v3.26.3
Segment Reporting Disclosures
 9 Months Ended
Sep. 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. See note 11 for recent developments related to the run off of the Global Reinsurance division.

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 bakery 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 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 

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 

c) 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