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Markel Corporation (Parent Company Only) Financial Information (Tables)
 12 Months Ended
Dec. 31, 2018
Condensed Financial Information Disclosure [Abstract]  
Schedule Of Condensed Balance Sheets
CONDENSED BALANCE SHEETS

 
December 31,
 
2018
 
2017
 
(dollars in thousands)
ASSETS
 
 
 
Investments, at estimated fair value:
 
 
 
Fixed maturities, available-for-sale (amortized cost of $717,666 in 2018 and $533,183 in 2017)
$
717,681

 
$
532,438

Equity securities, available-for-sale (cost of $402,694 in 2017)
—

 
646,060

Equity securities (cost of $1,117,363 in 2018) (1)
1,175,120

 
—

Short-term investments, available-for-sale (estimated fair value approximates cost)
451,499

 
1,159,323

Total Investments
2,344,300

 
2,337,821

Cash and cash equivalents
263,043

 
349,347

Restricted cash and cash equivalents
3,177

 
1,419

Receivables
19,295

 
18,684

Investments in consolidated subsidiaries
10,697,605

 
9,510,215

Notes receivable from subsidiaries
160,111

 
140,110

Income taxes receivable
21,174

 
5,704

Other assets
135,722

 
121,233

Total Assets
$
13,644,427

 
$
12,484,533

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
Senior long-term debt
$
2,539,389

 
$
2,537,331

Notes payable to subsidiaries (2)
1,895,000

 
285,000

Net deferred tax liability
64,564

 
84,507

Other liabilities
64,820

 
73,547

Total Liabilities
4,563,773

 
2,980,385

Total Shareholders' Equity
9,080,654

 
9,504,148

Total Liabilities and Shareholders' Equity
$
13,644,427

 
$
12,484,533


(1)  
Effective January 1, 2018, the Company adopted ASU No. 2016-01. As a result, equity securities are no longer classified as available-for-sale with unrealized gains and losses recognized in other comprehensive income; rather, all changes in the fair value of equity securities are now recognized in net income. Prior periods have not been restated to conform to the current presentation. See note 1.
(2)  
In December 2018, Markel Corporation purchased Markel Global Reinsurance Company, an indirectly owned subsidiary of Markel Corporation, from Alterra USA Holdings Limited, another indirectly owned subsidiary of Markel Corporation, by issuing a $1.4 billion note payable to subsidiary.
Schedule Of Condensed Statements Of Income And Comprehensive Income
CONDENSED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)

 
Years Ended December 31,
 
2018
 
2017
 
2016
 
(dollars in thousands)
REVENUES
 
 
 
 
 
Net investment income
$
32,631

 
$
21,076

 
$
9,561

Dividends on common stock of consolidated subsidiaries
749,171

 
895,920

 
349,622

Net investment gains (losses):
 
 
 
 
 
Net realized investment gains (losses), including other-than-temporary impairment losses
(3,341
)
 
3,383

 
1,068

Change in fair value of equity securities (1)
(110,356
)
 
—

 
—

Net investment gains (losses)
(113,697
)
 
3,383

 
1,068

Total Revenues
668,105

 
920,379

 
360,251

EXPENSES
 
 
 
 
 
Services and other expenses
6,532

 
11,708

 
13,076

Interest expense
145,681

 
122,151

 
116,013

Net foreign exchange gains
(3,391
)
 
—

 
—

Loss on early extinguishment of debt
—

 
—

 
44,100

Total Expenses
148,822

 
133,859

 
173,189

Income Before Equity in Undistributed Earnings of Consolidated Subsidiaries and Income Taxes
519,283

 
786,520

 
187,062

Equity in undistributed earnings of consolidated subsidiaries
(696,045
)
 
(469,365
)
 
196,615

Income tax benefit
(48,582
)
 
(78,114
)
 
(72,012
)
Net Income (Loss) to Shareholders
$
(128,180
)
 
$
395,269

 
$
455,689

OTHER COMPREHENSIVE INCOME (LOSS) TO SHAREHOLDERS
 
 
 
 
 
Change in net unrealized gains on available-for-sale investments, net of taxes:
 
 
 
 
 
