MARKEL GROUP INC., 10-K filed on 2/24/2025
Annual Report
v3.25.0.1
Document And Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2024
Feb. 05, 2025
Jun. 30, 2024
Cover [Abstract]      
Document Type 10-K    
Document Period End Date Dec. 31, 2024    
Entity File Number 001-15811    
Entity Registrant Name MARKEL GROUP INC.    
Entity Incorporation, State or Country Code VA    
Entity Tax Identification Number 54-1959284    
Entity Address, Address Line One 4521 Highwoods Parkway    
Entity Address, City or Town Glen Allen    
Entity Address, State or Province VA    
Entity Address, Postal Zip Code 23060-6148    
City Area Code 804    
Local Phone Number 747-0136    
Title of 12(b) Security Common Stock, no par value    
Trading Symbol MKL    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Document Annual Report true    
Document Transition Report false    
Amendment Flag false    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001096343    
Current Fiscal Year End Date --12-31    
Entity Public Float     $ 20,072,000,000
Entity Common Stock, Shares Outstanding   12,770,003  
Documents Incorporated by Reference The portions of the registrant's Proxy Statement for the Annual Meeting of Shareholders scheduled to be held on May 21, 2025, referred to in Part III.    
Auditor Name KPMG LLP    
Auditor Location Richmond, VA    
Auditor Firm ID 185    
v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
ASSETS    
Fixed maturity securities, available-for-sale (amortized cost of $16,457,723 in 2024 and $14,932,286 in 2023) $ 15,745,539 $ 14,372,732
Equity securities (cost of $3,887,820 in 2024 and $3,497,071 in 2023) 11,784,521 9,577,871
Short-term investments, available-for-sale (estimated fair value approximates cost) 2,524,910 2,571,382
Total Investments 30,054,970 26,521,985
Cash and cash equivalents 3,692,667 3,747,060
Restricted cash and cash equivalents 499,581 584,974
Receivables 3,626,799 3,455,306
Reinsurance recoverables 11,604,844 9,235,501
Deferred policy acquisition costs 875,710 931,344
Prepaid reinsurance premiums 2,947,213 2,365,243
Goodwill [1] 2,735,867 2,624,749
Intangible assets 1,459,620 1,588,684
Other assets 4,400,711 3,990,864
Total Assets 61,897,982 55,045,710
LIABILITIES AND EQUITY    
Unpaid losses and loss adjustment expenses 26,633,094 23,483,321
Life and annuity benefits 583,273 649,054
Unearned premiums 7,063,956 6,642,426
Payables to insurance and reinsurance companies 1,434,901 1,037,722
Senior long-term debt and other debt (estimated fair value of $3,791,000 in 2024 and $3,353,000 in 2023) 4,330,341 3,779,796
Other liabilities 4,383,444 3,927,498
Total Liabilities 44,429,009 39,519,817
Redeemable noncontrolling interests 540,034 469,685
Commitments and contingencies
Shareholders' equity:    
Preferred stock 591,891 591,891
Common stock 3,560,633 3,517,146
Retained earnings 13,380,456 11,353,101
Accumulated other comprehensive loss (617,082) (478,210)
Total Shareholders' Equity 16,915,898 14,983,928
Noncontrolling interests 13,041 72,280
Total Equity 16,928,939 15,056,208
Total Liabilities and Equity $ 61,897,982 $ 55,045,710
[1] As of December 31, 2024 and 2023, goodwill was net of accumulated impairment losses of $190.6 million, of which $171.9 million was in other insurance operations and $18.7 million was in Markel Ventures.
v3.25.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Fixed maturity securities, available-for-sale (amortized cost of $16,457,723 in 2024 and $14,932,286 in 2023) $ 16,457,723  
Equity securities (cost of $3,887,820 in 2024 and $3,497,071 in 2023) 3,887,820 $ 3,497,071
Senior long-term debt and other debt (estimated fair value of $3,791,000 in 2024 and $3,353,000 in 2023) $ 3,791,000 $ 3,353,000
v3.25.0.1
Consolidated Statements Of Income (Loss) And Comprehensive Income (Loss) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
OPERATING REVENUES      
Earned premiums $ 8,432,412 $ 8,295,479 $ 7,587,792
Net investment income 920,496 734,532 446,755
Net investment gains (losses) 1,807,219 1,524,054 (1,595,733)
Products revenues 2,635,659 2,545,053 2,427,096
Services and other revenues 2,824,977 2,704,512 2,809,425
Total operating revenues 16,620,763 15,803,630 11,675,335
OPERATING EXPENSES      
Losses and loss adjustment expenses 5,052,749 5,322,009 4,445,589
Underwriting, acquisition and insurance expenses 2,977,389 2,840,734 2,515,583
Products expenses 2,272,219 2,220,676 2,241,736
Services and other expenses 2,424,372 2,310,769 2,306,985
Amortization of intangible assets 181,472 180,614 178,778
Impairment of goodwill 0 0 80,000
Total Operating Expenses 12,908,201 12,874,802 11,768,671
Operating Income (Loss) 3,712,562 2,928,828 (93,336)
Interest expense (204,300) (185,077) (196,062)
Net foreign exchange gains (losses) 129,438 (90,045) 137,832
Income (Loss) Before Income Taxes 3,637,700 2,653,706 (151,566)
Income tax (expense) benefit (790,294) (552,616) 48,209
Net Income (Loss) 2,847,406 2,101,090 (103,357)
Net income attributable to noncontrolling interests (100,384) (105,030) (112,920)
Net Income (Loss) to Shareholders 2,747,022 1,996,060 (216,277)
Preferred stock dividends (36,000) (36,000) (36,000)
Net Income (Loss) to Common Shareholders 2,711,022 1,960,060 (252,277)
OTHER COMPREHENSIVE INCOME (LOSS)      
Net holding gains (losses) arising during the period (148,302) 278,363 (1,199,736)
Reclassification adjustments for net losses included in net income (loss) 18,007 28,540 44,906
Change in net unrealized gains (losses) on available-for-sale investments, net of taxes (130,295) 306,903 (1,154,830)
Change in discount rate for life and annuity benefits, net of taxes 252 (22,343) 149,874
Change in foreign currency translation adjustments, net of taxes (3,765) 4,704 (9,259)
Change in net actuarial pension loss, net of taxes (4,946) 74 24,730
Total Other Comprehensive Income (Loss) (138,754) 289,338 (989,485)
Comprehensive Income (Loss) 2,708,652 2,390,428 (1,092,842)
Comprehensive income attributable to noncontrolling interests (100,502) (105,084) (112,937)
Comprehensive Income (Loss) to Shareholders $ 2,608,150 $ 2,285,344 $ (1,205,779)
NET INCOME (LOSS) PER COMMON SHARE      
Basic (dollars per share) $ 199.69 $ 147.32 $ (23.72)
Diluted (dollars per share) $ 199.32 $ 146.98 $ (23.72) [1]
[1] The impact of 33 thousand shares from restricted stock units and restricted stock was excluded from the computation of diluted net loss per common share for the year ended December 31, 2022 because the effect would have been anti-dilutive.
v3.25.0.1
Consolidated Statements Of Changes In Equity - USD ($)
$ in Thousands
Total
Total Equity [Member]
Total Shareholders' Equity [Member]
Preferred Stock [Member]
Common Stock [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Noncontrolling Interests [Member]
Redeemable Noncontrolling Interests [Member]
Velocity [Member]
Total Equity [Member]
Velocity [Member]
Noncontrolling Interests [Member]
Volante [Member]
Total Equity [Member]
Volante [Member]
Noncontrolling Interests [Member]
Buckner HeavyLift Cranes [Member]
Redeemable Noncontrolling Interests [Member]
Metromont LLC [Member]
Redeemable Noncontrolling Interests [Member]
Balance at Dec. 31, 2021   $ 14,722,732 $ 14,699,872 $ 591,891 $ 3,441,079 $ 10,444,894 $ 222,008 $ 22,860              
Balance, redeemable noncontrolling interests at Dec. 31, 2021                 $ 461,378            
Net income (loss) $ (103,357) (129,538) (216,277)     (216,277) 0 86,739 26,181            
Other comprehensive income (loss) (989,485) (989,502) (989,502)     0 (989,502) 0 17            
Comprehensive Income (Loss) (1,092,842) (1,119,040) (1,205,779)         86,739 26,198            
Repurchase of common stock   (290,796) (290,796) 0 0 (290,796) 0 0 0            
Preferred stock dividends   (36,000) (36,000) 0 0 (36,000) 0 0 0            
Equity awards expensed   41,684 41,684 0 41,684 0 0 0 0            
Acquisitions   0 0 0 0 0 0 0             $ (22,485)
Adjustment of redeemable noncontrolling interests   (69,896) (69,896) 0 0 (69,896) 0 0           $ 69,896  
Dispositions     0 0 0 0 0   0 $ (22,059) $ (22,059) $ (3,490) $ (3,490)    
Redemption of Markel CATCo Re noncontrolling interests   (22,261) 0 0 0 0 (22,261) 0            
Other   13,011 12,009 0 11,130 879 0 1,002 (11,833)            
Balance, redeemable noncontrolling interests at Dec. 31, 2022                 523,154            
Balance at Dec. 31, 2022   13,213,885 13,151,094 591,891 3,493,893 9,832,804 (767,494) 62,791              
Net income (loss) 2,101,090 2,068,196 1,996,060     1,996,060 0 72,136 32,894            
Other comprehensive income (loss) 289,338 289,284 289,284     0 289,284 0 54            
Comprehensive Income (Loss) 2,390,428 2,357,480 2,285,344         72,136 32,948            
Repurchase of common stock   (445,479) (445,479) 0 0 (445,479) 0 0 0            
Preferred stock dividends (36,000) (36,000) (36,000) 0 0 (36,000) 0 0 0            
Equity awards expensed   35,787 35,787 0 35,787 0 0 0 0            
Adjustment of redeemable noncontrolling interests   6,212 6,212 0 0 6,212 0 0 (6,212)            
Purchase of noncontrolling interest   (12,144) (12,144) 0 (12,144) 0 0 0 (51,227)            
Redemption of Markel CATCo Re noncontrolling interests   (62,646) 0 0 0 0 0 (62,646) 0            
Other   (887) (886) 0 (390) (496) 0 (1) (28,978)            
Balance, redeemable noncontrolling interests at Dec. 31, 2023 469,685               469,685            
Balance at Dec. 31, 2023 15,056,208 15,056,208 14,983,928 591,891 3,517,146 11,353,101 (478,210) 72,280              
Net income (loss) 2,847,406 2,803,113 2,747,022     2,747,022 0 56,091 44,293            
Other comprehensive income (loss) (138,754) (138,872) (138,872)     0 (138,872) 0 118            
Comprehensive Income (Loss) 2,708,652 2,664,241 2,608,150         56,091 44,411            
Repurchase of common stock   (572,728) (572,728) 0 0 (572,728) 0 0 0            
Preferred stock dividends (36,000) (36,000) (36,000) 0 0 (36,000) 0 0 0            
Equity awards expensed   53,302 53,302 0 53,302 0 0 0 0            
Adjustment of redeemable noncontrolling interests   (111,700) (111,700) 0 0 (111,700) 0 0 111,700            
Purchase of noncontrolling interest   (9,587) (9,587) 0 (9,587) 0 0 0 (36,896)            
Distributions to noncontrolling interests   0 0 0 0 0 0 0 (54,010)            
Redemption of Markel CATCo Re noncontrolling interests   (117,227) 0 0 0 0 0 (117,227) 0            
Other   2,430 533 0 (228) 761 0 1,897 5,144            
Balance, redeemable noncontrolling interests at Dec. 31, 2024 540,034               $ 540,034            
Balance at Dec. 31, 2024 $ 16,928,939 $ 16,928,939 $ 16,915,898 $ 591,891 $ 3,560,633 $ 13,380,456 $ (617,082) $ 13,041              
v3.25.0.1
Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
OPERATING ACTIVITIES      
Net income (loss) $ 2,847,406 $ 2,101,090 $ (103,357)
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred income tax expense (benefit) 394,560 233,798 (282,325)
Depreciation and amortization expense 342,359 319,734 309,448
Net amortization of investment premium or discount (123,522) (59,810) 57,506
Net investment losses (gains) (1,807,219) (1,524,054) 1,595,733
Net foreign exchange losses (gains) (129,438) 90,045 (137,832)
Gain on sale of businesses, net 0 (18,965) (225,832)
Impairment of goodwill 0 0 80,000
Increase in receivables (158,546) (486,305) (653,261)
Increase in reinsurance recoverables (2,386,745) (767,509) (1,168,483)
Decrease (increase) in deferred policy acquisition costs 50,102 (1,602) (140,630)
Increase in prepaid reinsurance premiums (584,475) (298,049) (271,292)
Increase in unpaid losses and loss adjustment expenses 3,250,607 2,443,178 2,383,268
Decrease in life and annuity benefits (38,981) (48,327) (44,693)
Increase in unearned premiums 448,238 400,017 886,393
Increase in payables to insurance and reinsurance companies 398,360 365,378 210,810
Other 91,300 38,188 213,989
Net Cash Provided By Operating Activities 2,594,006 2,786,807 2,709,442
INVESTING ACTIVITIES      
Proceeds from sales, maturities, calls and prepayments of fixed maturity securities 2,068,755 2,126,586 1,152,335
Cost of fixed maturity securities purchased (3,588,989) (4,302,864) (2,112,066)
Proceeds from sales of equity securities 177,254 298,582 242,010
Cost of equity securities purchased (571,096) (638,306) (442,991)
Net change in short-term investments 151,972 202,930 (846,019)
Cost of other investments purchased 205,937 192,715 20,051
Additions to property and equipment (254,991) (258,619) (254,712)
Acquisitions, net of cash acquired (207,753) (3,584) (79,000)
Consolidation of Markel CATCo Re, net 0 0 629,955
Distributions to Markel CATCo Re noncontrolling interests for buy-out transaction 0 0 (169,380)
Proceeds from sale of businesses, net 0 41,302 201,370
Other 32,167 23,081 28,345
Net Cash Used By Investing Activities (2,398,618) (2,703,607) (1,670,204)
FINANCING ACTIVITIES      
Additions to senior long-term debt and other debt 1,434,205 624,972 1,034,052
Repayment of senior long-term debt and other debt (896,749) (949,636) (1,255,005)
Repurchases of common stock (572,728) (445,479) (290,796)
Dividends paid on preferred stock (36,000) (36,000) (36,000)
Purchase of noncontrolling interests (46,483) (63,371) (30)
Distributions to noncontrolling interests (54,010) (28,978) (15,225)
Redemption of Markel CATCo Re noncontrolling interests (117,227) (88,997) 0
Other (8,886) (12,227) (32,307)
Net Cash Used By Financing Activities (297,878) (999,716) (595,311)
Effect of foreign currency rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents (37,296) 27,037 (103,361)
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents (139,786) (889,479) 340,566
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year 4,332,034 5,221,513 4,880,947
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS AT END OF YEAR $ 4,192,248 $ 4,332,034 $ 5,221,513
v3.25.0.1
Summary Of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Summary Of Significant Accounting Policies
1. Summary of Significant Accounting Policies

Markel Group Inc. (Markel Group) is a holding company comprised of a diverse group of companies and investments with specialty insurance at its core. Through its wholly owned subsidiary, Markel Ventures, Inc. (Markel Ventures), Markel Group owns controlling interests in businesses that operate in a variety of industries. See note 2 for details regarding reportable segments.

a) Basis of Presentation. The accompanying consolidated financial statements have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP) and include the accounts of Markel Group and its consolidated subsidiaries, as well as any variable interest entities (VIEs) that meet the requirements for consolidation (the Company). All significant intercompany balances and transactions have been eliminated in consolidation. The Company consolidates the results of its Markel Ventures subsidiaries on a one-month lag, with the exception of significant transactions or events that occur during the intervening period. Certain prior period amounts have been reclassified to conform to the current period presentation.

b) Use of Estimates. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Management periodically reviews its estimates and assumptions. Quarterly reviews include evaluating the adequacy of reserves for unpaid losses and loss adjustment expenses and contingencies. Estimates and assumptions for goodwill and intangible assets are reviewed in conjunction with an acquisition, and goodwill and indefinite-lived intangible assets are reassessed at least annually for impairment. Actual results may differ materially from the estimates and assumptions used in preparing the consolidated financial statements.

c) Investments. Available-for-sale investments and equity securities are recorded at estimated fair value. Available-for-sale investments include fixed maturity securities and short-term investments. Fixed maturity securities include government and municipal bonds and mortgage-backed securities with original maturities of more than one year. Short-term investments are primarily comprised of treasury bills with original maturities of one year or less.

Realized investment gains or losses on available-for-sale investments are included in net income. Realized gains or losses from sales of available-for-sale investments are derived using the first-in, first-out method on the trade date. Unrealized gains and losses on available-for-sale investments, net of income taxes, are included in other comprehensive income. The Company completes a detailed analysis each quarter to assess declines in the fair value of its available-for-sale investments. Any credit-related impairment losses on the Company's available-for-sale investments are recorded as an allowance, subject to reversal, and recognized in net income. Realized and unrealized gains and losses on equity securities are included in net income as net investment gains or losses.

Premiums and discounts are amortized or accreted over the lives of the related fixed maturity securities as an adjustment to the yield using the effective interest method. Dividend and interest income are recognized when earned. Accrued interest receivable is excluded from both the estimated fair value and the amortized cost basis of available-for-sale securities and included within other assets on the Company's consolidated balance sheets. Any uncollectible accrued interest receivable is written off in the period it is deemed uncollectible.

See note 4 and note 5 for further details regarding the Company's investment portfolio.

d) Cash and Cash Equivalents. The Company considers all investments with original maturities of 90 days or less to be cash equivalents, with the exception of treasury bills, which are classified as short-term investments. The carrying value of the Company's cash and cash equivalents approximates fair value.

e) Restricted Cash and Cash Equivalents. Cash and cash equivalents that are restricted as to withdrawal or use are recorded as restricted cash and cash equivalents. The carrying value of the Company's restricted cash and cash equivalents approximates fair value.

f) Receivables. Receivables include amounts receivable from agents, brokers and insureds, which represent premiums that are both currently due and amounts not yet due on insurance and reinsurance policies. Premiums for insurance policies are
generally due at inception. Premiums for reinsurance policies generally become due over the period of coverage based on the policy terms. Changes in the estimate of reinsurance premiums written will result in an adjustment to premiums receivable in the period they are determined. Receivables also include amounts receivable from contracts with customers, which represent the Company's unconditional right to consideration for satisfying the performance obligations outlined in the contract.

The Company monitors credit risk associated with receivables, taking into consideration the fact that in certain instances in the Company's insurance operations credit risk may be reduced by the Company's right to offset loss obligations or unearned premiums against premiums receivable. An allowance is established for credit losses expected to be incurred over the life of the receivable, which is recorded net of this allowance. The allowance is charged to net income in the period the receivable is recorded and revised in subsequent periods to reflect changes in the Company's estimate of expected credit losses. See note 7 for further details regarding receivables.

g) Reinsurance Recoverables. Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured business. The Company evaluates the financial condition of its reinsurers and monitors concentration of credit risk to minimize its exposure to significant losses from individual reinsurers. To further reduce credit exposure on reinsurance recoverables, the Company has received collateral, including letters of credit and trust accounts, from certain reinsurers. Cash collateral related to these reinsurance agreements is available, without restriction, when the Company pays losses covered by the reinsurance agreements. An allowance is established for credit losses expected to be incurred over the life of the reinsurance recoverable, which is recorded net of this allowance. The allowance is charged to net income in the period the recoverable is recorded and revised in subsequent periods to reflect changes in the Company's estimate of expected credit losses. As of December 31, 2024 and 2023, the allowance for credit losses associated with the Company's reinsurance recoverables was not material to the consolidated financial statements.

h) Deferred Policy Acquisition Costs. Costs directly related to the acquisition of insurance premiums are deferred and amortized over the related policy period, generally one year. The Company only defers acquisition costs incurred that are directly related to the successful acquisition of new or renewal insurance contracts, including commissions to agents and brokers, salaries and benefits and premium taxes. Commissions received related to reinsurance premiums ceded are netted against broker commissions in determining acquisition costs eligible for deferral. To the extent that future policy revenues on existing policies are not adequate to cover related costs and expenses, deferred policy acquisition costs are charged to earnings. The Company does not consider anticipated investment income in determining whether a premium deficiency exists. See note 2(a) and (g) for further details regarding policy acquisition costs.

i) Goodwill and Intangible Assets. Goodwill and intangible assets are recorded as a result of business acquisitions. Goodwill represents the excess of the amount paid to acquire a business over the net fair value of assets acquired and liabilities assumed at the date of acquisition. Indefinite-lived and other intangible assets are recorded at fair value as of the acquisition date. The determination of the fair value of certain assets acquired and liabilities assumed involves significant judgment and the use of valuation models and other estimates, which require assumptions that are inherently subjective. Goodwill and indefinite-lived intangible assets are tested for impairment at least annually. The Company completes an annual test during the fourth quarter of each year based upon the results of operations through September 30. Intangible assets with definite lives are amortized using the straight-line method over their estimated useful lives, generally five to 20 years, and are reviewed for impairment when events or circumstances indicate that their carrying value may not be recoverable. See note 8 for further details regarding goodwill and intangible assets.

j) Equity Method Investments. The Company holds certain investments that are required to be accounted for under the equity method, whereby they initially are recorded at cost within other assets on the consolidated balance sheets and subsequently increased or decreased by the Company's proportionate share of the net income or loss of the investee and other transactions impacting the investee's equity. The Company records its proportionate share of net income or loss of the investee in services and other revenues. The Company records its proportionate share of other comprehensive income or loss of the investee as a component of other comprehensive income. Dividends or other equity distributions in excess of the Company's cumulative equity in earnings of the investee are recorded as a reduction of the investment. The Company reviews equity method investments for impairment when events or circumstances indicate that a decline in the fair value of the investment below its carrying value is other-than-temporary. See note 6 for further details regarding the Company's equity method investments.

k) Property and Equipment. Property and equipment is maintained primarily by certain of the Company's Markel Ventures businesses and is stated at cost less accumulated depreciation. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful lives of the respective assets. Property and equipment, net of accumulated
depreciation, was $1.4 billion and $1.3 billion as of December 31, 2024 and 2023, respectively, and is included in other assets on the Company's consolidated balance sheets.

l) Leases. The present value of future lease payments for the Company's leases with terms greater than 12 months is included on the consolidated balance sheets as lease liabilities and right-of-use lease assets within other liabilities and other assets, respectively.

The Company's lease portfolio primarily consists of operating leases for real estate and equipment. Total expected lease payments are based on the lease payments specified in the contract and the stated term, including any options to extend or terminate that the Company is reasonably certain to exercise. The Company accounts for lease components and any associated non-lease components within a contract as a single lease component, and therefore allocates all of the expected lease payments to the lease component.

The lease liability, which represents the Company's contractual obligation to make lease payments, is calculated based on the present value of expected lease payments over the remaining lease term, discounted using the Company's collateralized incremental borrowing rate at the lease commencement date. The lease liability is then adjusted for any prepaid rent, lease incentives received or capitalized initial direct costs to determine the lease asset, which represents the Company's right to use the underlying asset for the lease term.

Total lease costs are primarily comprised of rental expense for operating leases, which is recognized on a straight line basis over the lease term. Rental expense attributable to the Company's underwriting operations is included in underwriting, acquisition and insurance expenses and rental expense attributable to the Company's other operations is included in products expenses and services and other expenses in the consolidated statements of income and comprehensive income. See note 9 for further details regarding leases.

m) Inventories. Inventories are maintained at certain of the Company's Markel Ventures businesses and consist primarily of raw materials, work-in-process and finished goods. Inventories are generally valued based on the nature of the inventory, including the first-in-first-out, standard cost and specific identification methods, and stated at the lower of cost or net realizable value. Inventories were $631.5 million and $617.2 million as of December 31, 2024 and 2023, respectively, and are included in other assets on the Company's consolidated balance sheets.

n) Redeemable Noncontrolling Interests. The Company owns controlling interests in various companies through its Markel Ventures operations. In some cases, the Company has the option to acquire the remaining equity interests, and the remaining equity interests have the option to sell their interests to the Company, in the future. The redemption value of the remaining equity interests is generally based on the respective company's earnings in specified periods preceding the redemption date. The redeemable noncontrolling interests are redeemable in 2025 or become redeemable between 2026 and 2032.

The Company recognizes changes in the redemption value that exceed the carrying value of redeemable noncontrolling interests to retained earnings as if the balance sheet date was also the redemption date. Changes in the redemption value also result in an adjustment to net income to common shareholders in the calculation of basic and diluted net income per common share. See note 19 for further details regarding the calculation of basic and diluted net income per common share.

o) Income Taxes. The Company records deferred income taxes to reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance when management believes it is more likely than not that some, or all, of the deferred tax assets will not be realized. The Company recognizes the tax benefit from an uncertain tax position taken or expected to be taken in income tax returns only if it is more likely than not that the tax position will be sustained upon examination by tax authorities, based on the technical merits of the position. Tax positions that meet the more likely than not threshold are then measured using a probability weighted approach, whereby the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement is recognized. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. See note 15 for further details regarding income taxes.

p) Unpaid Losses and Loss Adjustment Expenses. Unpaid losses and loss adjustment expenses on the Company's property and casualty insurance business are based on evaluations of reported claims and estimates for losses and loss adjustment expenses incurred but not reported (IBNR). Estimates for losses and loss adjustment expenses incurred but not reported are
based on reserve development studies, among other things. Recorded reserves are estimates, and the ultimate liability may be greater or less than the estimates. See note 11 for further details regarding unpaid losses and loss adjustment expenses.

q) Life and Annuity Benefits. The Company has a run-off block of life and annuity reinsurance contracts that subject the Company to mortality, longevity and morbidity risks. The primary component of the Company's liabilities for life and annuity benefits is the present value of the liability for future policyholder benefits. The cash flow assumptions used to determine the policyholder benefit reserves are reviewed, and updated as necessary, at least annually. Interest accretion for the reserves is calculated using the discount rate locked-in at contract inception. Policy benefit reserves are remeasured each period using current discount rates, based on yields for upper-medium grade fixed maturity securities, with the impact of changes in the discount rate included in other comprehensive income, net of taxes. All other results attributable to the run-off of life and annuity reinsurance contracts are included in services and other revenues and services and other expenses in the consolidated statements of income and comprehensive income. Investment income earned on the investments that support the policy benefit reserves are included in net investment income. Because of the uncertainty in the assumptions used to estimate reserves for life and annuity benefit obligations and the long-term nature of these reinsurance contracts, the ultimate liability may be greater or less than the estimated liability. See note 13 for further details regarding life and annuity benefits.

r) Revenue Recognition.

Property and Casualty Premiums

Insurance premiums written are generally recorded at the inception of a policy and earned on a pro rata basis over the policy period, typically one year. The cost of reinsurance ceded is initially recorded as prepaid reinsurance premiums and is amortized over the reinsurance contract period in proportion to the amount of insurance protection provided. Premiums ceded are netted against premiums written. For multi-year contracts where insurance premiums are payable in annual installments, written premiums are recorded at the inception of the contract based on management's best estimate of total premiums to be received. For contracts where the cedent has the ability to unilaterally commute or cancel coverage within the term of the policy, written premiums are generally recorded on an annual basis or up to the contract cancellation point. The remaining premiums are estimated and included as written at each successive anniversary date within the multi-year term.

Assumed reinsurance premiums are recorded at the inception of each contract based upon contract terms and information received from cedents and brokers and are earned on a pro rata basis over the coverage period, or for multi-year contracts, in proportion with the underlying risk exposure to the extent there is variability in the exposure through the coverage period. Changes in reinsurance premium estimates are expected and may result in significant adjustments in any period. These estimates change over time as additional information regarding changes in underlying exposures is obtained. Any subsequent differences arising on such estimates are recorded as premiums written in the period they are determined and are earned on a pro rata basis over the coverage period, or immediately if the coverage period has ended. The Company uses the periodic method to account for assumed reinsurance from foreign reinsurers as a result of the sufficiency of the information provided by the reinsurer, which is consistent with its accounting for assumed reinsurance from U.S. reinsurers.

Certain contracts that the Company writes provide for reinstatement of coverage. Reinstatement premiums are the premiums for the restoration of the insurance or reinsurance limit of a contract to its full amount after a loss occurrence by the insured or reinsured. The Company accrues for reinstatement premiums resulting from losses recorded. Such accruals are based upon contractual terms and management judgment is involved with respect to the amount of losses recorded. Changes in estimates of losses recorded on contracts with reinstatement premium features will result in changes in reinstatement premiums based on contractual terms. Reinstatement premiums are recognized as premiums written at the time losses are recorded and are generally earned on a pro rata basis over the remaining coverage period.

Other Revenues

Other revenues primarily relate to the Company's Markel Ventures, program services and insurance-linked securities (ILS) operations and consist of revenues from the sale of products and services. Revenues are recognized when, or as, control of the promised goods or services is transferred to the Company's customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Contracts with customers generally have an original term of one year or less. For contracts with customers that have an original term greater than one year, the Company recognizes revenue at the amount for which it has a right to invoice for the products delivered or services performed. Certain customers may receive volume rebates or credits for products and services, which are accounted for as variable consideration. The Company estimates these amounts based on the expected amount to be provided to the customer and reduces revenues
recognized by a corresponding amount. The Company does not expect significant changes to its estimates of variable consideration over the term of the contracts.

Payment terms for products and services vary by the type of product or service offered and the location of the customer, and payment is typically received at or shortly after the point of sale. For certain products, the Company requires partial payment in the form of a deposit before the products are delivered to the customer, which is included in other liabilities on the Company's consolidated balance sheets.

Through its Markel Ventures operations, the Company has several different businesses that manufacture or produce a variety of products, including ornamental plants, precast concrete, equipment used in baking systems, over-the-road transportation equipment, portable dredges, residential homes and flooring for the trucking industry. Most of the Company's product revenues are recognized when the products are shipped to the customer or the products arrive at the agreed upon destination with the end customer. Certain of the Company's products revenues are recognized based on percentage of completion. Some of the Company's contracts include multiple performance obligations. For such arrangements, revenues are allocated to each performance obligation based on the relative standalone selling price, which is derived from amounts stated in the contract.

Through its Markel Ventures operations, the Company also has several different businesses that provide various types of services, including distribution of exterior building products, fire protection and life safety services and consulting services. Service revenues are generally recognized either at a point-in-time when services are provided or over the term of the contracts based on hours incurred or as services are provided.

The Company's Markel Ventures operations also include certain businesses that earn revenues through the leasing of equipment. The revenues from these leases are generally recognized on a straight-line basis over the term of the lease.

The Company's other revenues also include fronting fees, or ceding fees, which are based on the gross premiums written on behalf of general agent and capacity provider clients. Ceding fees are earned in a manner consistent with the recognition of the gross premiums earned on the underlying insurance policies, generally on a pro rata basis over the terms of the underlying policies reinsured.

The Company's other revenues also include investment management fee income. Investment management fee income is recognized over the period in which investment management services are provided and is calculated and recognized monthly, based on either the net asset value of the accounts managed or gross premium volume for the underlying risks. For certain accounts, the Company is also entitled to participate, on a fixed-percentage basis, in any net income generated in excess of an agreed-upon threshold as established by the underlying investment management agreements. In general, net income is calculated at the end of each calendar year and incentive fees are payable annually. Incentive fee income is recognized at the conclusion of the contractual performance period, when the uncertainty related to performance has been resolved.

See note 10 for further details regarding products, services and other revenues.

s) Program Services. In connection with its program services business, the Company enters into contractual agreements with both producing general agents and reinsurers, whereby the general agents and reinsurers are typically obligated to each other for payment of insurance amounts, including premiums, commissions and losses. To the extent these funds are not the obligation of the Company and are settled directly between the general agent and the reinsurer, no receivables or payables are recorded for these amounts. All obligations of the Company's insurance subsidiaries owed to or on behalf of their policyholders are recorded by the Company and, to the extent appropriate, offsetting reinsurance recoverables are recorded.

t) Foreign Currency Transactions. The U.S. Dollar is the Company's reporting currency and the primary functional currency of its foreign underwriting operations. The functional currencies of the Company's other foreign operations are the currencies of the primary economic environments in which the majority of their business is transacted.

Foreign currency transaction gains and losses are the result of exchange rate changes on transactions denominated in currencies other than the functional currency at each foreign entity. Monetary assets and liabilities are remeasured to the functional currency at current exchange rates, with resulting gains and losses included in net foreign exchange gains within net income. Non-monetary assets and liabilities are remeasured to the functional currency at historic exchange rates. Available-for-sale securities are recorded at fair value with resulting gains and losses, including the portion attributable to movements in exchange rates, included in the change in net unrealized gains on available-for-sale investments, net of taxes within other comprehensive income. While the Company attempts to naturally hedge its exposure to foreign currency fluctuations by matching assets and liabilities in the same currencies, there is a financial statement mismatch between the gains or losses
recorded in net income related to insurance reserves denominated in non-functional currencies and the gains or losses recorded in other comprehensive income related to the available-for-sale securities held in non-functional currencies supporting the reserves.

Assets and liabilities of foreign operations denominated in a functional currency other than the U.S. Dollar are translated into the U.S. Dollar at current exchange rates, with resulting gains or losses included, net of taxes, in the change in foreign currency translation adjustments within other comprehensive income.

u) Comprehensive Income. Comprehensive income represents all changes in equity that result from recognized transactions and other economic events during the period. Other comprehensive income refers to revenues, expenses, gains and losses that under U.S. GAAP are included in comprehensive income but excluded from net income, such as unrealized gains or losses on available-for-sale investments, changes in discount rate for life and annuity benefits, foreign currency translation adjustments and changes in net actuarial pension loss. See note 20 for further details regarding other comprehensive income.

v) Net Income Per Common Share. Basic net income per common share is computed by dividing adjusted net income to shareholders by the weighted average number of common shares outstanding during the year. Diluted net income per common share is computed by dividing adjusted net income to shareholders by the sum of the weighted average number of common shares and dilutive potential common shares outstanding during the year. See note 19 for further details regarding the calculation of basic and diluted net income per common share.

w) Variable Interest Entities. The Company determines whether it has relationships with entities defined as VIEs in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 810, Consolidation. Under this guidance, a VIE is consolidated by the variable interest holder that is determined to be the primary beneficiary.

