Segment Reporting Disclosures (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]

Company's Segment Disclosures

The following tables summarize the Company's segment disclosures.

	Three Months Ended March 31, 2023
(dollars in thousands)	Insurance		Reinsurance		Investing		Markel Ventures		Other (1)		Consolidated
Gross premium volume	$	2,097,938	$	552,061	$	—	$	—	$	786,013	$	3,436,012
Net written premiums	1,702,141		516,091		—		—		(454)		2,217,778
Earned premiums	1,710,924		257,234		—		—		(454)		1,967,704
Losses and loss adjustment expenses:
Current accident year	(1,077,546)		(166,785)		—		—		—		(1,244,331)
Prior accident years	62,628		8,704		—		—		(15)		71,317
Underwriting, acquisition and insurance expenses:
Amortization of policy acquisition costs	(360,354)		(61,778)		—		—		—		(422,132)
Other underwriting expenses	(239,148)		(13,141)		—		—		(1,284)		(253,573)
Underwriting profit (loss)	96,504		24,234		—		—		(1,753)		118,985
Net investment income	—		—		158,594		741		—		159,335
Net investment gains	—		—		372,563		—		—		372,563
Products revenues	—		—		—		577,926		—		577,926
Services and other revenues	—		—		(2,380)		526,013		42,228		565,861
Products expenses	—		—		—		(515,756)		—		(515,756)
Services and other expenses (2)	—		—		—		(496,746)		16,127		(480,619)
Amortization of intangible assets (3)	—		—		—		(19,551)		(24,848)		(44,399)
Segment profit	$	96,504	$	24,234	$	528,777	$	72,627	$	31,754	$	753,896
Interest expense											(49,438)
Net foreign exchange losses											(32,928)
Income before income taxes											$	671,530

(1)    Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment, as well as amortization of intangible assets attributable to underwriting segments, which is not allocated between the Insurance and Reinsurance segments.

(2)    Services and other expenses for Other for the three months ended March 31, 2023 included $44.8 million of favorable loss reserve development on the run-off of reinsurance contracts written by Markel CATCo Re Ltd., all of which was attributable to noncontrolling interests. See Note 11.

(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 $9.6 million for the three months ended March 31, 2023.

	Three Months Ended March 31, 2022
(dollars in thousands)	Insurance		Reinsurance		Investing		Markel Ventures		Other (1)		Consolidated
Gross premium volume	$	1,943,306	$	576,316	$	—	$	—	$	878,665	$	3,398,287
Net written premiums	1,611,020		555,220		—		—		(1,506)		2,164,734
Earned premiums	1,477,148		283,967		—		—		(1,345)		1,759,770
Losses and loss adjustment expenses:
Current accident year	(886,237)		(182,458)		—		—		—		(1,068,695)
Prior accident years	98,640		(2,083)		—		—		(234)		96,323
Underwriting, acquisition and insurance expenses:
Amortization of policy acquisition costs	(310,406)		(71,754)		—		—		—		(382,160)
Other underwriting expenses	(191,651)		(14,389)		—		—		(2,165)		(208,205)
Underwriting profit (loss)	187,494		13,283		—		—		(3,744)		197,033
Net investment income	—		—		92,297		7		—		92,304
Net investment losses	—		—		(358,399)		—		—		(358,399)
Products revenues	—		—		—		481,621		—		481,621
Services and other revenues	—		—		(19,570)		468,764		181,746		630,940
Products expenses	—		—		—		(447,819)		—		(447,819)
Services and other expenses	—		—		—		(431,903)		(157,988)		(589,891)
Amortization of intangible assets (2)	—		—		—		(20,933)		(25,116)		(46,049)
Segment profit (loss)	$	187,494	$	13,283	$	(285,672)	$	49,737	$	(5,102)	$	(40,260)
Interest expense											(49,692)
Net foreign exchange gains											23,004
Loss before income taxes											$	(66,948)

(1)     Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment, as well as amortization of intangible assets attributable to underwriting segments, which is not allocated between the Insurance and Reinsurance segments.

(2)     Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets attributable to the Company's underwriting segments, included in Other, was $9.8 million for the three months ended March 31, 2022.

Summary of Additional Measures for Markel Ventures

The following amounts attributable to the Markel Ventures segment are also reviewed, or included in measures reviewed, by the Company's chief operating decision maker.

	Three Months Ended March 31,
(dollars in thousands)	2023		2022
Depreciation expense	$	27,363	$	25,035
Interest expense (1)	$	12,923	$	11,178
Income tax expense	$	13,186	$	8,660
Capital expenditures	$	31,498	$	46,013

(1)    Interest expense for the three months ended March 31, 2023 and 2022 included intercompany interest expense of $6.6 million and $7.0 million, respectively, which was eliminated in consolidation.

Reconciliation Of Segment Assets To The Company's Consolidated Balance Sheets

The following table reconciles segment assets to the Company's consolidated balance sheets.

(dollars in thousands)	March 31, 2023		December 31, 2022
Segment assets:
Investing	$	27,685,616	$	26,982,280
Underwriting	9,346,628		8,853,559
Markel Ventures	5,329,269		5,315,677
Total segment assets	42,361,513		41,151,516
Other operations	8,580,748		8,639,743
Total assets	$	50,942,261	$	49,791,259