v3.25.2
Segment Reporting Disclosures
 6 Months Ended
Jun. 30, 2025
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]  
Segment Reporting Disclosures Segment Reporting Disclosures
The Company has three reportable segments: Markel Insurance, Investing and Markel Ventures.

The Markel Insurance segment is the Company's core specialty insurance business, which is comprised of underwriting operations, as well as certain other insurance-related operations and strategic investments that complement and support its underwriting operations.

In the first half of 2025, management made changes to the structure and leadership of its insurance operations, which resulted in changes to its reportable segments. The newly created Markel Insurance segment aligns with the business and its network of insurance subsidiaries under the common leadership of its chief executive officer, with underwriting operations that previously were reported through the Company's Insurance and Reinsurance segments. Other insurance activities attributed to the Markel Insurance subsidiaries, including the run-off of certain discontinued lines of business, were previously reported outside of our reportable segments within the Company's other insurance operations. The State National automobile collateral protection product line, which is part of our State National business, was previously included in the Insurance segment and is now included with the rest of the State National business. Prior periods have been recast to conform to the current presentation.

Following the re-segmentation of the Company's insurance operations, the Company's other insurance operations primarily consist of the results of the Company's State National and Nephila businesses. For purposes of segment reporting, none of these other insurance operations are considered to be reportable segments.

The Company's Investing segment includes investing activities related to invested assets within the Company's insurance operations, as well as investing activities at Markel Group. Invested assets managed through the Investing segment include the Company's portfolio of publicly traded fixed maturity and equity securities, as well as cash and short-term investments.

The Markel Ventures segment primarily consists of controlling interests in a diverse portfolio of businesses that operate in various industries. The Company's chief operating decision maker reviews and assesses Markel Ventures' performance in the aggregate, as a single operating segment.

Management continues to evaluate the Company's segments as its strategy evolves and may further refine its segments.

Segment profit for all of the Company's segments is measured by operating income. Segment operating income excludes amortization of intangible assets, which arises from purchase accounting for acquisitions. The chief operating decision maker does not consider amortization of acquired intangible assets in assessing the financial performance of, or allocating resources to, operating segments. Amortization of acquired intangible assets is considered a corporate expense because it is not a cost of operating the underlying businesses.
a) The following tables summarize the Company's segment disclosures.

Quarter Ended June 30, 2025
(dollars in thousands)
Markel Insurance
InvestingMarkel Ventures
Other insurance operations
Corporate
Consolidated
Earned premiums$2,063,622 $— $— $78,069 $— $2,141,691 
Net investment income— 228,126 1,883 — — 230,009 
Net investment gains— 580,223 — — — 580,223 
Products revenues— — 846,925 — — 846,925 
Services and other revenues6,593 14,064 699,478 83,783 — 803,918 
Total operating revenues2,070,215 822,413 1,548,286 161,852 — 4,602,766 
Losses and loss adjustment expenses:
Current accident year - attritional
(1,335,801)— — (36,152)— (1,371,953)
Current accident year - catastrophe
5,187 — — — — 5,187 
Prior accident years78,934 — — (202)— 78,732 
Underwriting, acquisition and insurance expenses:
Amortization of policy acquisition costs(429,109)— — (6,256)— (435,365)
Other underwriting expenses(319,633)— — (19,213)— (338,846)
Products expenses— — (707,381)— — (707,381)
Services and other expenses(9,456)— (633,177)(31,954)— (674,587)
Amortization of acquired intangible assets
(51,213)(51,213)
Operating income$60,337 $822,413 $207,728 $68,075 $(51,213)$1,107,340 
Interest expense(53,076)
Net foreign exchange losses(191,909)
Income before income taxes$862,355 

