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Segment Reporting Disclosures
 9 Months Ended
Sep. 30, 2024
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]  
Segment Reporting Disclosures Segment Reporting Disclosures
The Company has four reportable segments: Insurance, Reinsurance, Investing and Markel Ventures.

The chief operating decision maker reviews the Company's ongoing underwriting operations on a global basis in the following two segments: Insurance and Reinsurance. The Insurance segment includes all direct business and facultative reinsurance placements written on a risk-bearing basis within the Company's underwriting operations. The Reinsurance segment includes all treaty reinsurance written on a risk-bearing basis within the Company's underwriting operations.

The Company's other insurance operations primarily consist of the results of the Company's program services and other fronting business and insurance-linked securities operations. Other insurance operations also include results for lines of business discontinued prior to, or in conjunction with, acquisitions, including development on asbestos and environmental loss reserves and results attributable to the run-off of life and annuity reinsurance business, which are monitored separately from the Company's ongoing underwriting operations. For purposes of segment reporting, none of these other insurance operations are considered to be reportable segments.

The Company's Investing segment includes all investing activities related to the Company's insurance operations, as well as investing activities at Markel Group. Invested assets managed through the Investing segment include the Company's portfolio of publicly traded fixed maturity and equity securities, as well as cash and short-term investments.

The Markel Ventures segment primarily consists of controlling interests in a diverse portfolio of businesses that operate in various industries. The Company's chief operating decision maker reviews and assesses Markel Ventures' performance in the aggregate, as a single operating segment.

Segment profit for all of the Company's segments is measured by operating income. Segment operating income excludes amortization of intangible assets arising from purchase accounting for acquisitions, which the chief operating decision maker does not consider in assessing the financial performance of, or allocating resources to, operating segments. Amortization of acquired intangible assets is considered a corporate expense because it is not a cost of operating the underlying businesses. For the Insurance and Reinsurance segments, segment operating income is typically consistent with underwriting profit, which the property and casualty insurance industry commonly defines as earned premiums net of losses and loss adjustment expenses and underwriting, acquisition and insurance expenses. Segment operating income for these two segments may also include other revenues and expenses that are not captured in underwriting profit.

Prior to 2024, the segment profitability metric for the Markel Ventures segment included amortization of acquired intangible assets. The new metric, as previously described, better aligns with how the chief operating decision maker reviews and assesses the performance of the Markel Ventures segment. Prior periods have been recast to conform to the current presentation. Management continues to evaluate the Company's segments as its business evolves and may further refine its segments and segment profitability metric.

For management reporting purposes, the Company allocates assets to its underwriting operations and to its Investing and Markel Ventures segments and certain of its other insurance operations, including its program services and other fronting business and insurance-linked securities business. Underwriting assets include assets attributed to the Company's Insurance and Reinsurance segments, discontinued underwriting lines of business, as well as assets that are not specifically allocated to the Company's other insurance operations. Generally, the Company manages its underwriting assets in the aggregate and therefore does not allocate assets to individual underwriting segments.
a) The following tables summarize the Company's segment disclosures.

Quarter Ended September 30, 2024
(dollars in thousands)InsuranceReinsuranceInvestingMarkel Ventures
Other insurance operations
Corporate
Consolidated
Earned premiums$1,859,934 $250,680 $— $— $(506)$— $2,110,108 
Net investment income— — 233,384 2,093 — — 235,477 
Net investment gains— — 917,530 — — — 917,530 
Products revenues— — — 612,277 — — 612,277 
Services and other revenues— — 14,971 645,251 75,650 — 735,872 
Total operating revenues1,859,934 250,680 1,165,885 1,259,621 75,144 — 4,611,264 
Losses and loss adjustment expenses:
Current accident year(1,215,469)(198,057)— — — — (1,413,526)
Prior accident years130,431 (7,937)— — 420 — 122,914 
Underwriting, acquisition and insurance expenses:
Amortization of policy acquisition costs(369,320)(62,354)— — — — (431,674)
Other underwriting expenses(295,992)(15,863)— — (27)— (311,882)
Products expenses— — — (549,990)— — (549,990)
Services and other expenses— — — (603,004)(6,317)— (609,321)
Amortization of acquired intangible assets
(46,459)(46,459)
Operating income (loss)$109,584 $(33,531)$1,165,885 $106,627 $69,220 $(46,459)$1,371,326 
Interest expense(53,361)
Net foreign exchange losses(111,612)
Income before income taxes$1,206,353 

