Segment Reporting Disclosures (Tables)

12 Months Ended

Dec. 31, 2018

Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]

The following tables summarize the Company's segment disclosures.



	Year Ended December 31, 2018
(dollars in thousands)	Insurance			Reinsurance			Investing			Markel Ventures			Other ⁽¹⁾				Consolidated
Gross premium volume	$	4,749,166		$	1,050,870		$	—		$	—		$	2,064,433			$	7,864,469
Net written premiums	3,904,773			882,285			—			—			520				4,787,578

Earned premiums	3,783,939			928,574			—			—			(453		)		4,712,060
Losses and loss adjustment expenses:
Current accident year	(2,596,057		)	(775,642		)	—			—			—				(3,371,699		)
Prior accident years	502,260			42,982			—			—			5,742				550,984
Amortization of policy acquisition costs	(770,183		)	(239,120		)	—			—			—				(1,009,303		)
Other operating expenses	(691,186		)	(75,081		)	—			—			(1,941		)		(768,208		)
Underwriting profit (loss)	228,773			(118,287		)	—			—			3,348				113,834
Net investment income	—			—			433,702			513			—				434,215
Net investment losses ⁽²⁾	—			—			(437,596		)	—			—				(437,596		)
Products revenues	—			—			—			1,497,523			—				1,497,523
Services and other revenues	—			—			—			414,542			220,541				635,083
Products expenses ⁽³⁾	—			—			—			(1,413,248		)	—				(1,413,248		)
Services and other expenses ⁽³⁾	—			—			—			(366,739		)	(108,185		)		(474,924		)
Amortization of intangible assets ⁽⁴⁾	—			—			—			(40,208		)	(75,722		)		(115,930		)
Impairment of goodwill and intangible assets	—			—			—			(14,904		)	(184,294		)		(199,198		)
Segment profit (loss)	$	228,773		$	(118,287	)	$	(3,894	)	$	77,479		$	(144,312	)		$	39,759
Interest expense																	(154,212		)
Net foreign exchange gains																	106,598
Loss before income taxes																	$	(7,855	)
U.S. GAAP combined ratio ⁽⁵⁾	94		%	113		%							NM			⁽⁶⁾	98		%


⁽¹⁾	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.


⁽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⁾	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.


⁽⁴⁾	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.


⁽⁵⁾	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.


⁽⁶⁾	NM - Ratio is not meaningful



	Year Ended December 31, 2017
(dollars in thousands)	Insurance			Reinsurance			Investing			Markel Ventures			Other ⁽¹⁾				Consolidated
Gross premium volume	$	4,141,201		$	1,112,101		$	—		$	—		$	253,658			$	5,506,960
Net written premiums	3,439,796			978,160			—			—			(169		)		4,417,787

Earned premiums	3,314,033			934,114									(169		)		4,247,978
Losses and loss adjustment expenses:
Current accident year	(2,442,344		)	(924,879		)	—			—			—				(3,367,223		)
Prior accident years	500,627			(7,803		)	—			—			8,638				501,462
Amortization of policy acquisition costs	(675,470		)	(218,883		)	—			—			—				(894,353		)
Other operating expenses	(611,749		)	(82,567		)	—			—			(795		)		(695,111		)
Underwriting profit (loss)	85,097			(300,018		)	—			—			7,674				(207,247		)
Net investment income	—			—			405,377			332							405,709
Net investment losses ⁽²⁾	—			—			(5,303		)	—							(5,303		)
Products revenues	—			—			—			951,012			—				951,012
Services and other revenues	—			—			—			382,268			79,995				462,263
Products expenses ⁽³⁾	—			—			—			(850,449		)	—				(850,449		)
Services and other expenses ⁽³⁾	—			—			—			(336,484		)	(122,137		)		(458,621		)
Amortization of intangible assets ⁽⁴⁾	—			—			—			(31,429		)	(49,329		)		(80,758		)
Segment profit (loss)	$	85,097		$	(300,018	)	$	400,074		$	115,250		$	(83,797	)		$	216,606
Interest expense																	(132,451		)
Net foreign exchange gains																	3,140
Income before income taxes																	$	87,295
U.S. GAAP combined ratio ⁽⁵⁾	97		%	132		%							NM			⁽⁶⁾	105		%


⁽¹⁾	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.


⁽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⁾	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.


⁽⁴⁾	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.


⁽⁵⁾	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.


