XML 148 R114.htm IDEA: XBRL DOCUMENT v3.10.0.1
Segment Reporting Disclosures (Company's Segment Disclosures) (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Segment Reporting Information [Line Items]      
Gross premium volume $ 7,864,469 $ 5,506,960 $ 4,796,645
Net written premiums 4,787,578 4,417,787 4,001,020
Earned premiums 4,712,060 4,247,978 3,865,870
Losses and loss adjustment expenses, current accident year (3,371,699) (3,367,223) (2,555,902)
Losses and loss adjustment expenses, prior accident years 550,984 501,462 505,158
Amortization of policy acquisition costs (1,009,303) (894,353) (782,221)
Other operating expenses (768,208) (695,111) (714,904)
Underwriting profit (loss) 113,834 (207,247) 318,001
Net investment income 434,215 405,709 373,230
Net investment gains (losses) (437,596) [1] (5,303) [2] 65,147 [3]
Products Revenues 1,497,523 951,012 885,473
Services and other revenues 635,083 462,263 422,306
Products expenses (1,413,248) [4] (850,449) [5] (755,591) [6]
Services and other expenses (474,924) [4] (458,621) [5] (416,141) [6]
Amortization of intangible assets (115,930) [7] (80,758) [8] (68,533) [9]
Impairment of Goodwill and Intangible Assets (199,198) 0 (18,723)
Segment profit (loss) 39,759 216,606 805,169
Interest expense (154,212) (132,451) (129,896)
Loss on early extinguishment of debt 0 0 (44,100)
Net foreign exchange gains (losses) 106,598 3,140 (1,253)
Income (Loss) Before Income Taxes $ (7,855) $ 87,295 $ 629,920
U.S. GAAP combined ratio 98.00% [10] 105.00% [11] 92.00% [12]
Depreciation expense $ (80,900) $ (71,600) $ (64,800)
Insurance [Member]      
Segment Reporting Information [Line Items]      
Gross premium volume 4,749,166 4,141,201 3,755,081
Net written premiums 3,904,773 3,439,796 3,101,657
Earned premiums 3,783,939 3,314,033 3,028,844
Losses and loss adjustment expenses, current accident year (2,596,057) (2,442,344) (2,009,426)
Losses and loss adjustment expenses, prior accident years 502,260 500,627 369,594
Amortization of policy acquisition costs (770,183) (675,470) (592,766)
Other operating expenses (691,186) (611,749) (597,201)
Underwriting profit (loss) 228,773 85,097 199,045
Net investment income 0 0 0
Net investment gains (losses) 0 [1] 0 [2] 0 [3]
Products Revenues 0   0
Services and other revenues 0 0 0
Products expenses 0 [4] 0 [5] 0 [6]
Services and other expenses 0 [4] 0 [5] 0 [6]
Amortization of intangible assets 0 [7] 0 [8] 0 [9]
Impairment of Goodwill and Intangible Assets 0   0
Segment profit (loss) $ 228,773 $ 85,097 $ 199,045
U.S. GAAP combined ratio 94.00% [10] 97.00% [11] 93.00% [12]
Reinsurance [Member]      
Segment Reporting Information [Line Items]      
Gross premium volume $ 1,050,870 $ 1,112,101 $ 1,041,055
Net written premiums 882,285 978,160 898,728
Earned premiums 928,574 934,114 836,264
Losses and loss adjustment expenses, current accident year (775,642) (924,879) (546,476)
Losses and loss adjustment expenses, prior accident years 42,982 (7,803) 125,514
Amortization of policy acquisition costs (239,120) (218,883) (189,455)
Other operating expenses (75,081) (82,567) (116,642)
Underwriting profit (loss) (118,287) (300,018) 109,205
Net investment income 0 0 0
Net investment gains (losses) 0 [1] 0 [2] 0 [3]
Products Revenues 0   0
Services and other revenues 0 0 0
Products expenses 0 [4] 0 [5] 0 [6]
Services and other expenses 0 [4] 0 [5] 0 [6]
Amortization of intangible assets 0 [7] 0 [8] 0 [9]
Impairment of Goodwill and Intangible Assets 0   0
Segment profit (loss) $ (118,287) $ (300,018) $ 109,205
U.S. GAAP combined ratio 113.00% [10] 132.00% [11] 87.00% [12]
Investing [Member]      
Segment Reporting Information [Line Items]      
Gross premium volume $ 0 $ 0 $ 0
Net written premiums 0 0 0
Earned premiums 0 0
Losses and loss adjustment expenses, current accident year 0 0 0
Losses and loss adjustment expenses, prior accident years 0 0 0
Amortization of policy acquisition costs 0 0 0
Other operating expenses 0 0 0
Underwriting profit (loss) 0 0 0
Net investment income 433,702 405,377 373,121
Net investment gains (losses) (437,596) [1] (5,303) [2] 65,147 [3]
Products Revenues 0   0
Services and other revenues 0 0 0
Products expenses 0 [4] 0 [5] 0 [6]
Services and other expenses 0 [4] 0 [5] 0 [6]
Amortization of intangible assets 0 [7] 0 [8] 0 [9]
Impairment of Goodwill and Intangible Assets 0   0
Segment profit (loss) (3,894) 400,074 438,268
Markel Ventures [Member]      
Segment Reporting Information [Line Items]      
Gross premium volume 0 0 0
Net written premiums 0 0 0
Earned premiums 0 0
Losses and loss adjustment expenses, current accident year 0 0 0
Losses and loss adjustment expenses, prior accident years 0 0 0
Amortization of policy acquisition costs 0 0 0
Other operating expenses 0 0 0
Underwriting profit (loss) 0 0 0
Net investment income 513 332 109
Net investment gains (losses) 0 [1] 0 [2] 0 [3]
