that is significant to the fair value measurement of the asset or liability. Classification of assets and liabilities within the hierarchy considers the markets in which the assets and liabilities are traded and the reliability and transparency of the assumptions used to determine fair value. The hierarchy requires the use of observable market data when available. The levels of the hierarchy are defined as follows: • Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities traded in active markets. • Level 2 – Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and market-corroborated inputs. • Level 3 – Inputs to the valuation methodology are unobservable for the asset or liability and are significant to the fair value measurement. In accordance with ASC 820, the Company determines fair value based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various methods, including the market, income and cost approaches. The Company uses valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The following section describes the valuation methodologies used by the Company to measure assets and liabilities at fair value, including an indication of the level within the fair value hierarchy in which each asset or liability is generally classified. Available-for-sale investments and equity securities. Available-for-sale investments and equity securities are recorded at fair value on a recurring basis. Available-for-sale investments include fixed maturity securities and short-term investments. Fair value is determined by the Company after considering various sources of information, including information provided by a third-party pricing service. The pricing service provides prices for substantially all of the Company's fixed maturity securities and equity securities. In determining fair value, the Company generally does not adjust the prices obtained from the pricing service. The Company obtains an understanding of the pricing service's valuation methodologies and related inputs, which include, but are not limited to, reported trades, benchmark yields, issuer spreads, bids, offers, duration, credit ratings, estimated cash flows and prepayment speeds. The Company validates prices provided by the pricing service by reviewing prices from other pricing sources and analyzing pricing data in certain instances. The Company has evaluated the various types of securities in its investment portfolio to determine an appropriate fair value hierarchy level based upon trading activity and the observability of market inputs. Level 1 investments include those traded on an active exchange, such as the New York Stock Exchange. Level 2 investments include U.S. Treasury securities, U.S. government-sponsored enterprises, municipal bonds, foreign government bonds, commercial mortgage-backed securities, residential mortgage-backed securities, asset-backed securities and corporate debt securities. Level 3 investments include the Company's investments in insurance-linked securities funds that are 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, 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, 2022 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Investments: Fixed maturity securities, available-for-sale: U.S. Treasury securities $ — $ 2,913,959 $ — $ 2,913,959 U.S. government-sponsored enterprises — 765,538 — 765,538 Obligations of states, municipalities and political subdivisions — 3,733,183 — 3,733,183 Foreign governments — 1,306,778 — 1,306,778 Commercial mortgage-backed securities — 1,940,448 — 1,940,448 Residential mortgage-backed securities — 526,793 — 526,793 Asset-backed securities — 1,640 — 1,640 Corporate bonds — 668,496 — 668,496 Total fixed maturity securities, available-for-sale — 11,856,835 — 11,856,835 Equity securities: Insurance, banks and other financial institutions 2,952,689 — 899 2,953,588 Industrial, consumer and all other 4,718,324 — — 4,718,324 Total equity securities 7,671,013 — 899 7,671,912 Short-term investments, available-for-sale 2,510,164 159,098 — 2,669,262 Total investments $ 10,181,177 $ 12,015,933 $ 899 $ 22,198,009 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 The following table summarizes changes in Level 3 investments measured at fair value on a recurring basis. (dollars in thousands) 2022 2021 Equity securities, beginning of period $ 56,472 $ 58,493 Purchases — 18,900 Sales (56,335) (15,015) Net investment gains (losses) 762 (5,906) Equity securities, end of period $ 899 $ 56,472 Level 3 investments previously included the Company's investment in an insurance-linked securities fund managed by Markel CATCo Investment Management Ltd. (MCIM). In 2022, the Company's remaining investment was redeemed ($41.3 million) in conjunction with a buy-out transaction that provided for an accelerated return of all remaining capital to investors. See note 17 for further details about the Company's Markel CATCo operations and the buy-out transaction. Except as disclosed in note 3 and note 8, the Company did not have any assets or liabilities measured at fair value on a non-recurring basis during the years ended December 31, 2022 and 2021. |
Equity Method Investments
Equity Method Investments | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments [Abstract] | |
Equity Method Investments Disclosure [Text Block] | Equity Method Investments The Company holds certain investments that are accounted for under the equity method of accounting. The Company's equity method investments, which are included in other assets on the consolidated balance sheets, totaled $494.0 million and $459.7 million as of December 31, 2022 and 2021, respectively. The Company's proportionate share of earnings in its equity method investments was a loss of $22.9 million for the year ended December 31, 2022, income of $15.0 million for the year ended December 31, 2021 and a loss of $3.4 million for the year ended December 31, 2020. The Company's most significant equity method investment is an investment in Hagerty, Inc. (Hagerty), which is accounted for on a quarter lag. Hagerty is an automotive enthusiast brand offering integrated membership products and programs as well as a specialty insurance provider focused on the global automobile enthusiast market. The Company's ownership interest in Hagerty was 23% as of December 31, 2022 and 2021. The Company's investment is comprised of Class A common shares, which are listed for trading on the New York Stock Exchange, as well as Class V common shares, associated with the Company's original investment, that have special voting rights and can be converted on a one-for-one basis into Class A common shares. The Company accounts for its investment under the equity method as it is deemed to have the ability to exercise significant influence over Hagerty's operating and financial policies through a combination of its voting interest, its right to designate a board member and business it conducts with Hagerty. As of December 31, 2022 and 2021, the carrying value of the Company's investment in Hagerty was $245.1 million and $256.6 million, respectively. As of December 31, 2022 and 2021, the estimated value of the Company's investment, based on the closing stock price of Hagerty's Class A common shares, was $656.0 million and $1.1 billion, respectively. See note 18 for further details regarding related party transactions with Hagerty. |
Receivables, Loans, Notes Recei
Receivables, Loans, Notes Receivable, and Others | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Receivables | Receivables The following table presents the components of receivables. December 31, (dollars in thousands) 2022 2021 Insurance Amounts receivable from agents, brokers and insureds $ 2,176,295 $ 1,740,864 Other insurance 83,728 133,350 Markel Ventures 645,189 510,382 Other 77,961 50,379 2,983,173 2,434,975 Allowance for credit losses (22,117) (21,037) Receivables $ 2,961,056 $ 2,413,938 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
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, 2021 $ 772,700 $ 122,745 $ 901,045 $ 808,134 $ 2,604,624 Acquisitions — — 293,838 — 293,838 Foreign currency movements and other adjustments 2,012 — 1,707 (3,041) 678 December 31, 2021 (2) $ 774,712 $ 122,745 $ 1,196,590 $ 805,093 $ 2,899,140 Acquisitions — — 41,905 — 41,905 Dispositions — — — (132,455) (132,455) Impairment of goodwill — — — (80,000) (80,000) Adjustments to preliminary purchase price allocation — — (83,358) — (83,358) Foreign currency movements and other adjustments (3,084) — (1,228) (2,082) (6,394) December 31, 2022 (2) $ 771,628 $ 122,745 $ 1,153,909 $ 590,556 $ 2,638,838 (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) As of December 31, 2022, goodwill was net of accumulated impairment losses of $190.6 million, of which $171.9 million was in Other and $18.7 million was in Markel Ventures. 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. The Company completed its annual tests for goodwill and indefinite-lived intangible asset impairment as of October 1, 2022 based upon results of operations through September 30, 2022. See note 1 for further details regarding impairment testing. Impairment of goodwill was $80.0 million for the year ended December 31, 2022. There was no impairment of goodwill during 2021 or 2020 and no impairment of indefinite-lived intangible assets during 2022, 2021 or 2020. The Company performed a quantitative impairment assessment for the Nephila reporting unit, which resulted in an $80.0 million impairment of goodwill, reducing the goodwill of the Nephila reporting unit to $221.8 million. The Company also evaluated the intangible assets within the Nephila reporting unit for impairment and determined they were not impaired. The Company estimated the fair value of the Nephila reporting unit primarily using an income approach based on a discounted cash flow model. The cash flow projections used in the discounted cash flow model included the Company's best estimate of future growth and margins. The discount rates used to determine the fair value estimates were developed based on a capital asset pricing model using market-based inputs as well as an assessment of the inherent risk in projected future cash flows. The Company's fair value estimate was negatively impacted by an increase in the discount rate assumption in 2022, reflecting the increased cost of capital due to rising interest rates throughout 2022. Since acquiring Nephila in 2018, investment performance in the broader ILS market has been adversely impacted by consecutive years of elevated catastrophe losses, most recently with Hurricane Ian in 2022. These events, as well as recent volatility in the capital markets, have impacted investor decisions around allocation of capital to ILS, which in turn has impacted capital raises and redemptions within the funds Nephila manages. Following Hurricane Ian, Nephila has seen more favorable rates on the reinsurance contracts to which the Nephila Reinsurers subscribe, which is reflective of the current property catastrophe market and had a positive impact on Nephila's growth and performance projections. However, the impact of this favorable trend was more than offset by the impact of further declines in investor capital within the funds Nephila manages. Cash flow assumptions reflect the Company'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. 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, 2021 $ 442,639 $ 623,120 $ 716,959 $ 1,782,718 Acquisitions — 203,879 — 203,879 Amortization of intangible assets (41,182) (57,568) (61,789) (160,539) Foreign currency movements and other adjustments (202) (3,252) (118) (3,572) December 31, 2021 $ 401,255 $ 766,179 $ 655,052 $ 1,822,486 Acquisitions — 21,614 — 21,614 Dispositions — — (2,716) (2,716) Amortization of intangible assets (38,533) (79,043) (61,202) (178,778) Adjustments to preliminary purchase price allocation — 86,773 — 86,773 Foreign currency movements and other adjustments (400) 774 (2,289) (1,915) December 31, 2022 $ 362,322 $ 796,297 $ 588,845 $ 1,747,464 (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. Amortization of intangible assets is estimated to be $174.0 million for 2023, $172.1 million for 2024, $165.6 million for 2025, $157.5 million for 2026 and $149.9 million for 2027. Indefinite-lived intangible assets were $92.4 million at both December 31, 2022 and 2021. The following table presents the components of intangible assets. December 31, 2022 2021 (dollars in thousands) Gross Accumulated Gross Accumulated Customer relationships $ 1,425,330 $ (498,987) $ 1,379,739 $ (405,057) Investment management agreements 464,000 (120,394) 468,000 (92,478) Broker relationships 204,972 (117,386) 206,855 (109,210) Trade names 293,194 (118,976) 238,331 (100,023) Technology 113,170 (92,646) 113,200 (82,845) Agent relationships 92,000 (34,756) 92,000 (28,622) Insurance licenses 74,333 — 74,333 — Renewal rights 21,449 (21,449) 21,449 (21,449) Other 148,326 (84,716) 145,695 (77,432) Total $ 2,836,774 $ (1,089,310) $ 2,739,602 $ (917,116) |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases [Text Block] | Leases The Company's leases primarily consist of operating leases for real estate and have remaining terms of up to 20 years. Total lease costs for operating leases were $126.3 million, $115.4 million and $94.4 million for the years ended December 31, 2022, 2021 and 2020, respectively. The following table summarizes details for the Company's operating leases recorded on the consolidated balance sheets. December 31, (dollars in thousands) 2022 2021 Right-of-use lease assets $ 526,704 $ 533,702 Lease liabilities $ 554,394 $ 571,337 Weighted average remaining lease term 11.7 years 10.8 years Weighted average discount rate 3.1 % 3.0 % The following table summarizes maturities of the Company's operating lease liabilities as of December 31, 2022, 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) 2023 $ 100,887 2024 85,030 2025 71,474 2026 60,729 2027 51,702 2028 and thereafter 291,290 Total lease payments 661,112 Less imputed interest (106,718) Total operating lease liabilities $ 554,394 |
Products, Services and Other Re
Products, Services and Other Revenues | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Products, Services and Other Revenues | Products, Services and Other RevenuesThe amount of revenues from contracts with customers for the years ended December 31, 2022, 2021 and 2020 was $4.8 billion, $3.8 billion and $2.9 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 (loss) and comprehensive income (loss), along with a reconciliation to total products revenues and services and other revenues. Years Ended December 31, 2022 2021 2020 (dollars in thousands) Markel Ventures Other Total Markel Ventures Other Total Markel Ventures Other Total Products $ 2,379,399 $ — $ 2,379,399 $ 1,668,448 $ — $ 1,668,448 $ 1,396,706 $ — $ 1,396,706 Services 2,265,413 43,875 2,309,288 1,863,706 134,850 1,998,556 1,295,734 116,476 1,412,210 Investment management — 79,209 79,209 — 86,257 86,257 — 117,193 117,193 Total revenues from contracts with customers 4,644,812 123,084 4,767,896 3,532,154 221,107 3,753,261 2,692,440 233,669 2,926,109 Program services and other fronting — 147,612 147,612 — 123,823 123,823 — 102,989 102,989 Disposition gains — 225,828 225,828 — — — — — — Other 111,806 (16,621) 95,185 111,662 8,699 120,361 102,274 (2,316) 99,958 Total $ 4,756,618 $ 479,903 $ 5,236,521 $ 3,643,816 $ 353,629 $ 3,997,445 $ 2,794,714 $ 334,342 $ 3,129,056 |
Unpaid Losses And Loss Adjustme
Unpaid Losses And Loss Adjustment Expenses | 12 Months Ended |
Dec. 31, 2022 | |
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) 2022 2021 2020 Gross reserves for losses and loss adjustment expenses, beginning of year $ 18,178,894 $ 16,222,376 $ 14,728,676 Reinsurance recoverables on unpaid losses, beginning of year 6,876,317 5,736,659 5,253,415 Net reserves for losses and loss adjustment expenses, beginning of year 11,302,577 10,485,717 9,475,261 Effect of foreign currency rate changes on beginning of year balance (160,622) (54,736) 68,368 Effect of adoption of ASC 326, Financial Instruments—Credit Losses — — 3,849 Adjusted net reserves for losses and loss adjustment expenses, beginning of year 11,141,955 10,430,981 9,547,478 Incurred losses and loss adjustment expenses: Current accident year 4,613,035 4,061,000 4,073,325 Prior accident years (167,446) (478,930) (606,414) Total incurred losses and loss adjustment expenses 4,445,589 3,582,070 3,466,911 Payments: Current accident year 580,537 637,169 749,887 Prior accident years 2,396,446 2,066,290 1,779,980 Total payments 2,976,983 2,703,459 2,529,867 Effect of foreign currency rate changes on current year activity (5,468) (4,253) 1,195 Net reserves for losses and loss adjustment expenses of Markel CATCo Re (see note 17) 347,921 — — 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 12,953,014 11,302,577 10,485,717 Reinsurance recoverables on unpaid losses, end of year 7,994,884 6,876,317 5,736,659 Gross reserves for losses and loss adjustment expenses, end of year $ 20,947,898 $ 18,178,894 $ 16,222,376 Catastrophe Losses In 2022, current accident year losses and loss adjustment expenses included $46.2 million of net losses and loss adjustment expenses attributed to Hurricane Ian, all of which were within the Company's Insurance segment. These losses and loss adjustment expenses were net of ceded losses of $115.3 million. The Company also had gross losses and loss adjustment expenses of $850.0 million within its program services and other fronting operations attributed to Hurricane Ian, all of which were ceded to third-party reinsurers managed through the Company's insurance-linked securities operations, which hold sufficient investor collateral to support the Company's related reinsurance recoverables. See note 18 for further details regarding related party transactions with third parties managed through the Company's insurance-linked securities operations. 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). The net losses and loss adjustment expenses on the 2021 Catastrophes for the year ended December 31, 2021 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 Catastrophes for the year ended December 31, 2020 were net of ceded losses of $125.7 million. Russia-Ukraine Conflict In 2022, current accident year losses and loss adjustment expenses also included $35.7 million of net losses and loss adjustment expenses attributed to the Russia-Ukraine conflict. These losses and loss adjustment expenses were net of ceded losses of $44.3 million. The gross and net losses and loss adjustment expenses attributed to the Russia-Ukraine conflict represent the Company's best estimates as of December 31, 2022 based upon information currently available. The Company's estimates for these losses are based on reported claims, detailed underwriting, actuarial and claims reviews of policies and in-force assumed reinsurance contracts for potential exposures, as well as analysis of ceded reinsurance contracts and analysis provided by the Company's brokers and claims counsel. These estimates include various assumptions about what areas within the affected regions have incurred losses, the nature and extent of such losses, which remain difficult to verify, as well as assumptions about coverage, liability and reinsurance. Given the significant levels of ceded reinsurance on certain of the impacted policies, a significant portion of any additional incurred losses may be ceded. While the Company believes the gross and net reserves for losses and loss adjustment expenses for the Russia-Ukraine conflict as of December 31, 2022 are adequate based on information currently available, the Company continues to closely monitor reported claims, ceded reinsurance contract attachment, government actions and areas impacted by the conflict and may adjust its estimates as new information becomes available. 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 adjustments expenses by $15.7 million. In 2022, the Company decreased its estimate of net losses and loss adjustment expenses by $5.4 million. The gross and net losses and loss adjustment expenses attributed to COVID-19 represent the Company's best estimates as of December 31, 2022 based upon information currently available. The Company's estimates are based on reported claims and still include assumptions about coverage, liability and ceded reinsurance contract attachment, which, in some cases, remain subject to judicial review. While the Company believes the gross and net reserves for losses and loss adjustment expenses for COVID-19 as of December 31, 2022 are adequate based on information available at this time, the Company continues to closely monitor reported claims, claim settlements, ceded reinsurance contract settlements and judicial decisions and may adjust its estimates as new information becomes available. 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 run-off 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 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 often a time lag between cedents establishing case reserves or re-estimating their reserves and notifying the Company of those new or revised case reserves. As a result, the reporting lag is more pronounced in reinsurance contracts than in the insurance contracts. 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. There may also be a more pronounced reporting lag, as well as reliance on third-party claims handling practices and reserve estimates, on insurance contracts for which the Company is not the primary insurer and participates only in excess layers of loss. Based on the experience of the Company's actuaries and management, the Company selects loss development factors and trending techniques to mitigate the difficulties caused by reporting lags. At least annually, the Company evaluates its loss development factors and trending assumptions using its own loss data, as well as cedent-specific and industry data, and updates them as needed. 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 calculated by subtracting paid losses and loss adjustment expenses and case reserves from estimated ultimate losses and loss adjustment expenses. IBNR reserves were 70% of total unpaid losses and loss adjustment expenses at December 31, 2022 compared to 67% at December 31, 2021. In establishing liabilities for unpaid losses and loss adjustment expenses, the Company's actuaries estimate an ultimate loss ratio, by accident year or underwriting year, for each product line with input from underwriting and claims personnel. For product lines in which loss reserves are established on an underwriting year basis, the Company has developed a methodology to convert from underwriting 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. Greater judgment also may be required for product lines that experience a low frequency of high severity claims, particularly when the Company is reliant on third party case reserve estimates and claims handling practices. 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, such as hurricanes and earthquakes, as well as pandemics and wars, are based on claims received to date, industry loss estimates and output from both industry, broker and proprietary models, as well as analysis of the Company's ceded reinsurance contracts. The Company may also perform detailed policy and reinsurance contract level reviews. The availability of data from these procedures varies depending on the timing of the event relative to the point at which the Company develops its estimates. The Company also considers loss experience on historical events that may have similar characteristics to the underlying event and current market conditions, including the level of economic inflation. 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 Hurricane Ian and the 2021 and 2020 Catastrophes, as of December 31, 2022 represent the Company's best estimates based upon information currently available. For Hurricane Ian, these estimates are still dependent on assumptions about coverage, liability and reinsurance. While the Company believes the gross and net reserves for these events as of December 31, 2022 are adequate, it continues to closely monitor reported claims and may adjust its estimates 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 generally 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 other 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. For example, the Company's loss experience in recent years has reflected higher than anticipated levels of economic inflation, as well as the impacts of social inflation. 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, 2022, 2021 and 2020, 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. The unfavorable claims and loss trends experienced on certain accident years within the Company's professional liability and general liability product lines in 2022 reflected broader market conditions, including the effects of economic and social inflation, as well as delays in court proceedings that began in 2020 and disrupted the development of the claims trend. These trends were most impactful on the 2018 and 2019 accident years for the professional liability product lines and the 2016 to 2019 accident years for the general liability product lines. Consistent with the Company's reserving philosophy, management is responding quickly to increase loss reserves following any indication of increased claims frequency or severity in excess of previous expectations. Year Ended December 31, 2022 (dollars in millions) Loss Development Accident Years with Most Significant Development Trends and Factors Impacting Loss Estimates Insurance segment: Professional liability 2018 and 2019 accident years $ 121.0 2018 and 2019 Unfavorable claims settlements and increased claim frequency and severity, primarily on directors and officers, errors and omissions and employment practices liability lines All other accident years (91.1) Several More favorable loss experience and lower loss severity than previously anticipated General liability 2016 to 2019 accident years 61.6 2016 to 2019 Unfavorable claims settlements and increased claim frequency and severity, primarily on contractors and excess and umbrella lines All other accident years (20.5) Several Lower loss frequency and severity than previously anticipated Workers' compensation (62.1) 2016 to 2021 Lower loss severity than previously anticipated Programs (48.3) 2020 and 2021 Lower than expected frequency of claims Property (48.1) 2020 and 2021 Lower loss severity than originally anticipated as well as favorable development on COVID-19 Credit and surety (31.7) 2019 to 2021 Lower than expected frequency of claims Other products (23.7) Total Insurance (142.9) Reinsurance segment: Property (29.2) 2017 to 2019 Favorable development on catastrophe events Credit and surety (22.9) Several Favorable commutations on mortgage insurance contracts Premium adjustments 53.1 2020 and 2021 Recognition of additional exposures on prior accident years related to net favorable premium adjustments primarily on general liability, credit and surety and professional liability Other products (27.1) Total Reinsurance (26.1) Other underwriting 1.6 Total decrease $ (167.4) 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 Favorable commutations on mortgage insurance contracts Other products (8.5) Total Reinsurance 19.9 Other underwriting 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) 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, 2022. 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, 2013 through 2021 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, 2022. The difference between the segment loss development implied by the tables for the year ended December 31, 2022 and actual losses and loss adjustment expenses recognized on prior accident years for the Insurance and Reinsurance segments for the year ended December 31, 2022 is primarily attributed to the fact that amounts presented in these tables exclude amounts attributed to the 2012 and prior accident years. Favorable development on 2012 and prior accident years for the year ended December 31, 2022 totaled $50.8 million and $36.9 million for the Insurance and Reinsurance segments and reflects modest favorable development across many of the Company's product lines on accident years prior to 2013. The remaining difference between the segment loss development implied by the tables for the year ended December 31, 2022 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. 