v3.26.3
Segment Reporting Disclosures (Tables)
 9 Months Ended
Sep. 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 September 30, 2026
(dollars in thousands)
Markel Insurance
Industrial
Financial
Consumer and Other
Corporate and eliminations
Consolidated
Earned premiums$2,190,244 $— $85,264 $— $— $2,275,508 
Net investment income233,569 — 10,803 — 13,743 258,115 
Products revenues— 486,465 — 180,284 — 666,749 
Services and other revenues20,095 695,137 85,965 116,025 40,609 957,831 
Total operating revenues2,443,908 1,181,602 182,032 296,309 54,352 4,158,203 
Losses and loss adjustment expenses:
Current accident year - attritional
(1,273,767)— (42,803)— — (1,316,570)
Current accident year - catastrophe (1)
(74,555)— — — — (74,555)
Prior accident years113,574 — 1,946 — — 115,520 
Underwriting, acquisition, and insurance expenses:
Amortization of policy acquisition costs(451,716)— (4,647)— — (456,363)
Other underwriting expenses(325,526)— (16,290)— — (341,816)
Products expenses— (424,546)— (178,776)— (603,322)
Services and other expenses(11,021)(625,914)(40,164)(86,312)(10,289)(773,700)
Adjusted operating income$420,897 $131,142 $80,074 $31,221 $44,063 $707,397 
Net investment losses(280,909)
Amortization of acquired intangible assets
(43,256)
Interest expense(50,864)
Net foreign exchange gains14,386 
Income before income taxes$346,754 
(1)    Catastrophe current accident year losses and loss adjustment expenses were related to the Middle East conflict.

Quarter Ended September 30, 2026
(dollars in thousands)Markel Insurance
Industrial
Financial
Consumer and Other
Corporate
Consolidated
Net investment losses$(215,268)$— $(10,118)$— $(55,523)$(280,909)
Quarter Ended September 30, 2025
(dollars in thousands)
Markel Insurance
Industrial
Financial
Consumer and Other
Corporate and eliminations
Consolidated
Earned premiums$2,127,648 $— $78,125 $— $— $2,205,773 
Net investment income223,409 — 10,020 — 12,246 245,675 
Products revenues— 425,714 — 181,779 — 607,493 
Services and other revenues47,349 624,247 73,356 109,635 21,021 875,608 
Total operating revenues2,398,406 1,049,961 161,501 291,414 33,267 3,934,549 
Losses and loss adjustment expenses:
Current accident year - attritional
(1,346,411)— (43,364)— — (1,389,775)
Current accident year - catastrophe
4,315 — — — — 4,315 
Prior accident years129,100 — 2,534 — — 131,634 
Underwriting, acquisition, and insurance expenses:
Amortization of policy acquisition costs(440,568)— (5,489)— — (446,057)
Other underwriting expenses(318,605)— (17,839)— — (336,444)
Products expenses— (365,957)— (189,536)— (555,493)
Services and other expenses2,238 (582,702)(35,936)(84,506)(20,806)(721,712)
Adjusted operating income$428,475 $101,302 $61,407 $17,372 $12,461 $621,017 
Net investment gains432,886 
Amortization of acquired intangible assets(44,061)
Interest expense(50,678)
Net foreign exchange gains19,279 
Income before income taxes$978,443 

