Employee Benefit Plans

12 Months Ended

Dec. 31, 2019

Defined Benefit Plan [Abstract]

Employee Benefit Plans

Employee Benefit Plans

a)The Company maintains defined contribution plans for employees of its U.S. insurance operations in accordance with Section 401(k) of the U.S. Internal Revenue Code of 1986. Employees of the Company's Markel Ventures subsidiaries are provided post-retirement benefits under separate defined contribution plans. The Company also provides various defined contribution plans for employees of its international insurance and other operations, which are in line with local market terms and conditions of employment. Expenses relating to the Company's defined contribution plans were $42.4 million, $41.8 million and $36.7 million in 2019, 2018 and 2017, respectively.

b)The Terra Nova Pension Plan is a defined benefit plan that covers certain employees in the Company's international insurance operations who meet the eligibility conditions set out in the plan. The plan has been closed to new participants since 2001, and employees have not accrued benefits for future service in the plan since April 2012. The projected benefit obligations of the Terra Nova Pension Plan as of December 31, 2019 and 2018 were $191.4 million and $171.5 million, respectively, and the related fair value of plan assets was $216.9 million and $187.0 million, respectively. The corresponding net asset for pension benefits, also referred to as the funded status of the plan, at December 31, 2019 and 2018 was included in other assets on the Company's consolidated balance sheets.