An entity in which the Company holds a variable interest is a VIE if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) as a group, the holders of equity investment at risk lack either the direct or indirect ability through voting rights or similar rights to make decisions about an entity's activities that most significantly impact the entity's economic performance or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some investors are disproportionate to their obligation to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity's activities either involve or are conducted on behalf of an investor with disproportionately few voting rights.

The primary beneficiary is defined as the variable interest holder that is determined to have the controlling financial interest as a result of having both (a) the power to direct the activities of a VIE that most significantly impact the economic performance of the VIE and (b) the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE.

The Company determines whether an entity is a VIE at the inception of its variable interest in the entity and upon the occurrence of certain reconsideration events. The Company continually reassesses whether it is the primary beneficiary of VIEs in which it holds a variable interest. See note 17 for further details regarding the Company's involvement with VIEs.

x) Recent Accounting Pronouncements.

Accounting Standards Adopted in 2024

In November 2023, the FASB issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The standard requires public companies to, among other things: (1) disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss; (2) disclose, on an annual and interim basis, an amount for other segment expenses that are not separately disclosed as significant segment expenses and a description of its composition; (3) provide all annual disclosures about a reportable segment's profit or loss and assets currently required by Topic 280 in interim periods; and (4) disclose the title and position of the chief operating decision maker and an explanation of how the chief operating decision maker uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. ASU No. 2023-07 became effective for the Company's 2024 Annual Report on Form 10-K and was applied using a retrospective approach that required recasting of all prior periods presented. The standard only impacts required disclosures and does not impact the Company's financial position, results of
operations or cash flows. The ASU did not result in significant changes to the Company's reportable segment disclosures. See note 2 for the Company's segment disclosures.

Accounting Standards Not Yet Adopted

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The standard requires public companies, on an annual basis, to provide enhanced rate reconciliation disclosures, including disclosure of specific categories and additional information for reconciling items that meet a quantitative threshold. The standard also requires public companies to, among other things, disaggregate income taxes paid by federal, state and foreign taxes. ASU No. 2023-09 becomes effective for the Company's 2025 Annual Report on Form 10-K. The standard will not impact the Company's financial position, results of operations or cash flows.
In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures. The standard requires disclosure of certain prescribed costs and expenses within the notes to consolidated financial statements. ASU No. 2024-03 becomes effective for the Company's 2027 Annual Report on Form 10-K. The standard only impacts required disclosures and will not impact the Company's financial position, results of operations or cash flows. The Company is currently in the early stages of evaluating the impact of ASU No. 2024-23 on its disclosures.
v3.25.0.1
Segment Reporting Disclosures
 12 Months Ended
Dec. 31, 2024
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]  
Segment Reporting Disclosures
2. Segment Reporting Disclosures

The Company has four reportable segments: Insurance, Reinsurance, Investing and Markel Ventures. The Company's chief operating decision maker is the chief executive officer.

The chief operating decision maker reviews the Company's ongoing underwriting operations on a global basis in the following two segments: Insurance and Reinsurance. In determining how to allocate resources and assess the performance of the Company's underwriting results, the chief operating decision maker considers many factors, including the nature of the insurance product sold, the type of account written and the type of customer served. The Insurance segment includes all direct business 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 insurance-linked securities businesses. 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 Company's 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 and impairment of goodwill, both of which arise from purchase accounting for acquisitions. The chief operating decision maker does not consider these expenses in assessing the financial performance of, or allocating resources to, operating segments. These expenses are considered corporate expenses because they are not a cost of operating the underlying businesses. For the Company's 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 and impairment of goodwill. 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.

The chief operating decision maker uses segment operating income to assess the performance of each segment and determine how to allocate capital. The chief operating decision maker allocates capital where he believes it will earn an appropriate return.

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 operations, including its program services and insurance-linked securities businesses. 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.
Year Ended December 31, 2024
(dollars in thousands)InsuranceReinsuranceInvestingMarkel Ventures
Other insurance operations
Corporate
Consolidated
Earned premiums$7,407,643 $1,028,201 $— $— $(3,432)$— $8,432,412 
Net investment income— — 913,478 7,018 — — 920,496 
Net investment gains— — 1,807,219 — — — 1,807,219 
Products revenues— — — 2,635,659 — — 2,635,659 
Services and other revenues— — 52,253 2,477,419 295,305 — 2,824,977 
Total operating revenues7,407,643 1,028,201 2,772,950 5,120,096 291,873 — 16,620,763 
Losses and loss adjustment expenses:
Current accident year - attritional
(4,704,219)(733,191)— — — — (5,437,410)
Current accident year - catastrophe
(67,169)(3,480)— — — — (70,649)
Prior accident years451,016 12,344 — — (8,050)— 455,310 
Underwriting, acquisition and insurance expenses:
Amortization of policy acquisition costs(1,501,829)(252,312)— — — — (1,754,141)
Other underwriting expenses(1,163,557)(56,925)— — (2,766)— (1,223,248)
Products expenses— — — (2,272,219)— — (2,272,219)
Services and other expenses— — — (2,327,795)(96,577)— (2,424,372)
Amortization of acquired intangible assets
(181,472)(181,472)
Operating income (loss)$421,885 $(5,363)$2,772,950 $520,082 $184,480 $(181,472)$3,712,562 
Interest expense(204,300)
Net foreign exchange gains129,438 
Income before income taxes$3,637,700 
Year Ended December 31, 2023
(dollars in thousands)InsuranceReinsuranceInvestingMarkel Ventures
Other insurance operations
Corporate
Consolidated
Earned premiums$7,282,705 $1,014,294 $— $— $(1,520)$— $8,295,479 
Net investment income— — 729,219 5,313 — — 734,532 
Net investment gains— — 1,524,054 — — — 1,524,054 
Products revenues— — — 2,545,053 — — 2,545,053 
Services and other revenues— — (11,854)2,434,715 281,651 — 2,704,512 
Total operating revenues7,282,705 1,014,294 2,241,419 4,985,081 280,131 — 15,803,630 
Losses and loss adjustment expenses:
Current accident year - attritional
(4,651,173)(669,314)— — — — (5,320,487)
Current accident year - catastrophe
(39,572)(500)— — — — (40,072)
Prior accident years104,743 (57,081)— — (9,112)— 38,550 
Underwriting, acquisition and insurance expenses:
Amortization of policy acquisition costs(1,508,169)(255,501)— — — — (1,763,670)
Other underwriting expenses(1,026,358)(51,163)— — 457 — (1,077,064)
Products expenses— — — (2,220,676)— — (2,220,676)
Services and other expenses— — — (2,244,527)(66,242)— (2,310,769)
Amortization of acquired intangible assets
(180,614)(180,614)
Operating income (loss)$162,176 $(19,265)$2,241,419 $519,878 $205,234 $(180,614)$2,928,828 
Interest expense(185,077)
Net foreign exchange losses(90,045)
Income before income taxes$2,653,706 

Year Ended December 31, 2022
(dollars in thousands)InsuranceReinsuranceInvestingMarkel Ventures
Other insurance operations
Corporate
Consolidated
Earned premiums$6,528,263 $1,063,347 $— $— $(3,818)$— $7,587,792 
Net investment income— — 445,846 909 — — 446,755 
Net investment losses— — (1,595,733)— — — (1,595,733)
Products revenues— — — 2,427,096 — — 2,427,096 
Services and other revenues— — (17,661)2,329,522 497,564 — 2,809,425 
Total operating revenues6,528,263 1,063,347 (1,167,548)4,757,527 493,746 — 11,675,335 
Losses and loss adjustment expenses:
Current accident year - attritional
(3,867,195)(663,903)— — — — (4,531,098)
Current accident year - events (1)
(69,230)(12,707)— — — — (81,937)
Prior accident years142,924 26,052 — — (1,530)— 167,446 
Underwriting, acquisition and insurance expenses:
Amortization of policy acquisition costs(1,375,539)(279,567)— — — — (1,655,106)
Other underwriting expenses(809,352)(49,363)— — (1,762)— (860,477)
Products expenses— — — (2,241,736)— — (2,241,736)
Services and other expenses— — — (2,111,510)(195,475)— (2,306,985)
Amortization of acquired intangible assets
(178,778)(178,778)
Impairment of goodwill
(80,000)(80,000)
Operating income (loss)$549,871 $83,859 $(1,167,548)$404,281 $294,979 $(258,778)$(93,336)
Interest expense(196,062)
Net foreign exchange gains137,832 
Loss before income taxes$(151,566)
(1)     Includes losses and loss adjustment expenses attributed to catastrophes and the Russia-Ukraine conflict.
b) The following amounts attributable to the Markel Ventures segment are also reviewed, or included in measures reviewed, by the Company's chief operating decision maker.

Years Ended December 31,
(dollars in thousands)202420232022
Depreciation expense$122,125 $108,605 $102,055 
Capital expenditures$177,075 $221,036 $225,230 

c) The following table reconciles segment assets to the Company's consolidated balance sheets.

December 31,
(dollars in thousands)20242023
Segment assets:
Investing$34,272,049 $30,542,282 
Underwriting10,784,528 9,897,689 
Markel Ventures5,824,229 5,519,542 
Total segment assets 50,880,806 45,959,513 
Other insurance operations
11,017,176 9,086,197 
Total assets$61,897,982 $55,045,710 

d) The following table summarizes earned premiums by major product grouping within each underwriting segment.

Years Ended December 31,
(dollars in thousands)202420232022
Insurance segment:
General liability$2,063,827 $2,128,317 $1,927,721 
Professional liability1,655,848 1,798,882 1,739,983 
Marine and energy747,004 688,591 585,885 
Personal lines625,542 538,816 489,648 
Property609,453 532,337 428,563 
Programs576,444 509,866 384,952 
Workers' compensation374,371 393,011 385,054 
Credit and surety248,001 219,542 193,701 
Other products507,153 473,343 392,756 
Total Insurance7,407,643 7,282,705 6,528,263 
Reinsurance segment:
General liability382,151 368,376 382,482 
Professional liability371,198 388,610 398,839 
Specialty269,021 245,126 275,033 
Property5,831 12,182 6,993 
Total Reinsurance1,028,201 1,014,294 1,063,347 
Other(3,432)(1,520)(3,818)
Total earned premiums$8,432,412 $8,295,479 $7,587,792 

The Company does not manage products at this level of aggregation as it offers a diverse portfolio of products and manages these products in more disaggregated groupings within each underwriting segment.
During the years ended December 31, 2024, 2023 and 2022, 75% of gross premiums written in the Company's underwriting segments were attributed to risks or cedents located in the United States. Substantially all of the gross premiums written in the Company's program services and ILS fronting operations during 2024, 2023 and 2022 were attributed to risks located in the United States.

Most of the gross written premiums in the Company's underwriting operations are placed through insurance and reinsurance brokers. The following table summarizes the percentage of gross written premiums placed by the top five independent brokers within the Company's underwriting operations, Insurance segment and Reinsurance segment. The top five independent brokers may vary among the segments and from year to year.

Years Ended December 31,
202420232022
Insurance segment
32 %33 %34 %
Reinsurance segment
90 %95 %99 %
Total underwriting
38 %37 %40 %

e) The following table summarizes gross and net written premiums by segment, including a reconciliation to total underwriting and consolidated amounts.

Years Ended December 31,
(dollars in thousands)202420232022
Gross written premium:
Insurance segment$9,400,316 $9,217,150 $8,606,700 
Reinsurance segment1,150,780 1,046,539 1,229,851 
Other underwriting777 13,943 10,987 
Total underwriting10,551,873 10,277,632 9,847,538 
Program services and ILS fronting
4,942,758 3,724,605 3,354,144 
Total$15,494,631 $14,002,237 $13,201,682 
Net written premium:
Insurance segment$7,260,089 $7,432,062 $7,040,176 
Reinsurance segment1,039,372 967,799 1,167,312 
Other underwriting290 (1,073)(115)
Total underwriting8,299,751 8,398,788 8,207,373 
Program services and ILS fronting
(3,576)(1,213)(3,983)
Total$8,296,175 $8,397,575 $8,203,390 
f) The following table summarizes deferred policy acquisition costs, unearned premiums and unpaid losses and loss adjustment expenses by segment, including a reconciliation to total underwriting and consolidated amounts.

(dollars in thousands)Deferred Policy
Acquisition Costs		Unearned
Premiums		Unpaid Losses and
Loss Adjustment Expenses
December 31, 2024
Insurance segment$648,969 $4,283,879 $16,073,355 
Reinsurance segment226,741 933,329 3,870,059 
Other underwriting— 1,558 149,522 
Total underwriting875,710 5,218,766 20,092,936 
Program services and ILS fronting
— 1,845,190 6,515,153 
Markel CATCo Re (see note 17)
— — 25,005 
Total$875,710 $7,063,956 $26,633,094 
December 31, 2023
Insurance segment$708,128 $4,307,704 $14,221,258 
Reinsurance segment223,216 901,138 3,726,472 
Other underwriting— 7,488 165,071 
Total underwriting931,344 5,216,330 18,112,801 
Program services and ILS fronting
— 1,426,096 5,185,553 
Markel CATCo Re (see note 17)
— — 184,967 
Total$931,344 $6,642,426 $23,483,321 

g) The following table summarizes total products revenues and services and other revenues by major product and service grouping within the Company's Markel Ventures segment.

Years Ended December 31,
(dollars in thousands)202420232022
Products:
Consumer and building$1,606,353 $1,474,499 $1,510,130 
Transportation-related584,200 667,040 612,467 
Equipment manufacturing445,106 403,514 304,499 
Total products revenues2,635,659 2,545,053 2,427,096 
Services and other:
Construction2,089,280 2,042,326 1,910,403 
Consulting283,343 297,115 326,549 
Other104,796 95,274 92,570 
Total services and other revenues2,477,419 2,434,715 2,329,522 
Total products revenues and services and other revenues$5,113,078 $4,979,768 $4,756,618 

The Company does not manage the Markel Ventures portfolio of businesses at this level of aggregation due to the distinct characteristics of each business and the autonomy with which each business operates. The Company's chief operating decision maker reviews and assesses the performance of the Markel Ventures businesses in the aggregate at the Markel Ventures segment level, while individual management teams are responsible for developing strategic initiatives, managing day-to-day operations and making investment and capital allocation decisions for their respective companies.

During the years ended December 31, 2024, 2023 and 2022, 94%, 95%, and 96%, respectively, of Markel Ventures segment revenues were attributable to U.S. operations.
v3.25.0.1
Acquisitions and Dispositions
 12 Months Ended
Dec. 31, 2024
Business combinations, Asset acquisition and Disposition [Abstract]  
Acquisitions and Dispositions
3. Acquisitions and Dispositions

Educational Partners International

In September 2024, the Company acquired a 68% ownership interest in Educational Partners International (EPI), a company that sponsors international teachers for placements in schools in the U.S. Total consideration for the Company's investment was $167.7 million. Through December 2024, the Company's investment was accounted for under the equity method, as the Company did not have control over the business due to regulatory approval that was still pending. The Company's proportionate share of earnings attributed to its investment in EPI is included in the Company's Markel Ventures segment. In January 2025, the Company received regulatory approval that resulted in the Company gaining control over EPI. The Company will consolidate EPI and perform a purchase price allocation for the acquisition in the first quarter of 2025.

Valor Environmental

In June 2024, the Company acquired 98% of Valor Environmental (Valor), an environmental services company providing erosion control and related services to commercial development sites and homebuilders throughout the United States. The Company has the option to acquire the remaining equity interests and the remaining equity holders have the option to sell their interests to the Company in the future. Total consideration for the transaction was $156.4 million, all of which was cash. The purchase price was preliminarily allocated to the acquired assets and liabilities of Valor based on estimated fair value at the acquisition date. The Company recognized goodwill of $107.5 million and intangible assets of $49.0 million, which included customer relationships, trade names and other intangible assets. Goodwill is primarily attributable to expected future earnings and cash flow potential of Valor, and it is not expected to be deductible for income tax purposes. Results attributable to Valor are included in the Company's Markel Ventures segment.

The Company has not completed the process of determining the fair value of the assets acquired and liabilities assumed. As a result, the fair value recorded for these items is a provisional estimate and is subject to adjustment. Once completed, any adjustments resulting from the valuations may impact the individual amounts recorded for assets acquired and liabilities assumed, as well as the residual goodwill.

Volante

In October 2022, the Company sold its controlling interest in its Volante managing general agent companies (Volante) for total consideration of $181.9 million, of which $155.6 million was cash. This transaction resulted in a gain of $118.5 million that was included in services and other revenue. Volante underwrites and administers specialty insurance and reinsurance policies and provides delegated underwriting services to third-party providers of insurance capital.

Velocity

In February 2022, the Company sold the majority of its controlling interest in its Velocity managing general agent companies (Velocity) for total cash consideration of $181.3 million, which resulted in a gain of $107.3 million that was included in services and other revenues. The Company retained a minority interest in Velocity.
In June 2023, the Company sold Independent Specialty Insurance Company (ISIC), a subsidiary within its program services operations, to Velocity. ISIC is a licensed insurance carrier, the value of which is attributed to its insurance licenses. This transaction resulted in a gain of $16.9 million and was included in services and other revenues.
v3.25.0.1
Investments
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments
4. Investments

a) The following tables summarize the Company's available-for-sale investments. Agency mortgage-backed securities include securities issued by U.S. government-sponsored enterprises and U.S. government agencies. The net unrealized holding gains (losses) in the tables below are presented before taxes.

December 31, 2024
(dollars in thousands)Amortized
Cost		Gross
Unrealized
Holding
Gains		Gross
Unrealized
Holding
Losses		Estimated
Fair
Value
Fixed maturity securities:
U.S. Treasury securities$5,147,365 $8,962 $(68,469)$5,087,858 
U.S. government-sponsored enterprises1,445,171 2,976 (101,911)1,346,236 
Obligations of states, municipalities and political subdivisions3,813,146 5,866 (199,520)3,619,492 
Foreign governments, agencies and supranationals2,909,561 4,264 (207,302)2,706,523 
Agency mortgage-backed securities2,771,589 2,096 (123,872)2,649,813 
Non-agency mortgage-backed securities122,373 — (4,343)118,030 
Corporate and university bonds248,518 76 (31,007)217,587 
Total fixed maturity securities16,457,723 24,240 (736,424)15,745,539 
Short-term investments2,530,941 548 (6,579)2,524,910 
Investments, available-for-sale$18,988,664 $24,788 $(743,003)$18,270,449 

 December 31, 2023
(dollars in thousands)Amortized
Cost		Gross
Unrealized
Holding
Gains		Gross
Unrealized
Holding
Losses		Estimated
Fair
Value
Fixed maturity securities:
U.S. Treasury securities$3,811,293 $35,824 $(62,404)$3,784,713 
U.S. government-sponsored enterprises1,225,426 7,292 (89,904)1,142,814 
Obligations of states, municipalities and political subdivisions4,196,096 14,787 (181,578)4,029,305 
Foreign governments, agencies and supranationals2,554,874 34,352 (142,008)2,447,218 
Agency mortgage-backed securities2,507,682 8,939 (135,611)2,381,010 
Non-agency mortgage-backed securities355,673 — (22,603)333,070 
Corporate and university bonds281,242 141 (26,781)254,602 
Total fixed maturity securities14,932,286 101,335 (660,889)14,372,732 
Short-term investments2,564,620 7,155 (393)2,571,382 
Investments, available-for-sale$17,496,906 $108,490 $(661,282)$16,944,114 
b) The following tables summarize gross unrealized investment losses on available-for-sale investments by the length of time that securities have continuously been in an unrealized loss position.

December 31, 2024
Less than 12 months12 months or longerTotal
(dollars in thousands)Estimated
Fair
Value		Gross 
Unrealized
Holding
Losses		Estimated
Fair
Value		Gross 
Unrealized
Holding
Losses		Estimated
Fair
Value		Gross 
Unrealized
Holding
Losses
Fixed maturity securities:
U.S. Treasury securities$1,593,711 $(27,213)$1,444,869 $(41,256)$3,038,580 $(68,469)
U.S. government-sponsored enterprises415,333 (10,938)691,781 (90,973)1,107,114 (101,911)
Obligations of states, municipalities and political subdivisions1,133,275 (21,242)2,024,298 (178,278)3,157,573 (199,520)
Foreign governments, agencies and supranationals1,056,877 (29,890)1,246,215 (177,412)2,303,092 (207,302)
Agency mortgage-backed securities757,562 (13,880)1,710,436 (109,992)2,467,998 (123,872)
Non-agency mortgage-backed securities— — 118,030 (4,343)118,030 (4,343)
Corporate and university bonds2,107 (137)212,404 (30,870)214,511 (31,007)
Total fixed maturity securities4,958,865 (103,300)7,448,033 (633,124)12,406,898 (736,424)
Short-term investments163,503 (6,579)— — 163,503 (6,579)
Total$5,122,368 $(109,879)$7,448,033 $(633,124)$12,570,401 $(743,003)

At December 31, 2024, the Company held 1,485 available-for-sale securities in an unrealized loss position with a total estimated fair value of $12.6 billion and gross unrealized losses of $743.0 million. Of these 1,485 securities, 966 securities had been in a continuous unrealized loss position for one year or longer and had a total estimated fair value of $7.4 billion and gross unrealized losses of $633.1 million.

December 31, 2023
Less than 12 months12 months or longerTotal
(dollars in thousands)Estimated
Fair
Value		Gross 
Unrealized
Holding
Losses		Estimated
Fair
Value		Gross 
Unrealized
Holding
Losses		Estimated
Fair
Value		Gross 
Unrealized
Holding
Losses
Fixed maturity securities:
U.S. Treasury securities$317,027 $(2,147)$1,507,784 $(60,257)$1,824,811 $(62,404)
U.S. government-sponsored enterprises145,143 (2,134)723,537 (87,770)868,680 (89,904)
Obligations of states, municipalities and political subdivisions679,124 (3,881)2,332,281 (177,697)3,011,405 (181,578)
Foreign governments, agencies and supranationals83,396 (394)1,492,912 (141,614)1,576,308 (142,008)
Agency mortgage-backed securities189,977 (1,872)1,889,272 (133,739)2,079,249 (135,611)
Non-agency mortgage-backed securities— — 333,070 (22,603)333,070 (22,603)
Corporate and university bonds— — 236,205 (26,781)236,205 (26,781)
Total fixed maturity securities1,414,667 (10,428)8,515,061 (650,461)9,929,728 (660,889)
Short-term investments52,601 (393)— — 52,601 (393)
Total$1,467,268 $(10,821)$8,515,061 $(650,461)$9,982,329 $(661,282)

At December 31, 2023, the Company held 1,386 available-for-sale securities in an unrealized loss position with a total estimated fair value of $10.0 billion and gross unrealized losses of $661.3 million. Of these 1,386 securities, 1,131 securities had been in a continuous unrealized loss position for one year or longer and had a total estimated fair value of $8.5 billion and gross unrealized losses of $650.5 million.
The Company completes a detailed analysis each quarter to assess whether the decline in the fair value of any investment below its cost basis is the result of a credit loss. All available-for-sale securities with unrealized losses are reviewed. The Company considers many factors in completing its quarterly review of securities with unrealized losses for credit-related impairment to determine whether a credit loss exists, including the extent to which fair value is below cost, the implied yield to maturity, rating downgrades of the security and whether or not the issuer has failed to make scheduled principal or interest payments. The Company also takes into consideration information about the financial condition of the issuer and industry factors that could negatively impact the issuer.

If the decline in fair value of an available-for-sale security below its amortized cost is considered to be the result of a credit loss, the Company compares the estimated present value of the cash flows expected to be collected to the amortized cost of the security. The extent to which the estimated present value of the cash flows expected to be collected is less than the amortized cost of the security represents the credit loss, which is recorded as an allowance and recognized in net income. The allowance is limited to the difference between the fair value and the amortized cost of the security. Any remaining decline in fair value represents the non-credit portion of the impairment, which is recognized in other comprehensive income. The Company did not have an allowance for credit losses for any available-for-sale securities as of December 31, 2024 or 2023.

Quarterly, the Company also considers whether it intends to sell an available-for-sale security or if it is more likely than not that it will be required to sell a security before recovery of its amortized cost. In these instances, a decline in fair value is recognized in net income based on the fair value of the security at the time of assessment, resulting in a new cost basis for the security.

c) The amortized cost and estimated fair value of fixed maturity securities at December 31, 2024 are shown below by contractual maturity.

(dollars in thousands)Amortized
Cost		Estimated
Fair Value
Due in one year or less$1,593,149 $1,571,022 
Due after one year through five years6,071,013 5,901,682 
Due after five years through ten years4,647,538 4,406,225 
Due after ten years1,252,061 1,098,767 
13,563,761 12,977,696 
Mortgage-backed securities
2,893,962 2,767,843 
Total fixed maturity securities$16,457,723 $15,745,539 

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties, and the holders may have the right to put the securities back to the issuer. Based on expected maturities, the estimated average duration of fixed maturity securities at December 31, 2024 was 3.9 years.

d) The following table presents the components of net investment income.

Years Ended December 31,
(dollars in thousands)202420232022
Interest:
Fixed maturity securities$510,044 $383,022 $294,417 
Short-term investments124,575 106,747 33,493 
Cash and cash equivalents and restricted cash and cash equivalents
161,488 145,074 28,890 
Dividends on equity securities142,367 116,911 107,213 
938,474 751,754 464,013 
Investment expenses(17,978)(17,222)(17,258)
Net investment income$920,496 $734,532 $446,755 
e) The following table presents the components of net investment gains (losses) included in net income (loss) and the pre-tax change in net unrealized losses included in other comprehensive income (loss). Gross realized investment gains and losses on fixed maturity securities, short-term investments and other investments were not material to the consolidated financial statements and are presented on a net basis in the following table.

Years Ended December 31,
(dollars in thousands)202420232022
Fixed maturity securities, short-term investments and other investments:
Net realized investment gains (losses)$4,423 $(42,177)$(40,983)
Equity securities:
Change in fair value of securities sold during the period(14,966)34,684 (14,884)
Change in fair value of securities held at the end of the period1,817,762 1,531,547 (1,539,866)
Total change in fair value1,802,796 1,566,231 (1,554,750)
Net investment gains (losses)$1,807,219 $1,524,054 $(1,595,733)
Change in net unrealized losses on available-for-sale investments included in other comprehensive income (loss):
Fixed maturity securities$(152,630)$389,498 $(1,474,890)
Short-term investments(12,793)1,060 11,014 
Net increase (decrease)$(165,423)$390,558 $(1,463,876)

f) Total restricted assets are included on the Company's consolidated balance sheets as follows.

December 31,
(dollars in thousands)20242023
Fixed maturity securities
$3,027,863 $3,102,899 
Equity securities
915,242 1,004,347 
Short-term investments
704,201 807,138 
Restricted cash and cash equivalents499,581 584,974 
Total$5,146,887 $5,499,358 

The following table presents the components of restricted assets.

December 31,
(dollars in thousands)20242023
Assets held in trust or on deposit to support underwriting activities$4,727,799 $5,048,857 
Assets pledged as security for letters of credit419,088 450,501 
Total$5,146,887 $5,499,358 

g) At December 31, 2024 and 2023, investments in securities issued by the U.S. Treasury, U.S. government agencies and U.S. government-sponsored enterprises were the only investments in any one issuer that exceeded 10% of shareholders' equity.
v3.25.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements [Text Block]
5. Fair Value Measurements

FASB ASC 820, Fair Value Measurements and Disclosures, establishes a three-level hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the assets or liabilities fall within different levels of the hierarchy, the classification is based on the lowest level input that is significant to the fair value measurement of the asset or liability.

Classification of assets and liabilities within the hierarchy considers the markets in which the assets and liabilities are traded and the reliability and transparency of the assumptions used to determine fair value. The hierarchy requires the use of observable market data when available. The levels of the hierarchy are defined as follows:

•Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities traded in active markets.
•Level 2 – Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and market-corroborated inputs.
•Level 3 – Inputs to the valuation methodology are unobservable for the asset or liability and are significant to the fair value measurement.

In accordance with ASC 820, the Company determines fair value based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various methods, including the market, income and cost approaches. The Company uses valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The following section describes the valuation methodologies used by the Company to measure assets and liabilities at fair value, including an indication of the level within the fair value hierarchy in which each asset or liability is generally classified.

Available-for-sale investments and equity securities. Available-for-sale investments and equity securities are recorded at fair value on a recurring basis. Available-for-sale investments include fixed maturity securities and short-term investments. Fair value is determined by the Company after considering various sources of information, including information provided by a third-party pricing service. The pricing service provides prices for substantially all of the Company's fixed maturity securities and equity securities. In determining fair value, the Company generally does not adjust the prices obtained from the pricing service. The Company obtains an understanding of the pricing service's valuation methodologies and related inputs, which include, but are not limited to, reported trades, benchmark yields, issuer spreads, bids, offers, duration, credit ratings, estimated cash flows and prepayment speeds. The Company validates prices provided by the pricing service by reviewing prices from other pricing sources and analyzing pricing data in certain instances.

The Company has evaluated the various types of securities in its investment portfolio to determine an appropriate fair value hierarchy level based upon trading activity and the observability of market inputs. Level 1 investments include those traded on an active exchange, such as the New York Stock Exchange. Level 2 investments include U.S. Treasury securities, U.S. government-sponsored enterprises, municipal bonds, foreign government, agency, and supranational bonds, mortgage-backed securities and corporate and university debt securities. Level 3 investments include the Company's investments in insurance-linked securities funds that are in run-off, which are not traded on an active exchange and are valued using unobservable inputs.

Fair value for available-for-sale investments and equity securities is measured based upon quoted prices in active markets, if available. Due to variations in trading volumes and the lack of quoted market prices, fixed maturity securities are classified as Level 2 investments. The fair value of fixed maturity securities is normally derived through recent reported trades for identical or similar securities, making adjustments through the reporting date based upon available market observable data previously described. If there are no recent reported trades, the fair value of fixed maturity securities may be derived through the use of matrix pricing or model processes, where future cash flow expectations are developed based upon collateral performance and discounted at an estimated market rate. Significant inputs used to determine the fair value of obligations of states, municipalities and political subdivisions, corporate and university bonds and obligations of foreign governments, agencies and supranationals include reported trades, benchmark yields, issuer spreads, bids, offers, credit information and estimated cash flows. Significant inputs used to determine the fair value of mortgage-backed securities include the type of underlying assets, benchmark yields, prepayment speeds, collateral information, tranche type and volatility, estimated cash flows, credit information, default rates, recovery rates, issuer spreads and the year of issue.
Senior long-term debt and other debt. Senior long-term debt and other debt is carried at amortized cost with the estimated fair value disclosed on the consolidated balance sheets. Senior long-term debt and other debt is classified as Level 2 within the fair value hierarchy due to variations in trading volumes and the lack of quoted market prices. Fair value is generally derived through recent reported trades, making adjustments through the reporting date, if necessary, based upon available market observable data including U.S. Treasury securities and implied credit spreads. Significant inputs used to determine the fair value of senior long-term debt and other debt include reported trades, benchmark yields, issuer spreads, bids and offers.

The following tables present the balances of assets measured at fair value on a recurring basis by level within the fair value hierarchy.

December 31, 2024
(dollars in thousands)Level 1Level 2Level 3Total
Assets:
Investments:
Fixed maturity securities, available-for-sale:
U.S. Treasury securities$— $5,087,858 $— $5,087,858 
U.S. government-sponsored enterprises— 1,346,236 — 1,346,236 
Obligations of states, municipalities and political subdivisions— 3,619,492 — 3,619,492 
Foreign governments, agencies, and supranationals— 2,706,523 — 2,706,523 
Agency mortgage-backed securities— 2,649,813 — 2,649,813 
Non-agency mortgage-backed securities— 118,030 — 118,030 
Corporate and university bonds— 217,587 — 217,587 
Total fixed maturity securities, available-for-sale— 15,745,539 — 15,745,539 
Equity securities:
Insurance, banks and other financial institutions4,968,736 — 1,384 4,970,120 
Industrial, consumer and all other6,814,401 — — 6,814,401 
Total equity securities11,783,137 — 1,384 11,784,521 
Short-term investments, available-for-sale2,363,736 161,174 — 2,524,910 
Total investments$14,146,873 $15,906,713 $1,384 $30,054,970 

December 31, 2023
(dollars in thousands)Level 1Level 2Level 3Total
Assets:
Investments:
Fixed maturity securities, available-for-sale:
U.S. Treasury securities$— $3,784,713 $— $3,784,713 
U.S. government-sponsored enterprises— 1,142,814 — 1,142,814 
Obligations of states, municipalities and political subdivisions— 4,029,305 — 4,029,305 
Foreign governments, agencies, and supranationals— 2,447,218 — 2,447,218 
Agency mortgage-backed securities— 2,381,010 — 2,381,010 
Non-agency mortgage-backed securities— 333,070 — 333,070 
Corporate and university bonds— 254,602 — 254,602 
Total fixed maturity securities, available-for-sale— 14,372,732 — 14,372,732 
Equity securities:
Insurance, banks and other financial institutions3,694,375 — 994 3,695,369 
Industrial, consumer and all other5,882,502 — — 5,882,502 
Total equity securities9,576,877 — 994 9,577,871 
Short-term investments, available-for-sale2,402,099 169,283 — 2,571,382 
Total investments$11,978,976 $14,542,015 $994 $26,521,985 
Except as disclosed in note 3, the Company did not have any assets or liabilities measured at fair value on a non-recurring basis during the years ended December 31, 2024 and 2023.
v3.25.0.1
Equity Method Investments
 12 Months Ended
Dec. 31, 2024
Equity Method Investments [Abstract]  
Equity Method Investments Disclosure [Text Block]
6. Equity Method Investments

The Company's equity method investments, which are included in other assets on the consolidated balance sheets, totaled $862.5 million and $605.9 million as of December 31, 2024 and 2023, respectively. As of December 31, 2024, the Company's equity method investments included its 2024 investment in EPI. See note 3.

The Company's proportionate share of earnings in its equity method investments was income of $58.7 million for the year ended December 31, 2024 and losses of $2.1 million and $22.9 million for the years ended December 31, 2023 and 2022, respectively.

Hagerty, Inc.

The Company's most significant equity method investment is an investment in Hagerty, Inc. (Hagerty), which is accounted for on a quarter lag. Hagerty is an automotive enthusiast brand offering integrated membership products and programs as well as a specialty insurance provider focused on the global automobile enthusiast market. The Company's ownership interest in Hagerty was 23% as of December 31, 2024 and 2023. The Company's investment is comprised of Class A common shares, which are listed for trading on the New York Stock Exchange, as well as Class V common shares, associated with the Company's original investment, that have special voting rights and can be converted on a one-for-one basis into Class A common shares. The Company accounts for its investment under the equity method as it is deemed to have the ability to exercise significant influence over Hagerty's operating and financial policies through a combination of its voting interest, its right to designate a board member and business it conducts with Hagerty. As of December 31, 2024 and 2023, the carrying value of the Company's investment in Hagerty was $264.7 million and $237.4 million, respectively.