Products Revenues 1,497,523 951,012 885,473
Services and other revenues 414,542 382,268 328,976
Products expenses (1,413,248) [4] (850,449) [5] (755,591) [6]
Services and other expenses (366,739) [4] (336,484) [5] (297,841) [6]
Amortization of intangible assets (40,208) [7] (31,429) [8] (29,105) [9]
Impairment of Goodwill and Intangible Assets (14,904)   (18,723)
Segment profit (loss) 77,479 115,250 113,298
Depreciation expense (52,200) [4] (41,700) [5] (35,500) [6]
Other [Member]      
Segment Reporting Information [Line Items]      
Gross premium volume 2,064,433 [13] 253,658 [14] 509 [15]
Net written premiums 520 [13] (169) [14] 635 [15]
Earned premiums (453) [13] (169) [14] 762 [15]
Losses and loss adjustment expenses, current accident year 0 [13] 0 [14] 0 [15]
Losses and loss adjustment expenses, prior accident years 5,742 [13] 8,638 [14] 10,050 [15]
Amortization of policy acquisition costs 0 [13] 0 [14] 0 [15]
Other operating expenses (1,941) [13] (795) [14] (1,061) [15]
Underwriting profit (loss) 3,348 [13] 7,674 [14] 9,751 [15]
Net investment income 0 [13] [14] [15]
Net investment gains (losses) 0 [1],[13] [2],[14] [3],[15]
Products Revenues 0 [13],[14]   0 [15]
Services and other revenues 220,541 [13] 79,995 [14] 93,330 [15]
Products expenses 0 [4],[13] 0 [5],[14] 0 [6],[15]
Services and other expenses (108,185) [4],[13] (122,137) [5],[14] (118,300) [6],[15]
Amortization of intangible assets (75,722) [7],[13] (49,329) [8],[14] (39,428) [9],[15]
Impairment of Goodwill and Intangible Assets (184,294) [13]   0 [15]
Segment profit (loss) $ (144,312) [13] $ (83,797) [14] $ (54,647) [15]
U.S. GAAP combined ratio - not meaniningful NM [10],[13],[16] NM [11],[14],[17] NM [12],[15],[18]
[1] Effective January 1, 2018, the Company adopted ASU No. 2016-01. As a result, the change in fair value of equity securities is no longer recognized in other comprehensive income; rather, all changes in the fair value of equity securities are now recognized in net investment losses within net income. Prior periods have not been restated to conform to the current presentation. See note 1.
[2] Effective January 1, 2018, the Company adopted ASU No. 2016-01. As a result, the change in fair value of equity securities is no longer recognized in other comprehensive income; rather, all changes in the fair value of equity securities are now recognized in net investment losses within net income. Prior periods have not been restated to conform to the current presentation. See note 1.
[3] Effective January 1, 2018, the Company adopted ASU No. 2016-01. As a result, the change in fair value of equity securities is no longer recognized in other comprehensive income; rather, all changes in the fair value of equity securities are now recognized in net investment gains within net income. Prior periods have not been restated to conform to the current presentation. See note 1.
[4] Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $52.2 million for the year ended December 31, 2018.
[5] Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $41.7 million for the year ended December 31, 2017.
[6] Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $35.5 million for the year ended December 31, 2016.
[7] Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to any other reportable segments.
[8] Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to any other reportable segments.
[9] Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to any other reportable segments.
[10] The U.S. GAAP combined ratio is a measure of underwriting performance and represents the relationship of incurred losses, loss adjustment expenses and underwriting, acquisition and insurance expenses to earned premiums.
[11] The U.S. GAAP combined ratio is a measure of underwriting performance and represents the relationship of incurred losses, loss adjustment expenses and underwriting, acquisition and insurance expenses to earned premiums.
[12] The U.S. GAAP combined ratio is a measure of underwriting performance and represents the relationship of incurred losses, loss adjustment expenses and underwriting, acquisition and insurance expenses to earned premiums.
[13] Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment as well as any amortization of intangible assets and impairment of goodwill and intangible assets that are not allocated to a reportable segment.
[14] Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment as well as any amortization of intangible assets that is not allocated to a reportable segment.
[15] Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment as well as any amortization of intangible assets and impairment of goodwill and intangible assets that are not allocated to a reportable segment.
[16] NM - Ratio is not meaningful
[17] NM - Ratio is not meaningful
[18] NM - Ratio is not meaningful