v3.26.1
Segment Reporting Disclosures
 3 Months Ended
Mar. 31, 2026
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]  
Segment Reporting Disclosures Segment Reporting Disclosures
The Company has four reportable segments: Markel Insurance, Industrial, Financial, and Consumer and Other.

The Markel Insurance segment is the Company's core specialty insurance business, which is comprised of underwriting and other insurance-related activities. The Markel Insurance segment aligns with the business's network of insurance subsidiaries under the common leadership of the Markel Insurance chief executive officer. In August 2025, Markel Insurance sold the renewal rights for business written in its Global Reinsurance division, and the division entered into run-off. The Global Reinsurance division's gross premium volume in 2025 was $1.0 billion. As many of the contracts previously written within this division are multi-year agreements, the Company expects premiums to continue earning over the next two years and loss reserves are expected to take several additional years to run off.

The Industrial segment consists of businesses that operate in the industrial sector. These businesses distribute building products, provide fire protection and life safety solutions, and manufacture a variety of products, including precast concrete, car hauler equipment, industrial baking equipment, flooring for dry van trailers, dredges, and wall systems. Other businesses in the Industrial segment provide equipment rental services and erosion control and stormwater management services.

The Financial segment consists of businesses that operate in the insurance services and investment management industries, as well as certain insurance-linked securities investment management businesses that are in run-off.

The Consumer and Other segment consists of businesses that operate in the consumer sector, as well as a variety of other sectors, including information technology, real estate, and healthcare. These businesses produce ornamental houseplants, build homes, design leather handbags, and own and operate manufactured housing communities. Other businesses in the Consumer and Other segment provide information technology consulting services, retail intelligence, concierge primary healthcare, and sponsorship of international teachers.

The Company's corporate operations, which are not an operating or reportable segment, are comprised of holding company activities, which include capital allocation, leadership support, and performing the responsibilities consistent with sound governance and required of a public company. The Company's corporate operations include activities at Markel Group Inc. and investments and loans to and from its operating businesses, which are held by other corporate subsidiaries. Historically, corporate expenses were fully allocated to the Company's segment results, however, beginning in the third quarter of 2025, the Company discontinued allocating corporate expenses that are not integral to operating its underlying businesses.

Intersegment transactions primarily consist of loans from Markel Insurance to a corporate subsidiary to fund certain non-insurance acquisitions and from a corporate subsidiary to certain non-insurance businesses to fund strategic growth investments and projects. The Company's chief operating decision maker considers these loans, and the related interest income, to be similar to invested assets held by the respective segment. Interest income on these intercompany loans is included in the respective segment's profit and is eliminated in consolidation.

Segment profit for all of the Company's segments is measured by adjusted operating income, which does not include net investment gains, amortization of acquired intangible assets, or impairment of goodwill. Net investment gains and losses, which are primarily comprised of unrealized gains and losses on equity securities, are evaluated separately by the chief operating decision maker when assessing periodic segment financial performance due to the inherent volatility of these gains and losses, which can temporarily obscure the underlying segment performance. The chief operating decision maker believes such amounts are more meaningful when evaluated over longer periods of time. Amortization of acquired intangible assets and impairment of goodwill, which arise from purchase accounting for acquisitions, are not considered a cost of operating the underlying businesses.
a) 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)

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 

c) 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