As of December 31, 2024 and 2023, the estimated value of the Company's investment, based on the closing stock price of Hagerty's Class A common shares, was $753.7 million and $608.4 million, respectively. See note 18 for further details regarding related party transactions with Hagerty.
v3.25.0.1
Receivables
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Receivables
7. Receivables

The following table presents the components of receivables.

December 31,
(dollars in thousands)20242023
Insurance
Amounts receivable from agents, brokers and insureds$2,870,719 $2,686,199 
Other insurance receivables
124,258 117,436 
Markel Ventures638,480 657,156 
Other26,651 25,604 
3,660,108 3,486,395 
Allowance for credit losses(33,309)(31,089)
Receivables$3,626,799 $3,455,306 
v3.25.0.1
Goodwill And Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill And Intangible Assets
8. Goodwill and Intangible Assets

The following table presents a rollforward of the components of goodwill by reportable segment.

(dollars in thousands)InsuranceReinsuranceMarkel Ventures
Other insurance operations(1)
Total
January 1, 2023$771,628 $122,745 $1,153,909 $590,556 $2,638,838 
Adjustments to preliminary purchase price allocation— — (16,752)— (16,752)
Foreign currency movements and other adjustments 1,195 — 497 971 2,663 
December 31, 2023 (2)
$772,823 $122,745 $1,137,654 $591,527 $2,624,749 
Acquisitions (note 3)
— — 114,589 — 114,589 
Foreign currency movements and other adjustments(3,247)— (434)210 (3,471)
December 31, 2024 (2)
$769,576 $122,745 $1,251,809 $591,737 $2,735,867 
(1)    Amounts included in other insurance operations reflect the Company's operations that are not included in a reportable segment and are primarily related to the Company's program services and insurance-linked securities operations.
(2)    As of December 31, 2024 and 2023, goodwill was net of accumulated impairment losses of $190.6 million, of which $171.9 million was in other insurance operations and $18.7 million was in Markel Ventures.

The Company completed its annual tests for goodwill and indefinite-lived intangible asset impairment as of October 1, 2024 based upon results of operations through September 30, 2024. See note 1 for further details regarding impairment testing. There was no impairment of goodwill during 2024 or 2023 and no impairment of indefinite-lived intangible assets during 2024, 2023 or 2022. For the year ended December 31, 2022, impairment of goodwill was $80.0 million, which was attributable to the Company's Nephila ILS operations, which are a component of the Company's other insurance operations.

Subsequent to the acquisition of Nephila in 2018, through 2022, investment performance in the broader ILS market was adversely impacted by consecutive years of elevated catastrophe losses. These events, as well as volatility in the capital markets, impacted investor decisions around allocation of capital to ILS, which in turn impacted capital raises and redemptions within the funds Nephila manages. As a result, the Company performed a quantitative impairment assessment for the Nephila reporting unit in 2022. The Company estimated the fair value of the Nephila reporting unit primarily using an income approach based on a discounted cash flow model. The discount rates used to determine the fair value estimates were developed based on a capital asset pricing model using market-based inputs, as well as an assessment of the inherent risk in projected future cash flows. As a result of the assessment, the Company recorded an impairment of goodwill attributable to Nephila totaling $80.0 million, reducing the goodwill of the Nephila reporting unit to $221.8 million. The Company also evaluated the intangible assets within the Nephila reporting unit for impairment in 2022 and determined they were not impaired.
The following table presents a rollforward of net intangible assets by reportable segment.

(dollars in thousands)
Underwriting (1)
Markel Ventures
Other insurance operations (2)
Total
January 1, 2023$362,322 $796,297 $588,845 $1,747,464 
Dispositions
— — (2,000)(2,000)
Amortization of acquired intangible assets
(37,076)(82,370)(61,168)(180,614)
Adjustments to preliminary purchase price allocation— 22,671 — 22,671 
Foreign currency movements and other adjustments98 119 946 1,163 
December 31, 2023$325,344 $736,717 $526,623 $1,588,684 
Acquisitions (note 3)
— 52,909 — 52,909 
Amortization of acquired intangible assets
(37,276)(81,317)(62,879)(181,472)
Foreign currency movements and other adjustments(117)154 (538)(501)
December 31, 2024$287,951 $708,463 $463,206 $1,459,620 
(1)    Amounts included in Underwriting reflect the intangible assets associated with the Company's underwriting segments, which are not allocated between the Insurance and Reinsurance segments.
(2)    Amounts included in other insurance operations reflect the Company's operations that are not included in a reportable segment and are primarily related to the Company's program services and insurance-linked securities operations.

Amortization of acquired intangible assets is estimated to be $172.7 million for 2025, $165.5 million for 2026, $154.9 million for 2027, $146.1 million for 2028 and $142.0 million for 2029. Indefinite-lived intangible assets were $90.4 million at December 31, 2024 and 2023.

The following table presents the components of intangible assets.

December 31,
20242023
(dollars in thousands)Gross
Carrying
Amount 		Accumulated
Amortization 		Gross
Carrying
Amount		Accumulated
Amortization
Customer relationships$1,488,796 $(699,550)$1,450,503 $(600,724)
Investment management agreements464,000 (178,727)464,000 (149,560)
Broker and agent relationships
295,694 (182,139)297,693 (168,586)
Trade names305,381 (157,494)293,270 (138,040)
Technology113,187 (107,727)113,248 (100,781)
Insurance licenses72,333 — 72,333 — 
Other159,603 (113,737)169,681 (114,353)
Total$2,898,994 $(1,439,374)$2,860,728 $(1,272,044)
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases [Text Block]
9. Leases

The Company's leases primarily consist of operating leases for real estate and equipment and have remaining terms of up to 18 years. Total lease costs for operating leases were $169.0 million, $148.4 million and $126.3 million for the years ended December 31, 2024, 2023 and 2022, respectively.
The following table summarizes details for the Company's operating leases recorded on the consolidated balance sheets.

December 31,
(dollars in thousands)20242023
Right-of-use lease assets$681,405 $628,833 
Lease liabilities $723,924 $657,217 
Weighted average remaining lease term9.0 years9.8 years
Weighted average discount rate4.3 %5.2 %

During the years ended December 31, 2024, 2023 and 2022, the Company obtained operating right-of-use lease assets of $111.3 million, $130.2 million and $64.4 million, respectively, in exchange for operating lease obligations.

The following table summarizes maturities of the Company's operating lease liabilities as of December 31, 2024, which reconciles to total operating lease liabilities included in other liabilities on the Company's consolidated balance sheet.

Years Ending December 31,(dollars in thousands)
2025$130,943 
2026116,324 
2027100,927 
202888,473 
202977,206 
2030 and thereafter368,468 
Total lease payments882,341 
Less imputed interest(158,417)
Total operating lease liabilities$723,924 
v3.25.0.1
Products, Services and Other Revenues
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Products, Services and Other Revenues
10. Products, Services and Other Revenues

The following table presents revenues from contracts with customers by type, all of which are included in products revenues and services and other revenues in the consolidated statements of income (loss) and comprehensive income (loss), along with a reconciliation to total products revenues and services and other revenues.

Years Ended December 31,
202420232022
(dollars in thousands)Markel VenturesOtherTotalMarkel VenturesOtherTotalMarkel VenturesOtherTotal
Products$2,607,581 $— $2,607,581 $2,487,054 $— $2,487,054 $2,379,399 $— $2,379,399 
Services2,315,822 10,193 2,326,015 2,262,861 10,341 2,273,202 2,184,196 43,875 2,228,071 
Management fees
— 97,226 97,226 — 99,509 99,509 — 79,209 79,209 
Total revenues from contracts with customers4,923,403 107,419 5,030,822 4,749,915 109,850 4,859,765 4,563,595 123,084 4,686,679 
Leasing revenues
176,293 — 176,293 188,904 — 188,904 157,552 — 157,552 
Fronting fees
— 187,480 187,480 — 154,838 154,838 — 147,612 147,612 
Equity method and other investments income (loss)
6,577 52,253 58,830 (1,744)(11,854)(13,598)2,541 (17,661)(15,120)
Disposition gains— — — — 16,923 16,923 — 225,828 225,828 
Other6,805 406 7,211 42,693 40 42,733 32,930 1,040 33,970 
Total$5,113,078 $347,558 $5,460,636 $4,979,768 $269,797 $5,249,565 $4,756,618 $479,903 $5,236,521 
Receivables from contracts with customers were $593.8 million and $616.4 million as of December 31, 2024 and 2023, respectively.
v3.25.0.1
Unpaid Losses And Loss Adjustment Expenses
 12 Months Ended
Dec. 31, 2024
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims [Abstract]  
Unpaid Losses And Loss Adjustment Expenses
11. Unpaid Losses and Loss Adjustment Expenses

a) The following table presents a reconciliation of consolidated beginning and ending reserves for losses and loss adjustment expenses.

Years Ended December 31,
(dollars in thousands)202420232022
Gross reserves for losses and loss adjustment expenses, beginning of year$23,483,321 $20,947,898 $18,178,894 
Reinsurance recoverables on unpaid losses, beginning of year8,820,567 7,994,884 6,876,317 
Net reserves for losses and loss adjustment expenses, beginning of year14,662,754 12,953,014 11,302,577 
Effect of foreign currency rate changes on beginning of year balance(78,702)70,344 (160,622)
Adjusted net reserves for losses and loss adjustment expenses, beginning of year14,584,052 13,023,358 11,141,955 
Incurred losses and loss adjustment expenses:
Current accident year5,508,059 5,360,559 4,613,035 
Prior accident years(455,310)(38,550)(167,446)
Total incurred losses and loss adjustment expenses5,052,749 5,322,009 4,445,589 
Payments:
Current accident year720,178 729,895 580,537 
Prior accident years3,239,999 2,663,165 2,396,446 
Total payments3,960,177 3,393,060 2,976,983 
Effect of foreign currency rate changes on current year activity(3,934)(1,532)(5,468)
Change in net reserves for losses and loss adjustment expenses of Markel CATCo Re (see note 17)
(159,963)(162,954)347,921 
Reinsurance recoverable on retroactive reinsurance transactions— (125,067)— 
Net reserves for losses and loss adjustment expenses, end of year15,512,727 14,662,754 12,953,014 
Reinsurance recoverables on unpaid losses, end of year11,120,367 8,820,567 7,994,884 
Gross reserves for losses and loss adjustment expenses, end of year$26,633,094 $23,483,321 $20,947,898 

In 2024, current accident year losses and loss adjustment expenses included $70.6 million of net losses and loss adjustment expenses attributed to Hurricane Helene and Hurricane Milton. These losses and loss adjustment expenses were net of ceded losses of $60.4 million.

In 2024, the Company, through its program services operations, entered into a retroactive reinsurance contract on behalf of a third-party capacity provider under which it assumed a layer of loss reserves for a portfolio of casualty policies that were concurrently ceded to the third-party capacity provider. As a result of these transactions, the Company recorded $302.6 million of gross losses and loss adjustment expenses and $302.6 million of corresponding reinsurance recoverables. The transactions had no impact on the Company's net reserves for losses and loss adjustment expenses.

In 2023, the Company completed a retroactive reinsurance transaction to cede its portfolio of policies comprised of liabilities for its run-off book of United Kingdom (U.K.) motor casualty business in exchange for payments totaling $125.1 million, which approximated the carrying value of the Company's reserves for losses and loss adjustment expenses on the ceded policies.

In 2023, current accident year losses and loss adjustment expenses included $40.1 million of net losses and loss adjustment expenses attributed to the Hawaiian wildfires and Hurricane Idalia. These losses and loss adjustment expenses were net of ceded losses of $9.3 million.

In 2022, current accident year losses and loss adjustment expenses included $46.2 million of net losses and loss adjustment expenses attributed to Hurricane Ian. These losses and loss adjustment expenses were net of ceded losses of $115.3 million.
In 2022, current accident year losses and loss adjustment expenses also included $35.7 million of net losses and loss adjustment expenses attributed to the Russia-Ukraine conflict. These losses and loss adjustment expenses were net of ceded losses of $44.3 million.

b) Reserving Methodology

The Company uses a variety of techniques to establish liabilities for unpaid losses and loss adjustment expenses based upon estimates of the ultimate amounts payable. The Company maintains reserves for specific claims incurred and reported (case reserves) and reserves for claims incurred but not reported (IBNR reserves), which include expected development on reported claims. The Company does not discount its reserves for losses and loss adjustment expenses to reflect estimated present value.

There is normally a time lag between when a loss event occurs and when it is reported to the Company, and some claims may not be reported for many years. As a result, the liability for unpaid losses and loss adjustment expenses includes significant estimates for IBNR claims.

The actuarial methods that the Company uses to estimate losses have been designed to address the lag in loss reporting as well as the delay in obtaining information that would allow the Company to more accurately estimate future payments. The reporting lag can be more pronounced in reinsurance contracts than in the insurance contracts due to a time lag between cedents establishing case reserves or re-estimating their reserves and notifying the Company of those new or revised case reserves. On reinsurance transactions, the reporting lag will generally be 60 to 90 days after the end of a reporting period, but can be longer in some cases. There may also be a more pronounced reporting lag on insurance contracts for which the Company is not the primary insurer and participates only in excess layers of loss. Based on the experience of the Company's actuaries and management, the Company selects loss development factors and trending techniques to mitigate the difficulties caused by reporting lags. At least annually, the Company evaluates its loss development factors and trending assumptions using its own loss data, as well as cedent-specific and industry data, and updates them as needed.

IBNR reserves are based on the estimated ultimate cost of settling claims using past experience adjusted for current trends and any other factors that would modify past experience. IBNR reserves are calculated by subtracting paid losses and loss adjustment expenses and case reserves from estimated ultimate losses and loss adjustment expenses. IBNR reserves were 71% of total unpaid losses and loss adjustment expenses at December 31, 2024 compared to 72% at December 31, 2023.

In establishing liabilities for unpaid losses and loss adjustment expenses, the Company's actuaries estimate an ultimate loss ratio, by accident year or underwriting year, for each product line with input from underwriting and claims personnel. For product lines in which loss reserves are established on an underwriting year basis, the Company has developed a methodology to convert from underwriting year to accident year for financial reporting purposes. In estimating an ultimate loss ratio for a particular line of business, the actuaries may use one or more actuarial reserving methods and select from these a single point estimate. To varying degrees, these methods include detailed statistical analysis of past claim reporting, settlement activity, claim frequency and severity, policyholder loss experience, industry loss experience and changes in market and economic conditions, policy forms and exposures. Greater judgment may be required when new product lines are introduced or when there have been changes in claims handling practices, as the statistical data available may be insufficient. Greater judgment also may be required for product lines that experience a low frequency of high severity claims, particularly when the Company is reliant on third party case reserve estimates and claims handling practices. These estimates also reflect implicit and explicit assumptions regarding the potential effects of external factors, including economic and social inflation, judicial decisions, changes in law, general economic conditions and recent trends in these factors. Management believes the process of evaluating past experience, adjusted for the effects of current developments and anticipated trends, is an appropriate basis for predicting future events.

Estimates for losses from widespread catastrophic events, such as hurricanes and earthquakes, as well as pandemics and wars, are based on claims received to date, analysis of exposures in the impacted areas, industry loss estimates and output from both industry, broker and proprietary models, as well as analysis of the Company's ceded reinsurance contracts. The level of reliance on these procedures varies depending on the timing of the event relative to the point at which the Company develops its estimates. The Company also considers loss experience on historical events that may have similar characteristics to the underlying event and current market conditions. In the period shortly after an event occurs, more weight is put on modeling and industry estimates, whereas with the passage of time, greater reliance is placed on incurred claims data, individual contract exposures and historical claim patterns. Due to the inherent uncertainty in estimating such losses, these estimates are subject to variability, which increases with the severity and complexity of the underlying event. As additional claims are reported and paid, and industry loss estimates are revised, the Company incorporates this new information into its analysis and adjusts its estimate of ultimate losses and loss adjustment expenses as appropriate.
Loss reserves are established at management's best estimate, which is developed using the actuarially calculated point estimate as the starting point. The actuarial point estimate represents the actuaries' best estimate of the most likely amount that will ultimately be paid to settle the losses that have occurred at a particular point in time. Similarly, the point estimate for ceded losses is calculated based on the ultimate gross loss amount expected to be paid, as well as the frequency and severity of the underlying claims, which ultimately determines coverage under the applicable ceded reinsurance contracts. Therefore, ceded loss estimates are subject to many of the same judgments and assumptions as the gross loss estimates.

Inherent in the Company's reserving practices is the desire to establish loss reserves that are more likely redundant than deficient, and therefore, will ultimately prove to be adequate. This approach to establishing loss reserves results in loss reserves that exceed the calculated actuarial point estimate. Management continually attempts to improve its loss estimation process by refining its ability to analyze loss development patterns, claim payments and other information, but uncertainty remains regarding the potential for adverse development of estimated ultimate liabilities.

In some cases, actuarial analyses, which are generally based on statistical analysis, cannot fully incorporate all of the subjective factors that affect development of losses. In other cases, management's perspective of these more subjective factors may differ from the actuarial perspective. Subjective factors influencing the development of management's best estimate include: the credibility and timeliness of claims and loss information received from cedents and other third parties; and the impacts of economic and social inflation, judicial decisions, changes in law, changes in underwriting or claims handling practices, general economic conditions, the risk of moral hazard and other current and developing trends within the insurance and reinsurance markets, including the effects of competition.

The Company's ultimate liability may be greater or less than current reserves. Changes in the Company's estimated ultimate liability for loss reserves generally occur as a result of the emergence of unanticipated loss activity, the completion of specific actuarial or claims studies or changes in internal or external factors that impact the assumptions used to derive the Company's estimates. The Company closely monitors new information on reported claims and uses statistical analyses prepared by its actuaries to evaluate the adequacy of recorded reserves. Management exercises judgment when assessing the relative credibility of loss development trends.

Management currently believes the Company's gross and net reserves are adequate. However, there is no precise method for evaluating the impact of any significant factor on the adequacy of reserves, and actual results will differ from original estimates.

c) Prior Accident Year Loss Development

The following tables summarize, by segment, the product lines with the most significant changes in prior accident years loss reserves for the years ended December 31, 2024, 2023 and 2022, along with the corresponding accident years and the trends and factors that impacted management's best estimate of ultimate losses and loss adjustment expenses on underlying products in each of these product lines. The Company does not estimate losses at this level of aggregation as it offers a diverse portfolio of products and manages these products in more disaggregated groupings within each underwriting segment. As a result of the trends and factors described in the following tables, the Company's actuaries adjusted their estimates of the ultimate liability for unpaid losses and loss adjustment expenses. For those product lines with favorable development on prior accident years loss reserves, management has now given greater credibility to the favorable trends observed by the Company's actuaries and, upon incorporating these favorable trends into its best estimate, reduced prior years loss reserves accordingly.

In 2023 and 2022, the unfavorable claims and loss trends experienced on the Company's U.S. general liability and professional liability product lines disrupted the development of the claims trend observed prior to 2022, reflecting broader market conditions, including the effects of economic and social inflation. In 2024, the Company's U.S. professional liability product lines continued to experience many of these same trends, while the U.S. general liability product lines began to stabilize, resulting in modest favorable development as management gave more credibility to the favorable trends observed by the Company's actuaries.

Consistent with the Company's reserving philosophy, management is responding quickly to increase loss reserves following any indication of increased claims frequency or severity in excess of previous expectations, however in instances where trends have been more favorable than previously anticipated, management will wait to reduce loss reserves until those trends are observed over additional periods of time.
Year Ended December 31, 2024
(dollars in millions)Loss DevelopmentAccident Years with Most Significant DevelopmentTrends and Factors Impacting Loss Estimates
Insurance segment:
Professional liability
International$(152.6)
2021 to 2023
Lower loss frequency and severity than previously anticipated, including on the cyber portfolio and middle market accounts
U.S.
111.8 
2017 to 2023
Unfavorable claims settlements and increased claim severity, primarily on the risk-managed directors and officers product line
General liability
(81.6)
2022 and 2023
More favorable loss experience within the U.S. business, as well as lower loss frequency and severity than previously anticipated on the international excess and umbrella product line
Property
(75.0)
2020 and 2023
Lower loss frequency and severity than previously anticipated across a number of subclasses in the U.S. and international portfolios
Marine and energy
(58.3)
2021 to 2023
More favorable loss experience than previously anticipated
Programs
(53.9)
2022 and 2023
Lower loss frequency and severity than previously anticipated on certain programs
Credit and surety
(51.4)
2021 to 2023
Lower loss frequency and severity than previously anticipated driven by the international trade credit product line
Other products(90.0)
Total Insurance(451.0)
Reinsurance segment:
Property(23.0)
2017 to 2020
Lower loss severity than previously anticipated and net favorable development on catastrophe events
Workers' compensation
(20.3)
2019, 2020 and 2023
Lower loss severity than previously anticipated and net favorable development on losses related to the COVID-19 pandemic
Professional liability
(17.1)
2021 to 2023
More favorable loss experience than previously anticipated
Public entity
34.1 
2017 to 2023
Increased frequency of large claims across the product line, which was discontinued in late 2024
Other products18.0 
Premium adjustments
(4.0)
Total Reinsurance(12.3)
Other underwriting8.0 
Total decrease$(455.3)
Year Ended December 31, 2023
(dollars in millions)Loss DevelopmentAccident Years with Most Significant DevelopmentTrends and Factors Impacting Loss Estimates
Insurance segment:
General liability
U.S.
$274.0 2016 to 2021Increased frequency of large claims and unfavorable loss cost trends, primarily on primary casualty contractors' liability and excess and umbrella product lines
International(36.5)2020 to 2022
Lower loss frequency and severity than previously anticipated
Professional liability
U.S.
56.8 SeveralIncreased frequency of large claims and unfavorable loss cost trends, primarily on risk-managed errors and omissions product line
International(102.2)2020
Lower loss frequency and severity than previously anticipated
Property(95.1)2020 to 2022
Lower loss severity than previously anticipated and net favorable development on catastrophe events
Marine and energy(76.5)2021 and 2022
Lower loss severity than previously anticipated
Personal lines(42.8)2022
Lower loss frequency and severity than previously anticipated
Workers' compensation(36.5)2021 and 2022
Lower loss severity than previously anticipated
Other products(45.9)
Total Insurance(104.7)
Reinsurance segment:
General liability95.5 2015 to 2021
Large reported claims and adverse loss development trends
Public entity53.7 2014 to 2019
Increased frequency of large claims on a segment of business that was discontinued in 2020
Premium adjustments11.4 2021 and 2022
Recognition of additional exposures on prior accident years related to net favorable premium adjustments primarily on general liability, partially offset by reduced exposures recognized primarily on professional liability
Property(21.6)2017 to 2019More favorable loss experience and lower loss severity than previously anticipated
Workers' compensation(14.9)SeveralLower loss frequency and severity than previously anticipated
Other products(67.0)
Total Reinsurance57.1 
Other underwriting9.0 
Total decrease$(38.6)
Year Ended December 31, 2022
(dollars in millions)Loss DevelopmentAccident Years with Most Significant DevelopmentTrends and Factors Impacting Loss Estimates
Insurance segment:
Professional liability
2018 and 2019 accident years
$121.0 2018 and 2019Unfavorable claims settlements and increased claim frequency and severity, primarily on directors and officers, errors and omissions and employment practices liability lines
All other accident years
(91.1)SeveralMore favorable loss experience and lower loss severity than previously anticipated
General liability
2016 to 2019 accident years
61.6 2016 to 2019Unfavorable claims settlements and increased claim frequency and severity, primarily on contractors and excess and umbrella lines
All other accident years
(20.5)SeveralLower loss frequency and severity than previously anticipated
Workers' compensation
(62.1)2016 to 2021Lower loss severity than previously anticipated
Programs
(48.3)2020 and 2021Lower than expected frequency of claims
Property
(48.1)2020 and 2021
Lower loss severity than originally anticipated as well as favorable development on losses related to the COVID-19 pandemic
Credit and surety
(31.7)2019 to 2021Lower than expected frequency of claims
Other products(23.7)
Total Insurance(142.9)
Reinsurance segment:
Property(29.2)2017 to 2019Favorable development on catastrophe events
Credit and surety(22.9)SeveralFavorable commutations on mortgage insurance contracts
Premium adjustments53.1 2020 and 2021Recognition of additional exposures on prior accident years related to net favorable premium adjustments primarily on general liability, credit and surety and professional liability
Other products(27.1)
Total Reinsurance(26.1)
Other1.6 
Total decrease$(167.4)

d) Historic Loss Development

The following tables present undiscounted loss development information, by accident year, for the Company's Insurance and Reinsurance segments, including cumulative incurred and paid losses and allocated loss adjustment expenses, net of reinsurance, as well as the corresponding amount of IBNR reserves as of December 31, 2024. This level of disaggregation is consistent with how the Company analyzes loss reserves for both internal and external reporting purposes. The loss development information for the years ended December 31, 2015 through 2023 is presented as supplementary information. All amounts included in the following tables related to transactions denominated in a foreign currency have been translated into U.S. Dollars using the exchange rates in effect at December 31, 2024.

The difference between the segment loss development implied by the tables for the year ended December 31, 2024 and actual losses and loss adjustment expenses recognized on prior accident years for the Insurance and Reinsurance segments for the year ended December 31, 2024 is primarily attributed to the fact that amounts presented in these tables exclude amounts attributed to the 2014 and prior accident years. Adverse development on 2014 and prior accident years for the year ended December 31, 2024 totaled $50.1 million for the Insurance segment, which was driven by general liability and programs product lines.

The remaining difference between the segment loss development implied by the tables for the year ended December 31, 2024 and actual losses and loss adjustment expenses on prior accident years is attributed to the fact that amounts presented in these tables exclude unallocated loss adjustment expenses, as well as differences in the presentation of foreign currency movements, as previously described, none of which are material to the Insurance or Reinsurance segments.

The Insurance segment table that follows also includes claim count information, by accident year. The Company defines a claim as a single claim incident, per policy, which may include multiple claimants and multiple coverages on a single policy.
Claim counts include claims closed without a payment as well as claims where the Company is monitoring to determine if an exposure exists, even if a reserve has not been established.

All of the business contained within the Company's Reinsurance segment represents treaty business that is assumed from other insurance or reinsurance companies, for which the Company does not have access to the underlying claim counts. Further, this business includes both quota share and excess of loss treaty reinsurance, through which only a portion of each reported claim results in losses to the Company. As such, the Company has excluded claim count information from the Reinsurance segment disclosures.

Insurance Segment
(dollars in millions)Ultimate Incurred Losses and Allocated Loss Adjustment Expenses, Net of ReinsuranceTotal of Incurred-but-Not-Reported Liabilities, Net of ReinsuranceCumulative Number of Reported Claims
UnauditedAs of December 31,
As of December 31,
Accident Year2015201620172018201920202021202220232024December 31, 2024
2015$1,767.5 $1,693.8 $1,571.0 $1,517.0 $1,486.5 $1,454.7 $1,450.6 $1,440.9 $1,460.0 $1,457.1 $58.0 88,000 
20161,856.3 1,852.8 1,753.6 1,700.3 1,674.7 1,667.4 1,678.4 1,732.9 1,718.1 77.2 100,000 
20172,309.0 2,176.7 2,059.3 1,998.7 2,004.5 2,023.9 2,111.2 2,152.3 124.6 140,000 
20182,429.0 2,320.8 2,199.2 2,058.8 2,151.2 2,331.6 2,417.1 177.8 193,000 
20192,552.4 2,402.2 2,239.7 2,293.7 2,471.7 2,526.8 206.9 228,000 
20203,185.1 2,972.1 2,914.2 2,858.5 2,771.6 434.3 183,000 
20213,083.5 2,907.1 2,755.4 2,720.1 531.0 149,000 
20223,746.8 3,365.5 3,342.6 1,098.3 159,000 
20234,435.9 3,901.7 1,802.5 169,000 
20244,532.5 3,271.7 149,000 
Total$27,539.9 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
UnauditedAs of December 31,
As of December 31,
Accident Year2015201620172018201920202021202220232024
2015$320.7 $660.0 $870.2 $1,032.9 $1,141.3 $1,208.4 $1,259.2 $1,291.7 $1,327.3 $1,344.7 
2016369.8 746.2 973.7 1,158.2 1,262.8 1,350.3 1,425.5 1,479.6 1,529.8 
2017434.9 982.7 1,274.3 1,462.0 1,619.2 1,739.8 1,839.6 1,909.5 
2018490.7 1,017.4 1,281.9 1,494.9 1,671.6 1,856.5 2,017.4 
2019524.1 991.1 1,262.9 1,576.4 1,910.9 2,104.4 
2020568.1 1,148.5 1,515.7 1,772.5 2,033.8 
2021473.4 985.8 1,357.5 1,751.1 
2022484.5 1,059.9 1,564.1 
2023596.9 1,396.6 
2024651.3 
Total$16,302.7 
All outstanding liabilities for unpaid losses and loss adjustment expenses before 2014, net of reinsurance
313.3 
Total liabilities for unpaid losses and loss adjustment expenses, net of reinsurance$11,550.5 

Variability in claim counts is primarily attributable to claim counts on pet health liability, a product which has a high claim frequency and low claim severity. There was an elevated number of claims on this product line in 2018, 2019 and 2020. The related net incurred losses and allocated loss adjustment expenses are not material to the Insurance segment.
Reinsurance Segment
Ultimate Incurred Losses and Allocated Loss Adjustment Expenses, Net of ReinsuranceTotal of Incurred-but-Not-Reported Liabilities, Net of Reinsurance
UnauditedAs of December 31,
(dollars in millions)As of December 31,
Accident Year2015201620172018201920202021202220232024December 31, 2024
2015$523.0 $508.8 $524.6 $516.0 $504.8 $499.9 $487.8 $488.2 $500.0 $477.7 $56.6 
2016506.6 515.2 515.4 513.4 523.4 548.1 551.5 573.3 556.5 30.1 
2017894.4 927.6 933.2 934.9 907.3 919.7 931.0 931.3 44.2 
2018743.0 764.9 757.4 762.5 758.1 821.0 790.1 82.2 
2019654.4 668.4 683.1 691.0 719.0 730.4 129.1 
2020678.1 730.5 741.0 762.8 765.2 230.1 
2021731.9 733.6 754.7 753.9 303.8 
2022661.1 601.9 616.4 413.4 
2023658.3 665.3 506.7 
2024730.3 674.3 
Total$7,017.1 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
UnauditedAs of December 31,
As of December 31,
Accident Year2015201620172018201920202021202220232024
2015$63.3 $130.3 $201.0 $251.6 $298.6 $323.2 $342.8 $359.5 $375.6 $388.6 
201678.6 166.7 236.4 292.7 344.4 377.9 418.0 451.6 475.7 
2017157.1 357.5 478.6 560.4 623.8 692.8 747.6 796.0 
201886.9 235.1 334.9 404.4 474.4 543.6 613.9 
201953.2 169.1 261.3 351.8 435.6 507.7 
202093.2 202.9 308.7 381.8 463.0 
202179.2 187.1 281.6 361.0 
202224.1 66.6 138.4 
202327.1 79.5 
202423.9 
Total$3,847.7 
All outstanding liabilities for unpaid losses and loss adjustment expenses before 2014, net of reinsurance
273.3 
Total liabilities for unpaid losses and loss adjustment expenses, net of reinsurance$3,442.7 

The following table presents supplementary information about average historical claims duration as of December 31, 2024 based on the cumulative incurred and paid losses and allocated loss adjustment expenses presented above.

Average Annual Percentage Payout of Incurred Losses by Age (in Years), Net of Reinsurance
Unaudited12345678910
Insurance18.7 %20.9 %13.1 %10.8 %8.5 %6.1 %4.8 %2.9 %2.7 %1.2 %
Reinsurance9.6 %14.4 %12.9 %10.1 %9.5 %7.4 %6.5 %4.9 %3.8 %2.7 %
The following table reconciles the net incurred and paid loss development tables to the liability for losses and loss adjustment expenses on the consolidated balance sheet.

(dollars in thousands)December 31, 2024
Net outstanding liabilities
Insurance segment$11,550,516 
Reinsurance segment3,442,663 
Other underwriting62,903 
Program services and ILS fronting
6,615 
Markel CATCo Re (see note 17)
25,005 
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance15,087,702 
Reinsurance recoverable on unpaid losses
Insurance segment4,129,856 
Reinsurance segment397,810 
Other underwriting84,079 
Program services and ILS fronting
6,508,622 
Total reinsurance recoverable on unpaid losses11,120,367 
Unallocated loss adjustment expenses425,025 
Total gross liability for unpaid losses and loss adjustment expenses$26,633,094 

e) The Company has exposure to asbestos and environmental (A&E) claims primarily resulting from policies written by acquired insurance operations before their acquisition by the Company. The Company's exposure to A&E claims originated from umbrella, excess and commercial general liability insurance policies and assumed reinsurance contracts that were written on an occurrence basis from the 1970s to mid-1980s. Exposure also originated from claims-made policies that were designed to cover environmental risks provided that all other terms and conditions of the policy were met. A&E claims include property damage and clean-up costs related to pollution, as well as personal injury allegedly arising from exposure to hazardous materials. Development on A&E loss reserves is monitored separately from the Company's ongoing underwriting operations and is not included in a reportable segment.

At December 31, 2024, A&E reserves were $122.1 million and $32.5 million on a gross and net basis, respectively. At December 31, 2023, A&E reserves were $132.5 million and $39.6 million on a gross and net basis, respectively.

The Company's reserves for losses and loss adjustment expenses related to A&E exposures represent management's best estimate of ultimate settlement values based on statistical analysis of these reserves by the Company's actuaries. A&E exposures are subject to significant uncertainty due to potential loss severity and frequency resulting from the uncertain and unfavorable legal climate. A&E reserves could be subject to increases in the future, however, management believes the Company's gross and net A&E reserves at December 31, 2024 are adequate.
v3.25.0.1
Reinsurance
 12 Months Ended
Dec. 31, 2024
Reinsurance Disclosures [Abstract]  
Reinsurance
12. Reinsurance

In reinsurance and retrocession transactions, an insurance or reinsurance company transfers, or cedes, all or part of its exposure in return for a premium. The ceding of insurance does not legally discharge the Company from its primary liability for the full amount of the policies, and the Company will be required to pay the loss and bear collection risk if the reinsurer fails to meet its obligations under the reinsurance or retrocessional agreement. A credit risk exists with ceded reinsurance to the extent that any reinsurer is unable to meet the obligations assumed under the reinsurance or retrocessional contracts. Allowances are established for credit losses expected to be recognized over the life of the reinsurance recoverables.