⁽⁶⁾	NM - Ratio is not meaningful



	Year Ended December 31, 2016
(dollars in thousands)	Insurance			Reinsurance			Investing		Markel Ventures			Other ⁽¹⁾				Consolidated
Gross premium volume	$	3,755,081		$	1,041,055		$	—	$	—		$	509			$	4,796,645
Net written premiums	3,101,657			898,728			—		—			635				4,001,020

Earned premiums	3,028,844			836,264			—		—			762				3,865,870
Losses and loss adjustment expenses:
Current accident year	(2,009,426		)	(546,476		)	—		—			—				(2,555,902		)
Prior accident years	369,594			125,514			—		—			10,050				505,158
Amortization of policy acquisition costs	(592,766		)	(189,455		)	—		—			—				(782,221		)
Other operating expenses	(597,201		)	(116,642		)	—		—			(1,061		)		(714,904		)
Underwriting profit	199,045			109,205			—		—			9,751				318,001
Net investment income	—			—			373,121		109							373,230
Net investment gains ⁽²⁾	—			—			65,147		—							65,147
Products revenues	—			—			—		885,473			—				885,473
Services and other revenues	—			—			—		328,976			93,330				422,306
Products expenses ⁽³⁾	—			—			—		(755,591		)	—				(755,591		)
Services and other expenses ⁽³⁾	—			—			—		(297,841		)	(118,300		)		(416,141		)
Amortization of intangible assets ⁽⁴⁾	—			—			—		(29,105		)	(39,428		)		(68,533		)
Impairment of goodwill and intangible assets	—			—			—		(18,723		)	—				(18,723		)
Segment profit (loss)	$	199,045		$	109,205		$	438,268	$	113,298		$	(54,647	)		$	805,169
Interest expense																(129,896		)
Loss on early extinguishment of debt																(44,100		)
Net foreign exchange losses																(1,253		)
Income before income taxes																$	629,920
U.S. GAAP combined ratio ⁽⁵⁾	93		%	87		%						NM			⁽⁶⁾	92		%


⁽¹⁾	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.


⁽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 gains within net income. Prior periods have not been restated to conform to the current presentation. See note 1.


⁽³⁾	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.


⁽⁴⁾	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.


⁽⁵⁾	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.


⁽⁶⁾	NM - Ratio is not meaningful

Summary Of Deferred Policy Acquisition Costs, Unearned Premiums And Unpaid Losses And Loss Adjustment Expenses

The following table summarizes deferred policy acquisition costs, unearned premiums and unpaid losses and loss adjustment expenses.



(dollars in thousands)	Deferred Policy Acquisition Costs		Unearned Premiums		Unpaid Losses and Loss Adjustment Expenses
December 31, 2018
Insurance segment	$	315,363	$	2,031,140	$	7,947,772
Reinsurance segment	159,150		630,435		3,425,751
Other	—		—		386,329
Total Underwriting	474,513		2,661,575		11,759,852
Program services	—		949,453		2,516,627
Total	$	474,513	$	3,611,028	$	14,276,479
December 31, 2017
Insurance segment	$	286,780	$	1,855,331	$	7,711,510
Reinsurance segment	178,789		690,565		3,248,070
Other	—		—		429,270
Total Underwriting	465,569		2,545,896		11,388,850
Program services	—		762,883		2,195,431
Total	$	465,569	$	3,308,779	$	13,584,281

Summary Of Segment Earned Premiums By Product

The following table summarizes earned premiums by major product grouping.



	Years Ended December 31,
(dollars in thousands)	2018			2017			2016
Insurance segment:
General liability	$	889,543		$	764,956		$	675,199
Professional liability	701,867			628,878			600,607
Property	369,116			365,513			357,320
Marine and energy	376,747			312,282			277,608
Personal lines	374,543			382,761			374,175
Programs	288,398			273,954			263,783
Workers compensation	329,690			319,679			301,126
Other products	454,035			266,010			179,026
Total Insurance	3,783,939			3,314,033			3,028,844
Reinsurance segment:
Property	233,195			321,178			288,771
Casualty	417,601			351,457			327,383
Auto	12,422			28,700			65,363
Other products	265,356			232,779			154,747
Total Reinsurance	928,574			934,114			836,264
Other	(453		)	(169		)	762
Total earned premiums	$	4,712,060		$	4,247,978		$	3,865,870

Summary of Gross Written Premiums by Country [Table Text Block]

The following table summarizes the Company's gross written premiums by country. Gross written premiums are attributed to individual countries based upon location of risk or cedent.



	Years Ended December 31,
(dollars in thousands)	2018		% of Total		2017		% of Total		2016		% of Total
United States	$	4,587,486	79	%	$	4,163,753	79	%	$	3,691,840	77	%
United Kingdom	471,818		8		374,941		7		358,348		7
Canada	127,546		2		132,018		3		125,444		3
Other countries	612,146		11		582,395		11		621,013		13
Total Underwriting	5,798,996		100	%	5,253,107		100	%	4,796,645		100	%
United States - Program services	2,065,473				253,853				—
Total	$	7,864,469			$	5,506,960			$	4,796,645

Reconciliation Of Segment Assets To The Company's Consolidated Balance Sheets

The following table reconciles segment assets to the Company's consolidated balance sheets.



	December 31,
(dollars in thousands)	2018		2017		2016
Segment assets:
Investing	$	19,100,790	$	20,317,160	$	19,029,584
Underwriting	6,451,984		6,828,048		5,397,696
Markel Ventures	2,124,506		1,900,728		1,206,223
Total segment assets	27,677,280		29,045,936		25,633,503
Other operations	5,628,983		3,759,080		241,796
Total assets	$	33,306,263	$	32,805,016	$	25,875,299