Net holding gains (losses) arising during the period
$
(1,492
)
 
$
52,277

 
$
37,045

Consolidated subsidiaries' net holding gains (losses) arising during the period
(239,833
)
 
735,062

 
238,616

Reclassification adjustments for net gains (losses) included in net income (loss) to shareholders
2,564

 
(1,513
)
 
(523
)
Consolidated subsidiaries' reclassification adjustments for net gains included in net income (loss) to shareholders
5,285

 
(22,783
)
 
(32,970
)
Change in net unrealized gains on available-for-sale investments, net of taxes
(233,476
)
 
763,043

 
242,168

Change in foreign currency translation adjustments, net of taxes
—

 
(2,260
)
 
(1,326
)
Consolidated subsidiaries' change in foreign currency translation adjustments, net of taxes
(16,455
)
 
12,663

 
(10,384
)
Consolidated subsidiaries' change in net actuarial pension loss, net of taxes
2,341

 
6,259

 
(19,100
)
Total Other Comprehensive Income (Loss) to Shareholders
(247,590
)
 
779,705

 
211,358

Comprehensive Income (Loss) to Shareholders
$
(375,770
)
 
$
1,174,974

 
$
667,047


(1) 
Effective January 1, 2018, the Company adopted ASU No. 2016-01. As a result, equity securities are no longer classified as available-for-sale with unrealized gains and losses recognized in other comprehensive income; rather, all changes in the fair value of equity securities are now recognized in net income. Prior periods have not been restated to conform to the current presentation. See note 1.

Schedule Of Condensed Statements Of Cash Flows
CONDENSED STATEMENTS OF CASH FLOWS

 
Years Ended December 31,
 
2018
 
2017
 
2016
 
(dollars in thousands)
OPERATING ACTIVITIES
 
 
 
 
 
Net income (loss) to shareholders
$
(128,180
)
 
$
395,269

 
$
455,689

Adjustments to reconcile net income (loss) to shareholders to net cash provided (used) by operating activities
3,637

 
(166,132
)
 
(120,564
)
Net Cash Provided (Used) By Operating Activities
(124,543
)
 
229,137

 
335,125

INVESTING ACTIVITIES
 
 
 
 
 
Proceeds from sales of fixed maturities and equity securities
204,478

 
20,562

 
1,831

Proceeds from maturities, calls and prepayments of fixed maturities
34,560

 
64,705

 
11,960

Cost of fixed maturities and equity securities purchased
(26,336
)
 
(72,910
)
 
(29,110
)
Net change in short-term investments
930,876

 
649,181

 
(731,389
)
Return of capital from subsidiaries
12,712

 
45,225

 
21,021

Decrease (increase) in notes receivable due from subsidiaries
(20,000
)
 
(58
)
 
92,530

Capital contributions to subsidiaries
(103,133
)
 
(270,623
)
 
—

Acquisitions, net of cash acquired
(972,619
)
 
(1,153,683
)
 
—

Cost of equity method investments
(5,117
)
 
(10,633
)
 
(3,100
)
Additions to property and equipment
(3,191
)
 
—

 
(584
)
Other
(5,261
)
 
6,972

 
(3,207
)
Net Cash Provided (Used) By Investing Activities
46,969

 
(721,262
)
 
(640,048
)
FINANCING ACTIVITIES
 
 
 
 
 
Additions to senior long-term debt
—

 
592,923

 
493,149

Increase in notes payable to subsidiaries
47,105

 
—

 
—

Repayment and retirement of senior long-term debt
—

 
—

 
(183,343
)
Premiums and fees related to early extinguishment of debt
—

 
—

 
(43,691
)
Repurchases of common stock
(54,007
)
 
(110,838
)
 
(51,142
)
Other
(70
)
 
(9,848
)
 
(337
)
Net Cash Provided (Used) By Financing Activities
(6,972
)
 
472,237

 
214,636

Decrease in cash, cash equivalents, restricted cash and restricted cash equivalents
(84,546
)
 
(19,888
)
 
(90,287
)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year
350,766

 
370,654

 
460,941

CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS AT END OF YEAR
$
266,220

 
$
350,766

 
$
370,654