Within its underwriting operations, the Company uses reinsurance and retrocessional reinsurance to manage its net retention on individual risks and overall exposure to losses while providing it with the ability to offer policies with sufficient limits to meet policyholder needs.

Within the Company's underwriting operations, at December 31, 2024, balances recoverable from the ten largest reinsurers, by group, represented 63% of the $5.0 billion reinsurance recoverables before considering reinsurance allowances and collateral.
As of December 31, 2023, balances recoverable from the ten largest reinsurers, by group, represented 65% of the $4.0 billion reinsurance recoverables before considering reinsurance allowances and collateral. At December 31, 2024, the largest reinsurance balance was due from RenaissanceRe and represented 19% of reinsurance recoverables before considering reinsurance allowances and collateral.

Within its program services and ILS fronting operations, the Company generally enters into quota share reinsurance agreements whereby the Company cedes to the capacity providers (reinsurers) substantially all of its gross liability under the policies issued by and on behalf of the Company by a general agent. However, there are certain programs that contain limits on the reinsurers' obligations to the Company that expose the Company to underwriting risk, including loss ratio caps, exclusions of the credit risk of producers and aggregate reinsurance limits that the Company believes are unlikely to be exceeded. The Company also remains exposed to the credit risk of the reinsurer, or the risk that one of its reinsurers becomes insolvent or otherwise unable or unwilling to pay policyholder claims. This credit risk is generally mitigated by either selecting well capitalized, highly rated authorized capacity providers or requiring that the capacity provider post substantial collateral to secure the reinsured risks, which, in some instances, exceeds the related reinsurance recoverable.

Within the Company's program services business, at December 31, 2024, balances recoverable from the ten largest reinsurers, by group, represented 55% of the $6.0 billion reinsurance recoverables before considering reinsurance allowances and collateral. As of December 31, 2023, balances recoverable from the ten largest reinsurers, by group, represented 56% of the $4.9 billion reinsurance recoverables before considering reinsurance allowances and collateral. At December 31, 2024, the largest reinsurance balance was due from Lloyd's of London and represented 9% of reinsurance recoverables before considering reinsurance allowances and collateral. All of the Company's ILS fronting business is conducted by its Nephila ILS operations; therefore, substantially all of the reinsurance recoverables within these operations are attributable to entities managed by Nephila. See note 18.

The following tables summarize the effect of reinsurance and retrocessional reinsurance on premiums written and earned.

Year Ended December 31, 2024
(dollars in thousands)DirectAssumedCededNet Premiums
Underwriting:
Written$8,860,015 $1,691,858 $(2,252,122)$8,299,751 
Earned$8,801,477 $1,628,408 $(1,993,895)$8,435,990 
Fronting:
Written3,234,025 1,708,733 (4,946,334)(3,576)
Earned3,053,947 1,559,599 (4,617,124)(3,578)
Consolidated:
Written$12,094,040 $3,400,591 $(7,198,456)$8,296,175 
Earned$11,855,424 $3,188,007 $(6,611,019)$8,432,412 

Year Ended December 31, 2023
(dollars in thousands)DirectAssumedCededNet Premiums
Underwriting:
Written$8,657,266 $1,620,366 $(1,878,844)$8,398,788 
Earned$8,363,710 $1,616,630 $(1,683,648)$8,296,692 
Fronting:
Written2,649,217 1,075,388 (3,725,818)(1,213)
Earned2,636,179 937,400 (3,574,792)(1,213)
Consolidated:
Written$11,306,483 $2,695,754 $(5,604,662)$8,397,575 
Earned$10,999,889 $2,554,030 $(5,258,440)$8,295,479 
Year Ended December 31, 2022
(dollars in thousands)DirectAssumedCededNet Premiums
Underwriting:
Written$8,085,812 $1,761,726 $(1,640,165)$8,207,373 
Earned$7,379,766 $1,589,920 $(1,378,191)$7,591,495 
Fronting:
Written2,644,138 710,006 (3,358,127)(3,983)
Earned2,688,804 656,885 (3,349,392)(3,703)
Consolidated:
Written$10,729,950 $2,471,732 $(4,998,292)$8,203,390 
Earned$10,068,570 $2,246,805 $(4,727,583)$7,587,792 

Substantially all of the premiums written and earned in the Company's fronting operations for the years ended December 31, 2024, 2023 and 2022 were ceded. The percentage of consolidated ceded earned premiums to gross earned premiums was 44%, 39% and 38% for the years ended December 31, 2024, 2023 and 2022, respectively. The percentage of consolidated assumed earned premiums to net earned premiums was 38%, 31% and 30% for the years ended December 31, 2024, 2023 and 2022, respectively.

Substantially all of the incurred losses and loss adjustment expenses in the Company's fronting operations were ceded. These losses totaled $3.5 billion, $2.5 billion, and $3.0 billion for the years ended December 31, 2024, 2023, and 2022 respectively.

The following table summarizes the effect of reinsurance and retrocessional reinsurance on losses and loss adjustment expenses in the Company's underwriting operations.

Years ended December 31,
(dollars in thousands)202420232022
Gross losses and loss adjustment expenses$6,970,871 $6,817,630 $5,281,424 
Ceded losses and loss adjustment expenses(1,917,318)(1,496,265)(834,648)
Net losses and loss adjustment expenses$5,053,553 $5,321,365 $4,446,776 
v3.25.0.1
Life And Annuity Benefits
 12 Months Ended
Dec. 31, 2024
Life And Annuity Benefits
13. Life and Annuity Benefits

The Company's run-off block of life and annuity reinsurance contracts consists primarily of Euro and U.S. Dollar denominated life-contingent payout annuities and traditional and universal life contracts. The following table presents the components of the Company's liabilities for life and annuity benefits.

December 31,
(dollars in thousands)20242023
Liability for future policyholder benefits
$491,370 $557,763 
Deferred profit liability51,482 52,287 
Other40,421 39,004 
Total$583,273 $649,054 
The primary component of the Company's liabilities for life and annuity benefits is the liability for future policyholder benefits. Life and annuity benefit reserves are calculated for aggregated cohorts of contracts, which are determined based on the attributes of the underlying contracts, and are discounted using standard actuarial techniques and cash flow models. Since the development of the life and annuity reinsurance reserves is based upon cash flow projection models, the Company makes estimates and assumptions based on cedent experience and industry mortality tables. The cash flow assumptions used to determine the Company's life and annuity benefit reserves are reviewed, and updated as necessary, at least annually. The discount rate assumptions are updated at each reporting date. There were no changes to the cash flow assumptions used to measure the Company's life and annuity benefit reserves in 2024, 2023 and 2022. The following table presents a rollforward of the present value of the liability for future policyholder benefits.

Years Ended December 31,
(dollars in thousands)202420232022
Liability for future policyholder benefits, beginning of year
$557,763 $554,366 $821,632 
Liability for future policyholder benefits at original discount rate, beginning of year642,877 667,761 745,313 
Effect of changes in cash flow assumptions— — — 
Effect of actual variances from expected experience(4,745)(5,890)(3,859)
Adjusted liability for future policyholder benefits, beginning of year638,132 661,871 741,454 
Interest accretion13,996 14,889 15,625 
Benefit payments(49,200)(52,588)(53,232)
Effect of foreign currency rate changes(26,126)18,705 (36,086)
Liability for future policyholder benefits at original discount rate, end of year
576,802 642,877 667,761 
Cumulative effect of changes in discount rate assumptions(85,432)(85,114)(113,395)
Liability for future policyholder benefits, end of year
$491,370 $557,763 $554,366 
Liability for future policyholder benefits, undiscounted, end of year
$737,575 $824,642 $861,264 

The following table summarizes additional details for the Company's liability for future policyholder benefits.

December 31,
20242023
Weighted-average interest rate:
Interest accretion rate2.3 %2.3 %
Current discount rate4.0 %3.8 %
Weighted-average liability duration8.3 years8.6 years
v3.25.0.1
Senior Long-Term Debt And Other Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Senior Long-Term Debt And Other Debt
14. Senior Long-Term Debt and Other Debt

The following table summarizes the Company's senior long-term debt and other debt.

December 31,
(dollars in thousands)20242023
3.50% unsecured senior notes, due November 1, 2027, interest payable semi-annually, net of unamortized discount of $592 in 2024 and $876 in 2023
$299,236 $298,869 
3.35% unsecured senior notes, due September 17, 2029, interest payable semi-annually, net of unamortized discount of $1,174 in 2024 and $1,421 in 2023
298,590 298,294 
7.35% unsecured senior notes, due August 15, 2034, interest payable semi-annually, net of unamortized discount of $663 in 2024 and $731 in 2023
129,148 129,076 
5.0% unsecured senior notes, due March 30, 2043, interest payable semi-annually, net of unamortized discount of $4,087 in 2024 and $4,311 in 2023
245,687 245,451 
5.0% unsecured senior notes, due April 5, 2046, interest payable semi-annually, net of unamortized discount of $5,202 in 2024 and $5,445 in 2023
494,135 493,860 
4.30% unsecured senior notes, due November 1, 2047, interest payable semi-annually, net of unamortized discount of $3,364 in 2024 and $3,516 in 2023
296,049 295,870 
5.0% unsecured senior notes, due May 20, 2049, interest payable semi-annually, net of unamortized discount of $6,378 in 2024 and $6,639 in 2023
592,538 592,233 
4.15% unsecured senior notes, due September 17, 2050, interest payable semi-annually, net of unamortized discount of $4,563 in 2024 and $4,740 in 2023
494,749 494,546 
3.45% unsecured senior notes, due May 7, 2052, interest payable semi-annually, net of unamortized discount of $7,626 in 2024 and $7,904 in 2023
591,316 591,000 
6.00% unsecured senior notes, due May 16, 2054, interest payable semi-annually, net of unamortized discount of $7,240 in 2024 and $0 in 2023
591,511 — 
Other debt, with a weighted average interest rate of 5.4% in 2024 and 5.0% in 2023
297,382 340,597 
Senior long-term debt and other debt$4,330,341 $3,779,796 

In May 2024, the Company issued $600 million of 6.0% unsecured senior notes due May 2054. Net proceeds to the Company were $592.6 million, before expenses. The Company intends to use these proceeds for general corporate purposes, which may include the redemption, in whole or in part, of its outstanding Series A preferred shares. See note 19.

In March 2023, the Company retired its $250 million 3.625% unsecured senior notes due March 30, 2023.

The Company's 7.35% unsecured senior notes due August 15, 2034 are not redeemable. The Company's other unsecured senior notes are redeemable by the Company at any time, subject to payment of a make-whole premium to the noteholders. None of the Company's senior long-term debt is subject to any sinking fund requirements.

The Company's other debt is comprised of debt associated with its Markel Ventures subsidiaries. As of December 31, 2024 and 2023, debt at the Company's Markel Ventures subsidiaries was $297.4 million and $339.0 million, respectively, which includes amounts outstanding on their respective credit facilities. The Markel Ventures debt is non-recourse to the holding company and generally is secured by the assets of those subsidiaries.

Various of the Company's Markel Ventures subsidiaries maintain revolving credit facilities or lines of credit, which provide up to $692 million of aggregate capacity for working capital and other general operational purposes. A portion of the capacity on certain of these credit facilities may be used as security for letters of credit and other obligations. At December 31, 2024 and 2023, $150.0 million and $169.5 million, respectively, of borrowings were outstanding under these credit facilities. As of December 31, 2024, all of the Company's subsidiaries were in compliance with all covenants contained in their respective credit facilities.

The estimated fair value of the Company's senior long-term debt and other debt was $3.8 billion and $3.4 billion at December 31, 2024 and 2023, respectively.
The following table summarizes the future principal payments on senior long-term debt and other debt as of December 31, 2024.

(dollars in thousands)
Senior long-term debtOther debtTotal
Years Ending December 31,
2025$— $41,843 $41,843 
2026— 41,902 41,902 
2027300,000 158,376 458,376 
2028— 16,724 16,724 
2029300,000 15,182 315,182 
2030 and thereafter3,479,846 25,905 3,505,751 
Total principal payments4,079,846 299,932 4,379,778 
Net unamortized discount(40,889)— (40,889)
Net unamortized debt issuance costs(5,998)(2,550)(8,548)
Total
$4,032,959 $297,382 $4,330,341 

Markel Group and certain insurance subsidiaries maintain a corporate revolving credit facility, which provides up to $300 million of capacity for future acquisitions, investments and stock repurchases, and for other working capital and general corporate purposes. At the Company's discretion, up to $200 million of the total capacity may be used for letters of credit. The Company may increase the capacity of the facility by up to $200 million subject to obtaining commitments for the increase and certain other terms and conditions. The Company pays interest on balances outstanding under the facility and a utilization fee for letters of credit issued under the facility. The Company also pays a commitment fee (0.20% at December 31, 2024) on the unused portion of the facility based on the Company's leverage ratio as calculated under the credit agreement. The credit agreement includes financial covenants that require that the Company not exceed a maximum debt to capitalization (leverage) ratio and maintain a minimum amount of consolidated net worth, as well as other customary covenants and events of default. Markel Group guarantees the obligations under the facility of the insurance subsidiaries that are also parties to the credit agreement. This facility expires in June 2028. The credit agreement for this revolving credit facility amended and restated the credit agreement for the Company's previous $300 million revolving credit facility. At December 31, 2024 and 2023, the Company had no borrowings outstanding under this revolving credit facility. As of December 31, 2024, the Company was in compliance with all covenants contained in its corporate revolving credit facility.

To the extent that Markel Group or any of its subsidiaries are not in compliance with the covenants under their respective credit facilities, access to such credit facilities could be restricted.

The Company paid $197.4 million, $187.8 million and $197.3 million in interest on its senior long-term debt and other debt during the years ended December 31, 2024, 2023 and 2022, respectively.
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Tax Disclosure [Text Block]
15. Income Taxes

Income (loss) before income taxes includes the following components, based on country of domicile.

Years Ended December 31,
(dollars in thousands)202420232022
U.S. operations$2,428,694 $1,711,849 $(109,311)
Foreign operations1,209,006 941,857 (42,255)
Income (loss) before income taxes$3,637,700 $2,653,706 $(151,566)
Income tax expense (benefit) includes the following components, based on the taxing authority to which taxes are paid. The Company's most significant U.K. and Bermuda subsidiaries have elected to be taxed as domestic corporations for U.S. tax purposes. U.S. income taxes have not been recognized on any undistributed earnings of the Company's foreign subsidiaries that are considered indefinitely reinvested, the amount of which is not material to the consolidated financial statements. U.S. income tax includes applicable state income tax expense.
Years Ended December 31,
(dollars in thousands)202420232022
Current:
U.S. income tax$271,801 $249,149 $222,074 
Foreign income tax123,933 69,669 12,042 
Total current tax expense395,734 318,818 234,116 
Deferred:
U.S. income tax399,169 250,041 (301,423)
Foreign income tax(4,609)(16,243)19,098 
Total deferred tax expense (benefit)394,560 233,798 (282,325)
Income tax expense (benefit)$790,294 $552,616 $(48,209)

The Company made net income tax payments of $382.5 million, $280.7 million and $251.5 million in 2024, 2023 and 2022, respectively. Income taxes payable were $40.3 million and $29.4 million at December 31, 2024 and 2023, respectively, and were included in other liabilities on the consolidated balance sheets. Income taxes receivable were $13.3 million and $0.3 million at December 31, 2024 and 2023, respectively, and were included in other assets on the consolidated balance sheets.

The following table presents a reconciliation of the Company's income taxes using the U.S. corporate income tax rate to the Company's income tax expense (benefit).

Years Ended December 31,
(dollars in thousands)202420232022
U.S. corporate tax rate$763,917 21.0 %$557,278 21.0 %$(31,829)21.0 %
Increase (decrease) resulting from:
State income taxes, net of U.S. federal income tax benefit
39,770 1.127,007 1.03,369 (2.2)
Tax-exempt investment income(14,830)(0.4)(15,328)(0.6)(16,063)10.6
Foreign operations12,985 0.310,854 0.45,335 (3.5)
Impairment of goodwill— —— —16,800 (11.1)
Markel CATCo Re income not subject to tax
(12,201)(0.3)(15,013)(0.6)(18,871)12.5
Other653 0.0(12,182)(0.4)(6,950)4.5
Income tax expense (benefit)$790,294 21.7 %$552,616 20.8 %$(48,209)31.8 %
The following table presents the components of domestic and foreign deferred tax assets and liabilities.

December 31,
(dollars in thousands)20242023
Assets:
Unpaid losses and loss adjustment expenses$233,583 $216,863 
Lease liabilities172,131 161,350 
Unearned premiums164,485 168,172 
Accrued incentive compensation51,943 52,853 
Tax credit carryforwards45,481 25,396 
Net operating loss carryforwards37,168 43,439 
Life and annuity benefits29,143 39,729 
Other differences between financial reporting and tax bases106,667 93,693 
Total gross deferred tax assets840,601 801,495 
Less valuation allowance(33,292)(13,916)
Total gross deferred tax assets, net of allowance807,309 787,579 
Liabilities:
Investments1,566,540 1,196,717 
Deferred policy acquisition costs173,742 176,382 
Goodwill and other intangible assets170,941 175,767 
Right-of-use lease assets162,628 152,939 
Property, plant and equipment160,615 152,149 
Other differences between financial reporting and tax bases113,873 104,024 
Total gross deferred tax liabilities2,348,339 1,957,978 
Net deferred tax liability$1,541,030 $1,170,399 

Deferred tax assets and liabilities are recorded on the consolidated balance sheets on a net basis by taxing jurisdiction. As of December 31, 2024 and 2023, the Company's consolidated balance sheets included net deferred tax liabilities of $1.6 billion and $1.2 billion, respectively, in other liabilities and net deferred tax assets of $40.0 million and $23.5 million, respectively, in other assets.

At December 31, 2024, the Company had tax credit carryforwards of $45.5 million, substantially all of which related to foreign tax credits to be used against U.S. income tax. The Company expects to utilize all tax credit carryforwards before expiration. The earliest any of these credits will expire is 2034.

At December 31, 2024, the Company had deferred tax assets of $28.9 million for U.S. state net operating loss carryforwards and $7.7 million for foreign net operating loss carryforwards, which are available to offset future taxable income in certain U.S. state and foreign jurisdictions, respectively. The Company's ability to benefit from the majority of these net operating loss carryforwards is not subject to expiration. As described below, the deferred tax assets related to losses at certain of the Company's subsidiaries and branches are offset by valuation allowances.

At December 31, 2024, the Company had total gross deferred tax assets of $840.6 million. The Company has a valuation allowance of $33.3 million to offset gross deferred tax assets at certain of the Company's international subsidiaries and branches. The Company believes that it is more likely than not that it will realize the remaining $807.3 million of gross deferred tax assets through generating taxable income or the reversal of existing temporary differences attributable to the gross deferred tax liabilities. Additionally, the Company's net deferred tax liability for investments includes deferred tax assets attributed to its unrealized losses on fixed maturity securities. The Company has the ability and intent to execute a tax planning strategy such that it is more likely than not that all of these deferred tax assets will be realized.

At December 31, 2024, the Company did not have any material unrecognized tax benefits. The Company does not anticipate any changes in unrecognized tax benefits during 2025 that would have a material impact on the Company's income tax provision.
The Company is subject to income tax in the U.S. and in foreign jurisdictions. The Internal Revenue Service is currently examining the Company's 2017 U.S. federal income tax return. The Company believes its income tax liabilities are adequate as of December 31, 2024, however, these liabilities could be adjusted as a result of this examination. With few exceptions, including the 2017 U.S. federal income tax return, the Company is no longer subject to income tax examination by tax authorities for years ended before January 1, 2021.
v3.25.0.1
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2024
Postemployment Benefits [Abstract]  
Employee Benefit Plans
16. Employee Benefit Plans

a) The Company maintains a defined contribution plan for employees of its U.S. insurance operations in accordance with Section 401(k) of the U.S. Internal Revenue Code of 1986. The Company also provides various defined contribution plans for employees of its international insurance operations, which are in line with local market terms and conditions of employment. Employees of the Company's Markel Ventures subsidiaries are provided post-retirement benefits under separate defined contribution plans established by the individual companies. Expenses relating to the Company's defined contribution plans were $72.4 million, $65.4 million and $57.9 million in 2024, 2023 and 2022, 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 2012. The projected benefit obligations of the Terra Nova Pension Plan as of December 31, 2024 and 2023 were $105.4 million and $117.3 million, respectively, and the related fair value of plan assets was $168.8 million and $184.6 million, respectively. The corresponding net asset for pension benefits, also referred to as the funded status of the plan, at December 31, 2024 and 2023 was included in other assets on the Company's consolidated balance sheets.
v3.25.0.1
Variable Interest Entities
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities
17. Variable Interest Entities

Markel CATCo Investment Management Ltd. (MCIM), a wholly owned consolidated subsidiary of the Company, is an insurance-linked securities investment fund manager and reinsurance manager headquartered in Bermuda. Results attributable to MCIM are not included in a reportable segment.

MCIM serves as the insurance manager for Markel CATCo Re Ltd. (MCRe), a Bermuda Class 3 reinsurance company, and as the investment manager for Markel CATCo Reinsurance Fund Ltd., a Bermuda exempted mutual fund company comprised of multiple segregated accounts (Markel CATCo Funds). Voting shares in Markel CATCo Reinsurance Fund Ltd. and MCRe are held by MCIM, which has the power to direct the activities that most significantly impact the economic performance of these entities. The Markel CATCo Funds issued multiple classes of nonvoting, redeemable preference shares to investors, and the Markel CATCo Funds are primarily invested in nonvoting preference shares of MCRe. The underwriting results of MCRe are attributed to investors through its nonvoting preference shares. Both MCRe and the Markel CATCo Funds were placed into run-off in July 2019.

In 2022, the Company completed a buy-out transaction with MCRe and the Markel CATCo Funds that provided for an accelerated return of all remaining capital to investors in the Markel CATCo Funds. Under the terms of the transaction, the Company provided cash funding of $45.1 million to purchase substantially all of the Markel CATCo Funds' interests in MCRe. As part of the transaction, substantially all of the preference shares held by investors in the Markel CATCo Funds were redeemed, including preference shares previously held by the Company. In order to complete the transaction, the Company also made $101.9 million in additional payments, net of insurance proceeds, to or for the benefit of investors, which were recognized as an expense to the Company and included in services and other expenses in 2022.

The Company has received a return of $24.9 million of the capital it provided, and the related preference shares were redeemed. In November 2024, following the commutation of certain reinsurance contracts, $117.2 million of collateral held by MCRe was released, which allowed for the redemption of the corresponding preferred shares held by Markel CATCo Funds. As of December 31, 2024 and 2023, the Company's investment in the remaining preference shares of MCRe totaled $20.1 million, which comprised 52% and 23%, respectively, of the equity of MCRe. Through that investment, the Company has exposure to adverse loss development on reinsurance contracts previously written by MCRe for loss events that occurred from 2014 to 2020. If loss reserves held by MCRe are sufficient to settle claims on the remaining open contracts, the Company will receive a full return of the remaining $20.1 million in capital. Favorable development on loss reserves held by MCRe, less operating expenses, will be distributed to the Markel CATCo Funds, and ultimately to investors in the Markel CATCo Funds.

MCRe is considered a VIE, as the equity at risk does not have the right to receive residual returns that exceed the capital provided by the Company in the buy-out transaction. As a result of the preference shares acquired by the Company in the buy-
out transaction, and the voting shares held by its consolidated subsidiary, MCIM, the Company consolidates MCRe as its primary beneficiary. Results attributed to the run-off of MCRe are reported with the Company's other insurance operations, within services and other revenues and expenses, and are not included in a reportable segment. For the years ended December 31, 2024, 2023, and 2022, there was $58.1 million, $71.5 million, and $89.9 million respectively, of favorable loss reserve development on the run-off of reinsurance contracts written by MCRe, all of which was included in services and other expenses and attributable to noncontrolling interests. During the years ended December 31, 2024, 2023, and 2022, $117.2 million, $62.6 million, and $22.3 million respectively, of preference shares of MCRe held by noncontrolling interests were redeemed.

The Company's consolidated balance sheets include the following amounts attributable to MCRe.

December 31,
(dollars in thousands)
20242023
Assets
Cash and cash equivalents$34,497 $91,301 
Restricted cash and cash equivalents28,701 173,800 
Other assets and receivables due from cedents329 19,292 
Total Assets$63,527 $284,393 
Liabilities and Equity
Unpaid losses and loss adjustment expenses$25,005 $184,967 
Other liabilities66 1,842 
Total Liabilities25,071 186,809 
Shareholders' equity21,139 21,139 
Noncontrolling interests17,317 76,445 
Total Equity38,456 97,584 
Total Liabilities and Equity$63,527 $284,393 

In connection with the buy-out transaction, the Company also entered into a tail risk cover with MCRe to allow for the release of collateral to investors. Through this contract, the Company has $95.0 million of uncollateralized exposure to adverse development on loss reserves held by MCRe for loss exposures in excess of limits that the Company believes are unlikely to be exceeded.
v3.25.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Related Party Transactions [Text Block]
18. Related Party Transactions

The Company engages in certain related party transactions in the normal course of business at arm's length.

Fund Management

Within the Company's insurance-linked securities operations, the Company provides investment and insurance management services through Nephila Holdings Ltd. (together with its subsidiaries, Nephila). Nephila serves as the investment manager to several Bermuda based private funds (the Nephila Funds). To provide access for the Nephila Funds to a variety of insurance-linked securities in the property catastrophe, climate and specialty markets, Nephila also acts as an insurance manager to certain Bermuda licensed reinsurers and as the managing agent to Lloyd's Syndicate 2357 and Lloyd's Syndicate 2358 (collectively, the Nephila Reinsurers). Neither the Nephila Funds nor the Nephila Reinsurers are consolidated by the Company. Nephila receives management fees for its investment and insurance management services based on either the net asset value of the accounts managed or gross premium volume for the underlying risks to which the investors subscribed. Nephila also may earn incentive fees from certain funds based on annual performance. For the years ended December 31, 2024, 2023 and 2022, total fund management revenues attributed to unconsolidated entities managed by Nephila were $94.6 million, $97.6 million and $74.3 million, respectively.

Program Services and ILS Fronting

Through the Company's program services and ILS fronting operations, the Company has programs with the Nephila Reinsurers through which the Company writes insurance policies that are fully ceded to the Nephila Reinsurers in exchange
for fronting fees. Through these programs, Nephila utilizes certain of the Company's licensed insurance companies to write a portion of its portfolio of U.S. catastrophe-exposed property and specialty risks. A portion of this business is placed by Velocity, a managing general agent in which the Company has a minority interest. Gross premiums written through the Company's program services and ILS operations that were ceded to the Nephila Reinsurers were $1.3 billion, $1.1 billion and $1.0 billion for the years ended December 31, 2024, 2023 and 2022, respectively, for which the Company earned fronting fees totaling $39.4 million, $34.7 million and $37.0 million, respectively.

As of December 31, 2024 and 2023, reinsurance recoverables on the consolidated balance sheets included $968.9 million and $794.3 million, respectively, due from Nephila Reinsurers. Under its programs with Nephila Reinsurers, the Company bears underwriting risk for annual aggregate agreement year losses in excess of a limit the Company believes is unlikely to be exceeded. To the extent losses under these programs exceed the prescribed limits, the Company is obligated to pay such losses to the cedents without recourse to the Nephila Reinsurers. While the Company believes losses under these programs are unlikely, those losses, if incurred, could be material to the Company's consolidated results of operations and financial condition.

Beginning in 2024, in order for the Nephila Reinsurers to obtain reinsurance protection for a portion of their exposures, the Company also fronted ceded reinsurance contracts, primarily in the form of industry loss warranties, for the Nephila Reinsurers. Through this arrangement, the underlying risk of the Nephila Reinsurers was retroceded back to the Company and then fully ceded to third-party reinsurers. In 2024, the Company's gross written premiums from the Nephila Reinsurers under this ILS fronting program were $168.0 million, all of which were ceded to third parties.

The Company has also entered into other assumed and ceded reinsurance transactions with the Nephila Reinsurers in the normal course of business, which are not material to the Company's consolidated financial statements.

Hagerty

The Company holds a minority ownership interest in Hagerty, which operates primarily as a managing general agent and also includes Hagerty Reinsurance Limited (Hagerty Re), a Bermuda Class 3 reinsurance company. Through the Company's underwriting operations, the Company underwrites insurance for Hagerty, a portion of which is ceded to Hagerty Re. The amounts attributed to these arrangements are summarized in the following table.

Years Ended December 31,
(dollars in thousands)202420232022
Gross written premiums attributable to Hagerty$922,657 $805,673 $689,670 
Premiums ceded to Hagerty Re$708,147 $616,491 $456,637 

As of December 31, 2024 and 2023, reinsurance recoverables on the consolidated balance sheets included $308.8 million and $214.8 million, respectively, due from Hagerty Re.
v3.25.0.1
Shareholders' Equity
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
Shareholders' Equity
19. Shareholders' Equity

a) The Company has 50,000,000 shares of no par value common stock authorized. The following table presents a rollforward of changes in common shares issued and outstanding.

Years Ended December 31,
(in ones)
20242023
Issued and outstanding common shares, beginning of year13,131,672 13,422,692 
Issuance of common shares28,479 30,740 
Repurchase of common shares(370,034)(321,760)
Issued and outstanding common shares, end of year12,790,117 13,131,672 

b) The Company also has 10,000,000 shares of no par value preferred stock authorized, of which 600,000 shares were issued and outstanding at December 31, 2024 and 2023. The Company has the option to redeem the preferred shares:

•in whole but not in part, at any time, within 90 days after the occurrence of a "rating agency event," at $1,020 per preferred share, plus accrued and unpaid dividends,
•in whole but not in part, at any time, within 90 days after the occurrence of a "regulatory capital event" at $1,000 per preferred share, plus accrued and unpaid dividends, or
•in whole or in part, on June 1, 2025, or every fifth anniversary of that date, at $1,000 per preferred share, plus accrued and unpaid dividends.

A "rating agency event" means that any nationally recognized statistical rating organization that publishes a rating for the Company amends, clarifies or changes the criteria it uses to assign equity credit to securities like the preferred shares, which results in shortening the length of time that the preferred shares are assigned a particular level of equity credit or in the lowering of the equity credit assigned to the preferred shares.

A "regulatory capital event" means that the Company becomes subject to capital adequacy supervision by a capital regulator and determines that, under such capital adequacy guidelines, the liquidation preference amount of the preferred shares would not qualify as capital.

The preferred shares rank senior to the Company's common stock with respect to the payment of dividends and liquidation rights. Holders of the preferred shares are entitled to receive non-cumulative cash dividends, when, as and if declared by the Board of Directors, from the original issue date, semi-annually in arrears on the first day of June and December of each year. The Company accrues dividends when they are declared by the Board of Directors. To the extent declared, these dividends will accrue, on the liquidation preference of $1,000 per share, at a fixed annual rate of 6.00% from the original issue date to June 1, 2025. After June 1, 2025, the dividend rate will reset every five years and accrue at an annual rate equal to the five-year U.S. Treasury Rate as of two business days prior to the reset date, plus 5.662%. Dividends will not be cumulative and will not be mandatory. Accordingly, if dividends are not declared for any dividend period, then dividends for that dividend period will not accrue and will not be payable.

For both years ended December 31, 2024 and 2023, the Company declared and paid dividends on preferred shares of $36.0 million, or $60.00 per share.

c) The following table presents net income (loss) per common share and diluted net income (loss) per common share.

Years Ended December 31,
(in thousands, except per share amounts)202420232022
Net income (loss) to common shareholders
$2,711,022 $1,960,060 $(252,277)
Adjustment of redeemable noncontrolling interests(111,700)6,212 (69,896)
Adjusted net income (loss) to common shareholders
$2,599,322 $1,966,272 $(322,173)
Weighted average basic common shares outstanding
13,017 13,347 13,580 
Weighted average dilutive potential common shares from restricted stock units and restricted stock (1) (2)
24 31 — 
Weighted average diluted common shares outstanding
13,041 13,378 13,580 
Basic net income (loss) per common share$199.69 $147.32 $(23.72)
Diluted net income (loss) per common share (1) (2)
$199.32 $146.98 $(23.72)
(1)    The Company has issued grants and awards of restricted stock units to employees as performance, retention or hiring incentives, as well as awards of restricted stock to non-employee directors, under its equity incentive compensation plan. At December 31, 2024, there were 284,049 shares available for future awards under the Company's equity incentive compensation plan.
(2)    The impact of 33 thousand shares from restricted stock units and restricted stock was excluded from the computation of diluted net loss per common share for the year ended December 31, 2022 because the effect would have been anti-dilutive.
v3.25.0.1
Other Comprehensive Income
 12 Months Ended
Dec. 31, 2024
Other Comprehensive Income (Loss), Tax [Abstract]  
Other Comprehensive Income
20. Other Comprehensive Income

Other comprehensive income includes changes in net unrealized gains (losses) on available-for-sale investments, which is comprised of net holding gains (losses) arising during the period, changes in unrealized other-than-temporary impairment losses, if any, and reclassification adjustments for net realized gains included in net income. Other comprehensive income also includes changes in the discount rate for life and annuity benefits, changes in foreign currency translation adjustments and changes in net actuarial pension loss.
The following table presents the change in accumulated other comprehensive income (loss) by component, net of noncontrolling interests.