Quarter Ended September 30, 2025
(dollars in thousands)Markel Insurance
Industrial
Financial
Consumer and Other
Corporate
Consolidated
Net investment gains$389,438 $— $— $— $43,448 $432,886 
Nine Months Ended September 30, 2026
(dollars in thousands)
Markel Insurance
Industrial
Financial
Consumer and Other
Corporate and eliminations
Consolidated
Earned premiums$6,151,944 $— $244,228 $— $— $6,396,172 
Net investment income694,411 — 29,404 — 46,313 770,128 
Products revenues— 1,306,085 — 792,550 — 2,098,635 
Services and other revenues33,152 1,796,643 241,278 336,230 55,007 2,462,310 
Total operating revenues6,879,507 3,102,728 514,910 1,128,780 101,320 11,727,245 
Losses and loss adjustment expenses:
Current accident year - attritional
(3,723,371)— (141,577)— — (3,864,948)
Current accident year - catastrophe (1)
(150,566)— — — — (150,566)
Prior accident years387,073 — (1,132)— — 385,941 
Underwriting, acquisition, and insurance expenses:
Amortization of policy acquisition costs(1,272,787)— (17,082)— — (1,289,869)
Other underwriting expenses(929,671)— (54,278)— — (983,949)
Products expenses— (1,165,677)— (678,533)— (1,844,210)
Services and other expenses(23,308)(1,681,189)(333,502)(257,125)(43,256)(2,338,380)
Adjusted operating income (loss)$1,166,877 $255,862 $(32,661)$193,122 $58,064 $1,641,264 
Net investment gains159,054 
Amortization of acquired intangible assets(130,070)
Interest expense(154,140)
Net foreign exchange gains79,041 
Income before income taxes$1,595,149 
(1)    Catastrophe current accident year losses and loss adjustment expenses were related to the Middle East conflict.

Nine Months Ended September 30, 2026
(dollars in thousands)Markel Insurance
Industrial
Financial
Consumer and Other
Corporate
Consolidated
Net investment gains (losses)$261,102 $— $(9,749)$— $(92,299)$159,054 
Nine Months Ended September 30, 2025
(dollars in thousands)
Markel Insurance
Industrial
Financial
Consumer and Other
Corporate and eliminations
Consolidated
Earned premiums$6,207,809 $— $229,029 $— $— $6,436,838 
Net investment income638,654 — 28,578 — 45,547 712,779 
Products revenues— 1,219,532 — 796,010 — 2,015,542 
Services and other revenues58,252 1,675,718 255,227 312,416 38,496 2,340,109 
Total operating revenues6,904,715 2,895,250 512,834 1,108,426 84,043 11,505,268 
Losses and loss adjustment expenses:
Current accident year - attritional
(3,977,735)— (122,701)— — (4,100,436)
Current accident year - catastrophe
(56,562)— — — — (56,562)
Prior accident years356,871 — 3,602 — — 360,473 
Underwriting, acquisition, and insurance expenses:
Amortization of policy acquisition costs(1,280,953)— (17,491)— — (1,298,444)
Other underwriting expenses(950,589)— (55,117)— — (1,005,706)
Products expenses— (1,058,275)— (704,507)— (1,762,782)
Services and other expenses(15,402)(1,573,396)(101,687)(252,636)(20,806)(1,963,927)
Adjusted operating income$980,345 $263,579 $219,440 $151,283 $63,237 $1,677,884 
Net investment gains864,038 
Amortization of acquired intangible assets(142,216)
Interest expense(155,894)
Net foreign exchange losses(245,263)
Income before income taxes$1,998,549 

Nine Months Ended September 30, 2025
(dollars in thousands)Markel Insurance
Industrial
Financial
Consumer and Other
Corporate
Consolidated
Net investment gains$745,816 $— $— $— $118,222 $864,038 
 [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 September 30, Nine Months Ended September 30,
(dollars in thousands)2026202520262025
Industrial
$67,870 $24,267 $114,884 $58,136 
Consumer and Other
$13,843 $14,848 $39,932 $41,471 
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)September 30, 2026December 31, 2025
Segment assets:
Markel Insurance$45,424,421 $44,314,601 
Industrial4,191,123 3,965,449 
Financial17,139,760 14,444,426 
Consumer and Other1,768,921 1,783,183 
Total segment assets68,524,225 64,507,659 
Corporate and eliminations3,552,631 4,397,391 
Total assets$72,076,856 $68,905,050 
[1] Catastrophe current accident year losses and loss adjustment expenses were related to the Middle East conflict.