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 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 December 31, 2022 2013 $ 1,724.9 $ 1,683.4 $ 1,514.7 $ 1,452.6 $ 1,406.2 $ 1,360.8 $ 1,315.6 $ 1,296.6 $ 1,292.8 $ 1,283.7 $ 43.3 91,000 2014 1,850.8 1,680.7 1,613.0 1,556.8 1,508.6 1,487.4 1,455.2 1,457.7 1,438.2 52.8 86,000 2015 1,769.1 1,695.0 1,571.9 1,517.8 1,487.2 1,455.2 1,451.2 1,442.2 65.9 89,000 2016 1,858.0 1,854.2 1,756.3 1,703.9 1,677.1 1,669.8 1,682.3 86.9 101,000 2017 2,312.1 2,179.6 2,061.0 2,018.2 2,004.7 2,023.7 103.5 139,000 2018 2,432.4 2,325.5 2,099.9 2,061.6 2,153.7 194.9 193,000 2019 2,556.6 2,299.1 2,244.4 2,295.5 335.6 228,000 2020 3,083.4 2,974.7 2,914.7 1,042.6 179,000 2021 3,085.7 2,909.0 1,483.0 137,000 2022 4,097.4 2,791.3 121,000 Total $ 22,240.4 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Unaudited As of December 31, As of December 31, Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 270.2 $ 568.9 $ 774.9 $ 943.8 $ 1,031.6 $ 1,092.9 $ 1,116.4 $ 1,150.2 $ 1,163.9 $ 1,178.2 2014 329.6 652.6 886.6 1,052.9 1,157.3 1,240.4 1,288.8 1,308.8 1,339.9 2015 321.0 660.7 870.9 1,034.0 1,142.1 1,230.9 1,260.6 1,293.0 2016 370.3 747.4 975.4 1,160.0 1,288.3 1,351.9 1,427.5 2017 436.0 983.9 1,275.6 1,511.1 1,620.1 1,741.0 2018 492.2 1,019.3 1,346.9 1,498.3 1,674.8 2019 523.9 1,082.4 1,261.4 1,574.1 2020 807.8 1,150.9 1,518.1 2021 474.3 988.5 2022 834.4 Total $ 13,569.5 All outstanding liabilities for unpaid losses and loss adjustment expenses before 2013, net of reinsurance 237.4 Total liabilities for unpaid losses and loss adjustment expenses, net of reinsurance $ 8,908.3 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 the Company 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 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 December 31, 2022 2013 $ 579.4 $ 571.8 $ 538.3 $ 525.4 $ 533.2 $ 496.1 $ 478.2 $ 480.0 $ 475.3 $ 476.9 $ 32.7 2014 569.2 552.1 524.4 563.1 542.2 519.3 503.8 505.3 501.2 60.3 2015 523.1 508.8 523.7 515.0 503.9 498.6 486.3 486.6 84.4 2016 509.1 518.5 519.0 516.9 526.8 550.9 554.3 69.8 2017 895.7 928.7 934.7 936.0 908.2 920.4 105.6 2018 749.5 775.3 767.9 772.1 767.8 150.7 2019 662.0 675.6 689.2 702.7 223.4 2020 680.2 732.7 742.4 344.0 2021 735.5 736.7 446.9 2022 662.6 614.1 Total $ 6,551.6 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Unaudited As of December 31, As of December 31, Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 70.6 $ 153.4 $ 205.5 $ 263.2 $ 295.6 $ 324.9 $ 343.3 $ 358.1 $ 369.5 $ 383.4 2014 97.4 155.6 220.5 267.0 302.9 335.7 352.9 369.3 379.4 2015 63.6 131.2 202.0 252.7 299.6 324.1 343.7 360.3 2016 79.0 167.9 237.9 294.3 346.0 379.4 419.5 2017 157.4 358.1 479.2 560.9 624.5 693.5 2018 87.0 243.7 344.7 414.4 484.5 2019 53.5 173.6 268.4 359.6 2020 93.5 203.7 309.8 2021 79.5 187.8 2022 24.2 Total $ 3,602.0 All outstanding liabilities for unpaid losses and loss adjustment expenses before 2013, net of reinsurance 388.0 Total liabilities for unpaid losses and loss adjustment expenses, net of reinsurance $ 3,337.6 The following table presents supplementary information about average historical claims duration as of December 31, 2022 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 22.0 % 21.9 % 13.8 % 11.3 % 7.1 % 5.3 % 2.9 % 2.1 % 1.6 % 1.1 % Reinsurance 12.5 % 16.4 % 13.1 % 10.4 % 8.2 % 6.3 % 4.6 % 3.3 % 2.2 % 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, 2022 Net outstanding liabilities Insurance segment $ 8,908,308 Reinsurance segment 3,337,587 Other underwriting 89,563 Program services and other fronting 9,982 Markel CATCo Re (see note 17) 347,921 Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance 12,693,361 Reinsurance recoverable on unpaid losses Insurance segment 2,425,560 Reinsurance segment 277,854 Other underwriting 56,968 Program services and other fronting 5,234,502 Total reinsurance recoverable on unpaid losses 7,994,884 Unallocated loss adjustment expenses 326,275 Unamortized discount, net of acquisition fair value adjustments, included in unpaid losses and loss adjustment expenses (66,622) 259,653 Total gross liability for unpaid losses and loss adjustment expenses $ 20,947,898 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, 2022, A&E reserves were $153.2 million and $54.5 million on a gross and net basis, respectively. At December 31, 2021, A&E reserves were $218.6 million and $66.2 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, 2022 are adequate. |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2022 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance | ReinsuranceIn 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, 2022 and 2021, balances recoverable from the ten largest reinsurers, by group, represented 62% and 63%, respectively, of reinsurance recoverables before considering reinsurance allowances and collateral. At December 31, 2022, the largest reinsurance balance was due from RenaissanceRe and represented 11% of reinsurance recoverables before considering reinsurance allowances and collateral. Within its program services and other fronting businesses, the Company generally enters into quota share reinsurance agreements whereby the Company cedes to the capacity providers (reinsurers) substantially all of its gross liability under all policies issued by and on behalf of the Company by a 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, 2022 and 2021, balances recoverable from the ten largest reinsurers, by group, represented 67% and 68%, respectively, of reinsurance recoverables before considering reinsurance allowances and collateral. At December 31, 2022, the largest reinsurance balance was due from Lloyd's of London (Lloyd's) and represented 13% of reinsurance recoverables before considering reinsurance allowances and collateral. All of the Company's other fronting business is conducted on behalf of its Nephila ILS operations; therefore, all of the reinsurance recoverables within these operations are attributable to entities it manages. See note 18. The following tables summarize the effect of reinsurance and retrocessional reinsurance on premiums written and earned. Year Ended December 31, 2022 (dollars in thousands) Direct Assumed Ceded Net Premiums Underwriting: Written $ 8,085,812 $ 1,761,726 $ (1,640,165) $ 8,207,373 Earned $ 7,379,766 $ 1,589,920 $ (1,378,191) $ 7,591,495 Program services and other fronting: Written 2,644,138 710,006 (3,358,127) (3,983) Earned 2,688,804 656,885 (3,349,392) (3,703) Consolidated: Written $ 10,729,950 $ 2,471,732 $ (4,998,292) $ 8,203,390 Earned $ 10,068,570 $ 2,246,805 $ (4,727,583) $ 7,587,792 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 Substantially all of the premiums written and earned in the Company's program services and other fronting operations for the years ended December 31, 2022, 2021 and 2020 were ceded. The percentage of consolidated ceded earned premiums to gross earned premiums was 38%, 38% and 37% for the years ended December 31, 2022, 2021 and 2020, respectively. The percentage of consolidated assumed earned premiums to net earned premiums was 30%, 27% and 26% for the years ended December 31, 2022, 2021 and 2020, respectively. Substantially all of the incurred losses and loss adjustment expenses in the Company's program services and other fronting operations were ceded. These losses totaled $3.0 billion and $2.5 billion for the years ended December 31, 2022 and 2021, respectively. 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) 2022 2021 2020 Gross losses and loss adjustment expenses $ 5,281,424 $ 4,477,752 $ 4,189,948 Ceded losses and loss adjustment expenses (834,648) (893,230) (722,619) Net losses and loss adjustment expenses $ 4,446,776 $ 3,584,522 $ 3,467,329 |
Life And Annuity Benefits
Life And Annuity Benefits | 12 Months Ended |
Dec. 31, 2022 | |
Liability for Future Policy Benefit, before Reinsurance [Abstract] | |
Life And Annuity Benefits | Life and Annuity Benefits The following table presents reserves for life and annuity benefits. December 31, (dollars in thousands) 2022 2021 Life $ 102,321 $ 113,797 Annuities 628,441 753,971 Accident and health 28,263 35,212 Total $ 759,025 $ 902,980 Life and annuity benefit reserves 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. See note 1(x) for information on changes to the accounting for life and annuity benefits beginning in 2023. Life and annuity benefit reserves 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, the cumulative increase to life and annuity benefits attributable to unrealized gains on the underlying investment portfolio totaled $56.6 million, all of which reversed in 2022 as a result of an increase in the market yield on the investment securities supporting the policy benefit reserves. During 2021, the Company decreased life and annuity benefits by $63.0 million, reflecting an increase in the market yield on the investment securities supporting the policy benefit reserves, and increased the change in net unrealized holding gains included in other comprehensive loss by a corresponding amount. During 2020, the Company increased life and annuity benefits by $68.2 million, as a result of a decrease 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 a corresponding amount. 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, 2022. As of December 31, 2022, 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, 2022 | |
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) 2022 2021 4.90% unsecured senior notes, due July 1, 2022, interest payable semi-annually, net of unamortized discount of $159 in 2021 $ — $ 349,815 3.625% unsecured senior notes, due March 30, 2023, interest payable semi-annually, net of unamortized discount of $50 in 2022 and $251 in 2021 249,940 249,702 3.50% unsecured senior notes, due November 1, 2027, interest payable semi-annually, net of unamortized discount of $1,161 in 2022 and $1,445 in 2021 298,502 298,136 3.35% unsecured senior notes, due September 17, 2029, interest payable semi-annually, net of unamortized discount of $1,668 in 2022 and $1,916 in 2021 297,997 297,700 7.35% unsecured senior notes, due August 15, 2034, interest payable semi-annually, net of unamortized discount of $800 in 2022 and $868 in 2021 129,004 128,932 5.0% unsecured senior notes, due March 30, 2043, interest payable semi-annually, net of unamortized discount of $4,535 in 2022 and $4,759 in 2021 245,214 244,978 5.0% unsecured senior notes, due April 5, 2046, interest payable semi-annually, net of unamortized discount of $5,689 in 2022 and $5,933 in 2021 493,585 493,310 4.30% unsecured senior notes, due November 1, 2047, interest payable semi-annually, net of unamortized discount of $3,669 in 2022 and $3,821 in 2021 295,691 295,512 5.0% unsecured senior notes, due May 20, 2049, interest payable semi-annually, net of unamortized discount of $6,900 in 2022 and $7,161 in 2021 591,927 591,621 4.15% unsecured senior notes, due September 17, 2050, interest payable semi-annually, net of unamortized discount of $4,917 in 2022 and $5,095 in 2021 494,342 494,138 3.45% unsecured senior notes, due May 7, 2052, interest payable semi-annually, net of unamortized discount of $8,182 in 2022 and $8,461 in 2021 590,689 590,378 Other debt, at various interest rates ranging from 2.1% to 9.9% 416,738 327,044 Senior long-term debt and other debt $ 4,103,629 $ 4,361,266 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 used a portion of these proceeds to retire its 4.90% unsecured senior notes due July 1, 2022 ($350.0 million aggregate principal outstanding at December 31, 2021). 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 includes $414.1 million and $287.6 million associated with its Markel Ventures subsidiaries as of December 31, 2022 and 2021, respectively, which includes amounts outstanding on their respective credit facilities. The Markel Ventures debt is non-recourse to the holding company and generally is secured by the assets of those subsidiaries. Various of the Company's Markel Ventures subsidiaries maintain revolving credit facilities or lines of credit, which provide up to $620 million of aggregate capacity for working capital and other general operational purposes. A portion of the capacity on certain of these credit facilities may be used as security for letters of credit and other obligations. At December 31, 2022 and 2021, $238.1 million and $94.3 million, respectively, of borrowings were outstanding under these credit facilities. As of December 31, 2022, one of the Company's Markel Ventures subsidiaries was not in compliance with certain financial covenants of its revolving credit facility, which had an outstanding balance of $97.9 million as of December 31, 2022. The subsidiary is working with its lenders and anticipates amending the facility. This event is not expected to have a material effect on the Company’s consolidated financial condition or results of operations. At December 31, 2022, all of the Company's other subsidiaries were in compliance with all covenants contained in their respective credit facilities. The estimated fair value of the Company's senior long-term debt and other debt was $3.5 billion and $5.0 billion at December 31, 2022 and 2021, respectively. The following table summarizes the future principal payments due at maturity on senior long-term debt and other debt as of December 31, 2022. Years Ending December 31, (dollars in 2023 $ 399,604 2024 27,180 2025 24,934 2026 25,637 2027 444,335 2028 and thereafter 3,226,317 Total principal payments $ 4,148,007 Net unamortized discount (37,572) Net unamortized debt issuance costs (6,806) Senior long-term debt and other debt $ 4,103,629 The Company maintains a corporate revolving credit facility which provides up to $300 million of capacity for future acquisitions, investments and stock repurchases, and for other working capital and general corporate purposes. At the Company's discretion, up to $200 million of the total capacity may be used for letters of credit. The Company may increase the capacity of the facility by up to $200 million subject to obtaining commitments for the increase and certain other terms and conditions. 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, 2022) 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, 2022 and 2021, the Company had no borrowings outstanding under this revolving credit facility. This facility expires in April 2024. As of December 31, 2022, the Company was in compliance with all covenants contained in its corporate revolving credit facility. To the extent that the Company or any of its subsidiaries are not in compliance with the covenants under their respective credit facilities, access to such credit facilities could be restricted. The Company paid $197.3 million, $178.6 million and $178.2 million in interest on its senior long-term debt and other debt during the years ended December 31, 2022, 2021 and 2020, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes Income (loss) before income taxes includes the following components, based on country of domicile. Years Ended December 31, (dollars in thousands) 2022 2021 2020 U.S. operations $ (109,311) $ 2,263,748 $ 1,003,714 Foreign operations (39,528) 868,445 (3,265) Income (loss) before income taxes $ (148,839) $ 3,132,193 $ 1,000,449 Income tax expense (benefit) 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) 2022 2021 2020 Current: U.S. income tax $ 222,074 $ 200,742 $ 182,046 Foreign income tax 12,042 29,811 (10,631) Total current tax expense 234,116 230,553 171,415 Deferred: U.S. income tax (300,850) 438,240 (557) Foreign income tax 19,098 15,665 (2,176) Total deferred tax expense (benefit) (281,752) 453,905 (2,733) Income tax expense (benefit) $ (47,636) $ 684,458 $ 168,682 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, 2022, 2021 and 2020, GILTI tax was not material to the consolidated financial statements. Additionally, U.S. income taxes have not been recognized on any undistributed earnings of the Company's 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 $251.5 million, $204.9 million and $241.7 million in 2022, 2021 and 2020, respectively. Income taxes payable were $2.2 million and $31.3 million at December 31, 2022 and 2021, respectively, and were included in other liabilities on the consolidated balance sheets. Income taxes receivable were $9.9 million and $18.9 million at December 31, 2022 and 2021, respectively, and were included in other assets on the consolidated balance sheets. The following table presents a reconciliation of the Company's income taxes using the U.S. corporate income tax rate to the Company's income tax expense (benefit). Years Ended December 31, (dollars in thousands) 2022 2021 2020 U.S. corporate tax rate $ (31,256) 21.0 % $ 657,760 21.0 % $ 210,093 21.0 % Increase (decrease) resulting from: Tax-exempt investment income (16,063) 10.8 (16,109) (0.5) (16,415) (1.6) Foreign operations 5,335 (3.6) 14,443 0.5 6,500 0.6 Impairment of goodwill 16,800 (11.3) — 0.0 — 0.0 Markel CATCo Re income not subject to tax (18,871) 12.7 — 0.0 — 0.0 Nondeductible (deductible) losses on certain foreign investments (160) 0.1 1,240 0.0 (38,666) (3.9) Other (3,421) 2.3 27,124 0.9 7,170 0.7 Income tax expense (benefit) $ (47,636) 32.0 % $ 684,458 21.9 % $ 168,682 16.8 % The following table presents the components of domestic and foreign deferred tax assets and liabilities. December 31, (dollars in thousands) 2022 2021 Assets: Unpaid losses and loss adjustment expenses $ 170,518 $ 186,759 Unearned premiums 161,243 139,350 Lease liabilities 132,735 135,795 Life and annuity benefits 54,893 78,777 Accrued incentive compensation 39,469 50,806 Net operating loss carryforwards 25,305 47,510 Tax credit carryforwards 18,264 21,734 Other differences between financial reporting and tax bases 65,250 66,951 Total gross deferred tax assets 667,677 727,682 Less valuation allowance (16,943) (23,352) Total gross deferred tax assets, net of allowance 650,734 704,330 Liabilities: Investments 761,421 1,401,871 Goodwill and other intangible assets 180,186 185,195 Deferred policy acquisition costs 161,220 146,601 Property, plant and equipment 144,259 126,846 Right-of-use lease assets 127,398 127,313 Other differences between financial reporting and tax bases 113,065 129,866 Total gross deferred tax liabilities 1,487,549 2,117,692 Net deferred tax liability $ 836,815 $ 1,413,362 Deferred tax assets and liabilities are recorded on the consolidated balance sheets on a net basis by taxing jurisdiction. As of December 31, 2022 and 2021, the Company's consolidated balance sheets included net deferred tax liabilities of $874.0 million and $1.4 billion, respectively, in other liabilities and net deferred tax assets of $37.2 million and $18.4 million, respectively, in other assets. At December 31, 2022, the Company had tax credit carryforwards of $18.3 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, 2022, the Company also had net operating losses of $82.0 million that can be used to offset future taxable income, most of which is attributable to losses of certain branch operations in Europe incurred in their local jurisdictions. The Company's ability to use the majority of these losses is not subject to expiration. As described 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, 2022, the Company had total gross deferred tax assets of $667.7 million. The Company has a valuation allowance of $16.9 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 $650.7 million of gross deferred tax assets through generating taxable income or the reversal of existing temporary differences attributable to the gross deferred tax liabilities. Additionally, the Company's net deferred tax liability for investments includes deferred tax assets attributed to its unrealized losses on fixed maturity securities. The Company has the ability and intent to execute a tax planning strategy such that it is more likely than not that all of these deferred tax assets will be realized. At December 31, 2022, the Company did not have any material unrecognized tax benefits. The Company does not anticipate any changes in unrecognized tax benefits during 2023 that would have a material impact on the Company's income tax provision. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
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 operations, which are in line with local market terms and conditions of employment. Expenses relating to the Company's defined contribution plans we re $57.9 million , $52.7 million and $48.6 million in 2022, 2021 and 2020, 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, 2022 and 2021 were $108.5 million and $210.2 million, respectively, and the related fair value of plan assets was $171.7 million and $243.6 million, respectively. The corresponding net asset for pension benefits, also referred to as the funded status of the plan, at December 31, 2022 and 2021 was included in other assets on the Company's consolidated balance sheets. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities MCIM, a wholly-owned consolidated subsidiary of the Company, is an insurance-linked securities investment fund manager and reinsurance manager headquartered in Bermuda. Results attributable to MCIM are not included in a reportable segment. MCIM serves as the insurance manager for Markel CATCo Re Ltd. (Markel CATCo Re), a Bermuda Class 3 reinsurance company, and as the investment manager for Markel CATCo Reinsurance Fund Ltd., a Bermuda exempted mutual fund company comprised of multiple segregated accounts (Markel CATCo Funds). Voting shares in Markel CATCo Reinsurance Fund Ltd. and Markel CATCo Re are held by MCIM, which has the power to direct the activities that most significantly impact the economic performance of these entities. The Markel CATCo Funds issued multiple classes of nonvoting, redeemable preference shares to investors, and the Markel CATCo Funds are primarily invested in nonvoting preference shares of Markel CATCo Re. The underwriting results of Markel CATCo Re are attributed to investors through its nonvoting preference shares. Both Markel CATCo Re and the Markel CATCo Funds were placed into run-off in July 2019. In March 2022, the Company completed a buy-out transaction with Markel CATCo Re and the Markel CATCo Funds that provided for an accelerated return of all remaining capital to investors in the Markel CATCo Funds. Under the terms of the transaction, the Company provided cash funding of $45.1 million to purchase substantially all of the Markel CATCo Funds' interests in Markel CATCo Re. See note 21 for further details regarding the terms of the buy-out transaction. As part of the transaction, substantially all of the preference shares held by investors in the Markel CATCo Funds were redeemed, including preference shares previously held by the Company. See note 5 for details regarding the Company's investment in the Markel CATCo Funds. During June 2022, the Company received a return of $24.9 million of the capital it provided in March 2022 and the related preference shares were redeemed. As of December 31, 2022, the Company's investment in the remaining preference shares of Markel CATCo Re totaled $20.1 million, which comprised 23% of the equity of Markel CATCo Re. Through that investment, the Company has exposure to adverse loss development on reinsurance contracts previously written by Markel CATCo Re for loss events that occurred from 2014 to 2020. If loss reserves held by Markel CATCo Re are sufficient to settle claims on the remaining open contracts, the Company will receive a full return of the remaining $20.1 million in capital. Favorable development on loss reserves held by Markel CATCo Re, less operating expenses, will be distributed to the Markel CATCo Funds, and ultimately to investors in the Markel CATCo Funds. Markel CATCo Re is considered a VIE, as the equity at risk does not have the right to receive residual returns that exceed the capital provided by the Company in the buy-out transaction. As a result of the preference shares acquired by the Company in the buy-out transaction, and the voting shares held by its consolidated subsidiary, MCIM, the Company consolidates Markel CATCo Re as its primary beneficiary. Results attributed to the run-off of Markel CATCo Re are reported with the Company's other ILS operations, within services and other revenues and expenses, and are not included in a reportable segment. For the year ended December 31, 2022, there was $89.9 million of favorable loss reserve development on the run-off of reinsurance contracts written by Markel CATCo Re, all of which was included in services and other expenses and attributable to noncontrolling interests. The Company's consolidated balance sheet includes the following amounts attributable to Markel CATCo Re. ( dollars in thousands ) December 31, 2022 Assets Cash and cash equivalents $ 104,443 Restricted cash and cash equivalents 317,577 Other assets and receivables due from cedents 41,357 Total Assets $ 463,377 Liabilities and Equity Unpaid losses and loss adjustment expenses $ 347,921 Other liabilities 26,717 Total Liabilities 374,638 Shareholders' equity 21,139 Noncontrolling interests 67,600 Total Equity 88,739 Total Liabilities and Equity $ 463,377 In connection with the buy-out transaction, the Company also entered into a tail risk cover with Markel CATCo Re. Through this contract, the Company has $142.7 million of uncollateralized exposure to adverse development on loss reserves held by Markel CATCo Re for loss exposures in excess of limits that the Company believes are unlikely to be exceeded. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions [Text Block] | Related Party Transactions The Company engages in certain related party transactions in the normal course of business at arm's length. Insurance-Linked Securities Within the Company's insurance-linked securities operations, the Company provides investment and insurance management services through Nephila Holdings Ltd. (together with its subsidiaries, Nephila). Nephila serves as the investment manager to several Bermuda based private funds (the Nephila Funds). To provide access for the Nephila Funds to a variety of insurance-linked securities in the property catastrophe, climate and specialty markets, Nephila also acts as an insurance manager to certain Bermuda Class 3 and 3A reinsurance companies, Lloyd's Syndicate 2357 and Lloyd's Syndicate 2358 (collectively, the Nephila Reinsurers). Nephila receives management fees for investment and insurance management services provided through its insurance-linked securities operations primarily based on the net asset value of the accounts managed, and, for certain funds, incentive fees based on their annual performance. Prior to the disposition of Velocity in February 2022, Nephila also provided managing general agent services to the Nephila Reinsurers in exchange for commissions. For the years ended December 31, 2022, 2021 and 2020, total revenues attributed to unconsolidated entities managed by Nephila were $79.5 million, $141.9 million and $152.0 million, respectively. Through the Company's program services and other fronting operations, as well as its underwriting operations, the Company has programs with Nephila through which the Company writes insurance policies that are either partially or fully ceded to Nephila Reinsurers. Through the Company's program services and other fronting platforms, Nephila utilizes certain of the Company's licensed insurance companies to write U.S. catastrophe exposed property risk that is then ceded to Nephila Reinsurers. For the years ended December 31, 2022, 2021 and 2020, gross premiums written through the Company's program services and other fronting platforms on behalf of Nephila were $1.0 billion, $689.2 million and $412.4 million, respectively, all of which were ceded to Nephila Reinsurers. Through the Company's insurance underwriting operations, the Company has a quota share agreement with Nephila through which it cedes a portion of its property business to Nephila Reinsurers. For the years ended December 31, 2022, 2021 and 2020, the Company's underwriting operations ceded premiums of $65.6 million, $55.0 million and $47.6 million, respectively, to Nephila Reinsurers as part of its quota share agreement. As of December 31, 2022 and 2021, reinsurance recoverables on the consolidated balance sheets included $1.4 billion and $807.0 million, respectively, due from Nephila Reinsurers. Under its programs with Nephila Reinsurers, the Company bears underwriting risk for annual aggregate agreement year losses in excess of a limit the Company believes is unlikely to be exceeded. To the extent losses under these programs exceed the prescribed limits, the Company is obligated to pay such losses to the cedents without recourse to the Nephila Reinsurers. While the Company believes losses under these programs are unlikely, those losses, if incurred, could be material to the Company's consolidated results of operations and financial condition. The Company has also entered into other assumed and ceded reinsurance transactions with the Nephila Reinsurers in the normal course of business, which are not material to the Company's consolidated financial statements. Hagerty The Company holds a minority ownership interest in Hagerty, which operates primarily as a managing general agent and also includes Hagerty Reinsurance Limited (Hagerty Re), a Bermuda Class 3 reinsurance company. Through the Company's underwriting operations, the Company underwrites insurance for Hagerty, and a portion of this insurance is ceded to Hagerty Re. For the years ended December 31, 2022, 2021 and 2020, the Company's gross written premiums attributable to Hagerty were $689.7 million, $596.9 million and $506.7 million, respectively, of which $456.6 million, $338.9 million and $239.3 million, respectively, were ceded to Hagerty Re. As of December 31, 2022 and 2021, reinsurance recoverables on the consolidated balance sheets included $159.7 million and $95.6 million, respectively, due from Hagerty Re. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
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) 2022 2021 Issued and outstanding common shares, beginning of year 13,632 13,783 Issuance of common shares 24 18 Repurchase of common shares (233) (169) Issued and outstanding common shares, end of year 13,423 13,632 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, 2022 and 2021. 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 both years ended December 31, 2022 and 2021, the Company declared and paid dividends on preferred shares of $36.0 million, or $60.00 per share. c) The following table presents net income (loss) per common share and diluted net income (loss) per common share. Years Ended December 31, (in thousands, except per share amounts) 2022 2021 2020 Net income (loss) to common shareholders $ (250,123) $ 2,389,003 $ 797,630 Adjustment of redeemable noncontrolling interests (69,896) 46,874 (28,705) Adjusted net income (loss) to common shareholders $ (320,019) $ 2,435,877 $ 768,925 Basic common shares outstanding 13,580 13,768 13,811 Dilutive potential common shares from restricted stock units and restricted stock (1) (2) — 32 12 Diluted common shares outstanding 13,580 13,800 13,823 Basic net income (loss) per common share $ (23.57) $ 176.92 $ 55.67 Diluted net income (loss) per common share (1) (2) $ (23.57) $ 176.51 $ 55.63 (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, 2022, there were 116,431 shares available for future awards under the Company's equity incentive compensation plan. (2) The impact of 33 thousand shares from restricted stock units and restricted stock was excluded from the computation of diluted net loss per common share for the year ended December 31, 2022 because the effect would have been anti-dilutive. |