(dollars in thousands)
Net unrealized
gains (losses)
on available-for-sale investments
Life and annuity discount rate assumption
Foreign
currency
Net actuarial
pension loss
Accumulated other comprehensive income (loss)
December 31, 2021
$388,554 $(60,291)$(56,631)$(49,624)$222,008 
Total other comprehensive income (loss) before income taxes(1,463,876)189,714 (9,677)31,222 (1,252,617)
Income tax (expense) benefit309,046 (39,840)401 (6,492)263,115 
Total other comprehensive income (loss)(1,154,830)149,874 (9,276)24,730 (989,502)
December 31, 2022
$(766,276)$89,583 $(65,907)$(24,894)$(767,494)
Total other comprehensive income (loss) before income taxes390,558 (28,281)4,650 94 367,021 
Income tax (expense) benefit(83,655)5,938 — (20)(77,737)
Total other comprehensive income (loss)306,903 (22,343)4,650 74 289,284 
December 31, 2023
$(459,373)$67,240 $(61,257)$(24,820)$(478,210)
Total other comprehensive income (loss) before income taxes(165,423)319 (3,883)(6,600)(175,587)
Income tax (expense) benefit35,128 (67)— 1,654 36,715 
Total other comprehensive income (loss)(130,295)252 (3,883)(4,946)(138,872)
December 31, 2024
$(589,668)$67,492 $(65,140)$(29,766)$(617,082)
v3.25.0.1
Commitments And Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments And Contingencies
21. Commitments and Contingencies

Contingencies arise in the normal course of the Company's operations and are not expected to have a material impact on the Company's financial condition or results of operations.
v3.25.0.1
Statutory Financial Information
 12 Months Ended
Dec. 31, 2024
Statutory Financial Information [Abstract]  
Statutory Financial Information
22. Statutory Financial Information

a) The following table summarizes statutory capital and surplus for the Company's insurance subsidiaries.

December 31,
(dollars in thousands)20242023
United States$6,764,770 $5,958,801 
United Kingdom$1,001,574 $977,604 
Bermuda$2,414,364 $2,353,058 
Germany$171,581 $166,403 

As of December 31, 2024, the Company's actual statutory capital and surplus significantly exceeded the regulatory requirements. As a result, the amount of statutory capital and surplus necessary to satisfy regulatory requirements is not significant in relation to actual statutory capital and surplus.

The following table summarizes statutory net income (loss) for the Company's insurance subsidiaries.

Years Ended December 31,
(dollars in thousands)202420232022
United States$500,860 $196,952 $689,341 
United Kingdom$62,084 $116,436 $35,719 
Bermuda$614,056 $484,417 $(144,239)
Germany$10,075 $5,543 $(2,471)
Amounts presented for the Company's U.S. insurance subsidiaries have been calculated in accordance with prescribed statutory accounting rules. For the Company's international insurance subsidiaries, the regulations that govern the calculation of statutory capital and surplus do not provide requirements for the calculation of net income. Rather, such amounts are reported in accordance with a basis of accounting permitted by their respective regulator. Amounts presented for the Company's U.K., Bermuda and German insurance subsidiaries have been calculated in accordance with U.K. GAAP, U.S. GAAP and German GAAP, respectively.

United States

The laws of the domicile states of the Company's U.S. insurance subsidiaries govern the amount of dividends that may be paid to the holding company. Generally, statutes in the domicile states of the Company's U.S. insurance subsidiaries require prior approval for payment of extraordinary, as opposed to ordinary, dividends. As of December 31, 2024, the Company's U.S. insurance subsidiaries could pay up to $672.9 million to the holding company during the following 12 months under the ordinary dividend regulations.

In converting from U.S. statutory accounting principles to U.S. GAAP, typical adjustments include deferral of policy acquisition costs, differences in the calculation of deferred income taxes and the inclusion of net unrealized gains or losses relating to fixed maturity securities in shareholders' equity. The Company does not use any permitted statutory accounting practices that are different from prescribed statutory accounting practices which impact statutory capital and surplus.

United Kingdom

The Company's U.K. insurance subsidiary, Markel International Insurance Company Limited (MIICL), and its Lloyd's managing agent, Markel Syndicate Management Limited (MSM), are authorized by the Prudential Regulation Authority (PRA) and regulated by both the PRA and the Financial Conduct Authority (FCA). The PRA oversees compliance with established periodic auditing and reporting requirements, minimum solvency margins and individual capital assessment requirements under the Solvency II Directive (Solvency II) and imposes dividend restrictions, while both the PRA and the FCA oversee compliance with risk assessment reviews and various other requirements. MIICL is required to give advance notice to the PRA for any transaction or proposed transaction with a connected or related person. MSM is required to satisfy the solvency requirements of Lloyd's. In addition, the Company's U.K. subsidiaries must comply with the United Kingdom Companies Act of 2006, which provides that dividends may only be paid out of profits available for that purpose. Earnings of the Company's U.K. insurance subsidiaries are available for distribution to the holding company to the extent not otherwise restricted.

Bermuda

The Company's Bermuda insurance subsidiary, Markel Bermuda Limited (MBL), is subject to enhanced capital requirements in addition to minimum solvency and liquidity requirements. The enhanced capital requirement is determined by reference to a risk-based capital model that determines a control threshold for statutory capital and surplus by taking into account the risk characteristics of different aspects of the insurer's business. At December 31, 2024, MBL satisfied both the enhanced capital requirements and the minimum solvency and liquidity requirements.

Under the Bermuda Insurance Act, MBL is prohibited from paying or declaring dividends during a fiscal year if it is in breach of its enhanced capital requirement, solvency margin or minimum liquidity ratio or if the declaration or payment of the dividend would cause a breach of those requirements. If an insurer fails to meet its solvency margin or minimum liquidity ratio on the last day of any financial year, it is prohibited from declaring or paying any dividends during the next financial year without the approval of the Bermuda Monetary Authority (BMA). Further, MBL is prohibited from declaring or paying, in any financial year, dividends of more than 25% of its total statutory capital and surplus as set forth in its previous year's statutory balance sheet unless at least seven days before payment of those dividends it files with the BMA an affidavit stating that it will continue to meet its solvency margin and minimum liquidity ratio. MBL must obtain the BMA's prior approval for a reduction by 15% or more of the total statutory capital as set forth in its previous year's financial statements. In addition, as a long-term insurer, MBL may not declare or pay a dividend to any person other than a policyholder unless the value of the assets in its long-term business fund, as certified by MBL's approved actuary, exceeds the liabilities of its long-term business. The amount of the dividend cannot exceed the aggregate of that excess and any other funds legally available for the payment of the dividend. As of December 31, 2024, MBL could pay up to $603.6 million to the holding company during the following 12 months without making any additional filings with the BMA.
Germany

The Company's German insurance subsidiary, Markel Insurance SE, is regulated by the Federal Financial Conduct Authority in Germany and is also subject to capital and solvency requirements under Solvency II.

b) Lloyd's sets the corporate members' required capital annually based on each syndicates' business plans, rating environment, reserving environment and input arising from Lloyd's discussions with, among others, regulatory and rating agencies. Such required capital is referred to as Funds at Lloyd's (FAL) and comprises cash and investments. The amount of cash and investments held as FAL as of December 31, 2024 was $913.7 million. Of this amount, $272.4 million was provided by the holding company and is not available for general use by the Company. The remaining amount, provided by the Company's insurance subsidiaries, is not available for distribution to the holding company. The Company's corporate member may also be required to maintain funds under the control of Lloyd's in excess of its capital requirements and such funds also may not be available for distribution to the holding company.
v3.25.0.1
Markel Group (Parent Company Only) Financial Information
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
Markel Group (Parent Company Only) Financial Information
23. Markel Group Inc. (Parent Company Only) Financial Information

The following parent company only condensed financial information reflects the financial position, results of operations and cash flows of Markel Group Inc.

CONDENSED BALANCE SHEETS

December 31,
20242023
(dollars in thousands)
ASSETS
Investments, at estimated fair value:
Fixed maturity securities, available-for-sale (amortized cost of $130,983 in 2024 and $139,766 in 2023)
$123,053 $131,544 
Equity securities (cost of $1,084,814 in 2024 and $1,089,332 in 2023)
2,071,110 1,731,839 
Short-term investments, available-for-sale (estimated fair value approximates cost)1,410,830 1,032,118 
Total Investments3,604,993 2,895,501 
Cash and cash equivalents701,289 635,047 
Restricted cash and cash equivalents20,013 15,908 
Investments in consolidated subsidiaries16,699,125 14,928,756 
Other assets450,327 441,977 
Total Assets $21,475,747 $18,917,189 
LIABILITIES AND SHAREHOLDERS' EQUITY
Senior long-term debt$4,032,960 $3,439,197 
Income taxes payable179,381 213,770 
Net deferred tax liability274,661 201,140 
Other liabilities72,847 79,154 
Total Liabilities4,559,849 3,933,261 
Shareholders' equity:
Preferred stock591,891 591,891 
Common stock3,560,633 3,517,146 
Retained earnings13,380,456 11,353,101 
Accumulated other comprehensive loss
(617,082)(478,210)
Total Shareholders' Equity16,915,898 14,983,928 
Total Liabilities and Shareholders' Equity$21,475,747 $18,917,189 
CONDENSED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)

Years Ended December 31,
202420232022
(dollars in thousands)
REVENUES
Net investment income$86,583 $92,080 $34,781 
Dividends on common stock of consolidated subsidiaries575,008 310,000 278,557 
Net investment gains (losses):
Net realized investment gains (losses)
16,718 (515)7,620 
Change in fair value of equity securities342,623 275,048 (397,906)
Net investment gains (losses)359,341 274,533 (390,286)
Gain on sale of subsidiary— — 107,293 
Other revenues (losses)31,132 (28,718)(29,487)
Total Revenues 1,052,064 647,895 858 
EXPENSES
Interest expense179,626 156,953 172,125 
Other expenses
12,061 19,716 111,848 
Net foreign exchange losses (gains)(36,907)9,038 (13,143)
Total Expenses154,780 185,707 270,830 
Income (Loss) Before Equity in Undistributed Earnings (Losses) of Consolidated Subsidiaries and Income Taxes 897,284 462,188 (269,972)
Equity in undistributed earnings (losses) of consolidated subsidiaries1,941,339 1,580,347 (72,125)
Income tax (expense) benefit(91,601)(46,475)125,820 
Net Income (Loss) to Shareholders2,747,022 1,996,060 (216,277)
Preferred stock dividends(36,000)(36,000)(36,000)
Net Income (Loss) to Common Shareholders$2,711,022 $1,960,060 $(252,277)
OTHER COMPREHENSIVE INCOME (LOSS) TO SHAREHOLDERS
Change in net unrealized gains (losses) on available-for-sale investments, net of taxes:
Net holding gains (losses) arising during the period$109 $1,453 $(24,465)
Consolidated subsidiaries' net holding gains (losses) arising during the period(148,411)276,910 (1,175,271)
Reclassification adjustments for net gains (losses) included in net income (loss) to shareholders365 (92)1,965 
Consolidated subsidiaries' reclassification adjustments for net losses included in net income (loss) to shareholders
17,642 28,632 42,941 
Change in net unrealized gains (losses) on available-for-sale investments, net of taxes(130,295)306,903 (1,154,830)
Consolidated subsidiaries' change in discount rate for life and annuity benefits, net of taxes
252 (22,343)149,874 
Consolidated subsidiaries' change in foreign currency translation adjustments, net of taxes(3,883)4,650 (9,276)
Consolidated subsidiaries' change in net actuarial pension loss, net of taxes(4,946)74 24,730 
Total Other Comprehensive Income (Loss) to Shareholders(138,872)289,284 (989,502)
Comprehensive Income (Loss) to Shareholders$2,608,150 $2,285,344 $(1,205,779)
CONDENSED STATEMENTS OF CASH FLOWS

Years Ended December 31,
202420232022
(dollars in thousands)
OPERATING ACTIVITIES
Net income (loss) to shareholders$2,747,022 $1,996,060 $(216,277)
Adjustments to reconcile net income (loss) to shareholders to net cash provided by operating activities(2,183,635)(1,664,382)489,413 
Net Cash Provided By Operating Activities
563,387 331,678 273,136 
INVESTING ACTIVITIES
Proceeds from sales, maturities, calls and prepayments of fixed maturity securities14,459 72,834 13,047 
Cost of fixed maturity securities purchased(6,516)(48,501)— 
Proceeds from sales of equity securities3,662 24,237 65,379 
Cost of equity securities purchased(310)(7,731)(16,660)
Net change in short-term investments(315,622)451,846 58,970 
Decrease (increase) in notes receivable due from subsidiaries— — 75,645 
Capital contributions to subsidiaries
(174,002)(55,575)(94,585)
Proceeds from sale of subsidiary— 16,090 165,615 
Cost of equity method investments— (5,000)— 
Other2,694 (12,691)4,779 
Net Cash Provided (Used) By Investing Activities(475,635)435,509 272,190 
FINANCING ACTIVITIES
Repayment of senior long-term debt— (250,000)(350,000)
Additions to senior long-term debt592,596 — — 
Decrease in notes payable to subsidiaries— — (32,753)
Repurchases of common stock(572,728)(445,479)(290,796)
Dividends paid on preferred stock(36,000)(36,000)(36,000)
Other(1,273)— — 
Net Cash Used By Financing Activities(17,405)(731,479)(709,549)
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents70,347 35,708 (164,223)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year650,955 615,247 779,470 
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS AT END OF YEAR$721,302 $650,955 $615,247 
SUPPLEMENTAL CASH FLOW INFORMATION
Cash dividends received from subsidiaries
$575,000 $310,000 $245,102 
Non-cash capital contributions to subsidiaries
$— $43,111 $923,980 

Note to Condensed Financial Information of Markel Group Inc. (Parent Company Only)

Basis of Presentation. The parent company financial information note should be read in conjunction with the consolidated financial statements and other notes included herein. For purposes of this condensed financial information, the Company's wholly owned and majority owned subsidiaries are recorded based upon its proportionate share of the subsidiaries' net assets.

Debt. All of the Company's senior long-term debt was issued and is held by Markel Group. Markel Group also is party to a revolving credit facility. There were no borrowings outstanding under this revolving credit facility at December 31, 2024 and 2023. See note 14 for further details about Markel Group's revolving credit facility and senior long-term debt, including a five-year schedule of debt maturities.
Guarantees. Markel Group has guaranteed intercompany loans to Markel Ventures, Inc. from certain insurance subsidiaries of Markel Group. The outstanding loan balances totaled $788.0 million and $738.0 million as of December 31, 2024 and 2023, respectively, all of which was eliminated in consolidation. Additionally, Markel Group guarantees any obligations under the revolving credit facility of its insurance subsidiaries that are parties to the related credit agreement, however, there were no borrowings outstanding at December 31, 2024 and 2023. Markel Group has also made certain guarantees on other financial obligations, including leases, for other subsidiaries, which, individually and in the aggregate, were not material to Markel Group.
v3.25.0.1
Subsequent Events
 12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events
24. Subsequent Event

In January 2025, there was a series of wildfires in southern California. Based on information currently available, the Company estimates its range of underwriting losses, including the impact of reinstatement premiums, from these events to be between $90 million and $130 million, before income taxes. This estimated range of losses was derived based on a review of in-force contracts and an analysis of ceded reinsurance contracts, as well as preliminary industry loss estimates. Due to the inherent uncertainty associated with the nature of these wildfire events and limited claims activity, the Company's underwriting loss estimates are subject to a wide range of variability. The Company will refine its estimate of net losses, which will be recorded in the first quarter of 2025, as more details about these events and actual level of claims emerge.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net income (loss) to shareholders $ 2,747,022 $ 1,996,060 $ (216,277)
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Summary Of Significant Accounting Policies (Policy)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation
a) Basis of Presentation. The accompanying consolidated financial statements have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP) and include the accounts of Markel Group and its consolidated subsidiaries, as well as any variable interest entities (VIEs) that meet the requirements for consolidation (the Company). All significant intercompany balances and transactions have been eliminated in consolidation. The Company consolidates the results of its Markel Ventures subsidiaries on a one-month lag, with the exception of significant transactions or events that occur during the intervening period. Certain prior period amounts have been reclassified to conform to the current period presentation.
Use of Estimates
b) Use of Estimates. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Management periodically reviews its estimates and assumptions. Quarterly reviews include evaluating the adequacy of reserves for unpaid losses and loss adjustment expenses and contingencies. Estimates and assumptions for goodwill and intangible assets are reviewed in conjunction with an acquisition, and goodwill and indefinite-lived intangible assets are reassessed at least annually for impairment. Actual results may differ materially from the estimates and assumptions used in preparing the consolidated financial statements.
Investments
c) Investments. Available-for-sale investments and equity securities are recorded at estimated fair value. Available-for-sale investments include fixed maturity securities and short-term investments. Fixed maturity securities include government and municipal bonds and mortgage-backed securities with original maturities of more than one year. Short-term investments are primarily comprised of treasury bills with original maturities of one year or less.

Realized investment gains or losses on available-for-sale investments are included in net income. Realized gains or losses from sales of available-for-sale investments are derived using the first-in, first-out method on the trade date. Unrealized gains and losses on available-for-sale investments, net of income taxes, are included in other comprehensive income. The Company completes a detailed analysis each quarter to assess declines in the fair value of its available-for-sale investments. Any credit-related impairment losses on the Company's available-for-sale investments are recorded as an allowance, subject to reversal, and recognized in net income. Realized and unrealized gains and losses on equity securities are included in net income as net investment gains or losses.

Premiums and discounts are amortized or accreted over the lives of the related fixed maturity securities as an adjustment to the yield using the effective interest method. Dividend and interest income are recognized when earned. Accrued interest receivable is excluded from both the estimated fair value and the amortized cost basis of available-for-sale securities and included within other assets on the Company's consolidated balance sheets. Any uncollectible accrued interest receivable is written off in the period it is deemed uncollectible.

See note 4 and note 5 for further details regarding the Company's investment portfolio.
Cash and Cash Equivalents
d) Cash and Cash Equivalents. The Company considers all investments with original maturities of 90 days or less to be cash equivalents, with the exception of treasury bills, which are classified as short-term investments. The carrying value of the Company's cash and cash equivalents approximates fair value.
Restricted Cash and Cash Equivalents
e) Restricted Cash and Cash Equivalents. Cash and cash equivalents that are restricted as to withdrawal or use are recorded as restricted cash and cash equivalents. The carrying value of the Company's restricted cash and cash equivalents approximates fair value.
Receivables
f) Receivables. Receivables include amounts receivable from agents, brokers and insureds, which represent premiums that are both currently due and amounts not yet due on insurance and reinsurance policies. Premiums for insurance policies are
generally due at inception. Premiums for reinsurance policies generally become due over the period of coverage based on the policy terms. Changes in the estimate of reinsurance premiums written will result in an adjustment to premiums receivable in the period they are determined. Receivables also include amounts receivable from contracts with customers, which represent the Company's unconditional right to consideration for satisfying the performance obligations outlined in the contract.

The Company monitors credit risk associated with receivables, taking into consideration the fact that in certain instances in the Company's insurance operations credit risk may be reduced by the Company's right to offset loss obligations or unearned premiums against premiums receivable. An allowance is established for credit losses expected to be incurred over the life of the receivable, which is recorded net of this allowance. The allowance is charged to net income in the period the receivable is recorded and revised in subsequent periods to reflect changes in the Company's estimate of expected credit losses. See note 7 for further details regarding receivables.
Reinsurance Recoverables
g) Reinsurance Recoverables. Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured business. The Company evaluates the financial condition of its reinsurers and monitors concentration of credit risk to minimize its exposure to significant losses from individual reinsurers. To further reduce credit exposure on reinsurance recoverables, the Company has received collateral, including letters of credit and trust accounts, from certain reinsurers. Cash collateral related to these reinsurance agreements is available, without restriction, when the Company pays losses covered by the reinsurance agreements. An allowance is established for credit losses expected to be incurred over the life of the reinsurance recoverable, which is recorded net of this allowance. The allowance is charged to net income in the period the recoverable is recorded and revised in subsequent periods to reflect changes in the Company's estimate of expected credit losses. As of December 31, 2024 and 2023, the allowance for credit losses associated with the Company's reinsurance recoverables was not material to the consolidated financial statements.
Deferred Policy Acquisition Costs
h) Deferred Policy Acquisition Costs. Costs directly related to the acquisition of insurance premiums are deferred and amortized over the related policy period, generally one year. The Company only defers acquisition costs incurred that are directly related to the successful acquisition of new or renewal insurance contracts, including commissions to agents and brokers, salaries and benefits and premium taxes. Commissions received related to reinsurance premiums ceded are netted against broker commissions in determining acquisition costs eligible for deferral. To the extent that future policy revenues on existing policies are not adequate to cover related costs and expenses, deferred policy acquisition costs are charged to earnings. The Company does not consider anticipated investment income in determining whether a premium deficiency exists. See note 2(a) and (g) for further details regarding policy acquisition costs.
Goodwill and Intangible Assets
i) Goodwill and Intangible Assets. Goodwill and intangible assets are recorded as a result of business acquisitions. Goodwill represents the excess of the amount paid to acquire a business over the net fair value of assets acquired and liabilities assumed at the date of acquisition. Indefinite-lived and other intangible assets are recorded at fair value as of the acquisition date. The determination of the fair value of certain assets acquired and liabilities assumed involves significant judgment and the use of valuation models and other estimates, which require assumptions that are inherently subjective. Goodwill and indefinite-lived intangible assets are tested for impairment at least annually. The Company completes an annual test during the fourth quarter of each year based upon the results of operations through September 30. Intangible assets with definite lives are amortized using the straight-line method over their estimated useful lives, generally five to 20 years, and are reviewed for impairment when events or circumstances indicate that their carrying value may not be recoverable. See note 8 for further details regarding goodwill and intangible assets.
Equity Method Investments
j) Equity Method Investments. The Company holds certain investments that are required to be accounted for under the equity method, whereby they initially are recorded at cost within other assets on the consolidated balance sheets and subsequently increased or decreased by the Company's proportionate share of the net income or loss of the investee and other transactions impacting the investee's equity. The Company records its proportionate share of net income or loss of the investee in services and other revenues. The Company records its proportionate share of other comprehensive income or loss of the investee as a component of other comprehensive income. Dividends or other equity distributions in excess of the Company's cumulative equity in earnings of the investee are recorded as a reduction of the investment. The Company reviews equity method investments for impairment when events or circumstances indicate that a decline in the fair value of the investment below its carrying value is other-than-temporary. See note 6 for further details regarding the Company's equity method investments.
Property and Equipment
k) Property and Equipment. Property and equipment is maintained primarily by certain of the Company's Markel Ventures businesses and is stated at cost less accumulated depreciation. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful lives of the respective assets. Property and equipment, net of accumulated
depreciation, was $1.4 billion and $1.3 billion as of December 31, 2024 and 2023, respectively, and is included in other assets on the Company's consolidated balance sheets.
Leases
l) Leases. The present value of future lease payments for the Company's leases with terms greater than 12 months is included on the consolidated balance sheets as lease liabilities and right-of-use lease assets within other liabilities and other assets, respectively.

The Company's lease portfolio primarily consists of operating leases for real estate and equipment. Total expected lease payments are based on the lease payments specified in the contract and the stated term, including any options to extend or terminate that the Company is reasonably certain to exercise. The Company accounts for lease components and any associated non-lease components within a contract as a single lease component, and therefore allocates all of the expected lease payments to the lease component.

The lease liability, which represents the Company's contractual obligation to make lease payments, is calculated based on the present value of expected lease payments over the remaining lease term, discounted using the Company's collateralized incremental borrowing rate at the lease commencement date. The lease liability is then adjusted for any prepaid rent, lease incentives received or capitalized initial direct costs to determine the lease asset, which represents the Company's right to use the underlying asset for the lease term.

Total lease costs are primarily comprised of rental expense for operating leases, which is recognized on a straight line basis over the lease term. Rental expense attributable to the Company's underwriting operations is included in underwriting, acquisition and insurance expenses and rental expense attributable to the Company's other operations is included in products expenses and services and other expenses in the consolidated statements of income and comprehensive income. See note 9 for further details regarding leases.
Inventories
m) Inventories. Inventories are maintained at certain of the Company's Markel Ventures businesses and consist primarily of raw materials, work-in-process and finished goods. Inventories are generally valued based on the nature of the inventory, including the first-in-first-out, standard cost and specific identification methods, and stated at the lower of cost or net realizable value. Inventories were $631.5 million and $617.2 million as of December 31, 2024 and 2023, respectively, and are included in other assets on the Company's consolidated balance sheets.
Redeemable Noncontrolling Interests
n) Redeemable Noncontrolling Interests. The Company owns controlling interests in various companies through its Markel Ventures operations. In some cases, the Company has the option to acquire the remaining equity interests, and the remaining equity interests have the option to sell their interests to the Company, in the future. The redemption value of the remaining equity interests is generally based on the respective company's earnings in specified periods preceding the redemption date. The redeemable noncontrolling interests are redeemable in 2025 or become redeemable between 2026 and 2032.

The Company recognizes changes in the redemption value that exceed the carrying value of redeemable noncontrolling interests to retained earnings as if the balance sheet date was also the redemption date. Changes in the redemption value also result in an adjustment to net income to common shareholders in the calculation of basic and diluted net income per common share. See note 19 for further details regarding the calculation of basic and diluted net income per common share.
Income Taxes o) Income Taxes. The Company records deferred income taxes to reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance when management believes it is more likely than not that some, or all, of the deferred tax assets will not be realized. The Company recognizes the tax benefit from an uncertain tax position taken or expected to be taken in income tax returns only if it is more likely than not that the tax position will be sustained upon examination by tax authorities, based on the technical merits of the position. Tax positions that meet the more likely than not threshold are then measured using a probability weighted approach, whereby the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement is recognized. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. See note 15 for further details regarding income taxes.
Unpaid Losses and Loss Adjustment Expenses
p) Unpaid Losses and Loss Adjustment Expenses. Unpaid losses and loss adjustment expenses on the Company's property and casualty insurance business are based on evaluations of reported claims and estimates for losses and loss adjustment expenses incurred but not reported (IBNR). Estimates for losses and loss adjustment expenses incurred but not reported are
based on reserve development studies, among other things. Recorded reserves are estimates, and the ultimate liability may be greater or less than the estimates. See note 11 for further details regarding unpaid losses and loss adjustment expenses.
Life and Annuity Benefits q) Life and Annuity Benefits. The Company has a run-off block of life and annuity reinsurance contracts that subject the Company to mortality, longevity and morbidity risks. The primary component of the Company's liabilities for life and annuity benefits is the present value of the liability for future policyholder benefits. The cash flow assumptions used to determine the policyholder benefit reserves are reviewed, and updated as necessary, at least annually. Interest accretion for the reserves is calculated using the discount rate locked-in at contract inception. Policy benefit reserves are remeasured each period using current discount rates, based on yields for upper-medium grade fixed maturity securities, with the impact of changes in the discount rate included in other comprehensive income, net of taxes. All other results attributable to the run-off of life and annuity reinsurance contracts are included in services and other revenues and services and other expenses in the consolidated statements of income and comprehensive income. Investment income earned on the investments that support the policy benefit reserves are included in net investment income. Because of the uncertainty in the assumptions used to estimate reserves for life and annuity benefit obligations and the long-term nature of these reinsurance contracts, the ultimate liability may be greater or less than the estimated liability. See note 13 for further details regarding life and annuity benefits.
Revenue Recognition
r) Revenue Recognition.

Property and Casualty Premiums

Insurance premiums written are generally recorded at the inception of a policy and earned on a pro rata basis over the policy period, typically one year. The cost of reinsurance ceded is initially recorded as prepaid reinsurance premiums and is amortized over the reinsurance contract period in proportion to the amount of insurance protection provided. Premiums ceded are netted against premiums written. For multi-year contracts where insurance premiums are payable in annual installments, written premiums are recorded at the inception of the contract based on management's best estimate of total premiums to be received. For contracts where the cedent has the ability to unilaterally commute or cancel coverage within the term of the policy, written premiums are generally recorded on an annual basis or up to the contract cancellation point. The remaining premiums are estimated and included as written at each successive anniversary date within the multi-year term.

Assumed reinsurance premiums are recorded at the inception of each contract based upon contract terms and information received from cedents and brokers and are earned on a pro rata basis over the coverage period, or for multi-year contracts, in proportion with the underlying risk exposure to the extent there is variability in the exposure through the coverage period. Changes in reinsurance premium estimates are expected and may result in significant adjustments in any period. These estimates change over time as additional information regarding changes in underlying exposures is obtained. Any subsequent differences arising on such estimates are recorded as premiums written in the period they are determined and are earned on a pro rata basis over the coverage period, or immediately if the coverage period has ended. The Company uses the periodic method to account for assumed reinsurance from foreign reinsurers as a result of the sufficiency of the information provided by the reinsurer, which is consistent with its accounting for assumed reinsurance from U.S. reinsurers.

Certain contracts that the Company writes provide for reinstatement of coverage. Reinstatement premiums are the premiums for the restoration of the insurance or reinsurance limit of a contract to its full amount after a loss occurrence by the insured or reinsured. The Company accrues for reinstatement premiums resulting from losses recorded. Such accruals are based upon contractual terms and management judgment is involved with respect to the amount of losses recorded. Changes in estimates of losses recorded on contracts with reinstatement premium features will result in changes in reinstatement premiums based on contractual terms. Reinstatement premiums are recognized as premiums written at the time losses are recorded and are generally earned on a pro rata basis over the remaining coverage period.

Other Revenues

Other revenues primarily relate to the Company's Markel Ventures, program services and insurance-linked securities (ILS) operations and consist of revenues from the sale of products and services. Revenues are recognized when, or as, control of the promised goods or services is transferred to the Company's customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Contracts with customers generally have an original term of one year or less. For contracts with customers that have an original term greater than one year, the Company recognizes revenue at the amount for which it has a right to invoice for the products delivered or services performed. Certain customers may receive volume rebates or credits for products and services, which are accounted for as variable consideration. The Company estimates these amounts based on the expected amount to be provided to the customer and reduces revenues
recognized by a corresponding amount. The Company does not expect significant changes to its estimates of variable consideration over the term of the contracts.

Payment terms for products and services vary by the type of product or service offered and the location of the customer, and payment is typically received at or shortly after the point of sale. For certain products, the Company requires partial payment in the form of a deposit before the products are delivered to the customer, which is included in other liabilities on the Company's consolidated balance sheets.

Through its Markel Ventures operations, the Company has several different businesses that manufacture or produce a variety of products, including ornamental plants, precast concrete, equipment used in baking systems, over-the-road transportation equipment, portable dredges, residential homes and flooring for the trucking industry. Most of the Company's product revenues are recognized when the products are shipped to the customer or the products arrive at the agreed upon destination with the end customer. Certain of the Company's products revenues are recognized based on percentage of completion. Some of the Company's contracts include multiple performance obligations. For such arrangements, revenues are allocated to each performance obligation based on the relative standalone selling price, which is derived from amounts stated in the contract.

Through its Markel Ventures operations, the Company also has several different businesses that provide various types of services, including distribution of exterior building products, fire protection and life safety services and consulting services. Service revenues are generally recognized either at a point-in-time when services are provided or over the term of the contracts based on hours incurred or as services are provided.

The Company's Markel Ventures operations also include certain businesses that earn revenues through the leasing of equipment. The revenues from these leases are generally recognized on a straight-line basis over the term of the lease.

The Company's other revenues also include fronting fees, or ceding fees, which are based on the gross premiums written on behalf of general agent and capacity provider clients. Ceding fees are earned in a manner consistent with the recognition of the gross premiums earned on the underlying insurance policies, generally on a pro rata basis over the terms of the underlying policies reinsured.

The Company's other revenues also include investment management fee income. Investment management fee income is recognized over the period in which investment management services are provided and is calculated and recognized monthly, based on either the net asset value of the accounts managed or gross premium volume for the underlying risks. For certain accounts, the Company is also entitled to participate, on a fixed-percentage basis, in any net income generated in excess of an agreed-upon threshold as established by the underlying investment management agreements. In general, net income is calculated at the end of each calendar year and incentive fees are payable annually. Incentive fee income is recognized at the conclusion of the contractual performance period, when the uncertainty related to performance has been resolved.

See note 10 for further details regarding products, services and other revenues.
Other Revenues
Other Revenues

Other revenues primarily relate to the Company's Markel Ventures, program services and insurance-linked securities (ILS) operations and consist of revenues from the sale of products and services. Revenues are recognized when, or as, control of the promised goods or services is transferred to the Company's customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Contracts with customers generally have an original term of one year or less. For contracts with customers that have an original term greater than one year, the Company recognizes revenue at the amount for which it has a right to invoice for the products delivered or services performed. Certain customers may receive volume rebates or credits for products and services, which are accounted for as variable consideration. The Company estimates these amounts based on the expected amount to be provided to the customer and reduces revenues
recognized by a corresponding amount. The Company does not expect significant changes to its estimates of variable consideration over the term of the contracts.

Payment terms for products and services vary by the type of product or service offered and the location of the customer, and payment is typically received at or shortly after the point of sale. For certain products, the Company requires partial payment in the form of a deposit before the products are delivered to the customer, which is included in other liabilities on the Company's consolidated balance sheets.

Through its Markel Ventures operations, the Company has several different businesses that manufacture or produce a variety of products, including ornamental plants, precast concrete, equipment used in baking systems, over-the-road transportation equipment, portable dredges, residential homes and flooring for the trucking industry. Most of the Company's product revenues are recognized when the products are shipped to the customer or the products arrive at the agreed upon destination with the end customer. Certain of the Company's products revenues are recognized based on percentage of completion. Some of the Company's contracts include multiple performance obligations. For such arrangements, revenues are allocated to each performance obligation based on the relative standalone selling price, which is derived from amounts stated in the contract.

Through its Markel Ventures operations, the Company also has several different businesses that provide various types of services, including distribution of exterior building products, fire protection and life safety services and consulting services. Service revenues are generally recognized either at a point-in-time when services are provided or over the term of the contracts based on hours incurred or as services are provided.

The Company's Markel Ventures operations also include certain businesses that earn revenues through the leasing of equipment. The revenues from these leases are generally recognized on a straight-line basis over the term of the lease.

The Company's other revenues also include fronting fees, or ceding fees, which are based on the gross premiums written on behalf of general agent and capacity provider clients. Ceding fees are earned in a manner consistent with the recognition of the gross premiums earned on the underlying insurance policies, generally on a pro rata basis over the terms of the underlying policies reinsured.

The Company's other revenues also include investment management fee income. Investment management fee income is recognized over the period in which investment management services are provided and is calculated and recognized monthly, based on either the net asset value of the accounts managed or gross premium volume for the underlying risks. For certain accounts, the Company is also entitled to participate, on a fixed-percentage basis, in any net income generated in excess of an agreed-upon threshold as established by the underlying investment management agreements. In general, net income is calculated at the end of each calendar year and incentive fees are payable annually. Incentive fee income is recognized at the conclusion of the contractual performance period, when the uncertainty related to performance has been resolved.

