v3.26.1
Segment Reporting Disclosures (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]  
Company's Segment Disclosures The following tables summarize the Company's segment disclosures. The Company's chief operating decision maker reviews net investment gains and losses by segment separately from the Company's segment profit.
Three Months Ended March 31, 2026
(dollars in thousands)
Markel Insurance
Industrial
Financial
Consumer and Other
Corporate and eliminations
Consolidated
Earned premiums$1,969,339 $— $79,547 $— $— $2,048,886 
Net investment income229,619 — 9,130 — 17,141 255,890 
Products revenues— 397,725 — 174,696 — 572,421 
Services and other revenues2,727 485,333 72,853 105,801 6,694 673,408 
Total operating revenues2,201,685 883,058 161,530 280,497 23,835 3,550,605 
Losses and loss adjustment expenses:
Current accident year - attritional
(1,185,910)— (49,942)— — (1,235,852)
Current accident year - catastrophe (1)
(35,028)— — — — (35,028)
Prior accident years106,939 — (2,876)— — 104,063 
Underwriting, acquisition, and insurance expenses:
Amortization of policy acquisition costs(406,729)— (6,201)— — (412,930)
Other underwriting expenses(306,362)— (20,536)— — (326,898)
Products expenses— (359,950)— (157,480)— (517,430)
Services and other expenses(5,105)(473,822)(45,770)(83,262)(20,825)(628,784)
Adjusted operating income$369,490 $49,286 $36,205 $39,755 $3,010 $497,746 
Net investment losses(727,562)
Amortization of acquired intangible assets(43,513)
Interest expense(50,886)
Net foreign exchange gains54,277 
Loss before income taxes$(269,938)
(1)    Catastrophe current accident year losses and loss adjustment expenses were attributable to the Middle East conflict.

Three Months Ended March 31, 2026
(dollars in thousands)Markel Insurance
Industrial
Financial
Consumer and Other
Corporate
Consolidated
Net investment gains (losses)$(553,914)$— $369 $— $(174,017)$(727,562)
Three Months Ended March 31, 2025
(dollars in thousands)
Markel Insurance
Industrial
Financial
Consumer and Other
Corporate and eliminations
Consolidated
Earned premiums$2,016,539 $— $72,835 $— $— $2,089,374 
Net investment income207,517 — 8,952 — 20,626 237,095 
Products revenues— 369,245 — 191,879 — 561,124 
Services and other revenues2,620 460,329 96,694 95,907 5,033 660,583 
Total operating revenues2,226,676 829,574 178,481 287,786 25,659 3,548,176 
Losses and loss adjustment expenses:
Current accident year - attritional
(1,295,523)— (43,185)— — (1,338,708)
Current accident year - catastrophe
(66,064)— — — — (66,064)
Prior accident years148,837 — 1,270 — — 150,107 
Underwriting, acquisition, and insurance expenses:
Amortization of policy acquisition costs(411,276)— (5,746)— — (417,022)
Other underwriting expenses(312,351)— (18,065)— — (330,416)
Products expenses— (326,035)— (173,873)— (499,908)
Services and other expenses(8,184)(444,775)(33,144)(81,525)— (567,628)
Adjusted operating income$282,115 $58,764 $79,611 $32,388 $25,659 $478,537 
Net investment losses(149,071)
Amortization of acquired intangible assets(46,942)
Interest expense(52,140)
Net foreign exchange losses(72,633)
Income before income taxes$157,751 

Three Months Ended March 31, 2025
(dollars in thousands)Markel Insurance
Industrial
Financial
Consumer and Other
Corporate
Consolidated
Net investment gains (losses)$(224,194)$— $— $— $75,123 $(149,071)
Capital expenditures attributable to the Industrial & Consumer and Other segments
b) The chief operating decision maker also reviews capital expenditures attributable to the Industrial and Consumer and Other segments.

Three Months Ended March 31,
(dollars in thousands)20262025
Industrial
$22,636 $16,434 
Consumer and Other
$11,268 $11,521 
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, 2026December 31, 2025
Segment assets:
Markel Insurance$43,473,248 $44,314,601 
Industrial3,989,709 3,965,449 
Financial15,057,582 14,444,426 
Consumer and Other1,813,388 1,783,183 
Total segment assets64,333,927 64,507,659 
Corporate and eliminations4,268,430 4,397,391 
Total assets$68,602,357 $68,905,050