Other Comprehensive Income
Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2022 | |
Other Comprehensive Income (Loss), Tax [Abstract] | |
Other Comprehensive Income | Other Comprehensive Income Other comprehensive income includes changes in net unrealized gains (losses) on available-for-sale investments, which is comprised of net holding gains (losses) 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 Accumulated other comprehensive income (loss) 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 Total other comprehensive income (loss) before income taxes (1,407,316) (9,677) 31,222 (1,385,771) Income tax (expense) benefit 297,168 401 (6,492) 291,077 Total other comprehensive income (loss) (1,110,148) (9,276) 24,730 (1,094,694) December 31, 2022 $ (766,276) $ (65,907) $ (24,894) $ (857,077) |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies a) In March 2022, the Company completed a buy-out transaction with Markel CATCo Re and the Markel CATCo Funds, which are currently in run-off, that provided for an accelerated return of all remaining capital to investors in the Markel CATCo Funds. Under the terms of the transaction, the Company provided cash funding of $45.1 million to purchase substantially all of the Markel CATCo Funds' investments in Markel CATCo Re and also provided tail risk cover of $142.7 million to Markel CATCo Re to allow for the release of collateral to investors. In order to complete the transaction, the Company also made $101.9 million in additional payments, net of insurance proceeds, to or for the benefit of investors, which were recognized as an expense to the Company and included in services and other expenses for the year ended December 31, 2022. In conjunction with the buy-out transaction, all investors holding securities 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, granted mutual releases of all claims related to the transaction, the Markel CATCo Group Companies' businesses and the investors' investments in the Funds, including any pending litigation. See note 17 for further details about the Company's Markel CATCo operations and the buy-out transaction. 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, 2022 | |
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) 2022 2021 United States $ 5,236,793 $ 4,493,310 United Kingdom $ 749,495 $ 736,575 Bermuda $ 1,895,132 $ 2,106,606 Germany $ 125,194 $ 95,693 As of December 31, 2022, 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) 2022 2021 2020 United States $ 689,341 $ 705,908 $ 616,135 United Kingdom $ 35,719 $ 56,546 $ (25,776) Bermuda $ (144,239) $ 556,275 $ 228,740 Germany $ (2,471) $ 1,780 $ (4,628) Amounts presented for the Company's U.S. insurance subsidiaries have been calculated in accordance with prescribed statutory accounting rules. For the Company's international insurance subsidiaries, the regulations that govern the calculation of statutory capital and surplus do not provide requirements for the calculation of net income. Rather, such amounts are reported in accordance with a basis of accounting permitted by their respective regulator. Amounts presented for the Company's U.K., Bermuda and German insurance subsidiaries have been calculated in accordance with U.K. GAAP, U.S. GAAP 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, 2022, the Company's U.S. insurance subsidiaries could pay up to $655.6 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 the Solvency II Directive (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, 2022, 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 Bermuda Monetary Authority (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, 2022, MBL could pay up to $473.8 million to the holding company during the following 12 months without making any additional filings with the BMA. Germany The Company's German insurance subsidiary, Markel Insurance SE, is regulated by the Federal Financial Conduct Authority in Germany and is also subject to capital and solvency requirements under Solvency II. 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, 2022 was $873.0 million. Of this amount, $335.4 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, 2022 | |
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, 2022 2021 (dollars in thousands) ASSETS Investments, at estimated fair value: Fixed maturity securities, available-for-sale (amortized cost of $164,100 in 2022 and $210,111 in 2021) $ 154,039 $ 228,705 Equity securities (cost of $1,107,796 in 2022 and $1,771,597 in 2021) 1,473,116 2,784,189 Short-term investments, available-for-sale (estimated fair value approximates cost) 1,436,387 1,474,997 Total Investments 3,063,542 4,487,891 Cash and cash equivalents 594,101 763,985 Restricted cash and cash equivalents 21,146 15,485 Receivables 13,070 18,770 Investments in consolidated subsidiaries 12,905,353 13,298,971 Notes receivable from subsidiaries 60,111 135,756 Income taxes receivable — 48,344 Other assets 445,875 408,161 Total Assets $ 17,103,198 $ 19,177,363 LIABILITIES AND SHAREHOLDERS' EQUITY Senior long-term debt $ 3,686,892 $ 4,034,223 Notes payable to subsidiaries — 32,753 Income taxes payable 120,616 — Net deferred tax liability 148,365 295,289 Other liabilities 81,791 97,748 Total Liabilities 4,037,664 4,460,013 Shareholders' equity: Preferred stock 591,891 591,891 Common stock 3,493,893 3,441,079 Retained earnings 9,836,827 10,446,763 Accumulated other comprehensive income (loss) (857,077) 237,617 Total Shareholders' Equity 13,065,534 14,717,350 Total Liabilities and Shareholders' Equity $ 17,103,198 $ 19,177,363 CONDENSED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) Years Ended December 31, 2022 2021 2020 (dollars in thousands) REVENUES Net investment income $ 34,781 $ 9,099 $ 22,037 Dividends on common stock of consolidated subsidiaries 278,557 1,081,988 466,244 Net investment gains (losses): Net realized investment gains 7,620 23,652 27,774 Change in fair value of equity securities (397,906) 514,727 82,389 Net investment gains (losses) (390,286) 538,379 110,163 Gain on sale of subsidiary 107,293 — — Other revenues (losses) (29,487) 11,078 (4,011) Total Revenues 858 1,640,544 594,433 EXPENSES Services and other expenses 111,848 22,379 1,025 Interest expense 172,125 185,568 187,562 Net foreign exchange losses (gains) (13,143) (6,236) 6,823 Total Expenses 270,830 201,711 195,410 Income (Loss) Before Equity in Undistributed Earnings (Losses) of Consolidated Subsidiaries and Income Taxes (269,972) 1,438,833 399,023 Equity in undistributed earnings (losses) of consolidated subsidiaries (69,971) 1,081,976 400,289 Income tax (expense) benefit 125,820 (95,806) 16,718 Net Income (Loss) to Shareholders (214,123) 2,425,003 816,030 Preferred stock dividends (36,000) (36,000) (18,400) Net Income (Loss) to Common Shareholders $ (250,123) $ 2,389,003 $ 797,630 OTHER COMPREHENSIVE INCOME (LOSS) TO SHAREHOLDERS Change in net unrealized gains (losses) on available-for-sale investments, net of taxes: Net holding gains (losses) arising during the period $ (24,465) $ (5,885) $ 21,482 Consolidated subsidiaries' net holding gains (losses) arising during the period (1,130,589) (342,430) 334,677 Reclassification adjustments for net gains (losses) included in net income (loss) to shareholders 1,965 (34) (14,937) Consolidated subsidiaries' reclassification adjustments for net gains (losses) included in net income (loss) to shareholders 42,941 (6,589) 11,551 Change in net unrealized gains (losses) on available-for-sale investments, net of taxes (1,110,148) (354,938) 352,773 Consolidated subsidiaries' change in foreign currency translation adjustments, net of taxes (9,276) (211) 29,829 Consolidated subsidiaries' change in net actuarial pension loss, net of taxes 24,730 8,390 (6,998) Total Other Comprehensive Income (Loss) to Shareholders (1,094,694) (346,759) 375,604 Comprehensive Income (Loss) to Shareholders $ (1,308,817) $ 2,078,244 $ 1,191,634 CONDENSED STATEMENTS OF CASH FLOWS Years Ended December 31, 2022 2021 2020 (dollars in thousands) OPERATING ACTIVITIES Net income (loss) to shareholders $ (214,123) $ 2,425,003 $ 816,030 Adjustments to reconcile net income (loss) to shareholders to net cash provided by operating activities 487,259 (2,213,261) (708,162) Net Cash Provided By Operating Activities 273,136 211,742 107,868 INVESTING ACTIVITIES Proceeds from sales, maturities, calls and prepayments of fixed maturity securities 13,047 37,607 319,502 Proceeds from sales of equity securities 65,379 105,700 276,637 Cost of equity securities purchased (16,660) (73,644) (90,459) Net change in short-term investments 58,970 (224,646) (522,666) Return of capital from subsidiaries — 17,193 15,164 Decrease (increase) in notes receivable due from subsidiaries 75,645 (50,000) (25,000) Capital contributions to subsidiaries (1) (94,585) (271,729) (605,426) Proceeds from sale of subsidiary 165,615 — — Cost of equity method investments — (38,550) (4,917) Other 4,779 (5,368) 17,984 Net Cash Provided (Used) By Investing Activities 272,190 (503,437) (619,181) FINANCING ACTIVITIES Repayment of senior long-term debt (350,000) — — Additions to senior long-term debt — 591,354 — Decrease in notes payable to subsidiaries (32,753) — (50,000) Repurchases of common stock (290,796) (206,518) (26,832) Issuance of preferred stock, net — — 591,891 Dividends paid on preferred stock (36,000) (36,000) (18,400) Other — (1,181) 15 Net Cash Provided (Used) By Financing Activities (709,549) 347,655 496,674 Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents (164,223) 55,960 (14,639) Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year 779,470 723,510 738,149 CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS AT END OF YEAR $ 615,247 $ 779,470 $ 723,510 (1) The holding company made non-cash capital contributions in the form of investments to its subsidiaries totaling $924.0 million and $49.5 million for the years ended December 31, 2022 and 2020, respectively. There were no non-cash capital contributions made to subsidiaries for the year ended December 31, 2021. |
Accounting Changes and Error Co
Accounting Changes and Error Corrections | Jan. 01, 2020 |
Accounting Changes and Error Corrections [Abstract] | |
Immaterial Correction to Prior Period Financial Statements for Accounting Policy Change | Immaterial Correction to Prior Period Financial Statements for Accounting Policy Change The Company defers and amortizes costs directly related to the successful acquisition of new or renewal insurance contracts over the related policy period, generally one year. Previously, the Company did not defer salaries and benefits associated with the successful acquisition of insurance contracts, as such amounts were quantified and assessed each period and were deemed not to be material to the consolidated financial statements. Effective January 1, 2022, the Company changed its accounting policy to defer salaries and benefits associated with the successful acquisition of insurance contracts in accordance with the requirements of FASB ASC 944, Financial Services–Insurance . To reflect the change in accounting policy, the Company made a cumulative adjustment to increase deferred policy acquisition costs by $28.2 million, increase deferred tax liabilities by $5.9 million and increase retained earnings by $22.3 million as of January 1, 2020, which is the beginning of the earliest year presented in the consolidated financial statements included herein. These increases in deferred policy acquisition costs, deferred tax liabilities and retained earnings are reflected as increases to the previously reported amounts in the Company's consolidated balance sheet as of December 31, 2021 and as an adjustment to retained earnings as of January 1, 2020 in the accompanying consolidated statement of changes in equity for the year ended December 31, 2020. The Company considered both the quantitative and qualitative factors within the provisions of U.S. Securities and Exchange Commission Staff Accounting Bulletin (SAB) No. 99, Materiality, and SAB No. 108, Considering the Effect of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2022 | |
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. Available-for-sale investments include fixed maturity securities and short-term investments. Fixed maturity securities include government and municipal bonds and mortgage-backed securities with original maturities of more than one year. Short-term investments include certificates of deposit, commercial paper, discount notes and treasury bills with original maturities of one year or less. 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 or losses. 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. 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. See note 7 for further details regarding receivables. |
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. Cash 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, 2022 and 2021, 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, salaries and benefits 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 (f) for further details regarding policy acquisition costs, as well as note 24 for details regarding a change to the Company's policy for accounting for deferred 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 |
Equity Method Investments | Equity Method Investments. The Company holds certain investments that are required to be accounted for under the equity method, whereby they 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 services and other revenues. 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 6 for further details regarding the Company's equity method investments. |
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 $1.2 billion and $1.1 billion as of December 31, 2022 and 2021, 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 9 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 $639.6 million and $529.3 million as of December 31, 2022 and 2021, 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 2023 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 19 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 15 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 11 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 contracts are included in services and other revenues and services and other expenses in the Company's consolidated statements of income and comprehensive income. Investment income earned on the investments that support the policy benefit reserves are included in net investment income. See note 13 for further details regarding life and annuity benefits and note 1(x) for information on changes to the accounting for life and annuity benefits beginning in 2023. |
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, precast concrete, 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 through 2022, managing general agent (MGA) commissions for services provided through the Company's ILS operations. Investment management fee income is recognized over the period in which investment management services are provided and is calculated and recognized monthly, typically 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 10 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, precast concrete, 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 through 2022, managing general agent (MGA) commissions for services provided through the Company's ILS operations. Investment management fee income is recognized over the period in which investment management services are provided and is calculated and recognized monthly, typically 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 10 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 the Company attempts to naturally hedge its 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 |
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 20 for further details regarding other 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 19 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 Not Yet Adopted In August 2018, the FASB issued Accounting Standards Update (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 certain qualitative and quantitative disclosures. 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, including a cumulative adjustment to accumulated other comprehensive income as of January 1, 2021 (the transition date). 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 adoption of ASU 2018-12 will result in a decrease to accumulated other comprehensive income of $15.3 million, net of taxes, as a result of changing the discount rate assumption as of January 1, 2021. However, the cumulative impact of changes in the discount rate assumption through the January 1, 2023 adoption date is based on the discount rate assumption determined as of the adoption date. Based on increases in interest rates between the transition date and the adoption date, the cumulative increase to accumulated other comprehensive income as of January 1, 2023 will be $89.6 million, net of taxes. 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, this ASU will impact amounts recorded by the Company for assets acquired and liabilities assumed in conjunction with certain acquisitions. |
Segment Reporting Disclosures (
Segment Reporting Disclosures (Tables) | 12 Months Ended | |
Dec. 31, 2022 | ||
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, 2022 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures Other (1) Consolidated Gross premium volume $ 8,606,700 $ 1,229,851 $ — $ — $ 3,365,131 $ 13,201,682 Net written premiums 7,040,176 1,167,312 — — (4,098) 8,203,390 Earned premiums 6,528,263 1,063,347 — — (3,818) 7,587,792 Losses and loss adjustment expenses: Current accident year (3,936,425) (676,610) — — — (4,613,035) Prior accident years 142,924 26,052 — — (1,530) 167,446 Underwriting, acquisition and insurance expenses: Amortization of policy acquisition costs (1,375,539) (279,567) — — — (1,655,106) Other underwriting expenses (809,352) (49,363) — — (1,762) (860,477) Underwriting profit (loss) 549,871 83,859 — — (7,110) 626,620 Net investment income — — 445,846 909 — 446,755 Net investment losses — — (1,595,733) — — (1,595,733) Products revenues — — — 2,427,096 — 2,427,096 Services and other revenues — — (17,661) 2,329,522 497,564 2,809,425 Products expenses — — — (2,241,736) — (2,241,736) Services and other expenses — — — (2,111,510) (195,125) (2,306,635) Amortization of intangible assets (2) — — — (79,043) (99,735) (178,778) Impairment of goodwill — — — — (80,000) (80,000) Segment profit (loss) $ 549,871 $ 83,859 $ (1,167,548) $ 325,238 $ 115,594 $ (92,986) Interest expense (196,062) Net foreign exchange gains 140,209 Loss before income taxes $ (148,839) (1) Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment, as well as amortization of intangible assets attributable to the underwriting segments, which is not allocated between the Insurance and Reinsurance segments. (2) Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets attributable to the Company's underwriting segments, included in Other, was $38.5 million for the year ended December 31, 2022. Year Ended December 31, 2021 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures Other (1) 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 — — 367,406 11 — 367,417 Net investment gains — — 1,978,534 — — 1,978,534 Products revenues — — — 1,712,120 — 1,712,120 Services and other revenues — — 7,184 1,931,696 346,445 2,285,325 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 (2) — — — (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 (1) Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment, as well as amortization of intangible assets attributable to the underwriting segments, which is not allocated between the Insurance and Reinsurance segments. (2) Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets attributable to the Company's underwriting segments, included in Other, was $41.2 million for the year ended December 31, 2021. Year Ended December 31, 2020 (dollars in thousands) Insurance Reinsurance Investing Markel Ventures Other (1) 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 — — 375,581 245 — 375,826 Net investment gains — — 617,979 — — 617,979 Products revenues — — — 1,439,515 — 1,439,515 Services and other revenues — — (3,996) 1,355,199 338,338 1,689,541 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 (2) — — — (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 (1) Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment, as well as amortization of intangible assets attributable to the underwriting segments, which is not allocated between the Insurance and Reinsurance segments. (2) Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets attributable to the Company's underwriting segments, included in Other, was $41.9 million for the year ended December 31, 2020. | |
Summary of Additional Measures for Markel Ventures | The following amounts attributable to the Markel Ventures segment are also reviewed, or included in measures reviewed, by the Company's chief operating decision maker. Years Ended December 31, (dollars in thousands) 2022 2021 2020 Depreciation expense $ 102,055 $ 72,580 $ 60,284 Interest expense (1) $ 46,780 $ 35,031 $ 46,664 Income tax expense $ 61,588 $ 43,626 $ 45,815 Capital expenditures $ 225,230 $ 124,451 $ 75,404 (1) Interest expense for the years ended December 31, 2022, 2021 and 2020 included intercompany interest expense of $27.4 million, $25.8 million and $32.0 million, respectively, which was eliminated in consolidation. | [1] |
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) 2022 2021 2020 Insurance segment: General liability $ 1,927,721 $ 1,564,221 $ 1,261,411 Professional liability 1,739,983 1,523,536 1,141,034 Property 428,563 362,637 356,934 Marine and energy 585,885 495,897 458,050 Personal lines 489,648 451,095 405,210 Programs 384,952 222,410 238,909 Workers' compensation 385,054 354,337 338,186 Credit and surety 193,701 161,155 151,397 Other products 392,756 329,996 337,317 Total Insurance 6,528,263 5,465,284 4,688,448 Reinsurance segment: Professional liability 398,839 320,646 243,645 General liability 382,482 314,699 195,468 Specialty 275,033 276,943 298,267 Property 6,993 129,760 191,968 Total Reinsurance 1,063,347 1,042,048 929,348 Other (3,818) (4,303) (5,591) Total earned premiums $ 7,587,792 $ 6,503,029 $ 5,612,205 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) 2022 2021 2020 Products: Consumer and building $ 1,510,130 $ 911,422 $ 814,697 Transportation-related 612,467 474,839 351,559 Equipment manufacturing 304,499 325,859 273,259 Total products revenues 2,427,096 1,712,120 1,439,515 Services and other: Construction 1,910,403 1,554,592 915,696 Consulting 326,549 277,902 283,386 Other 92,570 99,202 156,117 Total services and other revenues 2,329,522 1,931,696 1,355,199 Total products revenues and services and other revenues $ 4,756,618 $ 3,643,816 $ 2,794,714 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) 2022 2021 Segment assets: Investing $ 26,982,280 $ 28,277,801 Underwriting 8,853,559 8,111,316 Markel Ventures 5,315,677 4,958,279 Total segment assets 41,151,516 41,347,396 Other operations 8,639,743 7,129,700 Total assets $ 49,791,259 $ 48,477,096 | |
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, 2022 Insurance segment $ 677,921 $ 4,015,252 $ 11,616,386 Reinsurance segment 247,562 921,541 3,581,699 Other underwriting — 9,473 197,602 Total underwriting 925,483 4,946,266 15,395,687 Program services and other fronting — 1,274,482 5,204,290 Markel CATCo Re (see note 17) — — 347,921 Total $ 925,483 $ 6,220,748 $ 20,947,898 December 31, 2021 Insurance segment $ 574,181 $ 3,350,054 $ 10,051,994 Reinsurance segment 219,964 802,824 3,639,210 Other underwriting — — 271,356 Total underwriting 794,145 4,152,878 13,962,560 Program services and other fronting — 1,230,741 4,216,334 Total $ 794,145 $ 5,383,619 $ 18,178,894 | |
[1]Interest expense for the years ended December 31, 2022, 2021 and 2020 included intercompany interest expense of $27.4 million, $25.8 million and $32.0 million, respectively, which was eliminated in consolidation. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-For-Sale Investments | The following tables summarize the Company's available-for-sale investments. Commercial and residential mortgage-backed securities include securities issued by U.S. government-sponsored enterprises and U.S. government agencies. The net unrealized holding gains (losses) in the tables below are presented before taxes and any reserve deficiency adjustments for life and annuity benefit reserves. See note 13. December 31, 2022 (dollars in thousands) Amortized Gross Gross Estimated Fixed maturity securities: U.S. Treasury securities $ 3,050,089 $ 2,363 $ (138,493) $ 2,913,959 U.S. government-sponsored enterprises 871,463 154 (106,079) 765,538 Obligations of states, municipalities and political subdivisions 3,973,911 6,503 (247,231) 3,733,183 Foreign governments 1,473,658 2,843 (169,723) 1,306,778 Commercial mortgage-backed securities 2,109,721 395 (169,668) 1,940,448 Residential mortgage-backed securities 553,591 6 (26,804) 526,793 Asset-backed securities 1,693 — (53) 1,640 Corporate bonds 771,761 836 (104,101) 668,496 Total fixed maturity securities 12,805,887 13,100 (962,152) 11,856,835 Short-term investments 2,663,560 5,760 (58) 2,669,262 Investments, available-for-sale $ 15,469,447 $ 18,860 $ (962,210) $ 14,526,097 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 |
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, 2022 Less than 12 months 12 months or longer Total (dollars in thousands) Estimated Gross Estimated Gross Estimated Gross Fixed maturity securities: U.S. Treasury securities $ 735,605 $ (30,583) $ 1,907,922 $ (107,910) $ 2,643,527 $ (138,493) U.S. government-sponsored enterprises 413,495 (40,488) 331,391 (65,591) 744,886 (106,079) Obligations of states, municipalities and political subdivisions 2,474,289 (164,537) 348,943 (82,694) 2,823,232 (247,231) Foreign governments 900,322 (115,324) 300,423 (54,399) 1,200,745 (169,723) Commercial mortgage-backed securities 1,611,603 (117,482) 305,217 (52,186) 1,916,820 (169,668) Residential mortgage-backed securities 516,423 (25,232) 9,342 (1,572) 525,765 (26,804) Asset-backed securities 1,640 (53) — — 1,640 (53) Corporate bonds 496,766 (74,542) 153,035 (29,559) 649,801 (104,101) Total fixed maturity securities 7,150,143 (568,241) 3,356,273 (393,911) 10,506,416 (962,152) Short-term investments 774,480 (58) — — 774,480 (58) Total $ 7,924,623 $ (568,299) $ 3,356,273 $ (393,911) $ 11,280,896 $ (962,210) 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) |
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, 2022 are shown below by contractual maturity. (dollars in thousands) Amortized Estimated Due in one year or less $ 1,363,418 $ 1,337,550 Due after one year through five years 3,926,756 3,708,752 Due after five years through ten years 3,115,913 2,787,686 Due after ten years 1,734,795 1,553,966 10,140,882 9,387,954 Commercial mortgage-backed securities 2,109,721 1,940,448 Residential mortgage-backed securities 553,591 526,793 Asset-backed securities 1,693 1,640 Total fixed maturity securities $ 12,805,887 $ 11,856,835 |
Components Of Net Investment Income | The following table presents the components of net investment income. Years Ended December 31, (dollars in thousands) 2022 2021 2020 Interest: Fixed maturity securities $ 294,417 $ 283,366 $ 288,421 Short-term investments 33,493 2,475 6,400 Cash and cash equivalents 28,890 479 7,921 Dividends on equity securities 107,213 98,099 89,303 464,013 384,419 392,045 Investment expenses (17,258) (17,002) (16,219) Net investment income $ 446,755 $ 367,417 $ 375,826 |
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 (losses) included in net income (loss) and the change in net unrealized gains (losses) included in other comprehensive income (loss). Gross realized investment gains and losses on fixed maturity securities, short-term investments and other investments were not material to the consolidated financial statements and are presented on a net basis in the following table. Years Ended December 31, (dollars in thousands) 2022 2021 2020 Fixed maturity securities, short-term investments and other investments: Net realized investment gains (losses) $ (40,983) $ 37,908 $ 14,780 Equity securities: Change in fair value of securities sold during the period (14,884) 25,902 (470,008) Change in fair value of securities held at the end of the period (1,539,866) 1,914,724 1,073,207 Total change in fair value (1,554,750) 1,940,626 603,199 Net investment gains (losses) $ (1,595,733) $ 1,978,534 $ 617,979 Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income (loss): Fixed maturity securities $ (1,474,890) $ (504,133) $ 507,903 Short-term investments 11,014 (8,951) 2,344 Reserve deficiency adjustment for life and annuity benefit reserves (see note 13) 56,560 62,988 (68,158) Net increase (decrease) $ (1,407,316) $ (450,096) $ 442,089 |
Schedule of Restricted Assets | Total restricted assets are included on the Company's consolidated balance sheets as follows. December 31, (dollars in thousands) 2022 2021 Investments $ 4,160,842 $ 4,403,414 Restricted cash and cash equivalents 1,084,081 902,457 Total $ 5,244,923 $ 5,305,871 |