See note 10 for further details regarding products, services and other revenues.
Program Services
s) Program Services. In connection with its program services business, the Company enters into contractual agreements with both producing general agents and reinsurers, whereby the general agents and reinsurers are typically obligated to each other for payment of insurance amounts, including premiums, commissions and losses. To the extent these funds are not the obligation of the Company and are settled directly between the general agent and the reinsurer, no receivables or payables are recorded for these amounts. All obligations of the Company's insurance subsidiaries owed to or on behalf of their policyholders are recorded by the Company and, to the extent appropriate, offsetting reinsurance recoverables are recorded.
Foreign Currency Transactions
t) Foreign Currency Transactions. The U.S. Dollar is the Company's reporting currency and the primary functional currency of its foreign underwriting operations. The functional currencies of the Company's other foreign operations are the currencies of the primary economic environments in which the majority of their business is transacted.

Foreign currency transaction gains and losses are the result of exchange rate changes on transactions denominated in currencies other than the functional currency at each foreign entity. Monetary assets and liabilities are remeasured to the functional currency at current exchange rates, with resulting gains and losses included in net foreign exchange gains within net income. Non-monetary assets and liabilities are remeasured to the functional currency at historic exchange rates. Available-for-sale securities are recorded at fair value with resulting gains and losses, including the portion attributable to movements in exchange rates, included in the change in net unrealized gains on available-for-sale investments, net of taxes within other comprehensive income. While the Company attempts to naturally hedge its exposure to foreign currency fluctuations by matching assets and liabilities in the same currencies, there is a financial statement mismatch between the gains or losses
recorded in net income related to insurance reserves denominated in non-functional currencies and the gains or losses recorded in other comprehensive income related to the available-for-sale securities held in non-functional currencies supporting the reserves.
Assets and liabilities of foreign operations denominated in a functional currency other than the U.S. Dollar are translated into the U.S. Dollar at current exchange rates, with resulting gains or losses included, net of taxes, in the change in foreign currency translation adjustments within other comprehensive income.
Comprehensive Income
u) Comprehensive Income. Comprehensive income represents all changes in equity that result from recognized transactions and other economic events during the period. Other comprehensive income refers to revenues, expenses, gains and losses that under U.S. GAAP are included in comprehensive income but excluded from net income, such as unrealized gains or losses on available-for-sale investments, changes in discount rate for life and annuity benefits, foreign currency translation adjustments and changes in net actuarial pension loss. See note 20 for further details regarding other comprehensive income.
Net Income Per Common Share
v) Net Income Per Common Share. Basic net income per common share is computed by dividing adjusted net income to shareholders by the weighted average number of common shares outstanding during the year. Diluted net income per common share is computed by dividing adjusted net income to shareholders by the sum of the weighted average number of common shares and dilutive potential common shares outstanding during the year. See note 19 for further details regarding the calculation of basic and diluted net income per common share.
Variable Interest Entities
w) Variable Interest Entities. The Company determines whether it has relationships with entities defined as VIEs in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 810, Consolidation. Under this guidance, a VIE is consolidated by the variable interest holder that is determined to be the primary beneficiary.

An entity in which the Company holds a variable interest is a VIE if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) as a group, the holders of equity investment at risk lack either the direct or indirect ability through voting rights or similar rights to make decisions about an entity's activities that most significantly impact the entity's economic performance or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some investors are disproportionate to their obligation to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity's activities either involve or are conducted on behalf of an investor with disproportionately few voting rights.

The primary beneficiary is defined as the variable interest holder that is determined to have the controlling financial interest as a result of having both (a) the power to direct the activities of a VIE that most significantly impact the economic performance of the VIE and (b) the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE.
The Company determines whether an entity is a VIE at the inception of its variable interest in the entity and upon the occurrence of certain reconsideration events. The Company continually reassesses whether it is the primary beneficiary of VIEs in which it holds a variable interest. See note 17 for further details regarding the Company's involvement with VIEs.
Recent Accounting Pronouncements
x) Recent Accounting Pronouncements.

Accounting Standards Adopted in 2024

In November 2023, the FASB issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The standard requires public companies to, among other things: (1) disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss; (2) disclose, on an annual and interim basis, an amount for other segment expenses that are not separately disclosed as significant segment expenses and a description of its composition; (3) provide all annual disclosures about a reportable segment's profit or loss and assets currently required by Topic 280 in interim periods; and (4) disclose the title and position of the chief operating decision maker and an explanation of how the chief operating decision maker uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. ASU No. 2023-07 became effective for the Company's 2024 Annual Report on Form 10-K and was applied using a retrospective approach that required recasting of all prior periods presented. The standard only impacts required disclosures and does not impact the Company's financial position, results of
operations or cash flows. The ASU did not result in significant changes to the Company's reportable segment disclosures. See note 2 for the Company's segment disclosures.

Accounting Standards Not Yet Adopted

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The standard requires public companies, on an annual basis, to provide enhanced rate reconciliation disclosures, including disclosure of specific categories and additional information for reconciling items that meet a quantitative threshold. The standard also requires public companies to, among other things, disaggregate income taxes paid by federal, state and foreign taxes. ASU No. 2023-09 becomes effective for the Company's 2025 Annual Report on Form 10-K. The standard will not impact the Company's financial position, results of operations or cash flows.
In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures. The standard requires disclosure of certain prescribed costs and expenses within the notes to consolidated financial statements. ASU No. 2024-03 becomes effective for the Company's 2027 Annual Report on Form 10-K. The standard only impacts required disclosures and will not impact the Company's financial position, results of operations or cash flows. The Company is currently in the early stages of evaluating the impact of ASU No. 2024-23 on its disclosures.
v3.25.0.1
Segment Reporting Disclosures (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]  
Company's Segment Disclosures
a) The following tables summarize the Company's segment disclosures.
Year Ended December 31, 2024
(dollars in thousands)InsuranceReinsuranceInvestingMarkel Ventures
Other insurance operations
Corporate
Consolidated
Earned premiums$7,407,643 $1,028,201 $— $— $(3,432)$— $8,432,412 
Net investment income— — 913,478 7,018 — — 920,496 
Net investment gains— — 1,807,219 — — — 1,807,219 
Products revenues— — — 2,635,659 — — 2,635,659 
Services and other revenues— — 52,253 2,477,419 295,305 — 2,824,977 
Total operating revenues7,407,643 1,028,201 2,772,950 5,120,096 291,873 — 16,620,763 
Losses and loss adjustment expenses:
Current accident year - attritional
(4,704,219)(733,191)— — — — (5,437,410)
Current accident year - catastrophe
(67,169)(3,480)— — — — (70,649)
Prior accident years451,016 12,344 — — (8,050)— 455,310 
Underwriting, acquisition and insurance expenses:
Amortization of policy acquisition costs(1,501,829)(252,312)— — — — (1,754,141)
Other underwriting expenses(1,163,557)(56,925)— — (2,766)— (1,223,248)
Products expenses— — — (2,272,219)— — (2,272,219)
Services and other expenses— — — (2,327,795)(96,577)— (2,424,372)
Amortization of acquired intangible assets
(181,472)(181,472)
Operating income (loss)$421,885 $(5,363)$2,772,950 $520,082 $184,480 $(181,472)$3,712,562 
Interest expense(204,300)
Net foreign exchange gains129,438 
Income before income taxes$3,637,700 
Year Ended December 31, 2023
(dollars in thousands)InsuranceReinsuranceInvestingMarkel Ventures
Other insurance operations
Corporate
Consolidated
Earned premiums$7,282,705 $1,014,294 $— $— $(1,520)$— $8,295,479 
Net investment income— — 729,219 5,313 — — 734,532 
Net investment gains— — 1,524,054 — — — 1,524,054 
Products revenues— — — 2,545,053 — — 2,545,053 
Services and other revenues— — (11,854)2,434,715 281,651 — 2,704,512 
Total operating revenues7,282,705 1,014,294 2,241,419 4,985,081 280,131 — 15,803,630 
Losses and loss adjustment expenses:
Current accident year - attritional
(4,651,173)(669,314)— — — — (5,320,487)
Current accident year - catastrophe
(39,572)(500)— — — — (40,072)
Prior accident years104,743 (57,081)— — (9,112)— 38,550 
Underwriting, acquisition and insurance expenses:
Amortization of policy acquisition costs(1,508,169)(255,501)— — — — (1,763,670)
Other underwriting expenses(1,026,358)(51,163)— — 457 — (1,077,064)
Products expenses— — — (2,220,676)— — (2,220,676)
Services and other expenses— — — (2,244,527)(66,242)— (2,310,769)
Amortization of acquired intangible assets
(180,614)(180,614)
Operating income (loss)$162,176 $(19,265)$2,241,419 $519,878 $205,234 $(180,614)$2,928,828 
Interest expense(185,077)
Net foreign exchange losses(90,045)
Income before income taxes$2,653,706 

Year Ended December 31, 2022
(dollars in thousands)InsuranceReinsuranceInvestingMarkel Ventures
Other insurance operations
Corporate
Consolidated
Earned premiums$6,528,263 $1,063,347 $— $— $(3,818)$— $7,587,792 
Net investment income— — 445,846 909 — — 446,755 
Net investment losses— — (1,595,733)— — — (1,595,733)
Products revenues— — — 2,427,096 — — 2,427,096 
Services and other revenues— — (17,661)2,329,522 497,564 — 2,809,425 
Total operating revenues6,528,263 1,063,347 (1,167,548)4,757,527 493,746 — 11,675,335 
Losses and loss adjustment expenses:
Current accident year - attritional
(3,867,195)(663,903)— — — — (4,531,098)
Current accident year - events (1)
(69,230)(12,707)— — — — (81,937)
Prior accident years142,924 26,052 — — (1,530)— 167,446 
Underwriting, acquisition and insurance expenses:
Amortization of policy acquisition costs(1,375,539)(279,567)— — — — (1,655,106)
Other underwriting expenses(809,352)(49,363)— — (1,762)— (860,477)
Products expenses— — — (2,241,736)— — (2,241,736)
Services and other expenses— — — (2,111,510)(195,475)— (2,306,985)
Amortization of acquired intangible assets
(178,778)(178,778)
Impairment of goodwill
(80,000)(80,000)
Operating income (loss)$549,871 $83,859 $(1,167,548)$404,281 $294,979 $(258,778)$(93,336)
Interest expense(196,062)
Net foreign exchange gains137,832 
Loss before income taxes$(151,566)
(1)     Includes losses and loss adjustment expenses attributed to catastrophes and the Russia-Ukraine conflict.
Summary of Additional Measures for Markel Ventures
b) The following amounts attributable to the Markel Ventures segment are also reviewed, or included in measures reviewed, by the Company's chief operating decision maker.

Years Ended December 31,
(dollars in thousands)202420232022
Depreciation expense$122,125 $108,605 $102,055 
Capital expenditures$177,075 $221,036 $225,230 
Reconciliation Of Segment Assets To The Company's Consolidated Balance Sheets
c) The following table reconciles segment assets to the Company's consolidated balance sheets.

December 31,
(dollars in thousands)20242023
Segment assets:
Investing$34,272,049 $30,542,282 
Underwriting10,784,528 9,897,689 
Markel Ventures5,824,229 5,519,542 
Total segment assets 50,880,806 45,959,513 
Other insurance operations
11,017,176 9,086,197 
Total assets$61,897,982 $55,045,710 
Underwriting Schedule Of Product Information
d) The following table summarizes earned premiums by major product grouping within each underwriting segment.

Years Ended December 31,
(dollars in thousands)202420232022
Insurance segment:
General liability$2,063,827 $2,128,317 $1,927,721 
Professional liability1,655,848 1,798,882 1,739,983 
Marine and energy747,004 688,591 585,885 
Personal lines625,542 538,816 489,648 
Property609,453 532,337 428,563 
Programs576,444 509,866 384,952 
Workers' compensation374,371 393,011 385,054 
Credit and surety248,001 219,542 193,701 
Other products507,153 473,343 392,756 
Total Insurance7,407,643 7,282,705 6,528,263 
Reinsurance segment:
General liability382,151 368,376 382,482 
Professional liability371,198 388,610 398,839 
Specialty269,021 245,126 275,033 
Property5,831 12,182 6,993 
Total Reinsurance1,028,201 1,014,294 1,063,347 
Other(3,432)(1,520)(3,818)
Total earned premiums$8,432,412 $8,295,479 $7,587,792 

The Company does not manage products at this level of aggregation as it offers a diverse portfolio of products and manages these products in more disaggregated groupings within each underwriting segment.
Summary of Top Five Independent Brokers Concentration The following table summarizes the percentage of gross written premiums placed by the top five independent brokers within the Company's underwriting operations, Insurance segment and Reinsurance segment. The top five independent brokers may vary among the segments and from year to year.
Years Ended December 31,
202420232022
Insurance segment
32 %33 %34 %
Reinsurance segment
90 %95 %99 %
Total underwriting
38 %37 %40 %
Schedule of Gross Premium Volume and Net Written Premiums, by Segment
e) The following table summarizes gross and net written premiums by segment, including a reconciliation to total underwriting and consolidated amounts.

Years Ended December 31,
(dollars in thousands)202420232022
Gross written premium:
Insurance segment$9,400,316 $9,217,150 $8,606,700 
Reinsurance segment1,150,780 1,046,539 1,229,851 
Other underwriting777 13,943 10,987 
Total underwriting10,551,873 10,277,632 9,847,538 
Program services and ILS fronting
4,942,758 3,724,605 3,354,144 
Total$15,494,631 $14,002,237 $13,201,682 
Net written premium:
Insurance segment$7,260,089 $7,432,062 $7,040,176 
Reinsurance segment1,039,372 967,799 1,167,312 
Other underwriting290 (1,073)(115)
Total underwriting8,299,751 8,398,788 8,207,373 
Program services and ILS fronting
(3,576)(1,213)(3,983)
Total$8,296,175 $8,397,575 $8,203,390 
Summary Of Deferred Policy Acquisition Costs, Unearned Premiums And Unpaid Losses And Loss Adjustment Expenses
f) The following table summarizes deferred policy acquisition costs, unearned premiums and unpaid losses and loss adjustment expenses by segment, including a reconciliation to total underwriting and consolidated amounts.

(dollars in thousands)Deferred Policy
Acquisition Costs		Unearned
Premiums		Unpaid Losses and
Loss Adjustment Expenses
December 31, 2024
Insurance segment$648,969 $4,283,879 $16,073,355 
Reinsurance segment226,741 933,329 3,870,059 
Other underwriting— 1,558 149,522 
Total underwriting875,710 5,218,766 20,092,936 
Program services and ILS fronting
— 1,845,190 6,515,153 
Markel CATCo Re (see note 17)
— — 25,005 
Total$875,710 $7,063,956 $26,633,094 
December 31, 2023
Insurance segment$708,128 $4,307,704 $14,221,258 
Reinsurance segment223,216 901,138 3,726,472 
Other underwriting— 7,488 165,071 
Total underwriting931,344 5,216,330 18,112,801 
Program services and ILS fronting
— 1,426,096 5,185,553 
Markel CATCo Re (see note 17)
— — 184,967 
Total$931,344 $6,642,426 $23,483,321 
Markel Ventures Schedule Of Product Information
g) The following table summarizes total products revenues and services and other revenues by major product and service grouping within the Company's Markel Ventures segment.

Years Ended December 31,
(dollars in thousands)202420232022
Products:
Consumer and building$1,606,353 $1,474,499 $1,510,130 
Transportation-related584,200 667,040 612,467 
Equipment manufacturing445,106 403,514 304,499 
Total products revenues2,635,659 2,545,053 2,427,096 
Services and other:
Construction2,089,280 2,042,326 1,910,403 
Consulting283,343 297,115 326,549 
Other104,796 95,274 92,570 
Total services and other revenues2,477,419 2,434,715 2,329,522 
Total products revenues and services and other revenues$5,113,078 $4,979,768 $4,756,618 
v3.25.0.1
Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Available-For-Sale Investments
a) The following tables summarize the Company's available-for-sale investments. Agency mortgage-backed securities include securities issued by U.S. government-sponsored enterprises and U.S. government agencies. The net unrealized holding gains (losses) in the tables below are presented before taxes.

December 31, 2024
(dollars in thousands)Amortized
Cost		Gross
Unrealized
Holding
Gains		Gross
Unrealized
Holding
Losses		Estimated
Fair
Value
Fixed maturity securities:
U.S. Treasury securities$5,147,365 $8,962 $(68,469)$5,087,858 
U.S. government-sponsored enterprises1,445,171 2,976 (101,911)1,346,236 
Obligations of states, municipalities and political subdivisions3,813,146 5,866 (199,520)3,619,492 
Foreign governments, agencies and supranationals2,909,561 4,264 (207,302)2,706,523 
Agency mortgage-backed securities2,771,589 2,096 (123,872)2,649,813 
Non-agency mortgage-backed securities122,373 — (4,343)118,030 
Corporate and university bonds248,518 76 (31,007)217,587 
Total fixed maturity securities16,457,723 24,240 (736,424)15,745,539 
Short-term investments2,530,941 548 (6,579)2,524,910 
Investments, available-for-sale$18,988,664 $24,788 $(743,003)$18,270,449 

 December 31, 2023
(dollars in thousands)Amortized
Cost		Gross
Unrealized
Holding
Gains		Gross
Unrealized
Holding
Losses		Estimated
Fair
Value
Fixed maturity securities:
U.S. Treasury securities$3,811,293 $35,824 $(62,404)$3,784,713 
U.S. government-sponsored enterprises1,225,426 7,292 (89,904)1,142,814 
Obligations of states, municipalities and political subdivisions4,196,096 14,787 (181,578)4,029,305 
Foreign governments, agencies and supranationals2,554,874 34,352 (142,008)2,447,218 
Agency mortgage-backed securities2,507,682 8,939 (135,611)2,381,010 
Non-agency mortgage-backed securities355,673 — (22,603)333,070 
Corporate and university bonds281,242 141 (26,781)254,602 
Total fixed maturity securities14,932,286 101,335 (660,889)14,372,732 
Short-term investments2,564,620 7,155 (393)2,571,382 
Investments, available-for-sale$17,496,906 $108,490 $(661,282)$16,944,114 
Summary Of Gross Unrealized Investment Losses By Length Of Time That Securities Have Continuously Been In An Unrealized Loss Position
b) The following tables summarize gross unrealized investment losses on available-for-sale investments by the length of time that securities have continuously been in an unrealized loss position.

December 31, 2024
Less than 12 months12 months or longerTotal
(dollars in thousands)Estimated
Fair
Value		Gross 
Unrealized
Holding
Losses		Estimated
Fair
Value		Gross 
Unrealized
Holding
Losses		Estimated
Fair
Value		Gross 
Unrealized
Holding
Losses
Fixed maturity securities:
U.S. Treasury securities$1,593,711 $(27,213)$1,444,869 $(41,256)$3,038,580 $(68,469)
U.S. government-sponsored enterprises415,333 (10,938)691,781 (90,973)1,107,114 (101,911)
Obligations of states, municipalities and political subdivisions1,133,275 (21,242)2,024,298 (178,278)3,157,573 (199,520)
Foreign governments, agencies and supranationals1,056,877 (29,890)1,246,215 (177,412)2,303,092 (207,302)
Agency mortgage-backed securities757,562 (13,880)1,710,436 (109,992)2,467,998 (123,872)
Non-agency mortgage-backed securities— — 118,030 (4,343)118,030 (4,343)
Corporate and university bonds2,107 (137)212,404 (30,870)214,511 (31,007)
Total fixed maturity securities4,958,865 (103,300)7,448,033 (633,124)12,406,898 (736,424)
Short-term investments163,503 (6,579)— — 163,503 (6,579)
Total$5,122,368 $(109,879)$7,448,033 $(633,124)$12,570,401 $(743,003)
December 31, 2023
Less than 12 months12 months or longerTotal
(dollars in thousands)Estimated
Fair
Value		Gross 
Unrealized
Holding
Losses		Estimated
Fair
Value		Gross 
Unrealized
Holding
Losses		Estimated
Fair
Value		Gross 
Unrealized
Holding
Losses
Fixed maturity securities:
U.S. Treasury securities$317,027 $(2,147)$1,507,784 $(60,257)$1,824,811 $(62,404)
U.S. government-sponsored enterprises145,143 (2,134)723,537 (87,770)868,680 (89,904)
Obligations of states, municipalities and political subdivisions679,124 (3,881)2,332,281 (177,697)3,011,405 (181,578)
Foreign governments, agencies and supranationals83,396 (394)1,492,912 (141,614)1,576,308 (142,008)
Agency mortgage-backed securities189,977 (1,872)1,889,272 (133,739)2,079,249 (135,611)
Non-agency mortgage-backed securities— — 333,070 (22,603)333,070 (22,603)
Corporate and university bonds— — 236,205 (26,781)236,205 (26,781)
Total fixed maturity securities1,414,667 (10,428)8,515,061 (650,461)9,929,728 (660,889)
Short-term investments52,601 (393)— — 52,601 (393)
Total$1,467,268 $(10,821)$8,515,061 $(650,461)$9,982,329 $(661,282)
Schedule Of Amortized Cost And Estimated Fair Value Of Fixed Maturities By Contractual Maturity
c) The amortized cost and estimated fair value of fixed maturity securities at December 31, 2024 are shown below by contractual maturity.

(dollars in thousands)Amortized
Cost		Estimated
Fair Value
Due in one year or less$1,593,149 $1,571,022 
Due after one year through five years6,071,013 5,901,682 
Due after five years through ten years4,647,538 4,406,225 
Due after ten years1,252,061 1,098,767 
13,563,761 12,977,696 
Mortgage-backed securities
2,893,962 2,767,843 
Total fixed maturity securities$16,457,723 $15,745,539 
Components Of Net Investment Income
d) The following table presents the components of net investment income.

Years Ended December 31,
(dollars in thousands)202420232022
Interest:
Fixed maturity securities$510,044 $383,022 $294,417 
Short-term investments124,575 106,747 33,493 
Cash and cash equivalents and restricted cash and cash equivalents
161,488 145,074 28,890 
Dividends on equity securities142,367 116,911 107,213 
938,474 751,754 464,013 
Investment expenses(17,978)(17,222)(17,258)
Net investment income$920,496 $734,532 $446,755 
Summary Of Net Realized Investment Gains (Losses) And The Change In Net Unrealized Gains On Investments
e) The following table presents the components of net investment gains (losses) included in net income (loss) and the pre-tax change in net unrealized losses included in other comprehensive income (loss). Gross realized investment gains and losses on fixed maturity securities, short-term investments and other investments were not material to the consolidated financial statements and are presented on a net basis in the following table.

Years Ended December 31,
(dollars in thousands)202420232022
Fixed maturity securities, short-term investments and other investments:
Net realized investment gains (losses)$4,423 $(42,177)$(40,983)
Equity securities:
Change in fair value of securities sold during the period(14,966)34,684 (14,884)
Change in fair value of securities held at the end of the period1,817,762 1,531,547 (1,539,866)
Total change in fair value1,802,796 1,566,231 (1,554,750)
Net investment gains (losses)$1,807,219 $1,524,054 $(1,595,733)
Change in net unrealized losses on available-for-sale investments included in other comprehensive income (loss):
Fixed maturity securities$(152,630)$389,498 $(1,474,890)
Short-term investments(12,793)1,060 11,014 
Net increase (decrease)$(165,423)$390,558 $(1,463,876)
Schedule of Restricted Assets
f) Total restricted assets are included on the Company's consolidated balance sheets as follows.

December 31,
(dollars in thousands)20242023
Fixed maturity securities
$3,027,863 $3,102,899 
Equity securities
915,242 1,004,347 
Short-term investments
704,201 807,138 
Restricted cash and cash equivalents499,581 584,974 
Total$5,146,887 $5,499,358 
Components Of Restricted Assets
The following table presents the components of restricted assets.

December 31,
(dollars in thousands)20242023
Assets held in trust or on deposit to support underwriting activities$4,727,799 $5,048,857 
Assets pledged as security for letters of credit419,088 450,501 
Total$5,146,887 $5,499,358 
v3.25.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Balances Of Assets Measured At Fair Value On A Recurring Basis
The following tables present the balances of assets measured at fair value on a recurring basis by level within the fair value hierarchy.

December 31, 2024
(dollars in thousands)Level 1Level 2Level 3Total
Assets:
Investments:
Fixed maturity securities, available-for-sale:
U.S. Treasury securities$— $5,087,858 $— $5,087,858 
U.S. government-sponsored enterprises— 1,346,236 — 1,346,236 
Obligations of states, municipalities and political subdivisions— 3,619,492 — 3,619,492 
Foreign governments, agencies, and supranationals— 2,706,523 — 2,706,523 
Agency mortgage-backed securities— 2,649,813 — 2,649,813 
Non-agency mortgage-backed securities— 118,030 — 118,030 
Corporate and university bonds— 217,587 — 217,587 
Total fixed maturity securities, available-for-sale— 15,745,539 — 15,745,539 
Equity securities:
Insurance, banks and other financial institutions4,968,736 — 1,384 4,970,120 
Industrial, consumer and all other6,814,401 — — 6,814,401 
Total equity securities11,783,137 — 1,384 11,784,521 
Short-term investments, available-for-sale2,363,736 161,174 — 2,524,910 
Total investments$14,146,873 $15,906,713 $1,384 $30,054,970 

December 31, 2023
(dollars in thousands)Level 1Level 2Level 3Total
Assets:
Investments:
Fixed maturity securities, available-for-sale:
U.S. Treasury securities$— $3,784,713 $— $3,784,713 
U.S. government-sponsored enterprises— 1,142,814 — 1,142,814 
Obligations of states, municipalities and political subdivisions— 4,029,305 — 4,029,305 
Foreign governments, agencies, and supranationals— 2,447,218 — 2,447,218 
Agency mortgage-backed securities— 2,381,010 — 2,381,010 
Non-agency mortgage-backed securities— 333,070 — 333,070 
Corporate and university bonds— 254,602 — 254,602 
Total fixed maturity securities, available-for-sale— 14,372,732 — 14,372,732 
Equity securities:
Insurance, banks and other financial institutions3,694,375 — 994 3,695,369 
Industrial, consumer and all other5,882,502 — — 5,882,502 
Total equity securities9,576,877 — 994 9,577,871 
Short-term investments, available-for-sale2,402,099 169,283 — 2,571,382 
Total investments$11,978,976 $14,542,015 $994 $26,521,985 
v3.25.0.1
Receivables (Tables)
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Components Of Receivables
The following table presents the components of receivables.

December 31,
(dollars in thousands)20242023
Insurance
Amounts receivable from agents, brokers and insureds$2,870,719 $2,686,199 
Other insurance receivables
124,258 117,436 
Markel Ventures638,480 657,156 
Other26,651 25,604 
3,660,108 3,486,395 
Allowance for credit losses(33,309)(31,089)
Receivables$3,626,799 $3,455,306 
v3.25.0.1
Goodwill And Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Rollforward of Components Of Goodwill
The following table presents a rollforward of the components of goodwill by reportable segment.

(dollars in thousands)InsuranceReinsuranceMarkel Ventures
Other insurance operations(1)
Total
January 1, 2023$771,628 $122,745 $1,153,909 $590,556 $2,638,838 
Adjustments to preliminary purchase price allocation— — (16,752)— (16,752)
Foreign currency movements and other adjustments 1,195 — 497 971 2,663 
December 31, 2023 (2)
$772,823 $122,745 $1,137,654 $591,527 $2,624,749 
Acquisitions (note 3)
— — 114,589 — 114,589 
Foreign currency movements and other adjustments(3,247)— (434)210 (3,471)
December 31, 2024 (2)
$769,576 $122,745 $1,251,809 $591,737 $2,735,867 
(1)    Amounts included in other insurance operations reflect the Company's operations that are not included in a reportable segment and are primarily related to the Company's program services and insurance-linked securities operations.
(2)    As of December 31, 2024 and 2023, goodwill was net of accumulated impairment losses of $190.6 million, of which $171.9 million was in other insurance operations and $18.7 million was in Markel Ventures.
Rollforward of Components of Net Intangible Assets
The following table presents a rollforward of net intangible assets by reportable segment.

(dollars in thousands)
Underwriting (1)
Markel Ventures
Other insurance operations (2)
Total
January 1, 2023$362,322 $796,297 $588,845 $1,747,464 
Dispositions
— — (2,000)(2,000)
Amortization of acquired intangible assets
(37,076)(82,370)(61,168)(180,614)
Adjustments to preliminary purchase price allocation— 22,671 — 22,671 
Foreign currency movements and other adjustments98 119 946 1,163 
December 31, 2023$325,344 $736,717 $526,623 $1,588,684 
Acquisitions (note 3)
— 52,909 — 52,909 
Amortization of acquired intangible assets
(37,276)(81,317)(62,879)(181,472)
Foreign currency movements and other adjustments(117)154 (538)(501)
December 31, 2024$287,951 $708,463 $463,206 $1,459,620 
(1)    Amounts included in Underwriting reflect the intangible assets associated with the Company's underwriting segments, which are not allocated between the Insurance and Reinsurance segments.
(2)    Amounts included in other insurance operations reflect the Company's operations that are not included in a reportable segment and are primarily related to the Company's program services and insurance-linked securities operations.
Components of Intangible Assets
The following table presents the components of intangible assets.

December 31,
20242023
(dollars in thousands)Gross
Carrying
Amount 		Accumulated
Amortization 		Gross
Carrying
Amount		Accumulated
Amortization
Customer relationships$1,488,796 $(699,550)$1,450,503 $(600,724)
Investment management agreements464,000 (178,727)464,000 (149,560)
Broker and agent relationships
295,694 (182,139)297,693 (168,586)
Trade names305,381 (157,494)293,270 (138,040)
Technology113,187 (107,727)113,248 (100,781)
Insurance licenses72,333 — 72,333 — 
Other159,603 (113,737)169,681 (114,353)
Total$2,898,994 $(1,439,374)$2,860,728 $(1,272,044)
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule Of Supplemental Balance Sheet Information Related to Leases
The following table summarizes details for the Company's operating leases recorded on the consolidated balance sheets.

December 31,
(dollars in thousands)20242023
Right-of-use lease assets$681,405 $628,833 
Lease liabilities $723,924 $657,217 
Weighted average remaining lease term9.0 years9.8 years
Weighted average discount rate4.3 %5.2 %
Maturities of Operating Lease Liabilities
The following table summarizes maturities of the Company's operating lease liabilities as of December 31, 2024, which reconciles to total operating lease liabilities included in other liabilities on the Company's consolidated balance sheet.

Years Ending December 31,(dollars in thousands)
2025$130,943 
2026116,324 
2027100,927 
202888,473 
202977,206 
2030 and thereafter368,468 
Total lease payments882,341 
Less imputed interest(158,417)
Total operating lease liabilities$723,924 
v3.25.0.1
Products, Services and Other Revenues (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule Of Revenues From Contracts With Customers By Type
The following table presents revenues from contracts with customers by type, all of which are included in products revenues and services and other revenues in the consolidated statements of income (loss) and comprehensive income (loss), along with a reconciliation to total products revenues and services and other revenues.

Years Ended December 31,
202420232022
(dollars in thousands)Markel VenturesOtherTotalMarkel VenturesOtherTotalMarkel VenturesOtherTotal
Products$2,607,581 $— $2,607,581 $2,487,054 $— $2,487,054 $2,379,399 $— $2,379,399 
Services2,315,822 10,193 2,326,015 2,262,861 10,341 2,273,202 2,184,196 43,875 2,228,071 
Management fees
— 97,226 97,226 — 99,509 99,509 — 79,209 79,209 
Total revenues from contracts with customers4,923,403 107,419 5,030,822 4,749,915 109,850 4,859,765 4,563,595 123,084 4,686,679 
Leasing revenues
176,293 — 176,293 188,904 — 188,904 157,552 — 157,552 
Fronting fees
— 187,480 187,480 — 154,838 154,838 — 147,612 147,612 
Equity method and other investments income (loss)
6,577 52,253 58,830 (1,744)(11,854)(13,598)2,541 (17,661)(15,120)
Disposition gains— — — — 16,923 16,923 — 225,828 225,828 
Other6,805 406 7,211 42,693 40 42,733 32,930 1,040 33,970 
Total$5,113,078 $347,558 $5,460,636 $4,979,768 $269,797 $5,249,565 $4,756,618 $479,903 $5,236,521 
v3.25.0.1
Unpaid Losses And Loss Adjustment Expenses (Tables)
 12 Months Ended
Dec. 31, 2024
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims [Abstract]  
Reconciliation Of Consolidated Reserves For Losses And Loss Adjustment Expenses
a) The following table presents a reconciliation of consolidated beginning and ending reserves for losses and loss adjustment expenses.

Years Ended December 31,
(dollars in thousands)202420232022
Gross reserves for losses and loss adjustment expenses, beginning of year$23,483,321 $20,947,898 $18,178,894 
Reinsurance recoverables on unpaid losses, beginning of year8,820,567 7,994,884 6,876,317 
Net reserves for losses and loss adjustment expenses, beginning of year14,662,754 12,953,014 11,302,577 
Effect of foreign currency rate changes on beginning of year balance(78,702)70,344 (160,622)
Adjusted net reserves for losses and loss adjustment expenses, beginning of year14,584,052 13,023,358 11,141,955 
Incurred losses and loss adjustment expenses:
Current accident year5,508,059 5,360,559 4,613,035 
Prior accident years(455,310)(38,550)(167,446)
Total incurred losses and loss adjustment expenses5,052,749 5,322,009 4,445,589 
Payments:
Current accident year720,178 729,895 580,537 
Prior accident years3,239,999 2,663,165 2,396,446 
Total payments3,960,177 3,393,060 2,976,983 
Effect of foreign currency rate changes on current year activity(3,934)(1,532)(5,468)
Change in net reserves for losses and loss adjustment expenses of Markel CATCo Re (see note 17)
(159,963)(162,954)347,921 
Reinsurance recoverable on retroactive reinsurance transactions— (125,067)— 
Net reserves for losses and loss adjustment expenses, end of year15,512,727 14,662,754 12,953,014 
Reinsurance recoverables on unpaid losses, end of year11,120,367 8,820,567 7,994,884 
Gross reserves for losses and loss adjustment expenses, end of year$26,633,094 $23,483,321 $20,947,898 
Prior Year Losses and Loss Adjustment Expenses Development by Segment and by Product Line
The following tables summarize, by segment, the product lines with the most significant changes in prior accident years loss reserves for the years ended December 31, 2024, 2023 and 2022, along with the corresponding accident years and the trends and factors that impacted management's best estimate of ultimate losses and loss adjustment expenses on underlying products in each of these product lines. The Company does not estimate losses at this level of aggregation as it offers a diverse portfolio of products and manages these products in more disaggregated groupings within each underwriting segment. As a result of the trends and factors described in the following tables, the Company's actuaries adjusted their estimates of the ultimate liability for unpaid losses and loss adjustment expenses. For those product lines with favorable development on prior accident years loss reserves, management has now given greater credibility to the favorable trends observed by the Company's actuaries and, upon incorporating these favorable trends into its best estimate, reduced prior years loss reserves accordingly.