Quarter Ended June 30, 2024
(dollars in thousands)
Markel Insurance
InvestingMarkel Ventures
Other insurance operations
Corporate
Consolidated
Earned premiums$2,004,166 $— $— $72,933 $— $2,077,099 
Net investment income— 220,454 2,607 — — 223,061 
Net investment losses— (130,017)— — — (130,017)
Products revenues— — 847,219 — — 847,219 
Services and other revenues6,311 9,357 603,955 64,858 — 684,481 
Total operating revenues2,010,477 99,794 1,453,781 137,791 — 3,701,843 
Losses and loss adjustment expenses:
Current accident year - attritional
(1,334,540)— — (42,310)— (1,376,850)
Current accident year - catastrophe
— — — — — — 
Prior accident years145,135 — — (860)— 144,275 
Underwriting, acquisition and insurance expenses:
Amortization of policy acquisition costs(415,982)— — (5,657)— (421,639)
Other underwriting expenses(274,645)— — (14,011)— (288,656)
Products expenses— — (693,693)— — (693,693)
Services and other expenses(6,549)— (582,590)(21,924)— (611,063)
Amortization of acquired intangible assets
(44,237)(44,237)
Operating income$123,896 $99,794 $177,498 $53,029 $(44,237)$409,980 
Interest expense(52,597)
Net foreign exchange gains8,711 
Income before income taxes$366,094 
Six Months Ended June 30, 2025
(dollars in thousands)
Markel Insurance
InvestingMarkel Ventures
Other insurance operations
Corporate
Consolidated
Earned premiums$4,080,161 $— $— $150,904 $— $4,231,065 
Net investment income— 463,727 3,377 — — 467,104 
Net investment gains— 431,152 — — — 431,152 
Products revenues— — 1,408,049 — — 1,408,049 
Services and other revenues10,897 9,454 1,266,232 177,918 — 1,464,501 
Total operating revenues4,091,058 904,333 2,677,658 328,822 — 8,001,871 
Losses and loss adjustment expenses:
Current accident year - attritional
(2,631,324)— — (79,337)— (2,710,661)
Current accident year - catastrophe
(60,877)— — — — (60,877)
Prior accident years227,771 — — 1,068 — 228,839 
Underwriting, acquisition and insurance expenses:
Amortization of policy acquisition costs(840,385)— — (12,002)— (852,387)
Other underwriting expenses(631,984)— — (37,278)— (669,262)
Products expenses— — (1,207,289)— — (1,207,289)
Services and other expenses(17,640)— (1,160,131)(64,444)— (1,242,215)
Amortization of acquired intangible assets
(98,155)(98,155)
Operating income$136,619 $904,333 $310,238 $136,829 $(98,155)$1,389,864 
Interest expense(105,216)
Net foreign exchange losses(264,542)
Income before income taxes$1,020,106 

Six Months Ended June 30, 2024
(dollars in thousands)
Markel Insurance
InvestingMarkel Ventures
Other insurance operations
Corporate
Consolidated
Earned premiums$4,050,645 $— $— $154,081 $— $4,204,726 
Net investment income— 437,658 3,672 — — 441,330 
Net investment gains— 772,264 — — — 772,264 
Products revenues— — 1,448,059 — — 1,448,059 
Services and other revenues10,692 30,203 1,142,656 118,568 — 1,302,119 
Total operating revenues4,061,337 1,240,125 2,594,387 272,649 — 8,168,498 
Losses and loss adjustment expenses:
Current accident year - attritional
(2,649,587)— — (92,033)— (2,741,620)
Current accident year - catastrophe
— — — — — — 
Prior accident years224,102 — — (2,804)— 221,298 
Underwriting, acquisition and insurance expenses:
Amortization of policy acquisition costs(844,173)— — (12,053)— (856,226)
Other underwriting expenses(559,893)— — (32,928)— (592,821)
Products expenses— — (1,216,940)— — (1,216,940)
Services and other expenses(13,162)— (1,096,034)(38,705)— (1,147,901)
Amortization of acquired intangible assets
(88,522)(88,522)
Operating income$218,624 $1,240,125 $281,413 $94,126 $(88,522)$1,745,766 
Interest expense(98,145)
Net foreign exchange gains60,211 
Income before income taxes$1,707,832 
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.

Quarter Ended June 30, Six Months Ended June 30,
(dollars in thousands)2025202420252024
Depreciation expense$31,909 $29,641 $64,144 $59,371 
Capital expenditures$32,222 $41,406 $60,177 $103,915 

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

(dollars in thousands)June 30, 2025December 31, 2024
Segment assets:
Investing$35,365,983 $34,272,049 
Markel Insurance
13,092,554 10,731,134 
Markel Ventures6,042,482 5,824,229 
Total segment assets54,501,019 50,827,412 
Other insurance operations
12,290,158 11,070,570 
Total assets$66,791,177 $61,897,982 

d) As a result of the segment changes within its insurance operations in the second quarter of 2025, the Company reassessed its reporting units and reallocated goodwill by reporting unit within its insurance operations. As of June 30, 2025, goodwill attributable to the Company's Markel Insurance segment and its other insurance operations was $1.0 billion and $490.3 million, respectively. Immediately prior to the change in reporting units within its insurance operations, the Company tested goodwill for impairment and determined that there was no impairment of goodwill. The Company expects to complete its annual tests for goodwill impairment in the fourth quarter of 2025.