Components Of Restricted Assets | The following table presents the components of restricted assets. December 31, (dollars in thousands) 2022 2021 Assets held in trust or on deposit to support underwriting activities $ 4,807,135 $ 4,895,627 Assets pledged as security for letters of credit 437,788 410,244 Total $ 5,244,923 $ 5,305,871 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Investments: Fixed maturity securities, available-for-sale: U.S. Treasury securities $ — $ 2,913,959 $ — $ 2,913,959 U.S. government-sponsored enterprises — 765,538 — 765,538 Obligations of states, municipalities and political subdivisions — 3,733,183 — 3,733,183 Foreign governments — 1,306,778 — 1,306,778 Commercial mortgage-backed securities — 1,940,448 — 1,940,448 Residential mortgage-backed securities — 526,793 — 526,793 Asset-backed securities — 1,640 — 1,640 Corporate bonds — 668,496 — 668,496 Total fixed maturity securities, available-for-sale — 11,856,835 — 11,856,835 Equity securities: Insurance, banks and other financial institutions 2,952,689 — 899 2,953,588 Industrial, consumer and all other 4,718,324 — — 4,718,324 Total equity securities 7,671,013 — 899 7,671,912 Short-term investments, available-for-sale 2,510,164 159,098 — 2,669,262 Total investments $ 10,181,177 $ 12,015,933 $ 899 $ 22,198,009 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 |
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) 2022 2021 Equity securities, beginning of period $ 56,472 $ 58,493 Purchases — 18,900 Sales (56,335) (15,015) Net investment gains (losses) 762 (5,906) Equity securities, end of period $ 899 $ 56,472 |
Receivables, Loans, Notes Rec_2
Receivables, Loans, Notes Receivable, and Others (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Components Of Receivables | The following table presents the components of receivables. December 31, (dollars in thousands) 2022 2021 Insurance Amounts receivable from agents, brokers and insureds $ 2,176,295 $ 1,740,864 Other insurance 83,728 133,350 Markel Ventures 645,189 510,382 Other 77,961 50,379 2,983,173 2,434,975 Allowance for credit losses (22,117) (21,037) Receivables $ 2,961,056 $ 2,413,938 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2021 $ 772,700 $ 122,745 $ 901,045 $ 808,134 $ 2,604,624 Acquisitions — — 293,838 — 293,838 Foreign currency movements and other adjustments 2,012 — 1,707 (3,041) 678 December 31, 2021 (2) $ 774,712 $ 122,745 $ 1,196,590 $ 805,093 $ 2,899,140 Acquisitions — — 41,905 — 41,905 Dispositions — — — (132,455) (132,455) Impairment of goodwill — — — (80,000) (80,000) Adjustments to preliminary purchase price allocation — — (83,358) — (83,358) Foreign currency movements and other adjustments (3,084) — (1,228) (2,082) (6,394) December 31, 2022 (2) $ 771,628 $ 122,745 $ 1,153,909 $ 590,556 $ 2,638,838 (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) As of December 31, 2022, goodwill was net of accumulated impairment losses of $190.6 million, of which $171.9 million was in Other and $18.7 million was in Markel Ventures. 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. |
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, 2021 $ 442,639 $ 623,120 $ 716,959 $ 1,782,718 Acquisitions — 203,879 — 203,879 Amortization of intangible assets (41,182) (57,568) (61,789) (160,539) Foreign currency movements and other adjustments (202) (3,252) (118) (3,572) December 31, 2021 $ 401,255 $ 766,179 $ 655,052 $ 1,822,486 Acquisitions — 21,614 — 21,614 Dispositions — — (2,716) (2,716) Amortization of intangible assets (38,533) (79,043) (61,202) (178,778) Adjustments to preliminary purchase price allocation — 86,773 — 86,773 Foreign currency movements and other adjustments (400) 774 (2,289) (1,915) December 31, 2022 $ 362,322 $ 796,297 $ 588,845 $ 1,747,464 (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. |
Components Of Intangible Assets | The following table presents the components of intangible assets. December 31, 2022 2021 (dollars in thousands) Gross Accumulated Gross Accumulated Customer relationships $ 1,425,330 $ (498,987) $ 1,379,739 $ (405,057) Investment management agreements 464,000 (120,394) 468,000 (92,478) Broker relationships 204,972 (117,386) 206,855 (109,210) Trade names 293,194 (118,976) 238,331 (100,023) Technology 113,170 (92,646) 113,200 (82,845) Agent relationships 92,000 (34,756) 92,000 (28,622) Insurance licenses 74,333 — 74,333 — Renewal rights 21,449 (21,449) 21,449 (21,449) Other 148,326 (84,716) 145,695 (77,432) Total $ 2,836,774 $ (1,089,310) $ 2,739,602 $ (917,116) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 sheets. December 31, (dollars in thousands) 2022 2021 Right-of-use lease assets $ 526,704 $ 533,702 Lease liabilities $ 554,394 $ 571,337 Weighted average remaining lease term 11.7 years 10.8 years Weighted average discount rate 3.1 % 3.0 % |
Maturities of Operating Lease Liabilities | The following table summarizes maturities of the Company's operating lease liabilities as of December 31, 2022, 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) 2023 $ 100,887 2024 85,030 2025 71,474 2026 60,729 2027 51,702 2028 and thereafter 291,290 Total lease payments 661,112 Less imputed interest (106,718) Total operating lease liabilities $ 554,394 |
Products, Services and Other _2
Products, Services and Other Revenues (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 (loss) and comprehensive income (loss), along with a reconciliation to total products revenues and services and other revenues. Years Ended December 31, 2022 2021 2020 (dollars in thousands) Markel Ventures Other Total Markel Ventures Other Total Markel Ventures Other Total Products $ 2,379,399 $ — $ 2,379,399 $ 1,668,448 $ — $ 1,668,448 $ 1,396,706 $ — $ 1,396,706 Services 2,265,413 43,875 2,309,288 1,863,706 134,850 1,998,556 1,295,734 116,476 1,412,210 Investment management — 79,209 79,209 — 86,257 86,257 — 117,193 117,193 Total revenues from contracts with customers 4,644,812 123,084 4,767,896 3,532,154 221,107 3,753,261 2,692,440 233,669 2,926,109 Program services and other fronting — 147,612 147,612 — 123,823 123,823 — 102,989 102,989 Disposition gains — 225,828 225,828 — — — — — — Other 111,806 (16,621) 95,185 111,662 8,699 120,361 102,274 (2,316) 99,958 Total $ 4,756,618 $ 479,903 $ 5,236,521 $ 3,643,816 $ 353,629 $ 3,997,445 $ 2,794,714 $ 334,342 $ 3,129,056 |
Unpaid Losses And Loss Adjust_2
Unpaid Losses And Loss Adjustment Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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) 2022 2021 2020 Gross reserves for losses and loss adjustment expenses, beginning of year $ 18,178,894 $ 16,222,376 $ 14,728,676 Reinsurance recoverables on unpaid losses, beginning of year 6,876,317 5,736,659 5,253,415 Net reserves for losses and loss adjustment expenses, beginning of year 11,302,577 10,485,717 9,475,261 Effect of foreign currency rate changes on beginning of year balance (160,622) (54,736) 68,368 Effect of adoption of ASC 326, Financial Instruments—Credit Losses — — 3,849 Adjusted net reserves for losses and loss adjustment expenses, beginning of year 11,141,955 10,430,981 9,547,478 Incurred losses and loss adjustment expenses: Current accident year 4,613,035 4,061,000 4,073,325 Prior accident years (167,446) (478,930) (606,414) Total incurred losses and loss adjustment expenses 4,445,589 3,582,070 3,466,911 Payments: Current accident year 580,537 637,169 749,887 Prior accident years 2,396,446 2,066,290 1,779,980 Total payments 2,976,983 2,703,459 2,529,867 Effect of foreign currency rate changes on current year activity (5,468) (4,253) 1,195 Net reserves for losses and loss adjustment expenses of Markel CATCo Re (see note 17) 347,921 — — 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 12,953,014 11,302,577 10,485,717 Reinsurance recoverables on unpaid losses, end of year 7,994,884 6,876,317 5,736,659 Gross reserves for losses and loss adjustment expenses, end of year $ 20,947,898 $ 18,178,894 $ 16,222,376 |
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, 2022, 2021 and 2020, 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. The unfavorable claims and loss trends experienced on certain accident years within the Company's professional liability and general liability product lines in 2022 reflected broader market conditions, including the effects of economic and social inflation, as well as delays in court proceedings that began in 2020 and disrupted the development of the claims trend. These trends were most impactful on the 2018 and 2019 accident years for the professional liability product lines and the 2016 to 2019 accident years for the general liability product lines. Consistent with the Company's reserving philosophy, management is responding quickly to increase loss reserves following any indication of increased claims frequency or severity in excess of previous expectations. Year Ended December 31, 2022 (dollars in millions) Loss Development Accident Years with Most Significant Development Trends and Factors Impacting Loss Estimates Insurance segment: Professional liability 2018 and 2019 accident years $ 121.0 2018 and 2019 Unfavorable claims settlements and increased claim frequency and severity, primarily on directors and officers, errors and omissions and employment practices liability lines All other accident years (91.1) Several More favorable loss experience and lower loss severity than previously anticipated General liability 2016 to 2019 accident years 61.6 2016 to 2019 Unfavorable claims settlements and increased claim frequency and severity, primarily on contractors and excess and umbrella lines All other accident years (20.5) Several Lower loss frequency and severity than previously anticipated Workers' compensation (62.1) 2016 to 2021 Lower loss severity than previously anticipated Programs (48.3) 2020 and 2021 Lower than expected frequency of claims Property (48.1) 2020 and 2021 Lower loss severity than originally anticipated as well as favorable development on COVID-19 Credit and surety (31.7) 2019 to 2021 Lower than expected frequency of claims Other products (23.7) Total Insurance (142.9) Reinsurance segment: Property (29.2) 2017 to 2019 Favorable development on catastrophe events Credit and surety (22.9) Several Favorable commutations on mortgage insurance contracts Premium adjustments 53.1 2020 and 2021 Recognition of additional exposures on prior accident years related to net favorable premium adjustments primarily on general liability, credit and surety and professional liability Other products (27.1) Total Reinsurance (26.1) Other underwriting 1.6 Total decrease $ (167.4) 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 Favorable commutations on mortgage insurance contracts Other products (8.5) Total Reinsurance 19.9 Other underwriting 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) |
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. 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 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 December 31, 2022 2013 $ 1,724.9 $ 1,683.4 $ 1,514.7 $ 1,452.6 $ 1,406.2 $ 1,360.8 $ 1,315.6 $ 1,296.6 $ 1,292.8 $ 1,283.7 $ 43.3 91,000 2014 1,850.8 1,680.7 1,613.0 1,556.8 1,508.6 1,487.4 1,455.2 1,457.7 1,438.2 52.8 86,000 2015 1,769.1 1,695.0 1,571.9 1,517.8 1,487.2 1,455.2 1,451.2 1,442.2 65.9 89,000 2016 1,858.0 1,854.2 1,756.3 1,703.9 1,677.1 1,669.8 1,682.3 86.9 101,000 2017 2,312.1 2,179.6 2,061.0 2,018.2 2,004.7 2,023.7 103.5 139,000 2018 2,432.4 2,325.5 2,099.9 2,061.6 2,153.7 194.9 193,000 2019 2,556.6 2,299.1 2,244.4 2,295.5 335.6 228,000 2020 3,083.4 2,974.7 2,914.7 1,042.6 179,000 2021 3,085.7 2,909.0 1,483.0 137,000 2022 4,097.4 2,791.3 121,000 Total $ 22,240.4 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Unaudited As of December 31, As of December 31, Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 270.2 $ 568.9 $ 774.9 $ 943.8 $ 1,031.6 $ 1,092.9 $ 1,116.4 $ 1,150.2 $ 1,163.9 $ 1,178.2 2014 329.6 652.6 886.6 1,052.9 1,157.3 1,240.4 1,288.8 1,308.8 1,339.9 2015 321.0 660.7 870.9 1,034.0 1,142.1 1,230.9 1,260.6 1,293.0 2016 370.3 747.4 975.4 1,160.0 1,288.3 1,351.9 1,427.5 2017 436.0 983.9 1,275.6 1,511.1 1,620.1 1,741.0 2018 492.2 1,019.3 1,346.9 1,498.3 1,674.8 2019 523.9 1,082.4 1,261.4 1,574.1 2020 807.8 1,150.9 1,518.1 2021 474.3 988.5 2022 834.4 Total $ 13,569.5 All outstanding liabilities for unpaid losses and loss adjustment expenses before 2013, net of reinsurance 237.4 Total liabilities for unpaid losses and loss adjustment expenses, net of reinsurance $ 8,908.3 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 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 December 31, 2022 2013 $ 579.4 $ 571.8 $ 538.3 $ 525.4 $ 533.2 $ 496.1 $ 478.2 $ 480.0 $ 475.3 $ 476.9 $ 32.7 2014 569.2 552.1 524.4 563.1 542.2 519.3 503.8 505.3 501.2 60.3 2015 523.1 508.8 523.7 515.0 503.9 498.6 486.3 486.6 84.4 2016 509.1 518.5 519.0 516.9 526.8 550.9 554.3 69.8 2017 895.7 928.7 934.7 936.0 908.2 920.4 105.6 2018 749.5 775.3 767.9 772.1 767.8 150.7 2019 662.0 675.6 689.2 702.7 223.4 2020 680.2 732.7 742.4 344.0 2021 735.5 736.7 446.9 2022 662.6 614.1 Total $ 6,551.6 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Unaudited As of December 31, As of December 31, Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 70.6 $ 153.4 $ 205.5 $ 263.2 $ 295.6 $ 324.9 $ 343.3 $ 358.1 $ 369.5 $ 383.4 2014 97.4 155.6 220.5 267.0 302.9 335.7 352.9 369.3 379.4 2015 63.6 131.2 202.0 252.7 299.6 324.1 343.7 360.3 2016 79.0 167.9 237.9 294.3 346.0 379.4 419.5 2017 157.4 358.1 479.2 560.9 624.5 693.5 2018 87.0 243.7 344.7 414.4 484.5 2019 53.5 173.6 268.4 359.6 2020 93.5 203.7 309.8 2021 79.5 187.8 2022 24.2 Total $ 3,602.0 All outstanding liabilities for unpaid losses and loss adjustment expenses before 2013, net of reinsurance 388.0 Total liabilities for unpaid losses and loss adjustment expenses, net of reinsurance $ 3,337.6 |
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, 2022 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 22.0 % 21.9 % 13.8 % 11.3 % 7.1 % 5.3 % 2.9 % 2.1 % 1.6 % 1.1 % Reinsurance 12.5 % 16.4 % 13.1 % 10.4 % 8.2 % 6.3 % 4.6 % 3.3 % 2.2 % 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, 2022 Net outstanding liabilities Insurance segment $ 8,908,308 Reinsurance segment 3,337,587 Other underwriting 89,563 Program services and other fronting 9,982 Markel CATCo Re (see note 17) 347,921 Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance 12,693,361 Reinsurance recoverable on unpaid losses Insurance segment 2,425,560 Reinsurance segment 277,854 Other underwriting 56,968 Program services and other fronting 5,234,502 Total reinsurance recoverable on unpaid losses 7,994,884 Unallocated loss adjustment expenses 326,275 Unamortized discount, net of acquisition fair value adjustments, included in unpaid losses and loss adjustment expenses (66,622) 259,653 Total gross liability for unpaid losses and loss adjustment expenses $ 20,947,898 |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 (dollars in thousands) Direct Assumed Ceded Net Premiums Underwriting: Written $ 8,085,812 $ 1,761,726 $ (1,640,165) $ 8,207,373 Earned $ 7,379,766 $ 1,589,920 $ (1,378,191) $ 7,591,495 Program services and other fronting: Written 2,644,138 710,006 (3,358,127) (3,983) Earned 2,688,804 656,885 (3,349,392) (3,703) Consolidated: Written $ 10,729,950 $ 2,471,732 $ (4,998,292) $ 8,203,390 Earned $ 10,068,570 $ 2,246,805 $ (4,727,583) $ 7,587,792 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 |
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) 2022 2021 2020 Gross losses and loss adjustment expenses $ 5,281,424 $ 4,477,752 $ 4,189,948 Ceded losses and loss adjustment expenses (834,648) (893,230) (722,619) Net losses and loss adjustment expenses $ 4,446,776 $ 3,584,522 $ 3,467,329 |
Life And Annuity Benefits (Tabl
Life And Annuity Benefits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Liability for Future Policy Benefit, before Reinsurance [Abstract] | |
Schedule Of Life And Annuity Benefits | The following table presents reserves for life and annuity benefits. December 31, (dollars in thousands) 2022 2021 Life $ 102,321 $ 113,797 Annuities 628,441 753,971 Accident and health 28,263 35,212 Total $ 759,025 $ 902,980 |
Senior Long-Term Debt And Oth_2
Senior Long-Term Debt And Other Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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) 2022 2021 4.90% unsecured senior notes, due July 1, 2022, interest payable semi-annually, net of unamortized discount of $159 in 2021 $ — $ 349,815 3.625% unsecured senior notes, due March 30, 2023, interest payable semi-annually, net of unamortized discount of $50 in 2022 and $251 in 2021 249,940 249,702 3.50% unsecured senior notes, due November 1, 2027, interest payable semi-annually, net of unamortized discount of $1,161 in 2022 and $1,445 in 2021 298,502 298,136 3.35% unsecured senior notes, due September 17, 2029, interest payable semi-annually, net of unamortized discount of $1,668 in 2022 and $1,916 in 2021 297,997 297,700 7.35% unsecured senior notes, due August 15, 2034, interest payable semi-annually, net of unamortized discount of $800 in 2022 and $868 in 2021 129,004 128,932 5.0% unsecured senior notes, due March 30, 2043, interest payable semi-annually, net of unamortized discount of $4,535 in 2022 and $4,759 in 2021 245,214 244,978 5.0% unsecured senior notes, due April 5, 2046, interest payable semi-annually, net of unamortized discount of $5,689 in 2022 and $5,933 in 2021 493,585 493,310 4.30% unsecured senior notes, due November 1, 2047, interest payable semi-annually, net of unamortized discount of $3,669 in 2022 and $3,821 in 2021 295,691 295,512 5.0% unsecured senior notes, due May 20, 2049, interest payable semi-annually, net of unamortized discount of $6,900 in 2022 and $7,161 in 2021 591,927 591,621 4.15% unsecured senior notes, due September 17, 2050, interest payable semi-annually, net of unamortized discount of $4,917 in 2022 and $5,095 in 2021 494,342 494,138 3.45% unsecured senior notes, due May 7, 2052, interest payable semi-annually, net of unamortized discount of $8,182 in 2022 and $8,461 in 2021 590,689 590,378 Other debt, at various interest rates ranging from 2.1% to 9.9% 416,738 327,044 Senior long-term debt and other debt $ 4,103,629 $ 4,361,266 |
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, 2022. Years Ending December 31, (dollars in 2023 $ 399,604 2024 27,180 2025 24,934 2026 25,637 2027 444,335 2028 and thereafter 3,226,317 Total principal payments $ 4,148,007 Net unamortized discount (37,572) Net unamortized debt issuance costs (6,806) Senior long-term debt and other debt $ 4,103,629 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Components Of Income Before Income Taxes | Income (loss) before income taxes includes the following components, based on country of domicile. Years Ended December 31, (dollars in thousands) 2022 2021 2020 U.S. operations $ (109,311) $ 2,263,748 $ 1,003,714 Foreign operations (39,528) 868,445 (3,265) Income (loss) before income taxes $ (148,839) $ 3,132,193 $ 1,000,449 |
Components Of Income Tax Expense (Benefit) | Income tax expense (benefit) 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) 2022 2021 2020 Current: U.S. income tax $ 222,074 $ 200,742 $ 182,046 Foreign income tax 12,042 29,811 (10,631) Total current tax expense 234,116 230,553 171,415 Deferred: U.S. income tax (300,850) 438,240 (557) Foreign income tax 19,098 15,665 (2,176) Total deferred tax expense (benefit) (281,752) 453,905 (2,733) Income tax expense (benefit) $ (47,636) $ 684,458 $ 168,682 |
Reconciliations Of United States Corporate Income Tax Rate To Effective Tax Rate On Income Before Income Taxes | The following table presents a reconciliation of the Company's income taxes using the U.S. corporate income tax rate to the Company's income tax expense (benefit). Years Ended December 31, (dollars in thousands) 2022 2021 2020 U.S. corporate tax rate $ (31,256) 21.0 % $ 657,760 21.0 % $ 210,093 21.0 % Increase (decrease) resulting from: Tax-exempt investment income (16,063) 10.8 (16,109) (0.5) (16,415) (1.6) Foreign operations 5,335 (3.6) 14,443 0.5 6,500 0.6 Impairment of goodwill 16,800 (11.3) — 0.0 — 0.0 Markel CATCo Re income not subject to tax (18,871) 12.7 — 0.0 — 0.0 Nondeductible (deductible) losses on certain foreign investments (160) 0.1 1,240 0.0 (38,666) (3.9) Other (3,421) 2.3 27,124 0.9 7,170 0.7 Income tax expense (benefit) $ (47,636) 32.0 % $ 684,458 21.9 % $ 168,682 16.8 % |
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) 2022 2021 Assets: Unpaid losses and loss adjustment expenses $ 170,518 $ 186,759 Unearned premiums 161,243 139,350 Lease liabilities 132,735 135,795 Life and annuity benefits 54,893 78,777 Accrued incentive compensation 39,469 50,806 Net operating loss carryforwards 25,305 47,510 Tax credit carryforwards 18,264 21,734 Other differences between financial reporting and tax bases 65,250 66,951 Total gross deferred tax assets 667,677 727,682 Less valuation allowance (16,943) (23,352) Total gross deferred tax assets, net of allowance 650,734 704,330 Liabilities: Investments 761,421 1,401,871 Goodwill and other intangible assets 180,186 185,195 Deferred policy acquisition costs 161,220 146,601 Property, plant and equipment 144,259 126,846 Right-of-use lease assets 127,398 127,313 Other differences between financial reporting and tax bases 113,065 129,866 Total gross deferred tax liabilities 1,487,549 2,117,692 Net deferred tax liability $ 836,815 $ 1,413,362 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Amounts attributable to Markel CATCo Re in Markel's consolidated balance sheet | The Company's consolidated balance sheet includes the following amounts attributable to Markel CATCo Re. ( dollars in thousands ) December 31, 2022 Assets Cash and cash equivalents $ 104,443 Restricted cash and cash equivalents 317,577 Other assets and receivables due from cedents 41,357 Total Assets $ 463,377 Liabilities and Equity Unpaid losses and loss adjustment expenses $ 347,921 Other liabilities 26,717 Total Liabilities 374,638 Shareholders' equity 21,139 Noncontrolling interests 67,600 Total Equity 88,739 Total Liabilities and Equity $ 463,377 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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) 2022 2021 Issued and outstanding common shares, beginning of year 13,632 13,783 Issuance of common shares 24 18 Repurchase of common shares (233) (169) Issued and outstanding common shares, end of year 13,423 13,632 |
Schedule Of Net Income Per Common Share | The following table presents net income (loss) per common share and diluted net income (loss) per common share. Years Ended December 31, (in thousands, except per share amounts) 2022 2021 2020 Net income (loss) to common shareholders $ (250,123) $ 2,389,003 $ 797,630 Adjustment of redeemable noncontrolling interests (69,896) 46,874 (28,705) Adjusted net income (loss) to common shareholders $ (320,019) $ 2,435,877 $ 768,925 Basic common shares outstanding 13,580 13,768 13,811 Dilutive potential common shares from restricted stock units and restricted stock (1) (2) — 32 12 Diluted common shares outstanding 13,580 13,800 13,823 Basic net income (loss) per common share $ (23.57) $ 176.92 $ 55.67 Diluted net income (loss) per common share (1) (2) $ (23.57) $ 176.51 $ 55.63 (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, 2022, there were 116,431 shares available for future awards under the Company's equity incentive compensation plan. (2) The impact of 33 thousand shares from restricted stock units and restricted stock was excluded from the computation of diluted net loss per common share for the year ended December 31, 2022 because the effect would have been anti-dilutive. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 Accumulated other comprehensive income (loss) 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 Total other comprehensive income (loss) before income taxes (1,407,316) (9,677) 31,222 (1,385,771) Income tax (expense) benefit 297,168 401 (6,492) 291,077 Total other comprehensive income (loss) (1,110,148) (9,276) 24,730 (1,094,694) December 31, 2022 $ (766,276) $ (65,907) $ (24,894) $ (857,077) |
Statutory Financial Informati_2
Statutory Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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) 2022 2021 United States $ 5,236,793 $ 4,493,310 United Kingdom $ 749,495 $ 736,575 Bermuda $ 1,895,132 $ 2,106,606 Germany $ 125,194 $ 95,693 |
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) 2022 2021 2020 United States $ 689,341 $ 705,908 $ 616,135 United Kingdom $ 35,719 $ 56,546 $ (25,776) Bermuda $ (144,239) $ 556,275 $ 228,740 Germany $ (2,471) $ 1,780 $ (4,628) |
Markel Corporation (Parent Co_2
Markel Corporation (Parent Company Only) Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule Of Condensed Balance Sheets | CONDENSED BALANCE SHEETS December 31, 2022 2021 (dollars in thousands) ASSETS Investments, at estimated fair value: Fixed maturity securities, available-for-sale (amortized cost of $164,100 in 2022 and $210,111 in 2021) $ 154,039 $ 228,705 Equity securities (cost of $1,107,796 in 2022 and $1,771,597 in 2021) 1,473,116 2,784,189 Short-term investments, available-for-sale (estimated fair value approximates cost) 1,436,387 1,474,997 Total Investments 3,063,542 4,487,891 Cash and cash equivalents 594,101 763,985 Restricted cash and cash equivalents 21,146 15,485 Receivables 13,070 18,770 Investments in consolidated subsidiaries 12,905,353 13,298,971 Notes receivable from subsidiaries 60,111 135,756 Income taxes receivable — 48,344 Other assets 445,875 408,161 Total Assets $ 17,103,198 $ 19,177,363 LIABILITIES AND SHAREHOLDERS' EQUITY Senior long-term debt $ 3,686,892 $ 4,034,223 Notes payable to subsidiaries — 32,753 Income taxes payable 120,616 — Net deferred tax liability 148,365 295,289 Other liabilities 81,791 97,748 Total Liabilities 4,037,664 4,460,013 Shareholders' equity: Preferred stock 591,891 591,891 Common stock 3,493,893 3,441,079 Retained earnings 9,836,827 10,446,763 Accumulated other comprehensive income (loss) (857,077) 237,617 Total Shareholders' Equity 13,065,534 14,717,350 Total Liabilities and Shareholders' Equity $ 17,103,198 $ 19,177,363 |
Schedule Of Condensed Statements Of Income (Loss) And Comprehensive Income (Loss) | CONDENSED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) Years Ended December 31, 2022 2021 2020 (dollars in thousands) REVENUES Net investment income $ 34,781 $ 9,099 $ 22,037 Dividends on common stock of consolidated subsidiaries 278,557 1,081,988 466,244 Net investment gains (losses): Net realized investment gains 7,620 23,652 27,774 Change in fair value of equity securities (397,906) 514,727 82,389 Net investment gains (losses) (390,286) 538,379 110,163 Gain on sale of subsidiary 107,293 — — Other revenues (losses) (29,487) 11,078 (4,011) Total Revenues 858 1,640,544 594,433 EXPENSES Services and other expenses 111,848 22,379 1,025 Interest expense 172,125 185,568 187,562 Net foreign exchange losses (gains) (13,143) (6,236) 6,823 Total Expenses 270,830 201,711 195,410 Income (Loss) Before Equity in Undistributed Earnings (Losses) of Consolidated Subsidiaries and Income Taxes (269,972) 1,438,833 399,023 Equity in undistributed earnings (losses) of consolidated subsidiaries (69,971) 1,081,976 400,289 Income tax (expense) benefit 125,820 (95,806) 16,718 Net Income (Loss) to Shareholders (214,123) 2,425,003 816,030 Preferred stock dividends (36,000) (36,000) (18,400) Net Income (Loss) to Common Shareholders $ (250,123) $ 2,389,003 $ 797,630 OTHER COMPREHENSIVE INCOME (LOSS) TO SHAREHOLDERS Change in net unrealized gains (losses) on available-for-sale investments, net of taxes: Net holding gains (losses) arising during the period $ (24,465) $ (5,885) $ 21,482 Consolidated subsidiaries' net holding gains (losses) arising during the period (1,130,589) (342,430) 334,677 Reclassification adjustments for net gains (losses) included in net income (loss) to shareholders 1,965 (34) (14,937) Consolidated subsidiaries' reclassification adjustments for net gains (losses) included in net income (loss) to shareholders 42,941 (6,589) 11,551 Change in net unrealized gains (losses) on available-for-sale investments, net of taxes (1,110,148) (354,938) 352,773 Consolidated subsidiaries' change in foreign currency translation adjustments, net of taxes (9,276) (211) 29,829 Consolidated subsidiaries' change in net actuarial pension loss, net of taxes 24,730 8,390 (6,998) Total Other Comprehensive Income (Loss) to Shareholders (1,094,694) (346,759) 375,604 Comprehensive Income (Loss) to Shareholders $ (1,308,817) $ 2,078,244 $ 1,191,634 |
Schedule Of Condensed Statements Of Cash Flows | CONDENSED STATEMENTS OF CASH FLOWS Years Ended December 31, 2022 2021 2020 (dollars in thousands) OPERATING ACTIVITIES Net income (loss) to shareholders $ (214,123) $ 2,425,003 $ 816,030 Adjustments to reconcile net income (loss) to shareholders to net cash provided by operating activities 487,259 (2,213,261) (708,162) Net Cash Provided By Operating Activities 273,136 211,742 107,868 INVESTING ACTIVITIES Proceeds from sales, maturities, calls and prepayments of fixed maturity securities 13,047 37,607 319,502 Proceeds from sales of equity securities 65,379 105,700 276,637 Cost of equity securities purchased (16,660) (73,644) (90,459) Net change in short-term investments 58,970 (224,646) (522,666) Return of capital from subsidiaries — 17,193 15,164 Decrease (increase) in notes receivable due from subsidiaries 75,645 (50,000) (25,000) Capital contributions to subsidiaries (1) (94,585) (271,729) (605,426) Proceeds from sale of subsidiary 165,615 — — Cost of equity method investments — (38,550) (4,917) Other 4,779 (5,368) 17,984 Net Cash Provided (Used) By Investing Activities 272,190 (503,437) (619,181) FINANCING ACTIVITIES Repayment of senior long-term debt (350,000) — — Additions to senior long-term debt — 591,354 — Decrease in notes payable to subsidiaries (32,753) — (50,000) Repurchases of common stock (290,796) (206,518) (26,832) Issuance of preferred stock, net — — 591,891 Dividends paid on preferred stock (36,000) (36,000) (18,400) Other — (1,181) 15 Net Cash Provided (Used) By Financing Activities (709,549) 347,655 496,674 Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents (164,223) 55,960 (14,639) Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year 779,470 723,510 738,149 CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS AT END OF YEAR $ 615,247 $ 779,470 $ 723,510 (1) The holding company made non-cash capital contributions in the form of investments to its subsidiaries totaling $924.0 million and $49.5 million for the years ended December 31, 2022 and 2020, respectively. There were no non-cash capital contributions made to subsidiaries for the year ended December 31, 2021. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | ||
