v3.26.1
Segment Reporting Disclosures
 6 Months Ended
Jun. 30, 2026
Segment Reporting, Descriptive Information [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.

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 

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 

c) 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