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Markel Corporation (Parent Company Only) Financial Information (Tables)
 12 Months Ended
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
Schedule Of Condensed Balance Sheets
CONDENSED BALANCE SHEETS

 
December 31,
 
2019
 
2018
 
(dollars in thousands)
ASSETS
 
 
 
Investments, at estimated fair value:
 
 
 
Fixed maturities, available-for-sale (amortized cost of $658,557 in 2019 and $717,666 in 2018)
$
676,307

 
$
717,681

Equity securities (cost of $1,487,478 in 2019 and $1,117,363 in 2018)
1,831,333

 
1,175,120

Short-term investments, available-for-sale (estimated fair value approximates cost)
724,558

 
451,499

Total Investments
3,232,198

 
2,344,300

Cash and cash equivalents
737,072

 
263,043

Restricted cash and cash equivalents
1,077

 
3,177

Receivables
19,846

 
19,295

Investments in consolidated subsidiaries
12,239,086

 
10,697,605

Notes receivable from subsidiaries
60,111

 
160,111

Income taxes receivable
2,170

 
21,174

Other assets
347,023

 
135,722

Total Assets
$
16,638,583

 
$
13,644,427

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
Senior long-term debt
$
3,438,910

 
$
2,539,389

Notes payable to subsidiaries (1)
1,835,000

 
1,895,000

Income taxes payable
18,270

 
—

Net deferred tax liability
129,835

 
64,564

Other liabilities
145,701

 
64,820

Total Liabilities
5,567,716

 
4,563,773

Total Shareholders' Equity
11,070,867

 
9,080,654

Total Liabilities and Shareholders' Equity
$
16,638,583

 
$
13,644,427


(1)  
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 (Loss) And Comprehensive Income (Loss)
CONDENSED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)

 
Years Ended December 31,
 
2019
 
2018
 
2017
 
(dollars in thousands)
REVENUES
 
 
 
 
 
Net investment income
$
48,845

 
$
32,631

 
$
21,076

Dividends on common stock of consolidated subsidiaries
863,335

 
749,171

 
895,920

Net investment gains (losses):
 
 
 
 
 
Net realized investment gains (losses), including other-than-temporary impairment losses
3,848

 
(3,341
)
 
3,383

Change in fair value of equity securities (1)
293,296

 
(110,356
)
 
—

Net investment gains (losses)
297,144

 
(113,697
)
 
3,383

Total Revenues
1,209,324

 
668,105

 
920,379

EXPENSES
 
 
 
 
 
Services and other expenses
6,436

 
6,532

 
11,708

Interest expense
219,082

 
145,681

 
122,151

Net foreign exchange losses (gains)
3,973

 
(3,391
)
 
—

Loss on early extinguishment of debt
13,656

 
—

 
—

Total Expenses
243,147

 
148,822

 
133,859

Income Before Equity in Undistributed Earnings of Consolidated Subsidiaries and Income Taxes
966,177

 
519,283

 
786,520

Equity in undistributed earnings (losses) of consolidated subsidiaries
851,337

 
(696,045
)
 
(469,365
)
Income tax (expense) benefit
(27,048
)
 
48,582

 
78,114

Net Income (Loss) to Shareholders (1)
$
1,790,466

 
$
(128,180
)
 
$
395,269

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
$
14,016

 
$
(1,492
)
 
$
52,277

Consolidated subsidiaries' net holding gains (losses) arising during the period
285,109

 
(239,833
)
 
735,062

Reclassification adjustments for net gains (losses) included in net income (loss) to shareholders
(4,591
)
 
2,564

 
(1,513
)
Consolidated subsidiaries' reclassification adjustments for net gains (losses) included in net income (loss) to shareholders
3,443

 
5,285

 
(22,783
)
Change in net unrealized gains on available-for-sale investments, net of taxes
297,977

 
(233,476
)
 
763,043

Change in foreign currency translation adjustments, net of taxes
—

 
—

 
(2,260
)
Consolidated subsidiaries' change in foreign currency translation adjustments, net of taxes
403

 
(16,455
)
 
12,663

Consolidated subsidiaries' change in net actuarial pension loss, net of taxes
5,042

 
2,341

 
6,259

Total Other Comprehensive Income (Loss) to Shareholders
303,422

 
(247,590
)
 
779,705

Comprehensive Income (Loss) to Shareholders
$
2,093,888

 
$
(375,770
)
 
$
1,174,974
Schedule Of Condensed Statements Of Cash Flows
CONDENSED STATEMENTS OF CASH FLOWS

 
Years Ended December 31,
 
2019
 
2018
 
2017
 
(dollars in thousands)
OPERATING ACTIVITIES
 
 
 
 
 
Net income (loss) to shareholders
$
1,790,466

 
$
(128,180
)
 
$
395,269

Adjustments to reconcile net income (loss) to shareholders to net cash provided (used) by operating activities
(1,530,940
)
 
3,637

 
(166,132
)
Net Cash Provided (Used) By Operating Activities
259,526

 
(124,543
)
 
229,137

INVESTING ACTIVITIES
 
 
 
 
 
Proceeds from sales of fixed maturities and equity securities
326,564

 
204,478

 
20,562

Proceeds from maturities, calls and prepayments of fixed maturities
41,673

 
34,560

 
64,705

Cost of fixed maturities and equity securities purchased
(82,332
)
 
(26,336
)
 
(72,910
)
Net change in short-term investments
(236,251
)
 
930,876

 
649,181

Return of capital from subsidiaries
14,865

 
12,712

 
45,225

Decrease (increase) in notes receivable due from subsidiaries
100,000

 
(20,000
)
 
(58
)
Capital contributions to subsidiaries
(413,148
)
 
(103,133
)
 
(270,623
)
Acquisitions, net of cash acquired
—

 
(972,619
)
 
(1,153,683
)
Cost of equity method investments
(213,100
)
 
(4,917
)
 
—

Other
6,719

 
(8,652
)
 
(3,661
)
Net Cash Provided (Used) By Investing Activities
(455,010
)
 
46,969

 
(721,262
)
FINANCING ACTIVITIES
 
 
 
 
 
Additions to senior long-term debt
1,384,182

 
—

 
592,923

Increase (decrease) in notes payable to subsidiaries
(99,839
)
 
47,105

 
—

Repayment of senior long-term debt
(484,811
)
 
—

 
—

Premiums and fees related to early extinguishment of debt
(13,248
)
 
—

 
—

Repurchases of common stock
(116,307
)
 
(54,007
)
 
(110,838
)
Other
(2,564
)
 
(70
)
 
(9,848
)
Net Cash Provided (Used) By Financing Activities
667,413

 
(6,972
)
 
472,237

Increase (Decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents
471,929

 
(84,546
)
 
(19,888
)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year
266,220

 
350,766

 
370,654

CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS AT END OF YEAR
$
738,149

 
$
266,220

 
$
350,766