XML 18 R46.htm IDEA: XBRL DOCUMENT v3.20.1
Segment Reporting Disclosures (Company's Segment Disclosures) (Details)
$ in Thousands
3 Months Ended
Mar. 31, 2020
USD ($)
segment
Mar. 31, 2019
USD ($)
Segment Reporting Information [Line Items]    
Number of reportable ongoing underwriting segments | segment 2  
Gross premium volume $ 2,322,824 $ 2,255,042
Net written premiums 1,646,478 1,477,093
Earned premiums 1,330,709 1,203,977
Losses and loss adjustment expenses, current accident year (1,180,365) (757,970)
Losses and loss adjustment expenses, prior accident year 104,017 70,224
Amortization of policy acquisition costs (295,811) (261,827)
Other operating expenses (199,352) (193,385)
Underwriting profit (loss) (240,802) 61,019
Net investment income 88,243 114,182
Net investment gains (losses) (1,681,441) 612,191
Products revenues 352,161 348,794
Services and other revenues 245,994 193,344
Products expenses (314,071) (319,426)
Services and other expenses (217,556) (174,606)
Amortization of intangible assets (37,858) [1] (40,668) [2]
Segment profit (loss) (1,805,330) 794,830
Interest expense (45,030) (40,290)
Net foreign exchange gains (losses) 78,301 (21,864)
Income (Loss) before income taxes $ (1,772,059) $ 732,676
U.S. GAAP combined ratio 118.00% [3] 95.00% [4]
Insurance [Member]    
Segment Reporting Information [Line Items]    
Gross premium volume $ 1,414,711 $ 1,192,848
Net written premiums 1,195,737 998,358
Earned premiums 1,106,851 973,727
Losses and loss adjustment expenses, current accident year (1,006,635) (618,498)
Losses and loss adjustment expenses, prior accident year 116,132 72,574
Amortization of policy acquisition costs (239,420) (199,999)
Other operating expenses (183,302) (175,721)
Underwriting profit (loss) (206,374) 52,083
Net investment income 0 0
Net investment gains (losses) 0 0
Products revenues 0 0
Services and other revenues 0 0
Products expenses 0 0
Services and other expenses 0 0
Amortization of intangible assets 0 [1] 0 [2]
Segment profit (loss) $ (206,374) $ 52,083
U.S. GAAP combined ratio 119.00% [3] 95.00% [4]
Reinsurance [Member]    
Segment Reporting Information [Line Items]    
Gross premium volume $ 513,186 $ 513,377
Net written premiums 452,749 478,967
Earned premiums 225,960 230,510
Losses and loss adjustment expenses, current accident year (173,730) (139,472)
Losses and loss adjustment expenses, prior accident year (13,912) (11,295)
Amortization of policy acquisition costs (56,391) (61,828)
Other operating expenses (15,886) (14,559)
Underwriting profit (loss) (33,959) 3,356
Net investment income 0 0
Net investment gains (losses) 0 0
Products revenues 0 0
Services and other revenues 0 0
Products expenses 0 0
Services and other expenses 0 0
Amortization of intangible assets 0 [1] 0 [2]
Segment profit (loss) $ (33,959) $ 3,356
U.S. GAAP combined ratio 115.00% [3] 99.00% [4]
Investing [Member]    
Segment Reporting Information [Line Items]    
Gross premium volume $ 0 $ 0
Net written premiums 0 0
Earned premiums 0 0
Losses and loss adjustment expenses, current accident year 0 0
Losses and loss adjustment expenses, prior accident year 0 0
Amortization of policy acquisition costs 0 0
Other operating expenses 0 0
Underwriting profit (loss) 0 0
Net investment income 88,059 113,930
Net investment gains (losses) (1,681,441) 612,191
Products revenues 0 0
Services and other revenues 0 0
Products expenses 0 0
Services and other expenses 0 0
Amortization of intangible assets 0 [1] 0 [2]
Segment profit (loss) (1,593,382) 726,121
Markel Ventures [Member]    
Segment Reporting Information [Line Items]    
Gross premium volume 0 [5] 0 [6]
Net written premiums 0 [5] 0 [6]
Earned premiums 0 [5] 0 [6]
Losses and loss adjustment expenses, current accident year 0 [5] 0 [6]
Losses and loss adjustment expenses, prior accident year 0 [5] 0 [6]
Amortization of policy acquisition costs 0 [5] 0 [6]
Other operating expenses 0 [5] 0 [6]
Underwriting profit (loss) 0 [5] 0 [6]
Net investment income 184 [5] 252 [6]
Net investment gains (losses) 0 [5] 0 [6]
Products revenues 352,161 [5] 348,794 [6]
Services and other revenues 158,876 [5] 105,969 [6]
Products expenses (314,071) [5] (319,426) [6]
Services and other expenses (143,552) [5] (94,870) [6]
Amortization of intangible assets (11,841) [1],[5] (10,807) [2],[6]
Segment profit (loss) 41,757 [5] 29,912 [6]
Depreciation expense (13,900) [5] (14,000) [6]
Underwriting Segments [Member]    
Segment Reporting Information [Line Items]    
Amortization of intangible assets 10,500 9,800
Other [Member]    
Segment Reporting Information [Line Items]    
Gross premium volume 394,927 [7] 548,817 [8]
Net written premiums (2,008) [7] (232) [8]
Earned premiums (2,102) [7] (260) [8]
Losses and loss adjustment expenses, current accident year 0 [7] 0 [8]
Losses and loss adjustment expenses, prior accident year 1,797 [7] 8,945 [8]
Amortization of policy acquisition costs 0 [7] 0 [8]
Other operating expenses (164) [7] (3,105) [8]
Underwriting profit (loss) (469) [7] 5,580 [8]
Net investment income 0 [7] 0 [8]
Net investment gains (losses) 0 [7] 0 [8]
Products revenues 0 [7] 0 [8]
Services and other revenues 87,118 [7] 87,375 [8]
Products expenses 0 [7] 0 [8]
Services and other expenses (74,004) [7] (79,736) [8]
Amortization of intangible assets (26,017) [1],[7] (29,861) [2],[8]
Segment profit (loss) $ (13,372) [7] $ (16,642) [6]
U.S. GAAP combined ratio - not meaniningful NM [3],[7],[9] NM [4],[8],[10]
[1]
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 Insurance and Reinsurance segments.
[2]
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 Insurance and Reinsurance segments.
[3]
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.
[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]
Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $13.9 million for the three months ended March 31, 2020.
[6]
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.
[7]
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. Amortization of intangible assets attributable to the Company's underwriting segments was $10.5 million for the three months ended March 31, 2020, however, the Company does not allocate amortization of intangible assets between the Insurance and Reinsurance segments.
[8]
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. Amortization of intangible assets attributable to the Company's underwriting segments was $9.8 million for the three months ended March 31, 2019, however, the Company does not allocate amortization of intangible assets between the Insurance and Reinsurance segments.
[9]
NM - Ratio is not meaningful
[10]
NM - Ratio is not meaningful