v3.26.1
Segment Reporting Disclosures (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting, Descriptive Information [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.
Quarter Ended June 30, 2026
(dollars in thousands)
Markel Insurance
Industrial
Financial
Consumer and Other
Corporate and eliminations
Consolidated
Earned premiums$1,992,361 $— $79,417 $— $— $2,071,778 
Net investment income231,223 — 9,471 — 15,429 256,123 
Products revenues— 421,895 — 437,570 — 859,465 
Services and other revenues10,330 616,173 82,460 114,404 7,704 831,071 
Total operating revenues2,233,914 1,038,068 171,348 551,974 23,133 4,018,437 
Losses and loss adjustment expenses:
Current accident year - attritional
(1,263,694)— (48,832)— — (1,312,526)
Current accident year - catastrophe (1)
(40,983)— — — — (40,983)
Prior accident years166,560 — (202)— — 166,358 
Underwriting, acquisition, and insurance expenses:
Amortization of policy acquisition costs(414,342)— (6,234)— — (420,576)
Other underwriting expenses(297,783)— (17,452)— — (315,235)
Products expenses— (381,181)— (342,277)— (723,458)
Services and other expenses(7,182)(581,453)(247,568)(87,551)(12,142)(935,896)
Adjusted operating income (loss)$376,490 $75,434 $(148,940)$122,146 $10,991 $436,121 
Net investment gains1,167,525 
Amortization of acquired intangible assets
(43,301)
Interest expense(52,390)
Net foreign exchange gains10,378 
Income before income taxes$1,518,333 
(1)    Catastrophe current accident year losses and loss adjustment expenses were related to the Middle East conflict.

Quarter Ended June 30, 2026
(dollars in thousands)Markel Insurance
Industrial
Financial
Consumer and Other
Corporate
Consolidated
Net investment gains$1,030,284 $— $— $— $137,241 $1,167,525 
Quarter Ended June 30, 2025
(dollars in thousands)
Markel Insurance
Industrial
Financial
Consumer and Other
Corporate and eliminations
Consolidated
Earned premiums$2,063,622 $— $78,069 $— $— $2,141,691 
Net investment income207,728 — 9,606 — 12,675 230,009 
Products revenues— 424,573 — 422,352 — 846,925 
Services and other revenues8,283 591,142 85,177 106,874 12,442 803,918 
Total operating revenues2,279,633 1,015,715 172,852 529,226 25,117 4,022,543 
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— (366,283)— (341,098)— (707,381)
Services and other expenses(9,456)(545,919)(32,607)(86,605)— (674,587)
Adjusted operating income$269,755 $103,513 $78,422 $101,523 $25,117 $578,330 
Net investment gains580,223 
Amortization of acquired intangible assets(51,213)
Interest expense(53,076)
Net foreign exchange losses(191,909)
Income before income taxes$862,355 

Quarter Ended June 30, 2025
(dollars in thousands)Markel Insurance
Industrial
Financial
Consumer and Other
Corporate
Consolidated
Net investment gains (losses)$580,572 $— $— $— $(349)$580,223 
Six Months Ended June 30, 2026
(dollars in thousands)
Markel Insurance
Industrial
Financial
Consumer and Other
Corporate and eliminations
Consolidated
Earned premiums$3,961,700 $— $158,964 $— $— $4,120,664 
Net investment income460,842 — 18,601 — 32,570 512,013 
Products revenues— 819,620 — 612,266 — 1,431,886 
Services and other revenues13,057 1,101,506 155,313 220,205 14,398 1,504,479 
Total operating revenues4,435,599 1,921,126 332,878 832,471 46,968 7,569,042 
Losses and loss adjustment expenses:
Current accident year - attritional
(2,449,604)— (98,774)— — (2,548,378)
Current accident year - catastrophe (1)
(76,011)— — — — (76,011)
Prior accident years273,499 — (3,078)— — 270,421 
Underwriting, acquisition, and insurance expenses:
Amortization of policy acquisition costs(821,071)— (12,435)— — (833,506)
Other underwriting expenses(604,145)— (37,988)— — (642,133)
Products expenses— (741,131)— (499,757)— (1,240,888)
Services and other expenses(12,287)(1,055,275)(293,338)(170,813)(32,967)(1,564,680)
Adjusted operating income (loss)$745,980 $124,720 $(112,735)$161,901 $14,001 $933,867 
Net investment gains439,963 
Amortization of acquired intangible assets(86,814)
Interest expense(103,276)
Net foreign exchange gains64,655 
Income before income taxes$1,248,395 
(1)    Catastrophe current accident year losses and loss adjustment expenses were related to the Middle East conflict.

Six Months Ended June 30, 2026
(dollars in thousands)Markel Insurance
Industrial
Financial
Consumer and Other
Corporate
Consolidated
Net investment gains (losses)$476,370 $— $369 $— $(36,776)$439,963 
Six Months Ended June 30, 2025
(dollars in thousands)
Markel Insurance
Industrial
Financial
Consumer and Other
Corporate and eliminations
Consolidated
Earned premiums$4,080,161 $— $150,904 $— $— $4,231,065 
Net investment income415,245 — 18,558 — 33,301 467,104 
Products revenues— 793,818 — 614,231 — 1,408,049 
Services and other revenues10,903 1,051,471 181,871 202,781 17,475 1,464,501 
Total operating revenues4,506,309 1,845,289 351,333 817,012 50,776 7,570,719 
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— (692,318)— (514,971)— (1,207,289)
Services and other expenses(17,640)(990,694)(65,751)(168,130)— (1,242,215)
Adjusted operating income$551,870 $162,277 $158,033 $133,911 $50,776 $1,056,867 
Net investment gains431,152 
Amortization of acquired intangible assets(98,155)
Interest expense(105,216)
Net foreign exchange losses(264,542)
Income before income taxes$1,020,106 

Six Months Ended June 30, 2025
(dollars in thousands)Markel Insurance
Industrial
Financial
Consumer and Other
Corporate
Consolidated
Net investment gains$356,378 $— $— $— $74,774 $431,152 
 [1]
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.

Quarter Ended June 30, Six Months Ended June 30,
(dollars in thousands)2026202520262025
Industrial
$17,927 $17,435 $40,563 $33,869 
Consumer and Other
$14,821 $14,786 $26,089 $26,308 
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)June 30, 2026December 31, 2025
Segment assets:
Markel Insurance$46,220,751 $44,314,601 
Industrial4,068,516 3,965,449 
Financial15,235,325 14,444,426 
Consumer and Other1,871,149 1,783,183 
Total segment assets67,395,741 64,507,659 
Corporate and eliminations3,867,405 4,397,391 
Total assets$71,263,146 $68,905,050 
[1] Catastrophe current accident year losses and loss adjustment expenses were related to the Middle East conflict.