Deferred policy acquisition cost amortization period | 1 year | |
Property, plant and equipment, net | $ 1,200 | $ 1,100 |
Inventory, net | $ 639.6 | $ 529.3 |
Tax benefit greater than 50% | 50% | |
Insurance premiums revenue recognition period | 1 year |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Investments) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Minimum [Member] | Fixed maturities [Member] | |
Schedule of Investments [Line Items] | |
Investment maturity period | 1 year |
Maximum [Member] | Short-term investments [Member] | |
Schedule of Investments [Line Items] | |
Investment maturity period | 1 year |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Maximum [Member] | Cash and cash equivalents [Member] | |
Cash and Cash Equivalents [Line Items] | |
Investment maturity period | 90 days |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Goodwill and Intangible Assets) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, estimated useful life | 5 years |
Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, estimated useful life | 20 years |
Summary Of Significant Accoun_7
Summary Of Significant Accounting Policies (Recent Accounting Pronouncements) (Details) - USD ($) $ in Millions | Jan. 01, 2023 | Jan. 01, 2021 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Impact to accumulated other comprehensive income, net of taxes, as a result of changing the discount rate assumption under ASU 2018-12 | $ (15.3) | |
Cumulative impact to accumulated other comprehensive income, net of taxes, as a result of adopting ASU 2018-12 | $ 89.6 |
Segment Reporting Disclosures_2
Segment Reporting Disclosures (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Underwriting Operations [Member] | United States [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of gross premiums written | 80% | 80% | 79% |
Markel Ventures [Member] | United States [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of revenue attributable to U.S. | 96% | 95% | 95% |
Top Three Independent Brokers | Underwriting Operations [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of gross premiums written | 28% | 28% | 31% |
Top Three Independent Brokers | Insurance [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of gross premiums written | 19% | 19% | 20% |
Top Three Independent Brokers | Reinsurance [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of gross premiums written | 88% | 84% | 84% |
Segment Reporting Disclosures_3
Segment Reporting Disclosures (Company's Segment Disclosures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||||
Segment Reporting Information [Line Items] | |||||||
Gross written premiums | $ 13,201,682 | $ 11,438,682 | $ 9,266,665 | ||||
Net written premiums | 8,203,390 | 7,119,731 | 5,932,238 | ||||
Earned premiums | 7,587,792 | 6,503,029 | 5,612,205 | ||||
Losses and loss adjustment expenses, current accident year | (4,613,035) | (4,061,000) | (4,073,325) | ||||
Losses and loss adjustment expenses, prior accident years | 167,446 | 479,795 | 606,364 | ||||
Amortization of policy acquisition costs | (1,655,106) | (1,419,266) | (1,229,161) | ||||
Other operating expenses | (860,477) | (874,473) | (788,466) | ||||
Underwriting profit (loss) | 626,620 | 628,085 | 127,617 | ||||
Net investment income | 446,755 | 367,417 | 375,826 | ||||
Net investment gains (losses) | (1,595,733) | 1,978,534 | 617,979 | ||||
Products revenues | 2,427,096 | 1,712,120 | 1,439,515 | ||||
Services and other revenues | 2,809,425 | 2,285,325 | 1,689,541 | ||||
Products expenses | (2,241,736) | (1,544,506) | (1,256,159) | ||||
Services and other expenses | (2,306,635) | (2,022,935) | (1,561,120) | ||||
Amortization of intangible assets | (178,778) | [1] | (160,539) | [2] | (159,315) | [3] | |
Impairment of goodwill | (80,000) | 0 | 0 | ||||
Segment profit (loss) | (92,986) | 3,243,501 | 1,273,884 | ||||
Interest expense | (196,062) | (183,579) | (177,582) | ||||
Net foreign exchange gains (losses) | 140,209 | 72,271 | (95,853) | ||||
Income (Loss) Before Income Taxes | (148,839) | 3,132,193 | 1,000,449 | ||||
Insurance [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Gross written premiums | 8,606,700 | 7,239,676 | 6,029,024 | ||||
Net written premiums | 7,040,176 | 5,998,890 | 4,977,662 | ||||
Earned premiums | 6,528,263 | 5,465,284 | 4,688,448 | ||||
Losses and loss adjustment expenses, current accident year | (3,936,425) | (3,311,185) | (3,373,085) | ||||
Losses and loss adjustment expenses, prior accident years | 142,924 | 506,292 | 554,586 | ||||
Amortization of policy acquisition costs | (1,375,539) | (1,153,049) | (988,668) | ||||
Other operating expenses | (809,352) | (810,929) | (712,280) | ||||
Underwriting profit (loss) | 549,871 | 696,413 | 169,001 | ||||
Net investment income | 0 | 0 | 0 | ||||
Net investment gains (losses) | 0 | 0 | 0 | ||||
Products revenues | 0 | 0 | |||||
Services and other revenues | 0 | 0 | 0 | ||||
Products expenses | 0 | 0 | 0 | ||||
Services and other expenses | 0 | 0 | 0 | ||||
Amortization of intangible assets | 0 | [1] | 0 | [2] | 0 | [3] | |
Impairment of goodwill | 0 | ||||||
Segment profit (loss) | 549,871 | 696,413 | 169,001 | ||||
Reinsurance [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Gross written premiums | 1,229,851 | 1,246,143 | 1,130,923 | ||||
Net written premiums | 1,167,312 | 1,126,167 | 960,123 | ||||
Earned premiums | 1,063,347 | 1,042,048 | 929,348 | ||||
Losses and loss adjustment expenses, current accident year | (676,610) | (749,815) | (700,240) | ||||
Losses and loss adjustment expenses, prior accident years | 26,052 | (19,928) | 51,755 | ||||
Amortization of policy acquisition costs | (279,567) | (266,217) | (240,493) | ||||
Other operating expenses | (49,363) | (61,326) | (74,379) | ||||
Underwriting profit (loss) | 83,859 | (55,238) | (34,009) | ||||
Net investment income | 0 | 0 | 0 | ||||
Net investment gains (losses) | 0 | 0 | 0 | ||||
Products revenues | 0 | 0 | |||||
Services and other revenues | 0 | 0 | 0 | ||||
Products expenses | 0 | 0 | 0 | ||||
Services and other expenses | 0 | 109 | (41,461) | ||||
Amortization of intangible assets | 0 | [1] | 0 | [2] | 0 | [3] | |
Impairment of goodwill | 0 | ||||||
Segment profit (loss) | 83,859 | (55,129) | (75,470) | ||||
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 | 445,846 | 367,406 | 375,581 | ||||
Net investment gains (losses) | (1,595,733) | 1,978,534 | 617,979 | ||||
Products revenues | 0 | 0 | |||||
Services and other revenues | (17,661) | 7,184 | (3,996) | ||||
Products expenses | 0 | 0 | 0 | ||||
Services and other expenses | 0 | 0 | 0 | ||||
Amortization of intangible assets | 0 | [1] | 0 | [2] | 0 | [3] | |
Impairment of goodwill | 0 | ||||||
Segment profit (loss) | (1,167,548) | 2,353,124 | 989,564 | ||||
Markel Ventures [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 | 909 | 11 | 245 | ||||
Net investment gains (losses) | 0 | 0 | 0 | ||||
Products revenues | 2,427,096 | 1,712,120 | 1,439,515 | ||||
Services and other revenues | 2,329,522 | 1,931,696 | 1,355,199 | ||||
Products expenses | (2,241,736) | (1,544,506) | (1,256,159) | ||||
Services and other expenses | (2,111,510) | (1,769,201) | (1,232,150) | ||||
Amortization of intangible assets | (79,043) | [1] | (57,568) | [2] | (52,572) | [3] | |
Impairment of goodwill | 0 | ||||||
Segment profit (loss) | 325,238 | 272,552 | 254,078 | ||||
Interest expense | [4] | (46,780) | (35,031) | (46,664) | |||
Other [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Gross written premiums | 3,365,131 | [5] | 2,952,863 | [6] | 2,106,718 | [7] | |
Net written premiums | (4,098) | [5] | (5,326) | [6] | (5,547) | [7] | |
Earned premiums | (3,818) | [5] | (4,303) | [6] | (5,591) | [7] | |
Losses and loss adjustment expenses, current accident year | 0 | [5] | 0 | [6] | 0 | [7] | |
Losses and loss adjustment expenses, prior accident years | (1,530) | [5] | (6,569) | [6] | 23 | [7] | |
Amortization of policy acquisition costs | 0 | [5] | 0 | [6] | 0 | [7] | |
Other operating expenses | (1,762) | [5] | (2,218) | [6] | (1,807) | [7] | |
Underwriting profit (loss) | (7,110) | [5] | (13,090) | [6] | (7,375) | [7] | |
Net investment income | 0 | [5] | 0 | [6] | 0 | [7] | |
Net investment gains (losses) | 0 | [5] | 0 | [6] | 0 | [7] | |
Products revenues | 0 | [6] | 0 | [7] | |||
Services and other revenues | 497,564 | [5] | 346,445 | [6] | 338,338 | [7] | |
Products expenses | 0 | [5] | 0 | [6] | 0 | [7] | |
Services and other expenses | (195,125) | [5] | (253,843) | [6] | (287,509) | [7] | |
Amortization of intangible assets | (99,735) | [1],[5] | (102,971) | [2],[6] | (106,743) | [3],[7] | |
Impairment of goodwill | [5] | (80,000) | |||||
Segment profit (loss) | 115,594 | [5] | (23,459) | [6] | (63,289) | [7] | |
Underwriting [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Amortization of intangible assets | $ 38,533 | [1],[5],[8] | $ 41,182 | [2],[6],[8] | $ 41,900 | [3],[7] | |
[1]Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets attributable to the Company's underwriting segments, included in Other, was $38.5 million for the year ended December 31, 2022.[2]Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets attributable to the Company's underwriting segments, included in Other, was $41.2 million for the year ended December 31, 2021.[3]Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets attributable to the Company's underwriting segments, included in Other, was $41.9 million for the year ended December 31, 2020.[4]Interest expense for the years ended December 31, 2022, 2021 and 2020 included intercompany interest expense of $27.4 million, $25.8 million and $32.0 million, respectively, which was eliminated in consolidation.[5]Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment, as well as amortization of intangible assets attributable to the underwriting segments, which is not allocated between the Insurance and Reinsurance segments.[6]Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment, as well as amortization of intangible assets attributable to the underwriting segments, which is not allocated between the Insurance and Reinsurance segments.[7]Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment, as well as amortization of intangible assets attributable to the underwriting segments, which is not allocated between the Insurance and Reinsurance segments.[8]Amounts included in Underwriting reflect the intangible assets associated with the Company's underwriting segments, which are not allocated between the Insurance and Reinsurance segments. |
Segment Reporting Disclosures_4
Segment Reporting Disclosures ( Summary of Additional Measures for Markel Ventures) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Segment Reporting Information [Line Items] | ||||
Interest expense | $ 196,062 | $ 183,579 | $ 177,582 | |
Income tax (expense) benefit | (47,636) | 684,458 | 168,682 | |
Markel Ventures [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation | 102,055 | 72,580 | 60,284 | |
Interest expense | [1] | 46,780 | 35,031 | 46,664 |
Income tax (expense) benefit | 61,588 | 43,626 | 45,815 | |
Capital expenditure, MV | 225,230 | 124,451 | 75,404 | |
Intercompany interest expense | [1] | $ 27,400 | $ 25,800 | $ 32,000 |
[1]Interest expense for the years ended December 31, 2022, 2021 and 2020 included intercompany interest expense of $27.4 million, $25.8 million and $32.0 million, respectively, which was eliminated in consolidation. |
Segment Reporting Disclosures_5
Segment Reporting Disclosures (Summary Of Segment Revenue By Product) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||||
Product Information [Line Items] | ||||||
Earned premiums | $ 7,587,792 | $ 6,503,029 | $ 5,612,205 | |||
Products revenues | 2,427,096 | 1,712,120 | 1,439,515 | |||
Services and other revenues | 2,809,425 | 2,285,325 | 1,689,541 | |||
Total products revenues and services and other revenues | 11,675,335 | 12,846,425 | 9,735,066 | |||
Insurance [Member] | ||||||
Product Information [Line Items] | ||||||
Earned premiums | 6,528,263 | 5,465,284 | 4,688,448 | |||
Products revenues | 0 | 0 | ||||
Services and other revenues | 0 | 0 | 0 | |||
Insurance [Member] | General liability [Member] | ||||||
Product Information [Line Items] | ||||||
Earned premiums | 1,927,721 | 1,564,221 | 1,261,411 | |||
Insurance [Member] | Professional Liability [Member] | ||||||
Product Information [Line Items] | ||||||
Earned premiums | 1,739,983 | 1,523,536 | 1,141,034 | |||
Insurance [Member] | Property [Member] | ||||||
Product Information [Line Items] | ||||||
Earned premiums | 428,563 | 362,637 | 356,934 | |||
Insurance [Member] | Marine and energy [Member] | ||||||
Product Information [Line Items] | ||||||
Earned premiums | 585,885 | 495,897 | 458,050 | |||
Insurance [Member] | Personal Lines [Member] | ||||||
Product Information [Line Items] | ||||||
Earned premiums | 489,648 | 451,095 | 405,210 | |||
Insurance [Member] | Programs [Member] | ||||||
Product Information [Line Items] | ||||||
Earned premiums | 384,952 | 222,410 | 238,909 | |||
Insurance [Member] | Workers' Compensation [Member] | ||||||
Product Information [Line Items] | ||||||
Earned premiums | 385,054 | 354,337 | 338,186 | |||
Insurance [Member] | Credit and surety [Member] | ||||||
Product Information [Line Items] | ||||||
Earned premiums | 193,701 | 161,155 | 151,397 | |||
Insurance [Member] | Other products [Member] | ||||||
Product Information [Line Items] | ||||||
Earned premiums | 392,756 | 329,996 | 337,317 | |||
Reinsurance [Member] | ||||||
Product Information [Line Items] | ||||||
Earned premiums | 1,063,347 | 1,042,048 | 929,348 | |||
Products revenues | 0 | 0 | ||||
Services and other revenues | 0 | 0 | 0 | |||
Reinsurance [Member] | General liability [Member] | ||||||
Product Information [Line Items] | ||||||
Earned premiums | 382,482 | 314,699 | 195,468 | |||
Reinsurance [Member] | Professional Liability [Member] | ||||||
Product Information [Line Items] | ||||||
Earned premiums | 398,839 | 320,646 | 243,645 | |||
Reinsurance [Member] | Property [Member] | ||||||
Product Information [Line Items] | ||||||
Earned premiums | 6,993 | 129,760 | 191,968 | |||
Reinsurance [Member] | Specialty [Member] | ||||||
Product Information [Line Items] | ||||||
Earned premiums | 275,033 | 276,943 | 298,267 | |||
Other [Member] | ||||||
Product Information [Line Items] | ||||||
Earned premiums | (3,818) | [1] | (4,303) | [2] | (5,591) | [3] |
Products revenues | 0 | [2] | 0 | [3] | ||
Services and other revenues | 497,564 | [1] | 346,445 | [2] | 338,338 | [3] |
Markel Ventures [Member] | ||||||
Product Information [Line Items] | ||||||
Earned premiums | 0 | 0 | 0 | |||
Products revenues | 2,427,096 | 1,712,120 | 1,439,515 | |||
Services and other revenues | 2,329,522 | 1,931,696 | 1,355,199 | |||
Total products revenues and services and other revenues | 4,756,618 | 3,643,816 | 2,794,714 | |||
Markel Ventures [Member] | Consumer and building | ||||||
Product Information [Line Items] | ||||||
Products revenues | 1,510,130 | 911,422 | 814,697 | |||
Markel Ventures [Member] | Transportation-related | ||||||
Product Information [Line Items] | ||||||
Products revenues | 612,467 | 474,839 | 351,559 | |||
Markel Ventures [Member] | Equipment manufacturing | ||||||
Product Information [Line Items] | ||||||
Products revenues | 304,499 | 325,859 | 273,259 | |||
Markel Ventures [Member] | Construction | ||||||
Product Information [Line Items] | ||||||
Services and other revenues | 1,910,403 | 1,554,592 | 915,696 | |||
Markel Ventures [Member] | Consulting | ||||||
Product Information [Line Items] | ||||||
Services and other revenues | 326,549 | 277,902 | 283,386 | |||
Markel Ventures [Member] | Other services | ||||||
Product Information [Line Items] | ||||||
Services and other revenues | 92,570 | 99,202 | 156,117 | |||
Underwriting Operations [Member] | ||||||
Product Information [Line Items] | ||||||
Earned premiums | $ 7,591,495 | $ 6,507,441 | $ 5,617,626 | |||
[1]Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment, as well as amortization of intangible assets attributable to the underwriting segments, which is not allocated 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 amortization of intangible assets attributable to the underwriting segments, which is not allocated 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 amortization of intangible assets attributable to the underwriting segments, which is not allocated between the Insurance and Reinsurance segments. |
Segment Reporting Disclosures_6
Segment Reporting Disclosures (Reconciliation Of Segment Assets To The Company's Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | ||
Assets | $ 49,791,259 | $ 48,477,096 |
Investing [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 26,982,280 | 28,277,801 |
Underwriting Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 8,853,559 | 8,111,316 |
Markel Ventures [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 5,315,677 | 4,958,279 |
Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 8,639,743 | 7,129,700 |
Segment Assets [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 41,151,516 | $ 41,347,396 |
Segment Reporting Disclosures_7
Segment Reporting Disclosures (Summary Of Deferred Policy Acquisition Costs, Unearned Premiums And Unpaid Losses And Loss Adjustment Expenses) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Segment Reporting Information [Line Items] | ||||
Deferred policy acquisition costs | $ 925,483 | $ 794,145 | ||
Unearned premiums | 6,220,748 | 5,383,619 | ||
Unpaid losses and loss adjustment expenses | 20,947,898 | 18,178,894 | $ 16,222,376 | $ 14,728,676 |
Insurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Deferred policy acquisition costs | 677,921 | 574,181 | ||
Unearned premiums | 4,015,252 | 3,350,054 | ||
Unpaid losses and loss adjustment expenses | 11,616,386 | 10,051,994 | ||
Reinsurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Deferred policy acquisition costs | 247,562 | 219,964 | ||
Unearned premiums | 921,541 | 802,824 | ||
Unpaid losses and loss adjustment expenses | 3,581,699 | 3,639,210 | ||
Other underwriting [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Deferred policy acquisition costs | 0 | 0 | ||
Unearned premiums | 9,473 | 0 | ||
Unpaid losses and loss adjustment expenses | 197,602 | 271,356 | ||
Underwriting Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Deferred policy acquisition costs | 925,483 | 794,145 | ||
Unearned premiums | 4,946,266 | 4,152,878 | ||
Unpaid losses and loss adjustment expenses | 15,395,687 | 13,962,560 | ||
Program services and other fronting [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Deferred policy acquisition costs | 0 | 0 | ||
Unearned premiums | 1,274,482 | 1,230,741 | ||
Unpaid losses and loss adjustment expenses | 5,204,290 | $ 4,216,334 | ||
Market CATCo Re | ||||
Segment Reporting Information [Line Items] | ||||
Deferred policy acquisition costs | 0 | |||
Unearned premiums | 0 | |||
Unpaid losses and loss adjustment expenses | $ 347,921 |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||
Oct. 01, 2022 | Feb. 01, 2022 | Dec. 21, 2021 | Aug. 31, 2021 | Apr. 30, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Business Dispositions, by Dispositions [Line Items] | ||||||||
Gain on sale of business | $ 225,832 | $ 22,085 | $ 0 | |||||
Business Acquisition [Line Items] | ||||||||
Adjustments to preliminary purchase price allocation | 86,773 | |||||||
Goodwill, Adjustments to preliminary purchase price allocation | $ 83,358 | |||||||
Volante [Member] | ||||||||
Schedule of Business Dispositions, by Dispositions [Line Items] | ||||||||
Total sale consideration | $ 181,900 | |||||||
Proceeds from sale of business | 155,600 | |||||||
Gain on sale of business | $ 118,500 | |||||||
Velocity [Member] | ||||||||
Schedule of Business Dispositions, by Dispositions [Line Items] | ||||||||
Total sale consideration | $ 181,300 | |||||||
Proceeds from sale of business | 165,600 | |||||||
Gain on sale of business | 107,300 | |||||||
Business combination, disposition of less than 100 percent, noncontrolling interest, fair value | $ 47,400 | |||||||
Metromont LLC [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage acquired | 51% | |||||||
Total purchase consideration | $ 274,500 | |||||||
Cash consideration | 274,500 | |||||||
Goodwill recognized | 101,600 | |||||||
Goodwill, tax deductible | 51,800 | |||||||
Total intangible assets | 230,000 | |||||||
Noncontrolling interests | 247,400 | |||||||
Adjustments to preliminary purchase price allocation | 86,100 | |||||||
Goodwill, Adjustments to preliminary purchase price allocation | (117,700) | |||||||
Noncontrolling interest, Adjustments to preliminary purchase price allocation | (22,500) | |||||||
Metromont LLC [Member] | Customer Relationships [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Finite-lived intangible assets | $ 175,000 | |||||||
Definite-lived intangible assets, weighted-average amortization period | 17 years | |||||||
Metromont LLC [Member] | Trade Names [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Finite-lived intangible assets | $ 55,000 | |||||||
Definite-lived intangible assets, weighted-average amortization period | 15 years | |||||||
Buckner HeavyLift Cranes [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage acquired | 90% | |||||||
Total purchase consideration | $ 237,900 | |||||||
Cash consideration | 237,900 | |||||||
Goodwill recognized | 109,900 | |||||||
Goodwill, tax deductible | 0 | |||||||
Total intangible assets | 60,000 | |||||||
Noncontrolling interests | 26,400 | |||||||
Fixed assets | 290,400 | |||||||
Long-term debt | 165,100 | |||||||
Goodwill, Adjustments to preliminary purchase price allocation | 35,300 | |||||||
Fixed assets, Adjustments to preliminary purchase price allocation | (42,200) | |||||||
Buckner HeavyLift Cranes [Member] | Customer Relationships [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Finite-lived intangible assets | $ 50,000 | |||||||
Definite-lived intangible assets, weighted-average amortization period | 7 years | |||||||
Buckner HeavyLift Cranes [Member] | Trade Names [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Finite-lived intangible assets | $ 10,000 | |||||||
Definite-lived intangible assets, weighted-average amortization period | 15 years | |||||||
Lansing Building Products, LLC [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage acquired | 91% | |||||||
Total purchase consideration | $ 559,200 | |||||||
Cash consideration | 559,200 | |||||||
Goodwill recognized | 287,100 | |||||||
Goodwill, tax deductible | 0 | |||||||
Total intangible assets | 210,000 | |||||||
Noncontrolling interests | 43,600 | |||||||
Lansing Building Products, LLC [Member] | Customer Relationships [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Finite-lived intangible assets | $ 188,000 | |||||||
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 | $ 22,000 | |||||||
Definite-lived intangible assets, weighted-average amortization period | 14 years |
Investments (Narrative) (Detail
Investments (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) securities | Dec. 31, 2021 USD ($) securities | Dec. 31, 2020 USD ($) | |
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale fixed maturity securities in unrealized loss position, number of positions | securities | 1,400 | 277 | |
Available-for-sale fixed maturity securities in unrealized loss position, number of positions, 12 months or longer | securities | 246 | 13 | |
Available-for-sale fixed maturity securities, estimated fair value | $ 11,280,896 | $ 4,285,088 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 962,210 | 63,193 | |
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer | 3,356,273 | 169,794 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 393,911 | $ 6,048 | |
Estimated average duration of fixed maturities | 3 years 10 months 24 days | ||
Percentage threshold of shareholders' equity used to define concentration of investments | 10% | 10% | 10% |
Investments, Available-for-sale, Allowance for Credit Loss | $ 0 | $ 0 | $ 0 |
Fixed maturities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale fixed maturity securities, estimated fair value | 10,506,416 | 4,056,218 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 962,152 | 57,853 | |
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer | 3,356,273 | 169,794 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 393,911 | $ 6,048 |
Investments (Available-For-Sale
Investments (Available-For-Sale Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | |||
Fixed maturities, amortized cost | $ 12,805,887 | $ 12,061,467 | |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 13,100 | 583,691 | |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (962,152) | (57,853) | |
Available-for-sale fixed maturity investments, estimated fair value | 11,856,835 | 12,587,305 | |
Short-term investments, available-for-sale, amortized cost basis | 2,663,560 | 1,805,300 | |
Short-term investments, available-for-sale, accumulated gross unrealized gain before tax | 5,760 | 28 | |
Short-term investments, available-for-sale, accumulated gross unrealized loss before tax | (58) | (5,340) | |
Short-term investments, available-for-sale | 2,669,262 | 1,799,988 | |
Investments, available-for-sale, amortized cost basis | 15,469,447 | 13,866,767 | |
Investments, available-for-sale, accumulated gross unrealized gain before tax | 18,860 | 583,719 | |
Investments, available-for-sale, accumulated gross unrealized loss before tax | (962,210) | (63,193) | |
Investments, available-for-sale | 14,526,097 | 14,387,293 | |
Investments, Available-for-sale, Allowance for Credit Loss | 0 | 0 | $ 0 |
U.S. Treasury securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fixed maturities, amortized cost | 3,050,089 | 2,489,032 | |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 2,363 | 2,633 | |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (138,493) | (21,471) | |
Available-for-sale fixed maturity investments, estimated fair value | 2,913,959 | 2,470,194 | |
U.S. government-sponsored enterprises [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fixed maturities, amortized cost | 871,463 | 753,029 | |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 154 | 28,997 | |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (106,079) | (6,439) | |
Available-for-sale fixed maturity investments, estimated fair value | 765,538 | 775,587 | |
Obligations of states, municipalities and political subdivisions [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fixed maturities, amortized cost | 3,973,911 | 4,007,211 | |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 6,503 | 266,575 | |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (247,231) | (7,862) | |
Available-for-sale fixed maturity investments, estimated fair value | 3,733,183 | 4,265,924 | |
Foreign governments [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fixed maturities, amortized cost | 1,473,658 | 1,394,771 | |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 2,843 | 134,071 | |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (169,723) | (9,488) | |
Available-for-sale fixed maturity investments, estimated fair value | 1,306,778 | 1,519,354 | |
Commercial mortgage-backed securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fixed maturities, amortized cost | 2,109,721 | 1,928,775 | |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 395 | 69,810 | |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (169,668) | (8,152) | |
Available-for-sale fixed maturity investments, estimated fair value | 1,940,448 | 1,990,433 | |
Residential mortgage-backed securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fixed maturities, amortized cost | 553,591 | 699,136 | |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 6 | 27,084 | |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (26,804) | (170) | |
Available-for-sale fixed maturity investments, estimated fair value | 526,793 | 726,050 | |
Asset-backed securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fixed maturities, amortized cost | 1,693 | 3,035 | |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 0 | 46 | |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (53) | 0 | |
Available-for-sale fixed maturity investments, estimated fair value | 1,640 | 3,081 | |
Corporate bonds [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fixed maturities, amortized cost | 771,761 | 786,478 | |
Available-for-sale fixed maturity investments, gross unrealized holding gains | 836 | 54,475 | |
Available-for-sale fixed maturity investments, gross unrealized holding losses | (104,101) | (4,271) | |
Available-for-sale fixed maturity investments, estimated fair value | $ 668,496 | $ 836,682 |
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, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale fixed maturity securities, estimated fair value, less than 12 months | $ 7,924,623 | $ 4,115,294 |
Available-for-sale fixed maturity securities, gross unrealized holding, less than 12 months | (568,299) | (57,145) |
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer | 3,356,273 | 169,794 |
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer | (393,911) | (6,048) |
Available-for-sale fixed maturity securities, estimated fair value | 11,280,896 | 4,285,088 |
Available-for-sale fixed maturity securities, gross unrealized holding losses | (962,210) | (63,193) |
Short-term investments, available-for-sale, continuous unrealized loss position, less than 12 months | 774,480 | 228,870 |
Short-term investments, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | (58) | (5,340) |