Quarter Ended September 30, 2023
(dollars in thousands)InsuranceReinsuranceInvestingMarkel Ventures
Other insurance operations
Corporate
Consolidated
Earned premiums$1,848,267 $274,161 $— $— $(683)$— $2,121,745 
Net investment income— — 191,015 1,192 — — 192,207 
Net investment losses— — (265,917)— — — (265,917)
Products revenues— — — 601,524 — — 601,524 
Services and other revenues— — (5,033)644,053 86,607 — 725,627 
Total operating revenues1,848,267 274,161 (79,935)1,246,769 85,924 — 3,375,186 
Losses and loss adjustment expenses:
Current accident year(1,258,864)(176,007)— — — — (1,434,871)
Prior accident years55,374 (23,262)— — (1,566)— 30,546 
Underwriting, acquisition and insurance expenses:
Amortization of policy acquisition costs(369,001)(68,919)— — — — (437,920)
Other underwriting expenses(250,684)(11,785)— — 2,260 — (260,209)
Products expenses— — — (545,567)— — (545,567)
Services and other expenses— — — (570,782)(36,028)— (606,810)
Amortization of acquired intangible assets
(47,545)(47,545)
Operating income (loss)$25,092 $(5,812)$(79,935)$130,420 $50,590 $(47,545)$72,810 
Interest expense(44,553)
Net foreign exchange gains39,246 
Income before income taxes$67,503 
Nine Months Ended September 30, 2024
(dollars in thousands)InsuranceReinsuranceInvestingMarkel Ventures
Other insurance operations
Corporate
Consolidated
Earned premiums$5,547,398 $768,649 $— $— $(1,213)$— $6,314,834 
Net investment income— — 671,042 5,765 — — 676,807 
Net investment gains— — 1,689,794 — — — 1,689,794 
Products revenues— — — 2,060,336 — — 2,060,336 
Services and other revenues— — 45,174 1,787,907 204,910 — 2,037,991 
Total operating revenues5,547,398 768,649 2,406,010 3,854,008 203,697 — 12,779,762 
Losses and loss adjustment expenses:
Current accident year(3,608,979)(546,167)— — — — (4,155,146)
Prior accident years374,215 (13,749)— — (16,254)— 344,212 
Underwriting, acquisition and insurance expenses:
Amortization of policy acquisition costs(1,101,256)(186,644)— — — — (1,287,900)
Other underwriting expenses(861,305)(42,289)— — (1,109)— (904,703)
Products expenses— — — (1,766,930)— — (1,766,930)
Services and other expenses— — — (1,699,038)(58,184)— (1,757,222)
Amortization of acquired intangible assets
(134,981)(134,981)
Operating income (loss)$350,073 $(20,200)$2,406,010 $388,040 $128,150 $(134,981)$3,117,092 
Interest expense(151,506)
Net foreign exchange losses(51,401)
Income before income taxes$2,914,185 

Nine Months Ended September 30, 2023
(dollars in thousands)InsuranceReinsuranceInvestingMarkel Ventures
Other insurance operations
Corporate
Consolidated
Earned premiums$5,322,377 $799,683 $— $— $(1,468)$— $6,120,592 
Net investment income— — 518,536 2,699 — — 521,235 
Net investment gains— — 591,173 — — — 591,173 
Products revenues— — — 1,964,332 — — 1,964,332 
Services and other revenues— — (13,791)1,770,997 206,573 — 1,963,779 
Total operating revenues5,322,377 799,683 1,095,918 3,738,028 205,105 — 11,161,111 
Losses and loss adjustment expenses:
Current accident year(3,415,860)(519,109)— — — — (3,934,969)
Prior accident years179,564 (6,584)— — (3,226)— 169,754 
Underwriting, acquisition and insurance expenses:
Amortization of policy acquisition costs(1,096,500)(202,271)— — — — (1,298,771)
Other underwriting expenses(733,334)(38,113)— — (1,503)— (772,950)
Products expenses— — — (1,712,792)— — (1,712,792)
Services and other expenses— — — (1,632,588)(45,658)— (1,678,246)
Amortization of acquired intangible assets
(136,367)(136,367)
Operating income$256,247 $33,606 $1,095,918 $392,648 $154,718 $(136,367)$1,796,770 
Interest expense(141,212)
Net foreign exchange losses(8,658)
Income before income taxes$1,646,900 
b) The following table reconciles segment assets to the Company's consolidated balance sheets.

(dollars in thousands)September 30, 2024December 31, 2023
Segment assets:
Investing$34,442,388 $30,542,282 
Underwriting10,818,395 9,897,689 
Markel Ventures5,881,520 5,519,542 
Total segment assets51,142,303 45,959,513 
Other insurance operations
11,140,935 9,086,197 
Total assets$62,283,238 $55,045,710