In 2023 and 2022, the unfavorable claims and loss trends experienced on the Company's U.S. general liability and professional liability product lines disrupted the development of the claims trend observed prior to 2022, reflecting broader market conditions, including the effects of economic and social inflation. In 2024, the Company's U.S. professional liability product lines continued to experience many of these same trends, while the U.S. general liability product lines began to stabilize, resulting in modest favorable development as management gave more credibility to the favorable trends observed by the Company's actuaries.

Consistent with the Company's reserving philosophy, management is responding quickly to increase loss reserves following any indication of increased claims frequency or severity in excess of previous expectations, however in instances where trends have been more favorable than previously anticipated, management will wait to reduce loss reserves until those trends are observed over additional periods of time.
Year Ended December 31, 2024
(dollars in millions)Loss DevelopmentAccident Years with Most Significant DevelopmentTrends and Factors Impacting Loss Estimates
Insurance segment:
Professional liability
International$(152.6)
2021 to 2023
Lower loss frequency and severity than previously anticipated, including on the cyber portfolio and middle market accounts
U.S.
111.8 
2017 to 2023
Unfavorable claims settlements and increased claim severity, primarily on the risk-managed directors and officers product line
General liability
(81.6)
2022 and 2023
More favorable loss experience within the U.S. business, as well as lower loss frequency and severity than previously anticipated on the international excess and umbrella product line
Property
(75.0)
2020 and 2023
Lower loss frequency and severity than previously anticipated across a number of subclasses in the U.S. and international portfolios
Marine and energy
(58.3)
2021 to 2023
More favorable loss experience than previously anticipated
Programs
(53.9)
2022 and 2023
Lower loss frequency and severity than previously anticipated on certain programs
Credit and surety
(51.4)
2021 to 2023
Lower loss frequency and severity than previously anticipated driven by the international trade credit product line
Other products(90.0)
Total Insurance(451.0)
Reinsurance segment:
Property(23.0)
2017 to 2020
Lower loss severity than previously anticipated and net favorable development on catastrophe events
Workers' compensation
(20.3)
2019, 2020 and 2023
Lower loss severity than previously anticipated and net favorable development on losses related to the COVID-19 pandemic
Professional liability
(17.1)
2021 to 2023
More favorable loss experience than previously anticipated
Public entity
34.1 
2017 to 2023
Increased frequency of large claims across the product line, which was discontinued in late 2024
Other products18.0 
Premium adjustments
(4.0)
Total Reinsurance(12.3)
Other underwriting8.0 
Total decrease$(455.3)
Year Ended December 31, 2023
(dollars in millions)Loss DevelopmentAccident Years with Most Significant DevelopmentTrends and Factors Impacting Loss Estimates
Insurance segment:
General liability
U.S.
$274.0 2016 to 2021Increased frequency of large claims and unfavorable loss cost trends, primarily on primary casualty contractors' liability and excess and umbrella product lines
International(36.5)2020 to 2022
Lower loss frequency and severity than previously anticipated
Professional liability
U.S.
56.8 SeveralIncreased frequency of large claims and unfavorable loss cost trends, primarily on risk-managed errors and omissions product line
International(102.2)2020
Lower loss frequency and severity than previously anticipated
Property(95.1)2020 to 2022
Lower loss severity than previously anticipated and net favorable development on catastrophe events
Marine and energy(76.5)2021 and 2022
Lower loss severity than previously anticipated
Personal lines(42.8)2022
Lower loss frequency and severity than previously anticipated
Workers' compensation(36.5)2021 and 2022
Lower loss severity than previously anticipated
Other products(45.9)
Total Insurance(104.7)
Reinsurance segment:
General liability95.5 2015 to 2021
Large reported claims and adverse loss development trends
Public entity53.7 2014 to 2019
Increased frequency of large claims on a segment of business that was discontinued in 2020
Premium adjustments11.4 2021 and 2022
Recognition of additional exposures on prior accident years related to net favorable premium adjustments primarily on general liability, partially offset by reduced exposures recognized primarily on professional liability
Property(21.6)2017 to 2019More favorable loss experience and lower loss severity than previously anticipated
Workers' compensation(14.9)SeveralLower loss frequency and severity than previously anticipated
Other products(67.0)
Total Reinsurance57.1 
Other underwriting9.0 
Total decrease$(38.6)
Year Ended December 31, 2022
(dollars in millions)Loss DevelopmentAccident Years with Most Significant DevelopmentTrends and Factors Impacting Loss Estimates
Insurance segment:
Professional liability
2018 and 2019 accident years
$121.0 2018 and 2019Unfavorable claims settlements and increased claim frequency and severity, primarily on directors and officers, errors and omissions and employment practices liability lines
All other accident years
(91.1)SeveralMore favorable loss experience and lower loss severity than previously anticipated
General liability
2016 to 2019 accident years
61.6 2016 to 2019Unfavorable claims settlements and increased claim frequency and severity, primarily on contractors and excess and umbrella lines
All other accident years
(20.5)SeveralLower loss frequency and severity than previously anticipated
Workers' compensation
(62.1)2016 to 2021Lower loss severity than previously anticipated
Programs
(48.3)2020 and 2021Lower than expected frequency of claims
Property
(48.1)2020 and 2021
Lower loss severity than originally anticipated as well as favorable development on losses related to the COVID-19 pandemic
Credit and surety
(31.7)2019 to 2021Lower than expected frequency of claims
Other products(23.7)
Total Insurance(142.9)
Reinsurance segment:
Property(29.2)2017 to 2019Favorable development on catastrophe events
Credit and surety(22.9)SeveralFavorable commutations on mortgage insurance contracts
Premium adjustments53.1 2020 and 2021Recognition of additional exposures on prior accident years related to net favorable premium adjustments primarily on general liability, credit and surety and professional liability
Other products(27.1)
Total Reinsurance(26.1)
Other1.6 
Total decrease$(167.4)
Ultimate Incurred Losses And Cumulative Paid Losses And Allocated Loss Adjustment Expenses, Net Of Reinsurance
The Insurance segment table that follows also includes claim count information, by accident year. The Company defines a claim as a single claim incident, per policy, which may include multiple claimants and multiple coverages on a single policy.
Claim counts include claims closed without a payment as well as claims where the Company is monitoring to determine if an exposure exists, even if a reserve has not been established.

All of the business contained within the Company's Reinsurance segment represents treaty business that is assumed from other insurance or reinsurance companies, for which the Company does not have access to the underlying claim counts. Further, this business includes both quota share and excess of loss treaty reinsurance, through which only a portion of each reported claim results in losses to the Company. As such, the Company has excluded claim count information from the Reinsurance segment disclosures.

Insurance Segment
(dollars in millions)Ultimate Incurred Losses and Allocated Loss Adjustment Expenses, Net of ReinsuranceTotal of Incurred-but-Not-Reported Liabilities, Net of ReinsuranceCumulative Number of Reported Claims
UnauditedAs of December 31,
As of December 31,
Accident Year2015201620172018201920202021202220232024December 31, 2024
2015$1,767.5 $1,693.8 $1,571.0 $1,517.0 $1,486.5 $1,454.7 $1,450.6 $1,440.9 $1,460.0 $1,457.1 $58.0 88,000 
20161,856.3 1,852.8 1,753.6 1,700.3 1,674.7 1,667.4 1,678.4 1,732.9 1,718.1 77.2 100,000 
20172,309.0 2,176.7 2,059.3 1,998.7 2,004.5 2,023.9 2,111.2 2,152.3 124.6 140,000 
20182,429.0 2,320.8 2,199.2 2,058.8 2,151.2 2,331.6 2,417.1 177.8 193,000 
20192,552.4 2,402.2 2,239.7 2,293.7 2,471.7 2,526.8 206.9 228,000 
20203,185.1 2,972.1 2,914.2 2,858.5 2,771.6 434.3 183,000 
20213,083.5 2,907.1 2,755.4 2,720.1 531.0 149,000 
20223,746.8 3,365.5 3,342.6 1,098.3 159,000 
20234,435.9 3,901.7 1,802.5 169,000 
20244,532.5 3,271.7 149,000 
Total$27,539.9 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
UnauditedAs of December 31,
As of December 31,
Accident Year2015201620172018201920202021202220232024
2015$320.7 $660.0 $870.2 $1,032.9 $1,141.3 $1,208.4 $1,259.2 $1,291.7 $1,327.3 $1,344.7 
2016369.8 746.2 973.7 1,158.2 1,262.8 1,350.3 1,425.5 1,479.6 1,529.8 
2017434.9 982.7 1,274.3 1,462.0 1,619.2 1,739.8 1,839.6 1,909.5 
2018490.7 1,017.4 1,281.9 1,494.9 1,671.6 1,856.5 2,017.4 
2019524.1 991.1 1,262.9 1,576.4 1,910.9 2,104.4 
2020568.1 1,148.5 1,515.7 1,772.5 2,033.8 
2021473.4 985.8 1,357.5 1,751.1 
2022484.5 1,059.9 1,564.1 
2023596.9 1,396.6 
2024651.3 
Total$16,302.7 
All outstanding liabilities for unpaid losses and loss adjustment expenses before 2014, net of reinsurance
313.3 
Total liabilities for unpaid losses and loss adjustment expenses, net of reinsurance$11,550.5 
Reinsurance Segment
Ultimate Incurred Losses and Allocated Loss Adjustment Expenses, Net of ReinsuranceTotal of Incurred-but-Not-Reported Liabilities, Net of Reinsurance
UnauditedAs of December 31,
(dollars in millions)As of December 31,
Accident Year2015201620172018201920202021202220232024December 31, 2024
2015$523.0 $508.8 $524.6 $516.0 $504.8 $499.9 $487.8 $488.2 $500.0 $477.7 $56.6 
2016506.6 515.2 515.4 513.4 523.4 548.1 551.5 573.3 556.5 30.1 
2017894.4 927.6 933.2 934.9 907.3 919.7 931.0 931.3 44.2 
2018743.0 764.9 757.4 762.5 758.1 821.0 790.1 82.2 
2019654.4 668.4 683.1 691.0 719.0 730.4 129.1 
2020678.1 730.5 741.0 762.8 765.2 230.1 
2021731.9 733.6 754.7 753.9 303.8 
2022661.1 601.9 616.4 413.4 
2023658.3 665.3 506.7 
2024730.3 674.3 
Total$7,017.1 
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
UnauditedAs of December 31,
As of December 31,
Accident Year2015201620172018201920202021202220232024
2015$63.3 $130.3 $201.0 $251.6 $298.6 $323.2 $342.8 $359.5 $375.6 $388.6 
201678.6 166.7 236.4 292.7 344.4 377.9 418.0 451.6 475.7 
2017157.1 357.5 478.6 560.4 623.8 692.8 747.6 796.0 
201886.9 235.1 334.9 404.4 474.4 543.6 613.9 
201953.2 169.1 261.3 351.8 435.6 507.7 
202093.2 202.9 308.7 381.8 463.0 
202179.2 187.1 281.6 361.0 
202224.1 66.6 138.4 
202327.1 79.5 
202423.9 
Total$3,847.7 
All outstanding liabilities for unpaid losses and loss adjustment expenses before 2014, net of reinsurance
273.3 
Total liabilities for unpaid losses and loss adjustment expenses, net of reinsurance$3,442.7 
Average Annual Percentage Payout Of Incurred Losses By Age (in Years), Net Of Reinsurance
The following table presents supplementary information about average historical claims duration as of December 31, 2024 based on the cumulative incurred and paid losses and allocated loss adjustment expenses presented above.

Average Annual Percentage Payout of Incurred Losses by Age (in Years), Net of Reinsurance
Unaudited12345678910
Insurance18.7 %20.9 %13.1 %10.8 %8.5 %6.1 %4.8 %2.9 %2.7 %1.2 %
Reinsurance9.6 %14.4 %12.9 %10.1 %9.5 %7.4 %6.5 %4.9 %3.8 %2.7 %
Reconciliation Of Net Incurred And Paid Loss Development Tables, By Segment, To The Liability For Losses And Loss Adjustment Expenses In The Consolidated Balance Sheet
The following table reconciles the net incurred and paid loss development tables to the liability for losses and loss adjustment expenses on the consolidated balance sheet.

(dollars in thousands)December 31, 2024
Net outstanding liabilities
Insurance segment$11,550,516 
Reinsurance segment3,442,663 
Other underwriting62,903 
Program services and ILS fronting
6,615 
Markel CATCo Re (see note 17)
25,005 
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance15,087,702 
Reinsurance recoverable on unpaid losses
Insurance segment4,129,856 
Reinsurance segment397,810 
Other underwriting84,079 
Program services and ILS fronting
6,508,622 
Total reinsurance recoverable on unpaid losses11,120,367 
Unallocated loss adjustment expenses425,025 
Total gross liability for unpaid losses and loss adjustment expenses$26,633,094 
v3.25.0.1
Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2024
Reinsurance Disclosures [Abstract]  
Effect Of Reinsurance And Retrocessional Reinsurance On Consolidated Premiums Written And Earned
The following tables summarize the effect of reinsurance and retrocessional reinsurance on premiums written and earned.

Year Ended December 31, 2024
(dollars in thousands)DirectAssumedCededNet Premiums
Underwriting:
Written$8,860,015 $1,691,858 $(2,252,122)$8,299,751 
Earned$8,801,477 $1,628,408 $(1,993,895)$8,435,990 
Fronting:
Written3,234,025 1,708,733 (4,946,334)(3,576)
Earned3,053,947 1,559,599 (4,617,124)(3,578)
Consolidated:
Written$12,094,040 $3,400,591 $(7,198,456)$8,296,175 
Earned$11,855,424 $3,188,007 $(6,611,019)$8,432,412 

Year Ended December 31, 2023
(dollars in thousands)DirectAssumedCededNet Premiums
Underwriting:
Written$8,657,266 $1,620,366 $(1,878,844)$8,398,788 
Earned$8,363,710 $1,616,630 $(1,683,648)$8,296,692 
Fronting:
Written2,649,217 1,075,388 (3,725,818)(1,213)
Earned2,636,179 937,400 (3,574,792)(1,213)
Consolidated:
Written$11,306,483 $2,695,754 $(5,604,662)$8,397,575 
Earned$10,999,889 $2,554,030 $(5,258,440)$8,295,479 
Year Ended December 31, 2022
(dollars in thousands)DirectAssumedCededNet Premiums
Underwriting:
Written$8,085,812 $1,761,726 $(1,640,165)$8,207,373 
Earned$7,379,766 $1,589,920 $(1,378,191)$7,591,495 
Fronting:
Written2,644,138 710,006 (3,358,127)(3,983)
Earned2,688,804 656,885 (3,349,392)(3,703)
Consolidated:
Written$10,729,950 $2,471,732 $(4,998,292)$8,203,390 
Earned$10,068,570 $2,246,805 $(4,727,583)$7,587,792 
Effect of Reinsurance And Retrocessional Reinsurance on Incurred Losses and Loss Adjustment Expenses
The following table summarizes the effect of reinsurance and retrocessional reinsurance on losses and loss adjustment expenses in the Company's underwriting operations.

Years ended December 31,
(dollars in thousands)202420232022
Gross losses and loss adjustment expenses$6,970,871 $6,817,630 $5,281,424 
Ceded losses and loss adjustment expenses(1,917,318)(1,496,265)(834,648)
Net losses and loss adjustment expenses$5,053,553 $5,321,365 $4,446,776 
v3.25.0.1
Life And Annuity Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Schedule of Future Policyholder Benefits, Life and Annuity The following table presents the components of the Company's liabilities for life and annuity benefits.
December 31,
(dollars in thousands)20242023
Liability for future policyholder benefits
$491,370 $557,763 
Deferred profit liability51,482 52,287 
Other40,421 39,004 
Total$583,273 $649,054 
Liability for Future Policy Benefit, Activity The following table presents a rollforward of the present value of the liability for future policyholder benefits.
Years Ended December 31,
(dollars in thousands)202420232022
Liability for future policyholder benefits, beginning of year
$557,763 $554,366 $821,632 
Liability for future policyholder benefits at original discount rate, beginning of year642,877 667,761 745,313 
Effect of changes in cash flow assumptions— — — 
Effect of actual variances from expected experience(4,745)(5,890)(3,859)
Adjusted liability for future policyholder benefits, beginning of year638,132 661,871 741,454 
Interest accretion13,996 14,889 15,625 
Benefit payments(49,200)(52,588)(53,232)
Effect of foreign currency rate changes(26,126)18,705 (36,086)
Liability for future policyholder benefits at original discount rate, end of year
576,802 642,877 667,761 
Cumulative effect of changes in discount rate assumptions(85,432)(85,114)(113,395)
Liability for future policyholder benefits, end of year
$491,370 $557,763 $554,366 
Liability for future policyholder benefits, undiscounted, end of year
$737,575 $824,642 $861,264 
Schedule of Additional Details of Liability for Future Policyholder Benefits, Life and Annuity
The following table summarizes additional details for the Company's liability for future policyholder benefits.

December 31,
20242023
Weighted-average interest rate:
Interest accretion rate2.3 %2.3 %
Current discount rate4.0 %3.8 %
Weighted-average liability duration8.3 years8.6 years
v3.25.0.1
Senior Long-Term Debt And Other Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Summary Of Senior Long-Term Debt And Other Debt
The following table summarizes the Company's senior long-term debt and other debt.

December 31,
(dollars in thousands)20242023
3.50% unsecured senior notes, due November 1, 2027, interest payable semi-annually, net of unamortized discount of $592 in 2024 and $876 in 2023
$299,236 $298,869 
3.35% unsecured senior notes, due September 17, 2029, interest payable semi-annually, net of unamortized discount of $1,174 in 2024 and $1,421 in 2023
298,590 298,294 
7.35% unsecured senior notes, due August 15, 2034, interest payable semi-annually, net of unamortized discount of $663 in 2024 and $731 in 2023
129,148 129,076 
5.0% unsecured senior notes, due March 30, 2043, interest payable semi-annually, net of unamortized discount of $4,087 in 2024 and $4,311 in 2023
245,687 245,451 
5.0% unsecured senior notes, due April 5, 2046, interest payable semi-annually, net of unamortized discount of $5,202 in 2024 and $5,445 in 2023
494,135 493,860 
4.30% unsecured senior notes, due November 1, 2047, interest payable semi-annually, net of unamortized discount of $3,364 in 2024 and $3,516 in 2023
296,049 295,870 
5.0% unsecured senior notes, due May 20, 2049, interest payable semi-annually, net of unamortized discount of $6,378 in 2024 and $6,639 in 2023
592,538 592,233 
4.15% unsecured senior notes, due September 17, 2050, interest payable semi-annually, net of unamortized discount of $4,563 in 2024 and $4,740 in 2023
494,749 494,546 
3.45% unsecured senior notes, due May 7, 2052, interest payable semi-annually, net of unamortized discount of $7,626 in 2024 and $7,904 in 2023
591,316 591,000 
6.00% unsecured senior notes, due May 16, 2054, interest payable semi-annually, net of unamortized discount of $7,240 in 2024 and $0 in 2023
591,511 — 
Other debt, with a weighted average interest rate of 5.4% in 2024 and 5.0% in 2023
297,382 340,597 
Senior long-term debt and other debt$4,330,341 $3,779,796 
Summary Of Future Principal Payments Due At Maturity On Senior Long-Term Debt And Other Debt
The following table summarizes the future principal payments on senior long-term debt and other debt as of December 31, 2024.

(dollars in thousands)
Senior long-term debtOther debtTotal
Years Ending December 31,
2025$— $41,843 $41,843 
2026— 41,902 41,902 
2027300,000 158,376 458,376 
2028— 16,724 16,724 
2029300,000 15,182 315,182 
2030 and thereafter3,479,846 25,905 3,505,751 
Total principal payments4,079,846 299,932 4,379,778 
Net unamortized discount(40,889)— (40,889)
Net unamortized debt issuance costs(5,998)(2,550)(8,548)
Total
$4,032,959 $297,382 $4,330,341 
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Components Of Income Before Income Taxes
Income (loss) before income taxes includes the following components, based on country of domicile.

Years Ended December 31,
(dollars in thousands)202420232022
U.S. operations$2,428,694 $1,711,849 $(109,311)
Foreign operations1,209,006 941,857 (42,255)
Income (loss) before income taxes$3,637,700 $2,653,706 $(151,566)
Components Of Income Tax Expense (Benefit)
Income tax expense (benefit) includes the following components, based on the taxing authority to which taxes are paid. The Company's most significant U.K. and Bermuda subsidiaries have elected to be taxed as domestic corporations for U.S. tax purposes. U.S. income taxes have not been recognized on any undistributed earnings of the Company's foreign subsidiaries that are considered indefinitely reinvested, the amount of which is not material to the consolidated financial statements. U.S. income tax includes applicable state income tax expense.
Years Ended December 31,
(dollars in thousands)202420232022
Current:
U.S. income tax$271,801 $249,149 $222,074 
Foreign income tax123,933 69,669 12,042 
Total current tax expense395,734 318,818 234,116 
Deferred:
U.S. income tax399,169 250,041 (301,423)
Foreign income tax(4,609)(16,243)19,098 
Total deferred tax expense (benefit)394,560 233,798 (282,325)
Income tax expense (benefit)$790,294 $552,616 $(48,209)
Reconciliations Of United States Corporate Income Tax Rate To Effective Tax Rate On Income Before Income Taxes
The following table presents a reconciliation of the Company's income taxes using the U.S. corporate income tax rate to the Company's income tax expense (benefit).

Years Ended December 31,
(dollars in thousands)202420232022
U.S. corporate tax rate$763,917 21.0 %$557,278 21.0 %$(31,829)21.0 %
Increase (decrease) resulting from:
State income taxes, net of U.S. federal income tax benefit
39,770 1.127,007 1.03,369 (2.2)
Tax-exempt investment income(14,830)(0.4)(15,328)(0.6)(16,063)10.6
Foreign operations12,985 0.310,854 0.45,335 (3.5)
Impairment of goodwill— —— —16,800 (11.1)
Markel CATCo Re income not subject to tax
(12,201)(0.3)(15,013)(0.6)(18,871)12.5
Other653 0.0(12,182)(0.4)(6,950)4.5
Income tax expense (benefit)$790,294 21.7 %$552,616 20.8 %$(48,209)31.8 %
Components Of Domestic And Foreign Deferred Tax Assets And Liabilities
The following table presents the components of domestic and foreign deferred tax assets and liabilities.

December 31,
(dollars in thousands)20242023
Assets:
Unpaid losses and loss adjustment expenses$233,583 $216,863 
Lease liabilities172,131 161,350 
Unearned premiums164,485 168,172 
Accrued incentive compensation51,943 52,853 
Tax credit carryforwards45,481 25,396 
Net operating loss carryforwards37,168 43,439 
Life and annuity benefits29,143 39,729 
Other differences between financial reporting and tax bases106,667 93,693 
Total gross deferred tax assets840,601 801,495 
Less valuation allowance(33,292)(13,916)
Total gross deferred tax assets, net of allowance807,309 787,579 
Liabilities:
Investments1,566,540 1,196,717 
Deferred policy acquisition costs173,742 176,382 
Goodwill and other intangible assets170,941 175,767 
Right-of-use lease assets162,628 152,939 
Property, plant and equipment160,615 152,149 
Other differences between financial reporting and tax bases113,873 104,024 
Total gross deferred tax liabilities2,348,339 1,957,978 
Net deferred tax liability$1,541,030 $1,170,399 
v3.25.0.1
Variable Interest Entities (Tables)
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Amounts attributable to Markel CATCo Re in Markel Group's consolidated balance sheet
The Company's consolidated balance sheets include the following amounts attributable to MCRe.

December 31,
(dollars in thousands)
20242023
Assets
Cash and cash equivalents$34,497 $91,301 
Restricted cash and cash equivalents28,701 173,800 
Other assets and receivables due from cedents329 19,292 
Total Assets$63,527 $284,393 
Liabilities and Equity
Unpaid losses and loss adjustment expenses$25,005 $184,967 
Other liabilities66 1,842 
Total Liabilities25,071 186,809 
Shareholders' equity21,139 21,139 
Noncontrolling interests17,317 76,445 
Total Equity38,456 97,584 
Total Liabilities and Equity$63,527 $284,393 
v3.25.0.1
Related Party Disclosures (Tables)
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Hagerty Related Party [Table Text Block]
The Company holds a minority ownership interest in Hagerty, which operates primarily as a managing general agent and also includes Hagerty Reinsurance Limited (Hagerty Re), a Bermuda Class 3 reinsurance company. Through the Company's underwriting operations, the Company underwrites insurance for Hagerty, a portion of which is ceded to Hagerty Re. The amounts attributed to these arrangements are summarized in the following table.

Years Ended December 31,
(dollars in thousands)202420232022
Gross written premiums attributable to Hagerty$922,657 $805,673 $689,670 
Premiums ceded to Hagerty Re$708,147 $616,491 $456,637 
v3.25.0.1
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
Schedule of Common Stock Outstanding Roll Forward
a) The Company has 50,000,000 shares of no par value common stock authorized. The following table presents a rollforward of changes in common shares issued and outstanding.

Years Ended December 31,
(in ones)
20242023
Issued and outstanding common shares, beginning of year13,131,672 13,422,692 
Issuance of common shares28,479 30,740 
Repurchase of common shares(370,034)(321,760)
Issued and outstanding common shares, end of year12,790,117 13,131,672 
Schedule Of Net Income Per Common Share
c) The following table presents net income (loss) per common share and diluted net income (loss) per common share.

Years Ended December 31,
(in thousands, except per share amounts)202420232022
Net income (loss) to common shareholders
$2,711,022 $1,960,060 $(252,277)
Adjustment of redeemable noncontrolling interests(111,700)6,212 (69,896)
Adjusted net income (loss) to common shareholders
$2,599,322 $1,966,272 $(322,173)
Weighted average basic common shares outstanding
13,017 13,347 13,580 
Weighted average dilutive potential common shares from restricted stock units and restricted stock (1) (2)
24 31 — 
Weighted average diluted common shares outstanding
13,041 13,378 13,580 
Basic net income (loss) per common share$199.69 $147.32 $(23.72)
Diluted net income (loss) per common share (1) (2)
$199.32 $146.98 $(23.72)
(1)    The Company has issued grants and awards of restricted stock units to employees as performance, retention or hiring incentives, as well as awards of restricted stock to non-employee directors, under its equity incentive compensation plan. At December 31, 2024, there were 284,049 shares available for future awards under the Company's equity incentive compensation plan.
(2)    The impact of 33 thousand shares from restricted stock units and restricted stock was excluded from the computation of diluted net loss per common share for the year ended December 31, 2022 because the effect would have been anti-dilutive.
v3.25.0.1
Other Comprehensive Income (Loss) (Tables)
 12 Months Ended
Dec. 31, 2024
Other Comprehensive Income (Loss), Tax [Abstract]  
Change In Accumulated Other Comprehensive Income By Component, Net Of Noncontrolling Interests
The following table presents the change in accumulated other comprehensive income (loss) by component, net of noncontrolling interests.

(dollars in thousands)
Net unrealized
gains (losses)
on available-for-sale investments
Life and annuity discount rate assumption
Foreign
currency
Net actuarial
pension loss
Accumulated other comprehensive income (loss)
December 31, 2021
$388,554 $(60,291)$(56,631)$(49,624)$222,008 
Total other comprehensive income (loss) before income taxes(1,463,876)189,714 (9,677)31,222 (1,252,617)
Income tax (expense) benefit309,046 (39,840)401 (6,492)263,115 
Total other comprehensive income (loss)(1,154,830)149,874 (9,276)24,730 (989,502)
December 31, 2022
$(766,276)$89,583 $(65,907)$(24,894)$(767,494)
Total other comprehensive income (loss) before income taxes390,558 (28,281)4,650 94 367,021 
Income tax (expense) benefit(83,655)5,938 — (20)(77,737)
Total other comprehensive income (loss)306,903 (22,343)4,650 74 289,284 
December 31, 2023
$(459,373)$67,240 $(61,257)$(24,820)$(478,210)
Total other comprehensive income (loss) before income taxes(165,423)319 (3,883)(6,600)(175,587)
Income tax (expense) benefit35,128 (67)— 1,654 36,715 
Total other comprehensive income (loss)(130,295)252 (3,883)(4,946)(138,872)
December 31, 2024
$(589,668)$67,492 $(65,140)$(29,766)$(617,082)
v3.25.0.1
Statutory Financial Information (Tables)
 12 Months Ended
Dec. 31, 2024
Statutory Financial Information [Abstract]  
Statutory Capital And Surplus
a) The following table summarizes statutory capital and surplus for the Company's insurance subsidiaries.

December 31,
(dollars in thousands)20242023
United States$6,764,770 $5,958,801 
United Kingdom$1,001,574 $977,604 
Bermuda$2,414,364 $2,353,058 
Germany$171,581 $166,403 
Statutory Net Income (Loss)
The following table summarizes statutory net income (loss) for the Company's insurance subsidiaries.