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 | 774,480 | 228,870 |
Short-term investments, available-for-sale, unrealized loss position, accumulated loss | (58) | (5,340) |
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 | 735,605 | 2,236,637 |
Available-for-sale fixed maturity securities, gross unrealized holding, less than 12 months | (30,583) | (18,433) |
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer | 1,907,922 | 97,173 |
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer | (107,910) | (3,038) |
Available-for-sale fixed maturity securities, estimated fair value | 2,643,527 | 2,333,810 |
Available-for-sale fixed maturity securities, gross unrealized holding losses | (138,493) | (21,471) |
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 | 413,495 | 381,495 |
Available-for-sale fixed maturity securities, gross unrealized holding, less than 12 months | (40,488) | (5,640) |
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer | 331,391 | 14,010 |
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer | (65,591) | (799) |
Available-for-sale fixed maturity securities, estimated fair value | 744,886 | 395,505 |
Available-for-sale fixed maturity securities, gross unrealized holding losses | (106,079) | (6,439) |
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 | 2,474,289 | 393,249 |
Available-for-sale fixed maturity securities, gross unrealized holding, less than 12 months | (164,537) | (6,941) |
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer | 348,943 | 23,589 |
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer | (82,694) | (921) |
Available-for-sale fixed maturity securities, estimated fair value | 2,823,232 | 416,838 |
Available-for-sale fixed maturity securities, gross unrealized holding losses | (247,231) | (7,862) |
Foreign governments [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale fixed maturity securities, estimated fair value, less than 12 months | 900,322 | 322,813 |
Available-for-sale fixed maturity securities, gross unrealized holding, less than 12 months | (115,324) | (8,596) |
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer | 300,423 | 25,564 |
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer | (54,399) | (892) |
Available-for-sale fixed maturity securities, estimated fair value | 1,200,745 | 348,377 |
Available-for-sale fixed maturity securities, gross unrealized holding losses | (169,723) | (9,488) |
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 | 1,611,603 | 345,616 |
Available-for-sale fixed maturity securities, gross unrealized holding, less than 12 months | (117,482) | (7,765) |
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer | 305,217 | 9,189 |
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer | (52,186) | (387) |
Available-for-sale fixed maturity securities, estimated fair value | 1,916,820 | 354,805 |
Available-for-sale fixed maturity securities, gross unrealized holding losses | (169,668) | (8,152) |
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 | 516,423 | 12,828 |
Available-for-sale fixed maturity securities, gross unrealized holding, less than 12 months | (25,232) | (159) |
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer | 9,342 | 269 |
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer | (1,572) | (11) |
Available-for-sale fixed maturity securities, estimated fair value | 525,765 | 13,097 |
Available-for-sale fixed maturity securities, gross unrealized holding losses | (26,804) | (170) |
Asset-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale fixed maturity securities, estimated fair value, less than 12 months | 1,640 | |
Available-for-sale fixed maturity securities, gross unrealized holding, less than 12 months | (53) | |
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer | 0 | |
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer | 0 | |
Available-for-sale fixed maturity securities, estimated fair value | 1,640 | |
Available-for-sale fixed maturity securities, gross unrealized holding losses | (53) | |
Corporate bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale fixed maturity securities, estimated fair value, less than 12 months | 496,766 | 193,786 |
Available-for-sale fixed maturity securities, gross unrealized holding, less than 12 months | (74,542) | (4,271) |
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer | 153,035 | 0 |
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer | (29,559) | 0 |
Available-for-sale fixed maturity securities, estimated fair value | 649,801 | 193,786 |
Available-for-sale fixed maturity securities, gross unrealized holding losses | (104,101) | (4,271) |
Total fixed maturities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale fixed maturity securities, estimated fair value, less than 12 months | 7,150,143 | 3,886,424 |
Available-for-sale fixed maturity securities, gross unrealized holding, less than 12 months | (568,241) | (51,805) |
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer | 3,356,273 | 169,794 |
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer | (393,911) | (6,048) |
Available-for-sale fixed maturity securities, estimated fair value | 10,506,416 | 4,056,218 |
Available-for-sale fixed maturity securities, gross unrealized holding losses | $ (962,152) | $ (57,853) |
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, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Due in one year or less, amortized cost | $ 1,363,418 | |
Due after one year through five years, amortized cost | 3,926,756 | |
Due after five years through ten years, amortized cost | 3,115,913 | |
Due after ten years, amortized cost | 1,734,795 | |
Amortized cost, sub-total | 10,140,882 | |
Fixed maturities, amortized cost | 12,805,887 | $ 12,061,467 |
Due in one year or less, estimated fair value | 1,337,550 | |
Due after one year through five years, estimated fair value | 3,708,752 | |
Due after five years through ten years, estimated fair value | 2,787,686 | |
Due after ten years, estimated fair value | 1,553,966 | |
Estimated fair value, sub-total | 9,387,954 | |
Available-for-sale fixed maturity investments, estimated fair value | 11,856,835 | 12,587,305 |
Commercial mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 2,109,721 | |
Fixed maturities, amortized cost | 2,109,721 | 1,928,775 |
Estimated fair value | 1,940,448 | |
Available-for-sale fixed maturity investments, estimated fair value | 1,940,448 | 1,990,433 |
Residential mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 553,591 | |
Fixed maturities, amortized cost | 553,591 | 699,136 |
Estimated fair value | 526,793 | |
Available-for-sale fixed maturity investments, estimated fair value | 526,793 | 726,050 |
Asset-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 1,693 | |
Fixed maturities, amortized cost | 1,693 | 3,035 |
Estimated fair value | 1,640 | |
Available-for-sale fixed maturity investments, estimated fair value | $ 1,640 | $ 3,081 |
Investments (Components Of Net
Investments (Components Of Net Investment Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Dividends on equity securities | $ 107,213 | $ 98,099 | $ 89,303 |
Total investment income | 464,013 | 384,419 | 392,045 |
Investment expenses | (17,258) | (17,002) | (16,219) |
Net investment income | 446,755 | 367,417 | 375,826 |
Fixed maturities [Member] | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Interest income | 294,417 | 283,366 | 288,421 |
Short-term investments [Member] | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Interest income | 33,493 | 2,475 | 6,400 |
Cash and cash equivalents [Member] | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Interest income | $ 28,890 | $ 479 | $ 7,921 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Gain (Loss) on Securities [Line Items] | |||
Net realized investment gains (losses) | $ (40,983) | $ 37,908 | $ 14,780 |
Change in fair value of equity securities sold during the period | (14,884) | 25,902 | (470,008) |
Change in fair value of equity securities held at the end of the period | (1,539,866) | 1,914,724 | 1,073,207 |
Change in fair value of equity securities | (1,554,750) | 1,940,626 | 603,199 |
Net investment gains (losses) | (1,595,733) | 1,978,534 | 617,979 |
Change in net unrealized gains on investments included in other comprehensive income (loss) | (1,407,316) | (450,096) | 442,089 |
Reserve deficiency adjustment for life and annuity benefit reserves | 56,560 | 62,988 | (68,158) |
Fixed maturities [Member] | |||
Gain (Loss) on Securities [Line Items] | |||
Change in net unrealized gains on investments included in other comprehensive income (loss) | (1,474,890) | (504,133) | 507,903 |
Short-term investments [Member] | |||
Gain (Loss) on Securities [Line Items] | |||
Change in net unrealized gains on investments included in other comprehensive income (loss) | $ 11,014 | $ (8,951) | $ 2,344 |
Investments (Schedule Of Restri
Investments (Schedule Of Restricted Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Investments, Debt and Equity Securities [Abstract] | ||
Investments | $ 4,160,842 | $ 4,403,414 |
Restricted cash and cash equivalents | 1,084,081 | 902,457 |
Total | $ 5,244,923 | $ 5,305,871 |
Investments Investments (Compon
Investments Investments (Components Of Restricted Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Components Of Restricted Assets [Line Items] | ||
Restricted assets | $ 5,244,923 | $ 5,305,871 |
Assets held in trust or on deposit to support underwriting activities [Member] | ||
Components Of Restricted Assets [Line Items] | ||
Restricted assets | 4,807,135 | 4,895,627 |
Assets pledged as security for letters of credit [Member] | ||
Components Of Restricted Assets [Line Items] | ||
Restricted assets | $ 437,788 | $ 410,244 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
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 |
Unconsolidated Markel CATCo Fund 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Redemption of remaining investment, Markel CATCo Re Fund | 41,300 | |
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 |
Fair Value Measurements (Balanc
Fair Value Measurements (Balances Of Assets Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | $ 11,856,835 | $ 12,587,305 |
Equity securities | 7,671,912 | 9,023,927 |
Short-term investments | 2,669,262 | 1,799,988 |
Investments | 22,198,009 | 23,411,220 |
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 | 2,913,959 | 2,470,194 |
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 | 765,538 | 775,587 |
Obligations of states, municipalities and political subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 3,733,183 | 4,265,924 |
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 | 1,306,778 | 1,519,354 |
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 | 1,940,448 | 1,990,433 |
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 | 526,793 | 726,050 |
Asset-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 1,640 | 3,081 |
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 | 668,496 | 836,682 |
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 | 11,856,835 | 12,587,305 |
Equity securities | 7,671,912 | 9,023,927 |
Short-term investments | 2,669,262 | 1,799,988 |
Investments | 22,198,009 | 23,411,220 |
Fair Value, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Equity securities | 7,671,013 | 8,967,455 |
Short-term investments | 2,510,164 | 1,619,496 |
Investments | 10,181,177 | 10,586,951 |
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 | 11,856,835 | 12,587,305 |
Equity securities | 0 | 0 |
Short-term investments | 159,098 | 180,492 |
Investments | 12,015,933 | 12,767,797 |
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 | 899 | 56,472 |
Short-term investments | 0 | 0 |
Investments | 899 | 56,472 |
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 | 2,913,959 | 2,470,194 |
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 | 2,913,959 | 2,470,194 |
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 | 765,538 | 775,587 |
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 | 765,538 | 775,587 |
Fair Value, Recurring [Member] | U.S. government-sponsored enterprises [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Obligations of states, municipalities and political subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 3,733,183 | 4,265,924 |
Fair Value, Recurring [Member] | Obligations of states, municipalities and political subdivisions [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Obligations of states, municipalities and political subdivisions [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 3,733,183 | 4,265,924 |
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 | 1,306,778 | 1,519,354 |
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 | 1,306,778 | 1,519,354 |
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 | 1,940,448 | 1,990,433 |
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 | 1,940,448 | 1,990,433 |
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 | 526,793 | 726,050 |
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 | 526,793 | 726,050 |
Fair Value, Recurring [Member] | Residential mortgage-backed securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Asset-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 1,640 | 3,081 |
Fair Value, Recurring [Member] | Asset-backed securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Asset-backed securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 1,640 | 3,081 |
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 | 668,496 | 836,682 |
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 | 668,496 | 836,682 |
Fair Value, Recurring [Member] | Corporate bonds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale fixed maturity investments, estimated fair value | 0 | 0 |
Fair Value, Recurring [Member] | Insurance, banks and other financial institutions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 2,953,588 | 3,364,227 |
Fair Value, Recurring [Member] | Insurance, banks and other financial institutions [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 2,952,689 | 3,307,755 |
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 | 899 | 56,472 |
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 | 4,718,324 | 5,659,700 |
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 | 4,718,324 | 5,659,700 |
Fair Value, Recurring [Member] | Industrial, consumer and all other [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Fair Value, Recurring [Member] | Industrial, consumer and all other [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | $ 0 | $ 0 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Changes In Level 3 Investments Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | ||
Equity securities, beginning of period | $ 56,472 | $ 58,493 |
Purchases | 0 | 18,900 |
Sales | (56,335) | (15,015) |
Net investment gains (losses) on Level 3 investments | 762 | (5,906) |
Equity securities, end of period | $ 899 | $ 56,472 |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Net investment gains (losses) | Net investment gains (losses) |
Equity Method Investments (Deta
Equity Method Investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 494 | $ 459.7 | |
Income (loss) from equity method investments | (22.9) | 15 | $ (3.4) |
Hagerty Group, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 245.1 | $ 256.6 | |
Equity method investment, ownership percentage | 23% | 23% | |
Equity method investment, quoted market value | $ 656 | $ 1,100 |
Receivables, Loans, Notes Rec_3
Receivables, Loans, Notes Receivable, and Others (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amounts receivable from agents, brokers and insureds | $ 2,176,295 | $ 1,740,864 |
Other insurance | 83,728 | 133,350 |
Markel Ventures | 645,189 | 510,382 |
Other | 77,961 | 50,379 |
Receivables, gross | 2,983,173 | 2,434,975 |
Allowance for credit losses | (22,117) | (21,037) |
Receivables | $ 2,961,056 | $ 2,413,938 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||||
Goodwill And Intangible Assets [Line Items] | ||||||
Impairment of goodwill | $ 80,000 | $ 0 | $ 0 | |||
Impairment of intangible assets (excluding goodwill) | 0 | 0 | 0 | |||
Goodwill, carrying value | 2,638,838 | [1] | 2,899,140 | [1] | 2,604,624 | |
Amortizable intangible assets acquired | 0 | |||||
Amortization of intangible assets | 178,778 | [2] | 160,539 | [3] | $ 159,315 | [4] |
Estimated amortization of intangible assets for 2023 | 174,000 | |||||
Estimated amortization of intangible assets for 2024 | 172,100 | |||||
Estimated amortization of intangible assets for 2025 | 165,600 | |||||
Estimated amortization of intangible assets for 2026 | 157,500 | |||||
Estimated amortization of intangible assets for 2027 | 149,900 | |||||
Indefinite-lived intangible assets | 92,400 | $ 92,400 | ||||
Nephila Holdings Limited [Member] | ||||||
Goodwill And Intangible Assets [Line Items] | ||||||
Impairment of goodwill | 80,000 | |||||
Goodwill, carrying value | $ 221,800 | |||||
[1]As of December 31, 2022, goodwill was net of accumulated impairment losses of $190.6 million, of which $171.9 million was in Other and $18.7 million was in Markel Ventures. 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.[2]Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets attributable to the Company's underwriting segments, included in Other, was $38.5 million for the year ended December 31, 2022.[3]Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets attributable to the Company's underwriting segments, included in Other, was $41.2 million for the year ended December 31, 2021.[4]Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets attributable to the Company's underwriting segments, included in Other, was $41.9 million for the year ended December 31, 2020. |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Components Of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||||
Goodwill [Line Items] | ||||||
Goodwill, beginning balance | $ 2,899,140 | [1] | $ 2,604,624 | |||
Acquisitions | 41,905 | 293,838 | ||||
Dispositions | (132,455) | |||||
Impairment of goodwill | (80,000) | 0 | $ 0 | |||
Adjustments to preliminary purchase price allocation | (83,358) | |||||
Foreign currency movements and other adjustments | (6,394) | 678 | ||||
Goodwill, ending balance | 2,638,838 | [1] | 2,899,140 | [1] | 2,604,624 | |
Accumulated impairment losses | [1] | 190,600 | 110,600 | |||
Insurance [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill, beginning balance | 774,712 | [1] | 772,700 | |||
Acquisitions | 0 | 0 | ||||
Dispositions | 0 | |||||
Impairment of goodwill | 0 | |||||
Adjustments to preliminary purchase price allocation | 0 | |||||
Foreign currency movements and other adjustments | (3,084) | 2,012 | ||||
Goodwill, ending balance | 771,628 | [1] | 774,712 | [1] | 772,700 | |
Reinsurance [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill, beginning balance | 122,745 | [1] | 122,745 | |||
Acquisitions | 0 | 0 | ||||
Dispositions | 0 | |||||
Impairment of goodwill | 0 | |||||
Adjustments to preliminary purchase price allocation | 0 | |||||
Foreign currency movements and other adjustments | 0 | 0 | ||||
Goodwill, ending balance | 122,745 | [1] | 122,745 | [1] | 122,745 | |
Markel Ventures [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill, beginning balance | 1,196,590 | [1] | 901,045 | |||
Acquisitions | 41,905 | 293,838 | ||||
Dispositions | 0 | |||||
Impairment of goodwill | 0 | |||||
Adjustments to preliminary purchase price allocation | (83,358) | |||||
Foreign currency movements and other adjustments | (1,228) | 1,707 | ||||
Goodwill, ending balance | 1,153,909 | [1] | 1,196,590 | [1] | 901,045 | |
Accumulated impairment losses | [1] | 18,700 | 18,700 | |||
Other Operations [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill, beginning balance | [2] | 805,093 | [1] | 808,134 | ||
Acquisitions | [2] | 0 | 0 | |||
Dispositions | [2] | (132,455) | ||||
Impairment of goodwill | [2] | (80,000) | ||||
Adjustments to preliminary purchase price allocation | [2] | 0 | ||||
Foreign currency movements and other adjustments | [2] | (2,082) | (3,041) | |||
Goodwill, ending balance | [2] | 590,556 | [1] | 805,093 | [1] | $ 808,134 |
Accumulated impairment losses | [1] | $ 171,900 | $ 91,900 | |||
[1]As of December 31, 2022, goodwill was net of accumulated impairment losses of $190.6 million, of which $171.9 million was in Other and $18.7 million was in Markel Ventures. 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 $18.7 million was in Markel Ventures.[2]Amounts included in Other reflect the Company's operations that are not included in a reportable segment and are primarily related to the Company's program services and insurance-linked securities operations. |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets Goodwill And Intangible Assets (Components of Net Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||||
Intangible [Line Items] | |||||||
Net intangible assets, beginning balance | $ 1,822,486 | $ 1,782,718 | |||||
Acquisitions | 21,614 | 203,879 | |||||
Dispositions | (2,716) | ||||||
Amortization of intangible assets | 178,778 | [1] | 160,539 | [2] | $ 159,315 | [3] | |
Adjustments to preliminary purchase price allocation | 86,773 | ||||||
Foreign currency movements and other adjustments | (1,915) | (3,572) | |||||
Net intangible assets, ending balance | 1,747,464 | 1,822,486 | 1,782,718 | ||||
Underwriting [Member] | |||||||
Intangible [Line Items] | |||||||
Net intangible assets, beginning balance | [4] | 401,255 | 442,639 | ||||
Acquisitions | [4] | 0 | 0 | ||||
Dispositions | [4] | 0 | |||||
Amortization of intangible assets | (38,533) | [1],[4],[5] | (41,182) | [2],[4],[6] | (41,900) | [3],[7] | |
Adjustments to preliminary purchase price allocation | [4] | 0 | |||||
Foreign currency movements and other adjustments | [4] | (400) | (202) | ||||
Net intangible assets, ending balance | [4] | 362,322 | 401,255 | 442,639 | |||
Markel Ventures [Member] | |||||||
Intangible [Line Items] | |||||||
Net intangible assets, beginning balance | 766,179 | 623,120 | |||||
Acquisitions | 21,614 | 203,879 | |||||
Dispositions | 0 | ||||||
Amortization of intangible assets | 79,043 | [1] | 57,568 | [2] | 52,572 | [3] | |
Adjustments to preliminary purchase price allocation | 86,773 | ||||||
Foreign currency movements and other adjustments | 774 | (3,252) | |||||
Net intangible assets, ending balance | 796,297 | 766,179 | 623,120 | ||||
Other Operations [Member] | |||||||
Intangible [Line Items] | |||||||
Net intangible assets, beginning balance | [8] | 655,052 | 716,959 | ||||
Acquisitions | [8] | 0 | 0 | ||||
Dispositions | [8] | (2,716) | |||||
Amortization of intangible assets | [8] | 61,202 | 61,789 | ||||
Adjustments to preliminary purchase price allocation | [8] | 0 | |||||
Foreign currency movements and other adjustments | [8] | (2,289) | (118) | ||||
Net intangible assets, ending balance | [8] | $ 588,845 | $ 655,052 | $ 716,959 | |||
[1]Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets attributable to the Company's underwriting segments, included in Other, was $38.5 million for the year ended December 31, 2022.[2]Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets attributable to the Company's underwriting segments, included in Other, was $41.2 million for the year ended December 31, 2021.[3]Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets attributable to the Company's underwriting segments, included in Other, was $41.9 million for the year ended December 31, 2020.[4]Amounts included in Underwriting reflect the intangible assets associated with the Company's underwriting segments, which are not allocated between the Insurance and Reinsurance segments.[5]Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment, as well as amortization of intangible assets attributable to the underwriting segments, which is not allocated between the Insurance and Reinsurance segments.[6]Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment, as well as amortization of intangible assets attributable to the underwriting segments, which is not allocated between the Insurance and Reinsurance segments.[7]Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment, as well as amortization of intangible assets attributable to the underwriting segments, which is not allocated between the Insurance and Reinsurance segments.[8]Amounts included in Other reflect the Company's operations that are not included in a reportable segment and are primarily related to the Company's program services and insurance-linked securities operations. |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets (Components Of Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Indefinite-Lived And Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | $ 2,836,774 | $ 2,739,602 |
Intangible assets, accumulated amortization | (1,089,310) | (917,116) |
Customer Relationships [Member] | ||
Schedule of Indefinite-Lived And Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 1,425,330 | 1,379,739 |
Intangible assets, accumulated amortization | (498,987) | (405,057) |
Investment Management Agreements [Member] | ||
Schedule of Indefinite-Lived And Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 464,000 | 468,000 |
Intangible assets, accumulated amortization | (120,394) | (92,478) |
Broker Relationships [Member] | ||
Schedule of Indefinite-Lived And Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 204,972 | 206,855 |
Intangible assets, accumulated amortization | (117,386) | (109,210) |
Trade Names [Member] | ||
Schedule of Indefinite-Lived And Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 293,194 | 238,331 |
Intangible assets, accumulated amortization | (118,976) | (100,023) |
Technology [Member] | ||
Schedule of Indefinite-Lived And Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 113,170 | 113,200 |
Intangible assets, accumulated amortization | (92,646) | (82,845) |
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 | (34,756) | (28,622) |
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) | (21,449) |
Other [Member] | ||
Schedule of Indefinite-Lived And Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 148,326 | 145,695 |
Intangible assets, accumulated amortization | $ (84,716) | $ (77,432) |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Maximum remaining term of noncancelable leases | 20 years | ||
Operating Lease, Expense | $ 126.3 | $ 115.4 | $ 94.4 |
Leases (Summary of Supplementar
Leases (Summary of Supplementary Balance Sheet Information) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Lessee, Lease, Description [Line Items] | ||
Operating lease, right-of-use asset | $ 526,704 | $ 533,702 |
Operating lease, liability | $ 554,394 | $ 571,337 |
Operating lease, weighted average remaining lease term | 11 years 8 months 12 days | 10 years 9 months 18 days |
Operating lease, weighted average discount rate, percent | 3.10% | 3% |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities |
Leases (Maturities of Operating
Leases (Maturities of Operating Lease Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Lessee, operating lease, liability, payments, due next twelve months | $ 100,887 | |
Lessee, operating lease, liability, payments, due year two | 85,030 | |
Lessee, operating lease, liability, payments, due year three | 71,474 | |
Lessee, operating lease, liability, payments, due year four | 60,729 | |
Lessee, operating lease, liability, payments, due year five | 51,702 | |
Lessee, operating lease, liability, payments, due after year five | 291,290 | |
Lessee, operating lease, liability, payments, due | 661,112 | |
Lessee, operating lease, liability, undiscounted excess amount | (106,718) | |
Operating lease, liability | 554,394 | $ 571,337 |
Lessee, Lease, Description [Line Items] | ||
Operating lease, liability | $ 554,394 | $ 571,337 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Other Revenues | $ 5,236,521 | $ 3,997,445 | $ 3,129,056 |
Program services and other fronting [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 147,612 | 123,823 | 102,989 |
Disposition gains | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 225,828 | 0 | 0 |
Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 95,185 | 120,361 | 99,958 |
Markel Ventures [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 4,756,618 | 3,643,816 | 2,794,714 |
Markel Ventures [Member] | Program services and other fronting [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 0 | 0 | 0 |
Markel Ventures [Member] | Disposition gains | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 0 | 0 | 0 |
Markel Ventures [Member] | Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 111,806 | 111,662 | 102,274 |
Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 479,903 | 353,629 | 334,342 |
Other [Member] | Program services and other fronting [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 147,612 | 123,823 | 102,989 |
Other [Member] | Disposition gains | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 225,828 | 0 | 0 |
Other [Member] | Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | (16,621) | 8,699 | (2,316) |
Revenue from Contract with Customer [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 4,767,896 | 3,753,261 | 2,926,109 |
Revenue from Contract with Customer [Member] | Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 2,379,399 | 1,668,448 | 1,396,706 |
Revenue from Contract with Customer [Member] | Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 2,309,288 | 1,998,556 | 1,412,210 |
Revenue from Contract with Customer [Member] | Investment management [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 79,209 | 86,257 | 117,193 |
Revenue from Contract with Customer [Member] | Markel Ventures [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 4,644,812 | 3,532,154 | 2,692,440 |
Revenue from Contract with Customer [Member] | Markel Ventures [Member] | Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 2,379,399 | 1,668,448 | 1,396,706 |
