Segment Reporting Disclosures (Tables)

12 Months Ended

Dec. 31, 2019

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

The following tables summarize the Company's segment disclosures.



	Year Ended December 31, 2019
(dollars in thousands)	Insurance			Reinsurance			Investing		Markel Ventures ⁽¹⁾			Other ⁽²⁾				Consolidated
Gross premium volume	$	5,320,253		$	1,114,153		$	—	$	—		$	2,345,565			$	8,779,971
Net written premiums	4,444,702			964,947			—		—			2,422				5,412,071

Earned premiums	4,144,073			903,587			—		—			2,133				5,049,793
Losses and loss adjustment expenses:
Current accident year	(2,730,971		)	(695,470		)	—		—			—				(3,426,441		)
Prior accident years	462,124			64,768			—		—			8,359				535,251
Amortization of policy acquisition costs	(860,917		)	(239,579		)	—		—			—				(1,100,496		)
Other operating expenses	(704,531		)	(73,305		)	—		—			239				(777,597		)
Underwriting profit (loss)	309,778			(39,999		)	—		—			10,731				280,510
Net investment income	—			—			451,152		736			—				451,888
Net investment gains	—			—			1,601,722		—			—				1,601,722
Products revenues	—			—			—		1,609,586			—				1,609,586
Services and other revenues	—			—			—		444,698			368,504				813,202
Products expenses	—			—			—		(1,455,245		)	—				(1,455,245		)
Services and other expenses	—			—			—		(389,385		)	(286,294		)		(675,679		)
Amortization of intangible assets ⁽³⁾	—			—			—		(41,973		)	(106,665		)		(148,638		)
Segment profit (loss)	$	309,778		$	(39,999	)	$	2,052,874	$	168,417		$	(13,724	)		$	2,477,346
Interest expense																(171,687		)
Net foreign exchange losses																(2,265		)
Loss on early extinguishment of debt																(17,586		)
Income before income taxes																$	2,285,808
U.S. GAAP combined ratio ⁽⁴⁾	93		%	104		%						NM			⁽⁵⁾	94		%


⁽¹⁾	Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $53.6 million for the year ended December 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 and impairment of goodwill and 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 the Company's underwriting 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



	Year Ended December 31, 2018
(dollars in thousands)	Insurance			Reinsurance			Investing			Markel Ventures ⁽¹⁾			Other ⁽²⁾				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	—			—			(437,596		)	—			—				(437,596		)
Products revenues	—			—			—			1,497,523			—				1,497,523
Services and other revenues	—			—			—			414,542			220,541				635,083
Products expenses	—			—			—			(1,413,248		)	—				(1,413,248		)
Services and other expenses	—			—			—			(366,739		)	(108,185		)		(474,924		)
Amortization of intangible assets ⁽³⁾	—			—			—			(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 ⁽⁴⁾	94		%	113		%							NM			⁽⁵⁾	98		%


⁽¹⁾	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.


⁽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 is 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 the Company's underwriting 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



	Year Ended December 31, 2017
(dollars in thousands)	Insurance			Reinsurance			Investing			Markel Ventures ⁽¹⁾			Other ⁽²⁾				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	—			—			(5,303		)	—			—				(5,303		)
Products revenues	—			—			—			951,012			—				951,012
Services and other revenues	—			—			—			382,268			79,995				462,263
Products expenses	—			—			—			(850,449		)	—				(850,449		)
Services and other expenses	—			—			—			(336,484		)	(122,137		)		(458,621		)
Amortization of intangible assets ⁽³⁾	—			—			—			(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 ⁽⁴⁾	97		%	132		%							NM			⁽⁵⁾	105		%


⁽¹⁾	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.


⁽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 and impairment of goodwill and 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 the Company's underwriting 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

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, 2019
Insurance segment	$	392,774	$	2,356,875	$	8,119,046
Reinsurance segment	173,268		677,260		3,395,459
Other underwriting	—		—		298,062
Total Underwriting	566,042		3,034,135		11,812,567
Program services and other	—		1,023,592		2,916,109
Total	$	566,042	$	4,057,727	$	14,728,676
December 31, 2018
Insurance segment	$	315,363	$	2,031,140	$	7,947,772
Reinsurance segment	159,150		630,435		3,425,751
Other underwriting	—		—		386,329
Total Underwriting	474,513		2,661,575		11,759,852
Program services and other	—		949,453		2,516,627
Total	$	474,513	$	3,611,028	$	14,276,479

Summary Of Segment Earned Premiums By Product

The following table summarizes earned premiums by major product grouping.



	Years Ended December 31,
(dollars in thousands)	2019		2018			2017
Insurance segment:
General liability	$	1,039,617	$	889,543		$	764,956
Professional liability	814,587		701,867			628,878
Property	364,830		369,116			365,513
Marine and energy	391,464		376,747			312,282
Personal lines	378,522		374,543			382,761
Programs	294,418		288,398			273,954
Workers' compensation	349,770		329,690			319,679
Other products	510,865		454,035			266,010
Total Insurance	4,144,073		3,783,939			3,314,033
Reinsurance segment:
Property	201,486		233,195			321,178
Casualty	408,368		360,739			327,912
Specialty	293,733		334,640			285,024
Total Reinsurance	903,587		928,574			934,114
Other	2,133		(453		)	(169		)
Total earned premiums	$	5,049,793	$	4,712,060		$	4,247,978

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)	2019		% of Total		2018		% of Total		2017		% of Total
United States	$	5,172,074	81	%	$	4,587,486	79	%	$	4,163,753	79	%
United Kingdom	458,370		7		471,818		8		374,941		7
Canada	151,606		2		127,546		2		132,018		3
Other countries	652,277		10		612,146		11		582,395		11
Total Underwriting	6,434,327		100	%	5,798,996		100	%	5,253,107		100	%
United States - Program services and other	2,345,644				2,065,473				253,853
Total	$	8,779,971			$	7,864,469			$	5,506,960

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)	2019		2018		2017
Segment assets:
Investing	$	22,129,633	$	19,100,790	$	20,317,160
Underwriting	6,621,639		6,451,984		6,828,048
Markel Ventures	2,550,835		2,124,506		1,900,728
Total segment assets	31,302,107		27,677,280		29,045,936
Other operations	6,171,708		5,628,983		3,759,080
Total assets	$	37,473,815	$	33,306,263	$	32,805,016