Segment Reporting Disclosures (Tables)

3 Months Ended

Mar. 31, 2019

The following tables summarize the Company's segment disclosures.



	Three Months Ended March 31, 2019
(dollars in thousands)	Insurance			Reinsurance			Investing		Markel Ventures ⁽¹⁾			Other ⁽²⁾				Consolidated
Gross premium volume	$	1,192,848		$	513,377		$	—	$	—		$	548,817			$	2,255,042
Net written premiums	998,358			478,967			—		—			(232		)		1,477,093

Earned premiums	973,727			230,510			—		—			(260		)		1,203,977
Losses and loss adjustment expenses:
Current accident year	(618,498		)	(139,472		)	—		—			—				(757,970		)
Prior accident years	72,574			(11,295		)	—		—			8,945				70,224
Amortization of policy acquisition costs	(199,999		)	(61,828		)	—		—			—				(261,827		)
Other operating expenses	(175,721		)	(14,559		)	—		—			(3,105		)		(193,385		)
Underwriting profit	52,083			3,356			—		—			5,580				61,019
Net investment income	—			—			113,930		252			—				114,182
Net investment gains	—			—			612,191		—			—				612,191
Products revenues	—			—			—		348,794			—				348,794
Services and other revenues	—			—			—		105,969			87,375				193,344
Products expenses	—			—			—		(319,426		)	—				(319,426		)
Services and other expenses	—			—			—		(94,870		)	(79,736		)		(174,606		)
Amortization of intangible assets ⁽³⁾	—			—			—		(10,807		)	(29,861		)		(40,668		)
Segment profit (loss)	$	52,083		$	3,356		$	726,121	$	29,912		$	(16,642	)		$	794,830
Interest expense																(40,290		)
Net foreign exchange losses																(21,864		)
Income before income taxes																$	732,676
U.S. GAAP combined ratio ⁽⁴⁾	95		%	99		%						NM			⁽⁵⁾	95		%


⁽¹⁾	Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $14.0 million for the three months ended March 31, 2019.


⁽²⁾	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 are not allocated to a reportable segment.


⁽³⁾	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.


⁽⁴⁾	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.


⁽⁵⁾	NM - Ratio is not meaningful



	Three Months Ended March 31, 2018
(dollars in thousands)	Insurance			Reinsurance			Investing			Markel Ventures ⁽¹⁾			Other ⁽²⁾				Consolidated
Gross premium volume	$	1,093,362		$	492,333		$	—		$	—		$	461,189			$	2,046,884
Net written premiums	912,979			421,058			—			—			765				1,334,802

Earned premiums	902,851			247,964			—			—			206				1,151,021
Losses and loss adjustment expenses:
Current accident year	(570,027		)	(153,181		)	—			—			—				(723,208		)
Prior accident years	119,173			(13,071		)	—			—			1,988				108,090
Amortization of policy acquisition costs	(179,485		)	(62,420		)	—			—			—				(241,905		)
Other operating expenses	(169,971		)	(12,130		)	—			—			(384		)		(182,485		)
Underwriting profit	102,541			7,162			—			—			1,810				111,513
Net investment income	—			—			107,894			122			—				108,016
Net investment losses	—			—			(122,998		)	—			—				(122,998		)
Products revenues	—			—			—			294,136			—				294,136
Services and other revenues	—			—			—			97,921			47,375				145,296
Products expenses	—			—			—			(269,697		)	—				(269,697		)
Services and other expenses	—			—			—			(88,608		)	(43,825		)		(132,433		)
Amortization of intangible assets ⁽³⁾	—			—			—			(10,097		)	(18,726		)		(28,823		)
Segment profit (loss)	$	102,541		$	7,162		$	(15,104	)	$	23,777		$	(13,366	)		$	105,010
Interest expense																	(40,059		)
Net foreign exchange losses																	(22,114		)
Loss before income taxes																	$	42,837
U.S. GAAP combined ratio ⁽⁴⁾	89		%	97		%							NM			⁽⁵⁾	90		%


⁽¹⁾	Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $12.7 million for the three months ended March 31, 2018.


⁽²⁾	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 are not allocated to a reportable segment.


⁽³⁾	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.


⁽⁴⁾	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.


⁽⁵⁾	NM - Ratio is not meaningful

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