Revenue from Contract with Customer [Member] | Markel Ventures [Member] | Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 2,265,413 | 1,863,706 | 1,295,734 |
Revenue from Contract with Customer [Member] | Markel Ventures [Member] | Investment management [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 0 | 0 | 0 |
Revenue from Contract with Customer [Member] | Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | 123,084 | 221,107 | 233,669 |
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 | 43,875 | 134,850 | 116,476 |
Revenue from Contract with Customer [Member] | Other [Member] | Investment management [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other Revenues | $ 79,209 | $ 86,257 | $ 117,193 |
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, 2022 | Dec. 31, 2021 |
Contracts with customers [Member] | ||
Receivables [Line Items] | ||
Trade and Other Receivables | $ 624.1 | $ 626.1 |
Unpaid Losses And Loss Adjust_3
Unpaid Losses And Loss Adjustment Expenses (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Net losses and loss adjustment expenses | $ 4,613,035 | $ 4,061,000 | $ 4,073,325 |
IBNR reserves as a percentage of total unpaid losses and loss adjustment expenses | 70% | 67% | |
Prior Year Claims and Claims Adjustment Expense | $ 167,400 | $ 479,800 | 606,400 |
Insurance [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Net losses and loss adjustment expenses | 3,936,425 | 3,311,185 | 3,373,085 |
Prior Year Claims and Claims Adjustment Expense | 142,900 | 506,300 | 554,600 |
Insurance [Member] | 2012 and Prior Accident Years [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Prior Year Claims and Claims Adjustment Expense | 50,800 | ||
Reinsurance [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Net losses and loss adjustment expenses | 676,610 | 749,815 | 700,240 |
Prior Year Claims and Claims Adjustment Expense | 26,100 | (19,900) | 51,800 |
Reinsurance [Member] | 2012 and Prior Accident Years [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Prior Year Claims and Claims Adjustment Expense | 36,900 | ||
Program services and other fronting [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Reinsurance recoverables | 3,000,000 | 2,500,000 | |
Asbestos [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Asbestos-related reserves, gross loss incurred | 153,200 | 218,600 | |
Asbestos-related reserves, net loss incurred | 54,500 | 66,200 | |
Hurricane Ian | Insurance [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Net losses and loss adjustment expenses | 46,200 | ||
Reinsurance recoverables | 115,300 | ||
Hurricane Ian | Program services and other fronting [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Net losses and loss adjustment expenses | 850,000 | ||
Hurricane Ian | Program services and other fronting [Member] | Nephila Reinsurers [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Reinsurance recoverables | 850,000 | ||
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 | ||
Russia-Ukraine conflict | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Net losses and loss adjustment expenses | 35,700 | ||
Reinsurance recoverables | 44,300 | ||
COVID-19 Pandemic [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Net losses and loss adjustment expenses | $ (5,400) | $ 15,700 | 358,300 |
Reinsurance recoverables | $ 106,200 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims [Abstract] | |||
Gross reserves for losses and loss adjustment expenses, beginning of year | $ 18,178,894 | $ 16,222,376 | $ 14,728,676 |
Reinsurance recoverables on unpaid losses, beginning of year | 6,876,317 | 5,736,659 | 5,253,415 |
Net reserves for losses and loss adjustment expenses, beginning of year | 11,302,577 | 10,485,717 | 9,475,261 |
Effect of foreign currency rate changes on beginning of year balance | (160,622) | (54,736) | 68,368 |
Effect of adoption of ASC 326, Financial Instruments-Credit Losses | 0 | 0 | 3,849 |
Adjusted net reserves for losses and loss adjustment expenses, beginning of year | 11,141,955 | 10,430,981 | 9,547,478 |
Incurred losses and loss adjustment expenses, current accident year | 4,613,035 | 4,061,000 | 4,073,325 |
Incurred losses and loss adjustment expenses, prior accident years (including deposit liability) | (167,446) | (478,930) | (606,414) |
Total incurred losses and loss adjustment expenses | 4,445,589 | 3,582,070 | 3,466,911 |
Payments, current accident year | 580,537 | 637,169 | 749,887 |
Payments, prior accident years | 2,396,446 | 2,066,290 | 1,779,980 |
Total payments | 2,976,983 | 2,703,459 | 2,529,867 |
Effect of foreign currency rate changes on current year activity | (5,468) | (4,253) | 1,195 |
Liability for unpaid claims and claims adjustment expenses, acquisition | 347,921 | 0 | 0 |
Liability for unpaid claims and claims adjustment expenses, business disposal | 0 | (2,762) | 0 |
Net reserves for losses and loss adjustment expenses, end of year | 12,953,014 | 11,302,577 | 10,485,717 |
Reinsurance recoverables on unpaid losses, end of year | 7,994,884 | 6,876,317 | 5,736,659 |
Gross reserves for losses and loss adjustment expenses, end of year | $ 20,947,898 | $ 18,178,894 | $ 16,222,376 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Incurred losses and loss adjustment expenses, prior accident years | $ (167.4) | $ (479.8) | $ (606.4) |
Insurance [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Incurred losses and loss adjustment expenses, prior accident years | (142.9) | (506.3) | (554.6) |
Insurance [Member] | Professional liability [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Incurred losses and loss adjustment expenses, prior accident years | (54.7) | (128.9) | |
Insurance [Member] | Professional liability [Member] | Short-Duration Insurance Contracts, Accident Years 2018 and 2019 | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Incurred losses and loss adjustment expenses, prior accident years | 121 | ||
Insurance [Member] | Professional liability [Member] | Short-Duration Insurance Contracts, Accident Years, all other | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Incurred losses and loss adjustment expenses, prior accident years | (91.1) | ||
Insurance [Member] | General liability [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Incurred losses and loss adjustment expenses, prior accident years | (139.7) | (131.8) | |
Insurance [Member] | General liability [Member] | Short-Duration Insurance Contracts, Accident Years, all other | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Incurred losses and loss adjustment expenses, prior accident years | (20.5) | ||
Insurance [Member] | General liability [Member] | Short-Duration Insurance Contracts, Accident Years 2016 to 2019 | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Incurred losses and loss adjustment expenses, prior accident years | 61.6 | ||
Insurance [Member] | Workers' compensation [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Incurred losses and loss adjustment expenses, prior accident years | (62.1) | (79) | (92.3) |
Insurance [Member] | Programs [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Incurred losses and loss adjustment expenses, prior accident years | (48.3) | ||
Insurance [Member] | Property [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Incurred losses and loss adjustment expenses, prior accident years | (48.1) | (96.5) | |
Insurance [Member] | Credit and surety [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Incurred losses and loss adjustment expenses, prior accident years | (31.7) | ||
Insurance [Member] | Other products [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Incurred losses and loss adjustment expenses, prior accident years | (23.7) | (76.4) | (155.6) |
Insurance [Member] | Marine and energy [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Incurred losses and loss adjustment expenses, prior accident years | (60) | (46) | |
Reinsurance [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Incurred losses and loss adjustment expenses, prior accident years | (26.1) | 19.9 | (51.8) |
Reinsurance [Member] | Professional liability [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Incurred losses and loss adjustment expenses, prior accident years | 29.2 | 21 | |
Reinsurance [Member] | General liability [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Incurred losses and loss adjustment expenses, prior accident years | (19.2) | ||
Reinsurance [Member] | Property [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Incurred losses and loss adjustment expenses, prior accident years | (29.2) | 35 | (68.4) |
Reinsurance [Member] | Credit and surety [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Incurred losses and loss adjustment expenses, prior accident years | (22.9) | (16.6) | |
Reinsurance [Member] | Other products [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Incurred losses and loss adjustment expenses, prior accident years | (27.1) | (8.5) | (38.8) |
Reinsurance [Member] | Premium adjustments | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Incurred losses and loss adjustment expenses, prior accident years | 53.1 | ||
Reinsurance [Member] | Public entity | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Incurred losses and loss adjustment expenses, prior accident years | $ 34.4 | ||
Other [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Incurred losses and loss adjustment expenses, prior accident years | $ 1.6 | $ 6.6 |
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, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2018 USD ($) | Dec. 31, 2017 USD ($) | Dec. 31, 2016 USD ($) | Dec. 31, 2015 USD ($) | Dec. 31, 2014 USD ($) | Dec. 31, 2013 USD ($) |
Claims Development [Line Items] | ||||||||||
Total liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | $ 12,693,361,000 | |||||||||
Insurance [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 22,240,400,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 13,569,500,000 | |||||||||
All outstanding liabilities for unpaid losses and loss adjustment expenses before 2013, net of reinsurance | 237,400,000 | |||||||||
Total liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | 8,908,308,000 | |||||||||
Insurance [Member] | 2013 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 1,283,700,000 | $ 1,292,800,000 | $ 1,296,600,000 | $ 1,315,600,000 | $ 1,360,800,000 | $ 1,406,200,000 | $ 1,452,600,000 | $ 1,514,700,000 | $ 1,683,400,000 | $ 1,724,900,000 |
Total of incurred-but-not-reported liabilities, net of reinsurance | $ 43,300,000 | |||||||||
Cumulative number of reported claims | 91,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 1,178,200,000 | 1,163,900,000 | 1,150,200,000 | 1,116,400,000 | 1,092,900,000 | 1,031,600,000 | 943,800,000 | 774,900,000 | 568,900,000 | 270,200,000 |
Insurance [Member] | 2014 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 1,438,200,000 | 1,457,700,000 | 1,455,200,000 | 1,487,400,000 | 1,508,600,000 | 1,556,800,000 | 1,613,000,000 | 1,680,700,000 | 1,850,800,000 | |
Total of incurred-but-not-reported liabilities, net of reinsurance | $ 52,800,000 | |||||||||
Cumulative number of reported claims | 86,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 1,339,900,000 | 1,308,800,000 | 1,288,800,000 | 1,240,400,000 | 1,157,300,000 | 1,052,900,000 | 886,600,000 | 652,600,000 | 329,600,000 | |
Insurance [Member] | 2015 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 1,442,200,000 | 1,451,200,000 | 1,455,200,000 | 1,487,200,000 | 1,517,800,000 | 1,571,900,000 | 1,695,000,000 | 1,769,100,000 | ||
Total of incurred-but-not-reported liabilities, net of reinsurance | $ 65,900,000 | |||||||||
Cumulative number of reported claims | 89,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 1,293,000,000 | 1,260,600,000 | 1,230,900,000 | 1,142,100,000 | 1,034,000,000 | 870,900,000 | 660,700,000 | 321,000,000 | ||
Insurance [Member] | 2016 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 1,682,300,000 | 1,669,800,000 | 1,677,100,000 | 1,703,900,000 | 1,756,300,000 | 1,854,200,000 | 1,858,000,000 | |||
Total of incurred-but-not-reported liabilities, net of reinsurance | $ 86,900,000 | |||||||||
Cumulative number of reported claims | 101,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 1,427,500,000 | 1,351,900,000 | 1,288,300,000 | 1,160,000,000 | 975,400,000 | 747,400,000 | 370,300,000 | |||
Insurance [Member] | 2017 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 2,023,700,000 | 2,004,700,000 | 2,018,200,000 | 2,061,000,000 | 2,179,600,000 | 2,312,100,000 | ||||
Total of incurred-but-not-reported liabilities, net of reinsurance | $ 103,500,000 | |||||||||
Cumulative number of reported claims | 139,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 1,741,000,000 | 1,620,100,000 | 1,511,100,000 | 1,275,600,000 | 983,900,000 | 436,000,000 | ||||
Insurance [Member] | 2018 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 2,153,700,000 | 2,061,600,000 | 2,099,900,000 | 2,325,500,000 | 2,432,400,000 | |||||
Total of incurred-but-not-reported liabilities, net of reinsurance | $ 194,900,000 | |||||||||
Cumulative number of reported claims | 193,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 1,674,800,000 | 1,498,300,000 | 1,346,900,000 | 1,019,300,000 | 492,200,000 | |||||
Insurance [Member] | 2019 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 2,295,500,000 | 2,244,400,000 | 2,299,100,000 | 2,556,600,000 | ||||||
Total of incurred-but-not-reported liabilities, net of reinsurance | $ 335,600,000 | |||||||||
Cumulative number of reported claims | 228,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 1,574,100,000 | 1,261,400,000 | 1,082,400,000 | 523,900,000 | ||||||
Insurance [Member] | 2020 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 2,914,700,000 | 2,974,700,000 | 3,083,400,000 | |||||||
Total of incurred-but-not-reported liabilities, net of reinsurance | $ 1,042,600,000 | |||||||||
Cumulative number of reported claims | 179,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 1,518,100,000 | 1,150,900,000 | 807,800,000 | |||||||
Insurance [Member] | 2021 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 2,909,000,000 | 3,085,700,000 | ||||||||
Total of incurred-but-not-reported liabilities, net of reinsurance | $ 1,483,000,000 | |||||||||
Cumulative number of reported claims | 137,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 988,500,000 | 474,300,000 | ||||||||
Insurance [Member] | 2022 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 4,097,400,000 | |||||||||
Total of incurred-but-not-reported liabilities, net of reinsurance | $ 2,791,300,000 | |||||||||
Cumulative number of reported claims | 121,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 834,400,000 | |||||||||
Reinsurance [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 6,551,600,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 3,602,000,000 | |||||||||
All outstanding liabilities for unpaid losses and loss adjustment expenses before 2013, net of reinsurance | 388,000,000 | |||||||||
Total liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | 3,337,587,000 | |||||||||
Reinsurance [Member] | 2013 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 476,900,000 | 475,300,000 | 480,000,000 | 478,200,000 | 496,100,000 | 533,200,000 | 525,400,000 | 538,300,000 | 571,800,000 | 579,400,000 |
Total of incurred-but-not-reported liabilities, net of reinsurance | 32,700,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 383,400,000 | 369,500,000 | 358,100,000 | 343,300,000 | 324,900,000 | 295,600,000 | 263,200,000 | 205,500,000 | 153,400,000 | $ 70,600,000 |
Reinsurance [Member] | 2014 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 501,200,000 | 505,300,000 | 503,800,000 | 519,300,000 | 542,200,000 | 563,100,000 | 524,400,000 | 552,100,000 | 569,200,000 | |
Total of incurred-but-not-reported liabilities, net of reinsurance | 60,300,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 379,400,000 | 369,300,000 | 352,900,000 | 335,700,000 | 302,900,000 | 267,000,000 | 220,500,000 | 155,600,000 | $ 97,400,000 | |
Reinsurance [Member] | 2015 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 486,600,000 | 486,300,000 | 498,600,000 | 503,900,000 | 515,000,000 | 523,700,000 | 508,800,000 | 523,100,000 | ||
Total of incurred-but-not-reported liabilities, net of reinsurance | 84,400,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 360,300,000 | 343,700,000 | 324,100,000 | 299,600,000 | 252,700,000 | 202,000,000 | 131,200,000 | $ 63,600,000 | ||
Reinsurance [Member] | 2016 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 554,300,000 | 550,900,000 | 526,800,000 | 516,900,000 | 519,000,000 | 518,500,000 | 509,100,000 | |||
Total of incurred-but-not-reported liabilities, net of reinsurance | 69,800,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 419,500,000 | 379,400,000 | 346,000,000 | 294,300,000 | 237,900,000 | 167,900,000 | $ 79,000,000 | |||
Reinsurance [Member] | 2017 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 920,400,000 | 908,200,000 | 936,000,000 | 934,700,000 | 928,700,000 | 895,700,000 | ||||
Total of incurred-but-not-reported liabilities, net of reinsurance | 105,600,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 693,500,000 | 624,500,000 | 560,900,000 | 479,200,000 | 358,100,000 | $ 157,400,000 | ||||
Reinsurance [Member] | 2018 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 767,800,000 | 772,100,000 | 767,900,000 | 775,300,000 | 749,500,000 | |||||
Total of incurred-but-not-reported liabilities, net of reinsurance | 150,700,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 484,500,000 | 414,400,000 | 344,700,000 | 243,700,000 | $ 87,000,000 | |||||
Reinsurance [Member] | 2019 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 702,700,000 | 689,200,000 | 675,600,000 | 662,000,000 | ||||||
Total of incurred-but-not-reported liabilities, net of reinsurance | 223,400,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 359,600,000 | 268,400,000 | 173,600,000 | $ 53,500,000 | ||||||
Reinsurance [Member] | 2020 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 742,400,000 | 732,700,000 | 680,200,000 | |||||||
Total of incurred-but-not-reported liabilities, net of reinsurance | 344,000,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 309,800,000 | 203,700,000 | $ 93,500,000 | |||||||
Reinsurance [Member] | 2021 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 736,700,000 | 735,500,000 | ||||||||
Total of incurred-but-not-reported liabilities, net of reinsurance | 446,900,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | 187,800,000 | $ 79,500,000 | ||||||||
Reinsurance [Member] | 2022 Accident Year [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance | 662,600,000 | |||||||||
Total of incurred-but-not-reported liabilities, net of reinsurance | 614,100,000 | |||||||||
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance | $ 24,200,000 |
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, 2022 |
Insurance [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred losses in year 1 | 22% |
Average annual percentage payout of incurred losses in year 2 | 21.90% |
Average annual percentage payout of incurred losses in year 3 | 13.80% |
Average annual percentage payout of incurred losses in year 4 | 11.30% |
Average annual percentage payout of incurred losses in year 5 | 7.10% |
Average annual percentage payout of incurred losses in year 6 | 5.30% |
Average annual percentage payout of incurred losses in year 7 | 2.90% |
Average annual percentage payout of incurred losses in year 8 | 2.10% |
Average annual percentage payout of incurred losses in year 9 | 1.60% |
Average annual percentage payout of incurred losses in year 10 | 1.10% |
Reinsurance [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred losses in year 1 | 12.50% |
Average annual percentage payout of incurred losses in year 2 | 16.40% |
Average annual percentage payout of incurred losses in year 3 | 13.10% |
Average annual percentage payout of incurred losses in year 4 | 10.40% |
Average annual percentage payout of incurred losses in year 5 | 8.20% |
Average annual percentage payout of incurred losses in year 6 | 6.30% |
Average annual percentage payout of incurred losses in year 7 | 4.60% |
Average annual percentage payout of incurred losses in year 8 | 3.30% |
Average annual percentage payout of incurred losses in year 9 | 2.20% |
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, 2022 | 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 | $ 12,693,361 | |||
Reinsurance recoverable on unpaid losses | 7,994,884 | |||
Unallocated loss adjustment expenses | 326,275 | |||
Unamortized discount, net of acquisition fair value adjustments, included in unpaid losses and loss adjustment expenses | (66,622) | |||
Total reconciling items | 259,653 | |||
Total gross liability for unpaid losses and loss adjustment expenses | 20,947,898 | $ 18,178,894 | $ 16,222,376 | $ 14,728,676 |
Market CATCo Re | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | 347,921 | |||
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 | 8,908,308 | |||
Reinsurance recoverable on unpaid losses | 2,425,560 | |||
Total gross liability for unpaid losses and loss adjustment expenses | 11,616,386 | 10,051,994 | ||
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 | 3,337,587 | |||
Reinsurance recoverable on unpaid losses | 277,854 | |||
Total gross liability for unpaid losses and loss adjustment expenses | 3,581,699 | 3,639,210 | ||
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 | 89,563 | |||
Reinsurance recoverable on unpaid losses | 56,968 | |||
Total gross liability for unpaid losses and loss adjustment expenses | 197,602 | 271,356 | ||
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 | 9,982 | |||
Reinsurance recoverable on unpaid losses | 5,234,502 | |||
Total gross liability for unpaid losses and loss adjustment expenses | $ 5,204,290 | $ 4,216,334 |
Reinsurance (Narrative) (Detail
Reinsurance (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reinsurance Disclosures [Line Items] | |||
Percentage of ceded earned premiums to gross earned premiums | 38% | 38% | 37% |
Percentage of assumed earned premiums to net earned premiums | 30% | 27% | 26% |
Underwriting [Member] | |||
Reinsurance Disclosures [Line Items] | |||
Reinsurance recoverables | $ (834,648) | $ (893,230) | $ (722,619) |
Underwriting [Member] | Ten Largest Reinsurers [Member] | |||
Reinsurance Disclosures [Line Items] | |||
Recoverable balances as a percentage of the total balance | 62% | 63% | |
Underwriting [Member] | RenaissanceRe | |||
Reinsurance Disclosures [Line Items] | |||
Recoverable balances as a percentage of the total balance | 11% | ||
Program services and other fronting [Member] | |||
Reinsurance Disclosures [Line Items] | |||
Reinsurance recoverables | $ 3,000,000 | $ 2,500,000 | |
Program Services [Member] | Ten Largest Reinsurers [Member] | |||
Reinsurance Disclosures [Line Items] | |||
Recoverable balances as a percentage of the total balance | 67% | 68% | |
Program Services [Member] | Lloyd's of London | |||
Reinsurance Disclosures [Line Items] | |||
Recoverable balances as a percentage of the total balance | 13% | ||
Other fronting | Nephila Reinsurers [Member] | |||
Reinsurance Disclosures [Line Items] | |||
Recoverable balances as a percentage of the total balance | 100% |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Effects of Reinsurance [Line Items] | |||
Direct premiums written | $ 10,729,950 | $ 9,508,184 | $ 7,753,781 |
Direct premiums earned | 10,068,570 | 8,729,068 | 7,442,776 |
Assumed premiums written | 2,471,732 | 1,930,498 | 1,512,884 |
Assumed premiums earned | 2,246,805 | 1,744,346 | 1,469,086 |
Ceded premiums written | (4,998,292) | (4,318,951) | (3,334,427) |
Ceded premiums earned | (4,727,583) | (3,970,385) | (3,299,657) |
Net premiums written | 8,203,390 | 7,119,731 | 5,932,238 |
Net premiums earned | 7,587,792 | 6,503,029 | 5,612,205 |
Underwriting [Member] | |||
Effects of Reinsurance [Line Items] | |||
Direct premiums written | 8,085,812 | 6,863,229 | 5,715,038 |
Direct premiums earned | 7,379,766 | 6,275,078 | 5,357,888 |
Assumed premiums written | 1,761,726 | 1,622,700 | 1,444,967 |
Assumed premiums earned | 1,589,920 | 1,482,755 | 1,394,239 |
Ceded premiums written | (1,640,165) | (1,360,763) | (1,222,390) |
Ceded premiums earned | (1,378,191) | (1,250,392) | (1,134,501) |
Net premiums written | 8,207,373 | 7,125,166 | 5,937,615 |
Net premiums earned | 7,591,495 | 6,507,441 | 5,617,626 |
Program services and other fronting [Member] | |||
Effects of Reinsurance [Line Items] | |||
Direct premiums written | 2,644,138 | 2,644,955 | 2,038,743 |
Direct premiums earned | 2,688,804 | 2,453,990 | 2,084,888 |
Assumed premiums written | 710,006 | 307,798 | 67,917 |
Assumed premiums earned | 656,885 | 261,591 | 74,847 |
Ceded premiums written | (3,358,127) | (2,958,188) | (2,112,037) |
Ceded premiums earned | (3,349,392) | (2,719,993) | (2,165,156) |
Net premiums written | (3,983) | (5,435) | (5,377) |
Net premiums earned | $ (3,703) | $ (4,412) | $ (5,421) |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Effects of Reinsurance [Line Items] | |||
Gross losses and loss adjustment expenses | $ 5,281,424 | $ 4,477,752 | $ 4,189,948 |
Ceded losses and loss adjustment expenses | (834,648) | (893,230) | (722,619) |
Net losses and loss adjustment expenses | $ 4,446,776 | $ 3,584,522 | $ 3,467,329 |
Life And Annuity Benefits (Narr
Life And Annuity Benefits (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Liability for Future Policy Benefit, before Reinsurance [Abstract] | |||
Adjustment to life and annuity benefits | $ (56,600) | $ (63,000) | $ 68,200 |
Cumulative adjustment life and annuity benefits | $ 0 | $ 56,600 | |
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, 2022 | Dec. 31, 2021 |
Liability for Future Policy Benefit, before Reinsurance [Abstract] | ||
Life | $ 102,321 | $ 113,797 |
Annuities | 628,441 | 753,971 |
Accident and health | 28,263 | 35,212 |
Total life and annuity benefits | $ 759,025 | $ 902,980 |
Senior Long-Term Debt And Oth_3
Senior Long-Term Debt And Other Debt (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
May 04, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||||
Senior long-term debt and other debt | $ 4,103,629 | $ 4,361,266 | ||
Senior long-term debt and other debt, estimated fair value | 3,500,000 | 5,000,000 | ||
Interest on senior long-term debt and other debt | $ 197,300 | 178,600 | $ 178,200 | |
Line of credit facility, initiation date | Apr. 10, 2019 | |||
Line of credit facility, expiration date | Apr. 10, 2024 | |||
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 | 0 | ||
Revolving Credit Facility [Member] | Markel Ventures [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, capacity available | 620,000 | |||
Borrowings outstanding under the facility | 238,100 | 94,300 | ||
Revolving Credit Facility [Member] | Secured Letters Of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, capacity available | 200,000 | |||
Markel Ventures subsidiary | Revolving Credit Facility [Member] | Markel Ventures [Member] | ||||
Debt Instrument [Line Items] | ||||
Borrowings outstanding under the facility | 97,900 | |||
Other Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior long-term debt and other debt | 416,738 | 327,044 | ||
Other Debt [Member] | Markel Ventures [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior long-term debt and other debt | $ 414,100 | 287,600 | ||
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] | Unsecured Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate | 4.90% | |||
Debt instrument, face amount | $ 350,000 | |||
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 | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Senior long-term debt and other debt | $ 4,103,629 | $ 4,361,266 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Borrowings outstanding under the facility | 0 | 0 |
Unsecured Senior Notes [Member] | 4.90% Unsecured Senior Notes Due July 1, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured senior notes | $ 0 | 349,815 |
Debt instrument, interest rate | 4.90% | |
Debt Instrument, Unamortized Discount | 159 | |
Unsecured Senior Notes [Member] | 3.625% Unsecured Senior Notes Due March 30, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured senior notes | $ 249,940 | 249,702 |
Debt instrument, interest rate | 3.625% | |
Debt Instrument, Unamortized Discount | $ 50 | 251 |
Unsecured Senior Notes [Member] | 3.50% Unsecured Senior Notes Due November 1, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured senior notes | $ 298,502 | 298,136 |
Debt instrument, interest rate | 3.50% | |
Debt Instrument, Unamortized Discount | $ 1,161 | 1,445 |
Unsecured Senior Notes [Member] | 3.35% Unsecured Senior Notes Due September 17 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured senior notes | $ 297,997 | 297,700 |
Debt instrument, interest rate | 3.35% | |
Debt Instrument, Unamortized Discount | $ 1,668 | 1,916 |
Unsecured Senior Notes [Member] | 7.35% Unsecured Senior Notes Due August 15, 2034 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured senior notes | $ 129,004 | 128,932 |
Debt instrument, interest rate | 7.35% | |
Debt Instrument, Unamortized Discount | $ 800 | 868 |
Unsecured Senior Notes [Member] | 5.0% Unsecured Senior Notes Due March 30, 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured senior notes | $ 245,214 | 244,978 |
Debt instrument, interest rate | 5% | |
Debt Instrument, Unamortized Discount | $ 4,535 | 4,759 |
Unsecured Senior Notes [Member] | 5.0% Unsecured Senior Notes Due April 5, 2046 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured senior notes | $ 493,585 | 493,310 |
Debt instrument, interest rate | 5% | |
Debt Instrument, Unamortized Discount | $ 5,689 | 5,933 |
Unsecured Senior Notes [Member] | 4.30% Unsecured Senior Notes Due November 1, 2047 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured senior notes | $ 295,691 | 295,512 |
Debt instrument, interest rate | 4.30% | |
Debt Instrument, Unamortized Discount | $ 3,669 | 3,821 |
Unsecured Senior Notes [Member] | 5.0% Unsecured Senior Notes Due May 20, 2049 [Member] [Domain] | ||
Debt Instrument [Line Items] | ||
Unsecured senior notes | $ 591,927 | 591,621 |
Debt instrument, interest rate | 5% | |
Debt Instrument, Unamortized Discount | $ 6,900 | 7,161 |
Unsecured Senior Notes [Member] | 4.15% Unsecured Senior Notes Due September 17 2050 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured senior notes | $ 494,342 | 494,138 |
Debt instrument, interest rate | 4.15% | |
Debt Instrument, Unamortized Discount | $ 4,917 | 5,095 |
Unsecured Senior Notes [Member] | 3.45% Unsecured Senior Notes due May 7 2052 | ||
Debt Instrument [Line Items] | ||
Unsecured senior notes | $ 590,689 | 590,378 |
Debt instrument, interest rate | 3.45% | |
Debt Instrument, Unamortized Discount | $ 8,182 | |
Other Debt [Member] | ||
Debt Instrument [Line Items] | ||
Senior long-term debt and other debt | $ 416,738 | $ 327,044 |
Other Debt [Member] | Other Debt [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 2.10% | |
Other Debt [Member] | Other Debt [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 9.90% |
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, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
2023 | $ 399,604 | |
2024 | 27,180 | |
2025 | 24,934 | |
2026 | 25,637 | |
2027 | 444,335 | |
2028 and thereafter | 3,226,317 | |
Total principal payments | 4,148,007 | |
Net unamortized discount | (37,572) | |
Net unamortized debt issuance costs | (6,806) | |
Senior long-term debt and other debt | $ 4,103,629 | $ 4,361,266 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Line Items] | |||
Income tax payments | $ 251,500,000 | $ 204,900,000 | $ 241,700,000 |
Income taxes payable | 2,200,000 | 31,300,000 | |
Income taxes receivable | 9,900,000 | 18,900,000 | |
Unrecognized tax benefits | 0 | ||
Net deferred tax liability | 836,815,000 | 1,413,362,000 | |
Tax credit carryforwards | 18,264,000 | 21,734,000 | |
Gross deferred tax assets | 667,677,000 | 727,682,000 | |
Valuation allowance | (16,943,000) | (23,352,000) | |
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 | $ 650,700,000 | ||
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 Canada [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards | $ 82,000,000 | ||
Other Liabilities [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net deferred tax liability | 874,000,000 | 1,400,000,000 | |
Other Assets [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net deferred tax assets | $ 37,200,000 | $ 18,400,000 |
Income Taxes (Components Of Inc
Income Taxes (Components Of Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
U.S. operations | $ (109,311) | $ 2,263,748 | $ 1,003,714 |
Foreign operations | (39,528) | 868,445 | (3,265) |
Income (Loss) Before Income Taxes | $ (148,839) | $ 3,132,193 | $ 1,000,449 |
Income Taxes (Components Of I_2
Income Taxes (Components Of Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
U.S., current | $ 222,074 | $ 200,742 | $ 182,046 |
Foreign, current | 12,042 | 29,811 | (10,631) |
Total current tax expense | 234,116 | 230,553 | 171,415 |
U.S., deferred | (300,850) | 438,240 | (557) |
Foreign, deferred | 19,098 | 15,665 | (2,176) |
Total deferred tax expense (benefit) | (281,752) | 453,905 | (2,733) |
Income tax expense (benefit) | $ (47,636) | $ 684,458 | $ 168,682 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
U.S. corporate tax rate | 21% | 21% | 21% |
Tax-exempt investment income, percent | 10.80% | (0.50%) | (1.60%) |
Foreign operations, percent | (3.60%) | 0.50% | 0.60% |
Impairment of goodwill, percent | (11.30%) | 0% | 0% |
Markel CATCo Re income not subject to tax, percent | 12.70% | 0% | 0% |
Nondeductible (deductible) losses on certain foreign investments, percent | 0.10% | 0% | (3.90%) |
Other, percent | 2.30% | 0.90% | 0.70% |
Effective tax rate | 32% | 21.90% | 16.80% |
Income taxes at U.S. corporate tax rate | $ (31,256) | $ 657,760 | $ 210,093 |
Tax-exempt investment income | (16,063) | (16,109) | (16,415) |
Foreign operations | 5,335 | 14,443 | 6,500 |
Impairment of goodwill | 16,800 | 0 | 0 |
Markel CATCo Re income not subject to tax | (18,871) | 0 | 0 |
Nondeductible (deductible) losses on certain foreign investments | (160) | 1,240 | (38,666) |
Other | (3,421) | 27,124 | 7,170 |
Income tax expense (benefit) | $ (47,636) | $ 684,458 | $ 168,682 |
Income Taxes (Components Of Dom
Income Taxes (Components Of Domestic And Foreign Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Unpaid losses and loss adjustment expenses | $ 170,518 | $ 186,759 |
Unearned premiums recognized for income tax purposes | 161,243 | 139,350 |
Lease liabilities | 132,735 | 135,795 |
Life and annuity benefits | 54,893 | 78,777 |
Accrued incentive compensation | 39,469 | 50,806 |
Net operating loss carryforwards | 25,305 | 47,510 |
Tax credit carryforwards | 18,264 | 21,734 |
Other differences between financial reporting and tax bases | 65,250 | 66,951 |
Total gross deferred tax assets | 667,677 | 727,682 |
Less valuation allowance | (16,943) | (23,352) |
Total gross deferred tax assets, net of allowance | 650,734 | 704,330 |
Investments | 761,421 | 1,401,871 |
Goodwill and other intangible assets | 180,186 | 185,195 |
Deferred policy acquisition costs | 161,220 | 146,601 |
Property, plant and equipment | 144,259 | 126,846 |
Right-of-use lease assets | 127,398 | 127,313 |
Other differences between financial reporting and tax bases | 113,065 | 129,866 |
Total gross deferred tax liabilities | 1,487,549 | 2,117,692 |
Net deferred tax liability | $ 836,815 | $ 1,413,362 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Postemployment Benefits [Abstract] | |||
Expenses relating to defined contribution plans | $ 57.9 | $ 52.7 | $ 48.6 |
Projected benefit plan obligations of Terra Nova Pension Plan | 108.5 | 210.2 | |
Fair value of Terra Nova Pension Plan assets | $ 171.7 | $ 243.6 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Variable Interest Entity [Line Items] | |||
Cash funding used to purchase Markel CATCo Funds' interests in Markel CATCo Re | $ 45.1 | ||
Returned capital from Markel CATCo Re | 24.9 | ||
Investment in Markel CATCo Re | $ 20.1 | ||
Percentage of Markel CATCo Re net equity by the Company | 23% | ||
Prior Year Claims and Claims Adjustment Expense | $ 167.4 | $ 479.8 | $ 606.4 |
Tail risk cover in proposed CATCo transaction | 142.7 | ||
Market CATCo Re | |||
Variable Interest Entity [Line Items] | |||
Prior Year Claims and Claims Adjustment Expense | $ (89.9) |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | $ 4,137,432 | $ 3,978,490 | ||
Restricted cash and cash equivalents | 1,084,081 | 902,457 | ||
Assets | 49,791,259 | 48,477,096 | ||
Unpaid losses and loss adjustment expenses | 20,947,898 | 18,178,894 | $ 16,222,376 | $ 14,728,676 |
Other liabilities | 3,438,738 | 3,832,084 | ||
Total Liabilities | 36,139,780 | 33,275,508 | ||
Shareholders' equity | 13,065,534 | 14,717,350 | ||
Noncontrolling interests | 62,791 | 22,860 | ||
Total Equity | 13,128,325 | 14,740,210 | ||
Total Liabilities and Equity | 49,791,259 | $ 48,477,096 | ||
Market CATCo Re | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | 104,443 | |||
Restricted cash and cash equivalents | 317,577 | |||
Other assets and receivables due from cedents | 41,357 | |||
Assets | 463,377 | |||
Unpaid losses and loss adjustment expenses | 347,921 | |||
Other liabilities | 26,717 | |||
Total Liabilities | 374,638 | |||
Shareholders' equity | 21,139 | |||
Noncontrolling interests | 67,600 | |||
Total Equity | 88,739 | |||
Total Liabilities and Equity | $ 463,377 |
Related Party Transactions Rela
Related Party Transactions Related Party Transactions (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Services and other revenues | $ 2,809,425 | $ 2,285,325 | $ 1,689,541 |
Gross written premiums | 13,201,682 | 11,438,682 | 9,266,665 |
Ceded written premium | 4,998,292 | 4,318,951 | 3,334,427 |
Reinsurance recoverables | 8,446,745 | 7,293,555 | |
Nephila Reinsurers [Member] | |||
Related Party Transaction [Line Items] | |||
Reinsurance recoverables | 1,400,000 | 807,000 | |
Hagerty Group, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Gross written premiums | 689,700 | 596,900 | 506,700 |
Ceded written premium | 456,600 | 338,900 | 239,300 |
Reinsurance recoverables | 159,700 | 95,600 | |
Insurance-linked Securities Operations [Member] | Unconsolidated entities managed by Nephila [Member] | |||
Related Party Transaction [Line Items] | |||
Services and other revenues | 79,500 | 141,900 | 152,000 |
Program services and other fronting [Member] | Nephila Reinsurers [Member] | |||
Related Party Transaction [Line Items] | |||
Gross written premiums | 1,000,000 | 689,200 | 412,400 |
Ceded written premium | 1,008,900 | 689,200 | 412,400 |
Underwriting Operations [Member] | Nephila Reinsurers [Member] | |||
Related Party Transaction [Line Items] | |||
Ceded written premium | $ 65,600 | $ 55,000 | $ 47,600 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
May 27, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Issuer's Redemption Option, Period to Redeem After a Redemption Event | 90 days | ||
Preferred Stock, Redemption Price Per Share | $ 1,000 | ||
Earnings Per Share [Line Items] | |||
Preferred stock, shares authorized | 10,000,000 | ||
Preferred stock dividends | $ 36 | $ 36 | |
Preferred stock dividends, cash | $ 36 | $ 36 | |
Preferred Stock, Dividends Per Share, Declared | $ 60 | $ 60 | |
Preferred Stock, Dividends, Per Share, Cash Paid | 60 | $ 60 | |
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, Dividend Rate, Reset Percentage | 5.662% | ||
Preferred Stock, Reset Period | 5 years | ||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | ||
Earnings Per Share [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% |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule of Common Stock Outstanding Roll Forward) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
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] | ||
Issued and outstanding common shares, beginning of year | 13,632,000 | 13,783,000 |
Stock Repurchased During Period, Shares | (233,000) | (169,000) |
Issued and outstanding common shares, end of year | 13,423,000 | 13,632,000 |
Shares, Outstanding | 13,423,000 | 13,632,000 |
Common Stock [Member] | Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Issuance of common stock, shares | 24,000 | 18,000 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Earnings Per Share [Line Items] | ||||
Net income (loss) to common shareholders | $ (250,123) | $ 2,389,003 | $ 797,630 | |
Adjustment of redeemable noncontrolling interests | (69,896) | 46,874 | (28,705) | |
Adjusted net income (loss) to common shareholders | $ (320,019) | $ 2,435,877 | $ 768,925 | |
Basic common shares outstanding | 13,580,000 | 13,768,000 | 13,811,000 | |
Diluted common shares outstanding | 13,580,000 | 13,800,000 | 13,823,000 | |
Basic net income (loss) per common share | $ (23.57) | $ 176.92 | $ 55.67 | |
Diluted net income per common share | [1],[2] | $ (23.57) | $ 176.51 | $ 55.63 |
2016 Compensation Plan [Member] | ||||
Earnings Per Share [Line Items] | ||||
Number of shares available for future awards | [1] | 116,431 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Earnings Per Share [Line Items] | ||||
Dilutive potential common shares from restricted stock units and restricted stock | [1],[2] | 0 | 32,000 | 12,000 |
Potential incremental common shares attributable to share-based payment arrangements | [2] | 33,000 | ||
[1] (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, 2022, there were 116,431 shares available for future awards under the Company's equity incentive compensation plan. (2) The impact of 33 thousand shares from restricted stock units and restricted stock was excluded from the computation of diluted net loss per common share for the year ended December 31, 2022 because the effect would have been anti-dilutive. |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), beginning balance | $ 237,617 | ||
Income tax (expense) benefit | 47,636 | $ (684,458) | $ (168,682) |
Accumulated other comprehensive income (loss), ending balance | (857,077) | 237,617 | |
Unrealized Gains (Losses) On Available-For-Sale Investments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), beginning balance | 343,872 | 698,810 | 346,037 |
Total other comprehensive income (loss) before income taxes | (1,407,316) | (450,096) | 442,089 |
Income tax (expense) benefit | 297,168 | 95,158 | (89,316) |
Total other comprehensive income (loss) | (1,110,148) | (354,938) | 352,773 |
Accumulated other comprehensive income (loss), ending balance | (766,276) | 343,872 | 698,810 |
Foreign Currency [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), beginning balance | (56,631) | (56,420) | (86,249) |
Total other comprehensive income (loss) before income taxes | (9,677) | (2,091) | 29,829 |
Income tax (expense) benefit | 401 | 1,880 | 0 |
Total other comprehensive income (loss) | (9,276) | (211) | 29,829 |
Accumulated other comprehensive income (loss), ending balance | (65,907) | (56,631) | (56,420) |
Net Actuarial Pension Loss [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), beginning balance | (49,624) | (58,014) | (51,016) |
Total other comprehensive income (loss) before income taxes | 31,222 | 10,663 | (8,849) |
Income tax (expense) benefit | (6,492) | (2,273) | 1,851 |
Total other comprehensive income (loss) | 24,730 | 8,390 | (6,998) |
Accumulated other comprehensive income (loss), ending balance | (24,894) | (49,624) | (58,014) |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), beginning balance | 237,617 | 584,376 | 208,772 |
Total other comprehensive income (loss) before income taxes | (1,385,771) | (441,524) | 463,069 |
Income tax (expense) benefit | 291,077 | 94,765 | (87,465) |
Total other comprehensive income (loss) | (1,094,694) | (346,759) | 375,604 |
Accumulated other comprehensive income (loss), ending balance | $ (857,077) | $ 237,617 | $ 584,376 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Loss Contingencies [Line Items] | |
Cash funding used to purchase Markel CATCo Funds' interests in Markel CATCo Re | $ 45.1 |
Tail risk cover in proposed CATCo transaction | 142.7 |
Additional payments made, net of insurance proceeds, to investors by Markel | $ 101.9 |
Statutory Financial Informati_3
Statutory Financial Information (Narrative) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Statutory Accounting Practices [Line Items] | |
Amount of cash and investments held as funds at Lloyd's | $ 873 |
Funds at Lloyd's, holding company | 335.4 |
United States [Member] | |
Statutory Accounting Practices [Line Items] | |
Amount available for dividend payment | 655.6 |
Bermuda [Member] | |
Statutory Accounting Practices [Line Items] | |
Amount available for dividend payment | $ 473.8 |
Statutory Financial Informati_4
Statutory Financial Information (Actual Statutory Capital And Surplus) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
United States [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Statutory capital and surplus | $ 5,236,793 | $ 4,493,310 |
United Kingdom [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Statutory capital and surplus | 749,495 | 736,575 |
Bermuda [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Statutory capital and surplus | 1,895,132 | 2,106,606 |
Germany [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Statutory capital and surplus | $ 125,194 | $ 95,693 |
Statutory Financial Informati_5
Statutory Financial Information (Statutory Net Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
United States [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | $ 689,341 | $ 705,908 | $ 616,135 |
United Kingdom [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | 35,719 | 56,546 | (25,776) |
Bermuda [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | (144,239) | 556,275 | 228,740 |
Germany [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | $ (2,471) | $ 1,780 | $ (4,628) |
Markel Corporation (Parent Co_3
Markel Corporation (Parent Company Only) Financial Information (Schedule Of Condensed Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Condensed Financial Statements, Captions [Line Items] | ||
Fixed maturity securities, available-for-sale (amortized cost of $164,100 in 2022 and $210,111 in 2021) | $ 11,856,835 | $ 12,587,305 |
Equity securities (cost of $1,107,796 in 2022 and $1,771,597 in 2021) | 7,671,912 | 9,023,927 |
Short-term investments, available-for-sale (estimated fair value approximates cost) | 2,669,262 | 1,799,988 |
Investments | 22,198,009 | 23,411,220 |
Cash and cash equivalents | 4,137,432 | 3,978,490 |
Restricted cash and cash equivalents | 1,084,081 | 902,457 |
Receivables | 2,961,056 | 2,413,938 |
Income taxes receivable | 9,900 | 18,900 |
Other assets | 3,586,037 | 3,163,094 |
Total Assets | 49,791,259 | 48,477,096 |
Senior long-term debt | 4,103,629 | 4,361,266 |
Net deferred tax liability | 836,815 | 1,413,362 |
Other liabilities | 3,438,738 | 3,832,084 |
Total Liabilities | 36,139,780 | 33,275,508 |
Preferred stock | 591,891 | 591,891 |
Common stock | 3,493,893 | 3,441,079 |
Retained earnings | 9,836,827 | 10,446,763 |
Accumulated other comprehensive income (loss) | (857,077) | 237,617 |
Total Shareholders' Equity | 13,065,534 | 14,717,350 |
Total Liabilities and Equity | 49,791,259 | 48,477,096 |
Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Fixed maturity securities, available-for-sale (amortized cost of $164,100 in 2022 and $210,111 in 2021) | 154,039 | 228,705 |
Equity securities (cost of $1,107,796 in 2022 and $1,771,597 in 2021) | 1,473,116 | 2,784,189 |
Short-term investments, available-for-sale (estimated fair value approximates cost) | 1,436,387 | 1,474,997 |
Investments | 3,063,542 | 4,487,891 |
Cash and cash equivalents | 594,101 | 763,985 |
Restricted cash and cash equivalents | 21,146 | 15,485 |
Receivables | 13,070 | 18,770 |
Investments in consolidated subsidiaries | 12,905,353 | 13,298,971 |
Notes receivable from subsidiaries | 60,111 | 135,756 |
Income taxes receivable | 0 | 48,344 |
Other assets | 445,875 | 408,161 |
Total Assets | 17,103,198 | 19,177,363 |
Senior long-term debt | 3,686,892 | 4,034,223 |
Notes payable to subsidiaries | 0 | 32,753 |
Income taxes payable | 120,616 | 0 |
Net deferred tax liability | 148,365 | 295,289 |
Other liabilities | 81,791 | 97,748 |
Total Liabilities | 4,037,664 | 4,460,013 |
Preferred stock | 591,891 | 591,891 |
Common stock | 3,493,893 | 3,441,079 |
Retained earnings | 9,836,827 | 10,446,763 |
Accumulated other comprehensive income (loss) | (857,077) | 237,617 |
Total Shareholders' Equity | 13,065,534 | 14,717,350 |
Total Liabilities and Equity | $ 17,103,198 | $ 19,177,363 |
Markel Corporation (Parent Co_4
Markel Corporation (Parent Company Only) Financial Information (Schedule of Condensed Balance Sheets - Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Condensed Financial Statements, Captions [Line Items] | ||
Fixed maturities, amortized cost | $ 12,805,887 | $ 12,061,467 |
Equity securities cost | 3,100,040 | 2,867,899 |
Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Fixed maturities, amortized cost | 164,100 | 210,111 |
Equity securities cost | $ 1,107,796 | $ 1,771,597 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net investment income | $ 446,755 | $ 367,417 | $ 375,826 |
Change in fair value of equity securities | (1,554,750) | 1,940,626 | 603,199 |
Net investment gains (losses) | (1,595,733) | 1,978,534 | 617,979 |
Gain on disposition of subsidiary | 225,832 | 22,085 | 0 |
Total Operating Revenues | 11,675,335 | 12,846,425 | 9,735,066 |
Services and other expenses | 2,306,635 | 2,022,935 | 1,561,120 |
Interest expense | 196,062 | 183,579 | 177,582 |
Net foreign exchange losses (gains) | (140,209) | (72,271) | 95,853 |
Total operating expenses | 11,768,321 | 9,602,924 | 8,461,182 |
Income tax (expense) benefit | 47,636 | (684,458) | (168,682) |
Net Income (Loss) to Shareholders | (214,123) | 2,425,003 | 816,030 |
Preferred stock dividends | (36,000) | (36,000) | (18,400) |
Net Income (Loss) to Common Shareholders | (250,123) | 2,389,003 | 797,630 |
Net holding gains (losses) arising during the period | (1,155,054) | (348,315) | 356,159 |
Reclassification adjustments for net gains (losses) included in net income (loss) | 44,906 | (6,623) | (3,386) |
Change in net unrealized gains (losses) on available-for-sale investments, net of taxes | (1,110,148) | (354,938) | 352,773 |
Total Other Comprehensive Income (Loss) | (1,094,677) | (346,761) | 375,622 |
Comprehensive Income (Loss) to Shareholders | (1,308,817) | 2,078,244 | 1,191,634 |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net investment income | 34,781 | 9,099 | 22,037 |
Dividends on common stock of consolidated subsidiaries | 278,557 | 1,081,988 | 466,244 |
Net realized investment gains | 7,620 | 23,652 | 27,774 |
Change in fair value of equity securities | (397,906) | 514,727 | 82,389 |
Net investment gains (losses) | (390,286) | 538,379 | 110,163 |
Gain on disposition of subsidiary | 107,293 | 0 | 0 |
Other revenues (losses) | (29,487) | 11,078 | (4,011) |
Total Operating Revenues | 858 | 1,640,544 | 594,433 |
Services and other expenses | 111,848 | 22,379 | 1,025 |
Interest expense | 172,125 | 185,568 | 187,562 |
Net foreign exchange losses (gains) | (13,143) | (6,236) | 6,823 |
Total operating expenses | 270,830 | 201,711 | 195,410 |
Income (Loss) Before Equity in Undistributed Earnings (Losses) of Consolidated Subsidiaries and Income Taxes | (269,972) | 1,438,833 | 399,023 |
Equity in undistributed earnings (losses) of consolidated subsidiaries | (69,971) | 1,081,976 | 400,289 |
Income tax (expense) benefit | 125,820 | (95,806) | 16,718 |
Net Income (Loss) to Shareholders | (214,123) | 2,425,003 | 816,030 |
Preferred stock dividends | (36,000) | (36,000) | (18,400) |
Net Income (Loss) to Common Shareholders | (250,123) | 2,389,003 | 797,630 |
Net holding gains (losses) arising during the period | (24,465) | (5,885) | 21,482 |
Consolidated subsidiaries' net holding gains (losses) arising during the period | (1,130,589) | (342,430) | 334,677 |
Reclassification adjustments for net gains (losses) included in net income (loss) | 1,965 | (34) | (14,937) |
Consolidated subsidiaries' reclassification adjustments for net gains (losses) included in net income (loss) to shareholders | 42,941 | (6,589) | 11,551 |
Change in net unrealized gains (losses) on available-for-sale investments, net of taxes | (1,110,148) | (354,938) | 352,773 |
Consolidated subsidiaries' change in foreign currency translation adjustments, net of taxes | (9,276) | (211) | 29,829 |
Consolidated subsidiaries' change in net actuarial pension loss, net of taxes | 24,730 | 8,390 | (6,998) |
Total Other Comprehensive Income (Loss) | (1,094,694) | (346,759) | 375,604 |
Comprehensive Income (Loss) to Shareholders | $ (1,308,817) | $ 2,078,244 | $ 1,191,634 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) to shareholders | $ (214,123) | $ 2,425,003 | $ 816,030 | |
Net Cash Provided By Operating Activities | 2,709,442 | 2,274,067 | 1,737,587 | |
Proceeds from sales, maturities, calls and prepayments of fixed maturity securities | 1,152,335 | 708,111 | 862,333 | |
Proceeds from sales of equity securities | 242,010 | 200,570 | 1,360,090 | |
Cost of equity securities purchased | (442,991) | (255,436) | (192,437) | |
Net change in short-term investments | (846,019) | 228,955 | (829,457) | |
Other | (8,294) | 32,711 | (72,932) | |
Net Cash Used By Investing Activities | (1,670,204) | (2,937,802) | (511,748) | |
Repayment and retirement of senior long-term debt | (1,255,005) | (486,730) | (275,996) | |
Additions to senior long-term debt | 1,034,052 | 1,198,505 | 223,183 | |
Repurchases of common stock | (290,796) | (206,518) | (26,832) | |
Issuance of preferred stock, net | 0 | 0 | 591,891 | |
Dividends paid on preferred stock | (36,000) | (36,000) | (18,400) | |
Other | (47,562) | (99,490) | (59,290) | |
Net Cash Provided (Used) By Financing Activities | (595,311) | 369,767 | 434,556 | |
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | 340,566 | (335,702) | 1,716,296 | |
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year | 4,880,947 | 5,216,649 | 3,500,353 | |
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS AT END OF YEAR | 5,221,513 | 4,880,947 | 5,216,649 | |
Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) to shareholders | (214,123) | 2,425,003 | 816,030 | |
Adjustments to reconcile net income (loss) to shareholders to net cash provided by operating activities | 487,259 | (2,213,261) | (708,162) | |
Net Cash Provided By Operating Activities | 273,136 | 211,742 | 107,868 | |
Proceeds from sales, maturities, calls and prepayments of fixed maturity securities | 13,047 | 37,607 | 319,502 | |
Proceeds from sales of equity securities | 65,379 | 105,700 | 276,637 | |
Cost of equity securities purchased | (16,660) | (73,644) | (90,459) | |
Net change in short-term investments | 58,970 | (224,646) | (522,666) | |
Return of capital from subsidiaries | 0 | 17,193 | 15,164 | |
Decrease (increase) in notes receivable due from subsidiaries | 75,645 | (50,000) | (25,000) | |
Capital contributions to subsidiaries | [1] | (94,585) | (271,729) | (605,426) |
Proceeds from sale of subsidiary | 165,615 | 0 | 0 | |
Cost of equity method investments | 0 | (38,550) | (4,917) | |
Other | 4,779 | (5,368) | 17,984 | |
Net Cash Used By Investing Activities | 272,190 | (503,437) | (619,181) | |
Repayment and retirement of senior long-term debt | (350,000) | 0 | 0 | |
Additions to senior long-term debt | 0 | 591,354 | 0 | |
Decrease in notes payable to subsidiaries | (32,753) | 0 | (50,000) | |
Repurchases of common stock | (290,796) | (206,518) | (26,832) | |
Issuance of preferred stock, net | 0 | 0 | 591,891 | |
Dividends paid on preferred stock | (36,000) | (36,000) | (18,400) | |
Other | 0 | (1,181) | 15 | |
Net Cash Provided (Used) By Financing Activities | (709,549) | 347,655 | 496,674 | |
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | (164,223) | 55,960 | (14,639) | |
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year | 779,470 | 723,510 | 738,149 | |
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS AT END OF YEAR | 615,247 | 779,470 | 723,510 | |
Noncash Capital Distribution to Subsidiaries, Parent Company | [1] | $ 924,000 | $ 0 | $ 49,500 |
[1]The holding company made non-cash capital contributions in the form of investments to its subsidiaries totaling $924.0 million and $49.5 million for the years ended December 31, 2022 and 2020, respectively. There were no non-cash capital contributions made to subsidiaries for the year ended December 31, 2021. |
Accounting Changes and Error _2
Accounting Changes and Error Corrections (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2020 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Deferred policy acquisition costs | $ 925,483 | $ 794,145 | |
Deferred tax liabilities, gross | 1,487,549 | 2,117,692 | |
Retained earnings | $ 9,836,827 | $ 10,446,763 | |
Revision of Prior Period, Adjustment [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Deferred policy acquisition costs | $ 28,200 | ||
Deferred tax liabilities, gross | 5,900 | ||
Retained earnings | $ 22,300 |
Uncategorized Items - mkl-20221
Label | Element | Value |
Common Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | mkl_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance | $ 3,404,919,000 |
AOCI Attributable to Parent [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | mkl_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance | 208,772,000 |
Cumulative Effect of Adoption of ASU No 2016-13, Net of Taxes | mkl_CumulativeEffectofAdoptionofASUNo201613NetofTaxes | 0 |
Cumulative effect of change in accounting policy | mkl_CumulativeEffectOfChangeInAccountingPolicy | 0 |
Total Equity [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | mkl_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance | 11,096,891,000 |
Cumulative Effect of Adoption of ASU No 2016-13, Net of Taxes | mkl_CumulativeEffectofAdoptionofASUNo201613NetofTaxes | (3,827,000) |
Cumulative effect of change in accounting policy | mkl_CumulativeEffectOfChangeInAccountingPolicy | 22,302,000 |
Noncontrolling Interest [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | mkl_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance | 7,549,000 |
Cumulative Effect of Adoption of ASU No 2016-13, Net of Taxes | mkl_CumulativeEffectofAdoptionofASUNo201613NetofTaxes | 0 |
Cumulative effect of change in accounting policy | mkl_CumulativeEffectOfChangeInAccountingPolicy | 0 |
Parent [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | mkl_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance | 11,089,342,000 |
Cumulative Effect of Adoption of ASU No 2016-13, Net of Taxes | mkl_CumulativeEffectofAdoptionofASUNo201613NetofTaxes | (3,827,000) |
Cumulative effect of change in accounting policy | mkl_CumulativeEffectOfChangeInAccountingPolicy | 22,302,000 |
Preferred Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | mkl_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance | 0 |
Redeemable Noncontrolling Interests, Temporary Equity [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | mkl_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance | 177,562,000 |
Cumulative Effect of Adoption of ASU No 2016-13, Net of Taxes | mkl_CumulativeEffectofAdoptionofASUNo201613NetofTaxes | 0 |
Cumulative effect of change in accounting policy | mkl_CumulativeEffectOfChangeInAccountingPolicy | 0 |
Retained Earnings [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | mkl_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance | 7,475,651,000 |
Cumulative Effect of Adoption of ASU No 2016-13, Net of Taxes | mkl_CumulativeEffectofAdoptionofASUNo201613NetofTaxes | (3,827,000) |
Cumulative effect of change in accounting policy | mkl_CumulativeEffectOfChangeInAccountingPolicy | $ 22,302,000 |