Years Ended December 31,
(dollars in thousands)202420232022
United States$500,860 $196,952 $689,341 
United Kingdom$62,084 $116,436 $35,719 
Bermuda$614,056 $484,417 $(144,239)
Germany$10,075 $5,543 $(2,471)
v3.25.0.1
Markel Group (Parent Company Only) Financial Information (Tables)
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
Schedule Of Condensed Balance Sheets
CONDENSED BALANCE SHEETS

December 31,
20242023
(dollars in thousands)
ASSETS
Investments, at estimated fair value:
Fixed maturity securities, available-for-sale (amortized cost of $130,983 in 2024 and $139,766 in 2023)
$123,053 $131,544 
Equity securities (cost of $1,084,814 in 2024 and $1,089,332 in 2023)
2,071,110 1,731,839 
Short-term investments, available-for-sale (estimated fair value approximates cost)1,410,830 1,032,118 
Total Investments3,604,993 2,895,501 
Cash and cash equivalents701,289 635,047 
Restricted cash and cash equivalents20,013 15,908 
Investments in consolidated subsidiaries16,699,125 14,928,756 
Other assets450,327 441,977 
Total Assets $21,475,747 $18,917,189 
LIABILITIES AND SHAREHOLDERS' EQUITY
Senior long-term debt$4,032,960 $3,439,197 
Income taxes payable179,381 213,770 
Net deferred tax liability274,661 201,140 
Other liabilities72,847 79,154 
Total Liabilities4,559,849 3,933,261 
Shareholders' equity:
Preferred stock591,891 591,891 
Common stock3,560,633 3,517,146 
Retained earnings13,380,456 11,353,101 
Accumulated other comprehensive loss
(617,082)(478,210)
Total Shareholders' Equity16,915,898 14,983,928 
Total Liabilities and Shareholders' Equity$21,475,747 $18,917,189 
Schedule Of Condensed Statements Of Income (Loss) And Comprehensive Income (Loss)
CONDENSED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)

Years Ended December 31,
202420232022
(dollars in thousands)
REVENUES
Net investment income$86,583 $92,080 $34,781 
Dividends on common stock of consolidated subsidiaries575,008 310,000 278,557 
Net investment gains (losses):
Net realized investment gains (losses)
16,718 (515)7,620 
Change in fair value of equity securities342,623 275,048 (397,906)
Net investment gains (losses)359,341 274,533 (390,286)
Gain on sale of subsidiary— — 107,293 
Other revenues (losses)31,132 (28,718)(29,487)
Total Revenues 1,052,064 647,895 858 
EXPENSES
Interest expense179,626 156,953 172,125 
Other expenses
12,061 19,716 111,848 
Net foreign exchange losses (gains)(36,907)9,038 (13,143)
Total Expenses154,780 185,707 270,830 
Income (Loss) Before Equity in Undistributed Earnings (Losses) of Consolidated Subsidiaries and Income Taxes 897,284 462,188 (269,972)
Equity in undistributed earnings (losses) of consolidated subsidiaries1,941,339 1,580,347 (72,125)
Income tax (expense) benefit(91,601)(46,475)125,820 
Net Income (Loss) to Shareholders2,747,022 1,996,060 (216,277)
Preferred stock dividends(36,000)(36,000)(36,000)
Net Income (Loss) to Common Shareholders$2,711,022 $1,960,060 $(252,277)
OTHER COMPREHENSIVE INCOME (LOSS) TO SHAREHOLDERS
Change in net unrealized gains (losses) on available-for-sale investments, net of taxes:
Net holding gains (losses) arising during the period$109 $1,453 $(24,465)
Consolidated subsidiaries' net holding gains (losses) arising during the period(148,411)276,910 (1,175,271)
Reclassification adjustments for net gains (losses) included in net income (loss) to shareholders365 (92)1,965 
Consolidated subsidiaries' reclassification adjustments for net losses included in net income (loss) to shareholders
17,642 28,632 42,941 
Change in net unrealized gains (losses) on available-for-sale investments, net of taxes(130,295)306,903 (1,154,830)
Consolidated subsidiaries' change in discount rate for life and annuity benefits, net of taxes
252 (22,343)149,874 
Consolidated subsidiaries' change in foreign currency translation adjustments, net of taxes(3,883)4,650 (9,276)
Consolidated subsidiaries' change in net actuarial pension loss, net of taxes(4,946)74 24,730 
Total Other Comprehensive Income (Loss) to Shareholders(138,872)289,284 (989,502)
Comprehensive Income (Loss) to Shareholders$2,608,150 $2,285,344 $(1,205,779)
Schedule Of Condensed Statements Of Cash Flows
CONDENSED STATEMENTS OF CASH FLOWS

Years Ended December 31,
202420232022
(dollars in thousands)
OPERATING ACTIVITIES
Net income (loss) to shareholders$2,747,022 $1,996,060 $(216,277)
Adjustments to reconcile net income (loss) to shareholders to net cash provided by operating activities(2,183,635)(1,664,382)489,413 
Net Cash Provided By Operating Activities
563,387 331,678 273,136 
INVESTING ACTIVITIES
Proceeds from sales, maturities, calls and prepayments of fixed maturity securities14,459 72,834 13,047 
Cost of fixed maturity securities purchased(6,516)(48,501)— 
Proceeds from sales of equity securities3,662 24,237 65,379 
Cost of equity securities purchased(310)(7,731)(16,660)
Net change in short-term investments(315,622)451,846 58,970 
Decrease (increase) in notes receivable due from subsidiaries— — 75,645 
Capital contributions to subsidiaries
(174,002)(55,575)(94,585)
Proceeds from sale of subsidiary— 16,090 165,615 
Cost of equity method investments— (5,000)— 
Other2,694 (12,691)4,779 
Net Cash Provided (Used) By Investing Activities(475,635)435,509 272,190 
FINANCING ACTIVITIES
Repayment of senior long-term debt— (250,000)(350,000)
Additions to senior long-term debt592,596 — — 
Decrease in notes payable to subsidiaries— — (32,753)
Repurchases of common stock(572,728)(445,479)(290,796)
Dividends paid on preferred stock(36,000)(36,000)(36,000)
Other(1,273)— — 
Net Cash Used By Financing Activities(17,405)(731,479)(709,549)
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents70,347 35,708 (164,223)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year650,955 615,247 779,470 
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS AT END OF YEAR$721,302 $650,955 $615,247 
SUPPLEMENTAL CASH FLOW INFORMATION
Cash dividends received from subsidiaries
$575,000 $310,000 $245,102 
Non-cash capital contributions to subsidiaries
$— $43,111 $923,980 
v3.25.0.1
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]    
Deferred policy acquisition cost amortization period 1 year  
Property, plant and equipment, net $ 1,400.0 $ 1,300.0
Inventory, net $ 631.5 $ 617.2
Tax benefit greater than 50% 50.00%  
Insurance premiums revenue recognition period 1 year  
v3.25.0.1
Summary of Significant Accounting Policies (Investments) (Details)
 12 Months Ended
Dec. 31, 2024
Minimum [Member] | Fixed maturities [Member]  
Schedule of Investments [Line Items]  
Investment maturity period 1 year
Maximum [Member] | Short-term investments [Member]  
Schedule of Investments [Line Items]  
Investment maturity period 1 year
v3.25.0.1
Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details)
 12 Months Ended
Dec. 31, 2024
Maximum [Member]  
Cash and Cash Equivalents [Line Items]  
Investment maturity period, cash and cash equivalents 90 days
v3.25.0.1
Summary of Significant Accounting Policies (Goodwill and Intangible Assets) (Details)
Dec. 31, 2024
Minimum [Member]  
Finite-Lived Intangible Assets [Line Items]  
Intangible assets, estimated useful life 5 years
Maximum [Member]  
Finite-Lived Intangible Assets [Line Items]  
Intangible assets, estimated useful life 20 years
v3.25.0.1
Segment Reporting Disclosures (Narrative) (Details) - segment
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Number of Reportable Segments 4    
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] Chief Executive Officer [Member]    
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description The chief operating decision maker uses segment operating income to assess the performance of each segment and determine how to allocate capital. The chief operating decision maker allocates capital where he believes it will earn an appropriate return.    
Underwriting Operations [Member] | United States [Member]      
Segment Reporting Information [Line Items]      
Percentage of gross premiums written 75.00% 75.00% 75.00%
Markel Ventures [Member] | United States [Member]      
Segment Reporting Information [Line Items]      
Percentage of revenue attributable to U.S. 94.00% 95.00% 96.00%
v3.25.0.1
Segment Reporting Disclosures (Company's Segment Disclosures) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Earned premiums $ 8,432,412 $ 8,295,479 $ 7,587,792
Net investment income 920,496 734,532 446,755
Net investment gains (losses) 1,807,219 1,524,054 (1,595,733)
Products revenues 2,635,659 2,545,053 2,427,096
Services and other revenues 2,824,977 2,704,512 2,809,425
Total operating revenues 16,620,763 15,803,630 11,675,335
Attritional Current Year Claims and Claims Adjustment Expense 5,437,410 5,320,487 4,531,098
Catastrophe Current Year Claims and Claims Adjustment Expense 70,649 40,072 81,937
Losses and loss adjustment expenses, prior accident years 455,310 38,550 167,446
Amortization of policy acquisition costs (1,754,141) (1,763,670) (1,655,106)
Other underwriting expenses (1,223,248) (1,077,064) (860,477)
Products expenses (2,272,219) (2,220,676) (2,241,736)
Services and other expenses (2,424,372) (2,310,769) (2,306,985)
Amortization of intangible assets (181,472) (180,614) (178,778)
Goodwill, Impairment Loss 0 0 (80,000)
Segment profit (loss) 3,712,562 2,928,828 (93,336)
Interest expense (204,300) (185,077) (196,062)
Net foreign exchange gains (losses) 129,438 (90,045) 137,832
Income (Loss) Before Income Taxes 3,637,700 2,653,706 (151,566)
Insurance [Member]      
Segment Reporting Information [Line Items]      
Earned premiums 7,407,643 7,282,705 6,528,263
Net investment income 0 0 0
Net investment gains (losses) 0 0 0
Products revenues 0 0 0
Services and other revenues 0 0 0
Total operating revenues 7,407,643 7,282,705 6,528,263
Attritional Current Year Claims and Claims Adjustment Expense 4,704,219 4,651,173 3,867,195
Catastrophe Current Year Claims and Claims Adjustment Expense 67,169 39,572 69,230
Losses and loss adjustment expenses, prior accident years 451,016 104,743 142,924
Amortization of policy acquisition costs (1,501,829) (1,508,169) (1,375,539)
Other underwriting expenses (1,163,557) (1,026,358) (809,352)
Products expenses 0 0 0
Services and other expenses 0 0 0
Segment profit (loss) 421,885 162,176 549,871
Reinsurance [Member]      
Segment Reporting Information [Line Items]      
Earned premiums 1,028,201 1,014,294 1,063,347
Net investment income 0 0 0
Net investment gains (losses) 0 0 0
Products revenues 0 0 0
Services and other revenues 0 0 0
Total operating revenues 1,028,201 1,014,294 1,063,347
Attritional Current Year Claims and Claims Adjustment Expense 733,191 669,314 663,903
Catastrophe Current Year Claims and Claims Adjustment Expense 3,480 500 12,707
Losses and loss adjustment expenses, prior accident years 12,344 (57,081) 26,052
Amortization of policy acquisition costs (252,312) (255,501) (279,567)
Other underwriting expenses (56,925) (51,163) (49,363)
Products expenses 0 0 0
Services and other expenses 0 0 0
Segment profit (loss) (5,363) (19,265) 83,859
Investing [Member]      
Segment Reporting Information [Line Items]      
Earned premiums 0 0 0
Net investment income 913,478 729,219 445,846
Net investment gains (losses) 1,807,219 1,524,054 (1,595,733)
Products revenues 0 0 0
Services and other revenues 52,253 (11,854) (17,661)
Total operating revenues 2,772,950 2,241,419 (1,167,548)
Attritional Current Year Claims and Claims Adjustment Expense 0 0 0
Catastrophe Current Year Claims and Claims Adjustment Expense 0 0 0
Losses and loss adjustment expenses, prior accident years 0 0 0
Amortization of policy acquisition costs 0 0 0
Other underwriting expenses 0 0 0
Products expenses 0 0 0
Services and other expenses 0 0 0
Segment profit (loss) 2,772,950 2,241,419 (1,167,548)
Markel Ventures [Member]      
Segment Reporting Information [Line Items]      
Earned premiums 0 0 0
Net investment income 7,018 5,313 909
Net investment gains (losses) 0 0 0
Products revenues 2,635,659 2,545,053 2,427,096
Services and other revenues 2,477,419 2,434,715 2,329,522
Total operating revenues 5,120,096 4,985,081 4,757,527
Attritional Current Year Claims and Claims Adjustment Expense 0 0 0
Catastrophe Current Year Claims and Claims Adjustment Expense 0 0 0
Losses and loss adjustment expenses, prior accident years 0 0 0
Amortization of policy acquisition costs 0 0 0
Other underwriting expenses 0 0 0
Products expenses (2,272,219) (2,220,676) (2,241,736)
Services and other expenses (2,327,795) (2,244,527) (2,111,510)
Amortization of intangible assets (81,317) (82,370)  
Segment profit (loss) 520,082 519,878 404,281
Other Insurance Operations      
Segment Reporting Information [Line Items]      
Earned premiums (3,432) (1,520) (3,818)
Net investment income 0 0 0
Net investment gains (losses) 0 0 0
Products revenues 0 0 0
Services and other revenues 295,305 281,651 497,564
Total operating revenues 291,873 280,131 493,746
Attritional Current Year Claims and Claims Adjustment Expense 0 0 0
Catastrophe Current Year Claims and Claims Adjustment Expense 0 0 0
Losses and loss adjustment expenses, prior accident years (8,050) (9,112) (1,530)
Amortization of policy acquisition costs 0 0 0
Other underwriting expenses (2,766) 457 (1,762)
Products expenses 0 0 0
Services and other expenses (96,577) (66,242) (195,475)
Amortization of intangible assets [1] (62,879) (61,168)  
Segment profit (loss) 184,480 205,234 294,979
Corporate Expense      
Segment Reporting Information [Line Items]      
Earned premiums 0 0 0
Net investment income 0 0 0
Net investment gains (losses) 0 0 0
Products revenues 0 0 0
Services and other revenues 0 0 0
Total operating revenues 0 0 0
Attritional Current Year Claims and Claims Adjustment Expense 0 0 0
Catastrophe Current Year Claims and Claims Adjustment Expense 0 0 0
Losses and loss adjustment expenses, prior accident years 0 0 0
Amortization of policy acquisition costs 0 0 0
Other underwriting expenses 0 0 0
Products expenses 0 0 0
Services and other expenses 0 0 0
Amortization of intangible assets (181,472) (180,614) (178,778)
Goodwill, Impairment Loss     (80,000)
Segment profit (loss) $ (181,472) $ (180,614) $ (258,778)
[1] Amounts included in other insurance operations reflect the Company's operations that are not included in a reportable segment and are primarily related to the Company's program services and insurance-linked securities operations.
v3.25.0.1
Segment Reporting Disclosures (Summary of Additional Measures for Markel Ventures) (Details) - Markel Ventures [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Depreciation $ 122,125 $ 108,605 $ 102,055
Capital expenditure $ 177,075 $ 221,036 $ 225,230
v3.25.0.1
Segment Reporting Disclosures (Reconciliation Of Segment Assets To The Company's Consolidated Balance Sheets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]    
Assets $ 61,897,982 $ 55,045,710
Investing [Member]    
Segment Reporting Information [Line Items]    
Assets 34,272,049 30,542,282
Underwriting Operations [Member]    
Segment Reporting Information [Line Items]    
Assets 10,784,528 9,897,689
Markel Ventures [Member]    
Segment Reporting Information [Line Items]    
Assets 5,824,229 5,519,542
Other Insurance Operations    
Segment Reporting Information [Line Items]    
Assets 11,017,176 9,086,197
Segment Assets [Member]    
Segment Reporting Information [Line Items]    
Assets $ 50,880,806 $ 45,959,513
v3.25.0.1
Segment Reporting Disclosures (Summary Of Segment Revenue By Product) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Product Information [Line Items]      
Earned premiums $ 8,432,412 $ 8,295,479 $ 7,587,792
Products revenues 2,635,659 2,545,053 2,427,096
Services and other revenues 2,824,977 2,704,512 2,809,425
Total products revenues and services and other revenues 5,460,636 5,249,565 5,236,521
Insurance [Member]      
Product Information [Line Items]      
Earned premiums 7,407,643 7,282,705 6,528,263
Products revenues 0 0 0
Services and other revenues 0 0 0
Insurance [Member] | General liability [Member]      
Product Information [Line Items]      
Earned premiums 2,063,827 2,128,317 1,927,721
Insurance [Member] | Professional liability [Member]      
Product Information [Line Items]      
Earned premiums 1,655,848 1,798,882 1,739,983
Insurance [Member] | Marine and energy [Member]      
Product Information [Line Items]      
Earned premiums 747,004 688,591 585,885
Insurance [Member] | Personal Lines [Member]      
Product Information [Line Items]      
Earned premiums 625,542 538,816 489,648
Insurance [Member] | Property [Member]      
Product Information [Line Items]      
Earned premiums 609,453 532,337 428,563
Insurance [Member] | Programs [Member]      
Product Information [Line Items]      
Earned premiums 576,444 509,866 384,952
Insurance [Member] | Workers' compensation [Member]      
Product Information [Line Items]      
Earned premiums 374,371 393,011 385,054
Insurance [Member] | Credit and surety [Member]      
Product Information [Line Items]      
Earned premiums 248,001 219,542 193,701
Insurance [Member] | Other products [Member]      
Product Information [Line Items]      
Earned premiums 507,153 473,343 392,756
Reinsurance [Member]      
Product Information [Line Items]      
Earned premiums 1,028,201 1,014,294 1,063,347
Products revenues 0 0 0
Services and other revenues 0 0 0
Reinsurance [Member] | General liability [Member]      
Product Information [Line Items]      
Earned premiums 382,151 368,376 382,482
Reinsurance [Member] | Professional liability [Member]      
Product Information [Line Items]      
Earned premiums 371,198 388,610 398,839
Reinsurance [Member] | Specialty [Member]      
Product Information [Line Items]      
Earned premiums 269,021 245,126 275,033
Reinsurance [Member] | Property [Member]      
Product Information [Line Items]      
Earned premiums 5,831 12,182 6,993
Other [Member]      
Product Information [Line Items]      
Earned premiums (3,432) (1,520) (3,818)
Total products revenues and services and other revenues 347,558 269,797 479,903
Markel Ventures [Member]      
Product Information [Line Items]      
Earned premiums 0 0 0
Products revenues 2,635,659 2,545,053 2,427,096
Services and other revenues 2,477,419 2,434,715 2,329,522
Total products revenues and services and other revenues 5,113,078 4,979,768 4,756,618
Markel Ventures [Member] | Consumer and building      
Product Information [Line Items]      
Products revenues 1,606,353 1,474,499 1,510,130
Markel Ventures [Member] | Transportation-related      
Product Information [Line Items]      
Products revenues 584,200 667,040 612,467
Markel Ventures [Member] | Equipment manufacturing      
Product Information [Line Items]      
Products revenues 445,106 403,514 304,499
Markel Ventures [Member] | Construction      
Product Information [Line Items]      
Services and other revenues 2,089,280 2,042,326 1,910,403
Markel Ventures [Member] | Consulting      
Product Information [Line Items]      
Services and other revenues 283,343 297,115 326,549
Markel Ventures [Member] | Other services      
Product Information [Line Items]      
Services and other revenues $ 104,796 $ 95,274 $ 92,570
v3.25.0.1
Segment Reporting Disclosures (Summary of Top Five Independent Brokers Concentration) (Details) - Top Five Independent Brokers
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Insurance [Member]      
Summary of Top Five Independent Brokers Concentration [Line Items]      
Percentage of gross premiums written 32.00% 33.00% 34.00%
Reinsurance [Member]      
Summary of Top Five Independent Brokers Concentration [Line Items]      
Percentage of gross premiums written 90.00% 95.00% 99.00%
Underwriting Operations [Member]      
Summary of Top Five Independent Brokers Concentration [Line Items]      
Percentage of gross premiums written 38.00% 37.00% 40.00%
v3.25.0.1
Segment Reporting Disclosures (Summary of Gross Premium Volume and Net Written Premiums) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of GWP and NWP, by Segment [Line Items]      
Gross written premiums $ 15,494,631 $ 14,002,237 $ 13,201,682
Net written premiums 8,296,175 8,397,575 8,203,390
Underwriting Operations [Member]      
Schedule of GWP and NWP, by Segment [Line Items]      
Gross written premiums 10,551,873 10,277,632 9,847,538
Net written premiums 8,299,751 8,398,788 8,207,373
Insurance [Member]      
Schedule of GWP and NWP, by Segment [Line Items]      
Gross written premiums 9,400,316 9,217,150 8,606,700
Net written premiums 7,260,089 7,432,062 7,040,176
Reinsurance [Member]      
Schedule of GWP and NWP, by Segment [Line Items]      
Gross written premiums 1,150,780 1,046,539 1,229,851
Net written premiums 1,039,372 967,799 1,167,312
Other underwriting [Member]      
Schedule of GWP and NWP, by Segment [Line Items]      
Gross written premiums 777 13,943 10,987
Net written premiums 290 (1,073) (115)
Fronting [Member]      
Schedule of GWP and NWP, by Segment [Line Items]      
Gross written premiums 4,942,758 3,724,605 3,354,144
Net written premiums $ (3,576) $ (1,213) $ (3,983)
v3.25.0.1
Segment Reporting Disclosures (Summary Of Deferred Policy Acquisition Costs, Unearned Premiums And Unpaid Losses And Loss Adjustment Expenses) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]        
Deferred policy acquisition costs $ 875,710 $ 931,344    
Unearned premiums 7,063,956 6,642,426    
Unpaid losses and loss adjustment expenses 26,633,094 23,483,321 $ 20,947,898 $ 18,178,894
Underwriting Operations [Member]        
Segment Reporting Information [Line Items]        
Deferred policy acquisition costs 875,710 931,344    
Unearned premiums 5,218,766 5,216,330    
Unpaid losses and loss adjustment expenses 20,092,936 18,112,801    
Market CATCo Re        
Segment Reporting Information [Line Items]        
Unpaid losses and loss adjustment expenses 25,005 184,967    
Insurance [Member]        
Segment Reporting Information [Line Items]        
Deferred policy acquisition costs 648,969 708,128    
Unearned premiums 4,283,879 4,307,704    
Unpaid losses and loss adjustment expenses 16,073,355 14,221,258    
Reinsurance [Member]        
Segment Reporting Information [Line Items]        
Deferred policy acquisition costs 226,741 223,216    
Unearned premiums 933,329 901,138    
Unpaid losses and loss adjustment expenses 3,870,059 3,726,472    
Other underwriting [Member]        
Segment Reporting Information [Line Items]        
Deferred policy acquisition costs 0 0    
Unearned premiums 1,558 7,488    
Unpaid losses and loss adjustment expenses 149,522 165,071    
Fronting [Member]        
Segment Reporting Information [Line Items]        
Deferred policy acquisition costs 0 0    
Unearned premiums 1,845,190 1,426,096    
Unpaid losses and loss adjustment expenses 6,515,153 5,185,553    
Market CATCo Re        
Segment Reporting Information [Line Items]        
Deferred policy acquisition costs 0 0    
Unearned premiums 0 0    
Unpaid losses and loss adjustment expenses $ 25,005 $ 184,967    
v3.25.0.1
Acquisitions and Dispositions (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 28, 2024
Jun. 01, 2023
Oct. 01, 2022
Feb. 01, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Sep. 12, 2024
Schedule of Business Dispositions, by Dispositions [Line Items]                
Gain on sale of business         $ 0 $ 18,965 $ 225,832  
Business Acquisition [Line Items]                
Goodwill, Acquired During Period         114,589      
Schedule of Equity Method Investments [Line Items]                
Equity method investments         $ 862,500 $ 605,900    
Educational Partners International [Member]                
Schedule of Equity Method Investments [Line Items]                
Equity method investment, ownership percentage               68.00%
Equity method investments               $ 167,700
Volante [Member]                
Schedule of Business Dispositions, by Dispositions [Line Items]                
Total sale consideration     $ 181,900          
Proceeds from sale of business     155,600          
Gain on sale of business     $ 118,500          
Velocity [Member]                
Schedule of Business Dispositions, by Dispositions [Line Items]                
Total sale consideration       $ 181,300        
Gain on sale of business       $ 107,300        
ISIC [Member]                
Schedule of Business Dispositions, by Dispositions [Line Items]                
Gain on sale of business   $ 16,900            
Valor Environmental [Member]                
Business Acquisition [Line Items]                
Percentage acquired 98.00%              
Total purchase consideration $ 156,400              
Cash consideration 156,400              
Goodwill, Acquired During Period 107,500              
Goodwill, tax deductible 0              
Finite-lived intangible assets $ 49,000              
v3.25.0.1
Investments (Narrative) (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
securities
Dec. 31, 2023
USD ($)
securities
Investments, Debt and Equity Securities [Abstract]    
Available-for-sale fixed maturity securities in unrealized loss position, number of positions | securities 1,485 1,386
Available-for-sale fixed maturity securities in unrealized loss position, number of positions, 12 months or longer | securities 966 1,131
Available-for-sale fixed maturity securities, estimated fair value $ 12,570,401 $ 9,982,329
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss 743,003 661,282
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer 7,448,033 8,515,061
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss $ 633,124 $ 650,461
Estimated average duration of fixed maturities 3 years 10 months 24 days  
Percentage threshold of shareholders' equity used to define concentration of investments 10.00% 10.00%
v3.25.0.1
Investments (Available-For-Sale Investments) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]    
Fixed maturities, amortized cost $ 16,457,723  
Available-for-sale fixed maturity investments, estimated fair value 15,745,539 $ 14,372,732
Short-term investments, available-for-sale, amortized cost basis 2,530,941 2,564,620
Short-term investments, available-for-sale, accumulated gross unrealized gain before tax 548 7,155
Short-term investments, available-for-sale, accumulated gross unrealized loss before tax (6,579) (393)
Short-term investments, available-for-sale 2,524,910 2,571,382
Investments, available-for-sale, amortized cost basis 18,988,664 17,496,906
Investments, available-for-sale, accumulated gross unrealized gain before tax 24,788 108,490
Investments, available-for-sale, accumulated gross unrealized loss before tax (743,003) (661,282)
Investments, available-for-sale 18,270,449 16,944,114
Investments, Available-for-sale, Allowance for Credit Loss 0 0
U.S. Treasury securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturities, amortized cost 5,147,365 3,811,293
Available-for-sale fixed maturity investments, gross unrealized holding gains 8,962 35,824
Available-for-sale fixed maturity investments, gross unrealized holding losses (68,469) (62,404)
Available-for-sale fixed maturity investments, estimated fair value 5,087,858 3,784,713
U.S. government-sponsored enterprises [Member]    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturities, amortized cost 1,445,171 1,225,426
Available-for-sale fixed maturity investments, gross unrealized holding gains 2,976 7,292
Available-for-sale fixed maturity investments, gross unrealized holding losses (101,911) (89,904)
Available-for-sale fixed maturity investments, estimated fair value 1,346,236 1,142,814
Obligations of states, municipalities and political subdivisions [Member]    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturities, amortized cost 3,813,146 4,196,096
Available-for-sale fixed maturity investments, gross unrealized holding gains 5,866 14,787
Available-for-sale fixed maturity investments, gross unrealized holding losses (199,520) (181,578)
Available-for-sale fixed maturity investments, estimated fair value 3,619,492 4,029,305
Foreign governments [Member]    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturities, amortized cost 2,909,561 2,554,874
Available-for-sale fixed maturity investments, gross unrealized holding gains 4,264 34,352
Available-for-sale fixed maturity investments, gross unrealized holding losses (207,302) (142,008)
Available-for-sale fixed maturity investments, estimated fair value 2,706,523 2,447,218
Agency mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturities, amortized cost 2,771,589 2,507,682
Available-for-sale fixed maturity investments, gross unrealized holding gains 2,096 8,939
Available-for-sale fixed maturity investments, gross unrealized holding losses (123,872) (135,611)
Available-for-sale fixed maturity investments, estimated fair value 2,649,813 2,381,010
Non-agency mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturities, amortized cost 122,373 355,673
Available-for-sale fixed maturity investments, gross unrealized holding gains 0 0
Available-for-sale fixed maturity investments, gross unrealized holding losses (4,343) (22,603)
Available-for-sale fixed maturity investments, estimated fair value 118,030 333,070
Corporate bonds [Member]    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturities, amortized cost 248,518 281,242
Available-for-sale fixed maturity investments, gross unrealized holding gains 76 141
Available-for-sale fixed maturity investments, gross unrealized holding losses (31,007) (26,781)
Available-for-sale fixed maturity investments, estimated fair value 217,587 254,602
Total fixed maturities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturities, amortized cost 16,457,723 14,932,286
Available-for-sale fixed maturity investments, gross unrealized holding gains 24,240 101,335
Available-for-sale fixed maturity investments, gross unrealized holding losses (736,424) (660,889)
Available-for-sale fixed maturity investments, estimated fair value $ 15,745,539 $ 14,372,732
v3.25.0.1
Investments (Summary Of Gross Unrealized Investment Losses By Length Of Time That Securities Have Continuously Been In An Unrealized Loss Position) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale fixed maturity securities, estimated fair value, less than 12 months $ 5,122,368 $ 1,467,268
Available-for-sale fixed maturity securities, gross unrealized holding, less than 12 months (109,879) (10,821)
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer 7,448,033 8,515,061
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer (633,124) (650,461)
Available-for-sale fixed maturity securities, estimated fair value 12,570,401 9,982,329
Available-for-sale fixed maturity securities, gross unrealized holding losses (743,003) (661,282)
Short-term investments, available-for-sale, continuous unrealized loss position, less than 12 months 163,503 52,601
Short-term investments, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss (6,579) (393)
Short-term investments, available-for-sale, continuous unrealized loss position, 12 months or longer 0 0
Short-term investments, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss 0 0
Short-term investments, available-for-sale, unrealized loss position, total 163,503 52,601
Short-term investments, available-for-sale, unrealized loss position, accumulated loss (6,579) (393)
U.S. Treasury securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale fixed maturity securities, estimated fair value, less than 12 months 1,593,711 317,027
Available-for-sale fixed maturity securities, gross unrealized holding, less than 12 months (27,213) (2,147)
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer 1,444,869 1,507,784
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer (41,256) (60,257)
Available-for-sale fixed maturity securities, estimated fair value 3,038,580 1,824,811
Available-for-sale fixed maturity securities, gross unrealized holding losses (68,469) (62,404)
U.S. government-sponsored enterprises [Member]    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale fixed maturity securities, estimated fair value, less than 12 months 415,333 145,143
Available-for-sale fixed maturity securities, gross unrealized holding, less than 12 months (10,938) (2,134)
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer 691,781 723,537
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer (90,973) (87,770)
Available-for-sale fixed maturity securities, estimated fair value 1,107,114 868,680
Available-for-sale fixed maturity securities, gross unrealized holding losses (101,911) (89,904)
Obligations of states, municipalities and political subdivisions [Member]    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale fixed maturity securities, estimated fair value, less than 12 months 1,133,275 679,124
Available-for-sale fixed maturity securities, gross unrealized holding, less than 12 months (21,242) (3,881)
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer 2,024,298 2,332,281
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer (178,278) (177,697)
Available-for-sale fixed maturity securities, estimated fair value 3,157,573 3,011,405
Available-for-sale fixed maturity securities, gross unrealized holding losses (199,520) (181,578)
Foreign governments [Member]    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale fixed maturity securities, estimated fair value, less than 12 months 1,056,877 83,396
Available-for-sale fixed maturity securities, gross unrealized holding, less than 12 months (29,890) (394)
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer 1,246,215 1,492,912
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer (177,412) (141,614)
Available-for-sale fixed maturity securities, estimated fair value 2,303,092 1,576,308
Available-for-sale fixed maturity securities, gross unrealized holding losses (207,302) (142,008)
Agency mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale fixed maturity securities, estimated fair value, less than 12 months 757,562 189,977
Available-for-sale fixed maturity securities, gross unrealized holding, less than 12 months (13,880) (1,872)
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer 1,710,436 1,889,272
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer (109,992) (133,739)
Available-for-sale fixed maturity securities, estimated fair value 2,467,998 2,079,249
Available-for-sale fixed maturity securities, gross unrealized holding losses (123,872) (135,611)
Non-agency mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale fixed maturity securities, estimated fair value, less than 12 months 0 0
Available-for-sale fixed maturity securities, gross unrealized holding, less than 12 months 0 0
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer 118,030 333,070
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer (4,343) (22,603)
Available-for-sale fixed maturity securities, estimated fair value 118,030 333,070
Available-for-sale fixed maturity securities, gross unrealized holding losses (4,343) (22,603)
Corporate bonds [Member]    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale fixed maturity securities, estimated fair value, less than 12 months 2,107 0
Available-for-sale fixed maturity securities, gross unrealized holding, less than 12 months (137) 0
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer 212,404 236,205
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer (30,870) (26,781)
Available-for-sale fixed maturity securities, estimated fair value 214,511 236,205
Available-for-sale fixed maturity securities, gross unrealized holding losses (31,007) (26,781)
Total fixed maturities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale fixed maturity securities, estimated fair value, less than 12 months 4,958,865 1,414,667
Available-for-sale fixed maturity securities, gross unrealized holding, less than 12 months (103,300) (10,428)
Available-for-sale fixed maturity securities, estimated fair value, 12 months or longer 7,448,033 8,515,061
Available-for-sale fixed maturity securities, gross unrealized holding losses, 12 months or longer (633,124) (650,461)
Available-for-sale fixed maturity securities, estimated fair value 12,406,898 9,929,728
Available-for-sale fixed maturity securities, gross unrealized holding losses $ (736,424) $ (660,889)
v3.25.0.1
Investments (Schedule Of Amortized Cost And Estimated Fair Value Of Fixed Maturities By Contractual Maturity) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]    
Due in one year or less, amortized cost $ 1,593,149  
Due after one year through five years, amortized cost 6,071,013  
Due after five years through ten years, amortized cost 4,647,538  
Due after ten years, amortized cost 1,252,061  
Amortized cost, sub-total 13,563,761  
Fixed maturities, amortized cost 16,457,723  
Due in one year or less, estimated fair value 1,571,022  
Due after one year through five years, estimated fair value 5,901,682  
Due after five years through ten years, estimated fair value 4,406,225  
Due after ten years, estimated fair value 1,098,767  
Estimated fair value, sub-total 12,977,696  
Available-for-sale fixed maturity investments, estimated fair value 15,745,539 $ 14,372,732
Mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized cost 2,893,962  
Estimated fair value $ 2,767,843  
v3.25.0.1
Investments (Components Of Net Investment Income) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Dividends on equity securities $ 142,367 $ 116,911 $ 107,213
Total investment income 938,474 751,754 464,013
Investment expenses (17,978) (17,222) (17,258)
Net investment income 920,496 734,532 446,755
Fixed maturities [Member]      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Interest income 510,044 383,022 294,417
Short-term investments [Member]      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Interest income 124,575 106,747 33,493
Cash and cash equivalents [Member]      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Interest income $ 161,488 $ 145,074 $ 28,890
v3.25.0.1
Investments (Net Investment Gains (Losses) and Change in Net Unrealized Gains On Available-For-Sale Investments) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Gain (Loss) on Securities [Line Items]      
Net realized investment gains (losses) $ 4,423 $ (42,177) $ (40,983)
Change in fair value of equity securities sold during the period (14,966) 34,684 (14,884)
Change in fair value of equity securities held at the end of the period 1,817,762 1,531,547 (1,539,866)
Change in fair value of equity securities 1,802,796 1,566,231 (1,554,750)
Net investment gains (losses) 1,807,219 1,524,054 (1,595,733)
Change in net unrealized gains on investments included in other comprehensive income (loss) (165,423) 390,558 (1,463,876)
Fixed maturities [Member]      
Gain (Loss) on Securities [Line Items]      
Change in net unrealized gains on investments included in other comprehensive income (loss) (152,630) 389,498 (1,474,890)
Short-term investments [Member]      
Gain (Loss) on Securities [Line Items]      
Change in net unrealized gains on investments included in other comprehensive income (loss) $ (12,793) $ 1,060 $ 11,014
v3.25.0.1
Investments (Schedule Of Restricted Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]    
Restricted fixed maturity securities $ 3,027,863 $ 3,102,899
Restricted equity securities 915,242 1,004,347
Restricted short-term investments 704,201 807,138
Restricted cash and cash equivalents 499,581 584,974
Total $ 5,146,887 $ 5,499,358
v3.25.0.1
Investments Investments (Components Of Restricted Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Components Of Restricted Assets [Line Items]    
Restricted assets $ 5,146,887 $ 5,499,358
Assets held in trust or on deposit to support underwriting activities [Member]    
Components Of Restricted Assets [Line Items]    
Restricted assets 4,727,799 5,048,857
Assets pledged as security for letters of credit [Member]    
Components Of Restricted Assets [Line Items]    
Restricted assets $ 419,088 $ 450,501
v3.25.0.1
Fair Value Measurements (Narrative) (Details) - Fair Value, Nonrecurring [Member] - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, Fair Value Disclosure $ 0 $ 0
Financial and Nonfinancial Liabilities, Fair Value Disclosure $ 0 $ 0
v3.25.0.1
Fair Value Measurements (Balances Of Assets Measured At Fair Value On A Recurring Basis) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value $ 15,745,539 $ 14,372,732
Equity securities 11,784,521 9,577,871
Short-term investments 2,524,910 2,571,382
Investments 30,054,970 26,521,985
Fixed maturities [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 15,745,539 14,372,732
U.S. Treasury securities [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 5,087,858 3,784,713
U.S. government-sponsored enterprises [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 1,346,236 1,142,814
Obligations of states, municipalities and political subdivisions [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 3,619,492 4,029,305
Foreign governments [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 2,706,523 2,447,218
Agency mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 2,649,813 2,381,010
Non-agency mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 118,030 333,070
Corporate bonds [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 217,587 254,602
Fair Value, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities 11,784,521 9,577,871
Short-term investments 2,524,910 2,571,382
Investments 30,054,970 26,521,985
Fair Value, Recurring [Member] | Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities 11,783,137 9,576,877
Short-term investments 2,363,736 2,402,099
Investments 14,146,873 11,978,976
Fair Value, Recurring [Member] | Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities 0 0
Short-term investments 161,174 169,283
Investments 15,906,713 14,542,015
Fair Value, Recurring [Member] | Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities 1,384 994
Short-term investments 0 0
Investments 1,384 994
Fair Value, Recurring [Member] | Fixed maturities [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 15,745,539 14,372,732
Fair Value, Recurring [Member] | Fixed maturities [Member] | Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 0 0
Fair Value, Recurring [Member] | Fixed maturities [Member] | Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 15,745,539 14,372,732
Fair Value, Recurring [Member] | Fixed maturities [Member] | Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 0 0
Fair Value, Recurring [Member] | U.S. Treasury securities [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 5,087,858 3,784,713
Fair Value, Recurring [Member] | U.S. Treasury securities [Member] | Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 0 0
Fair Value, Recurring [Member] | U.S. Treasury securities [Member] | Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 5,087,858 3,784,713
Fair Value, Recurring [Member] | U.S. Treasury securities [Member] | Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 0 0
Fair Value, Recurring [Member] | U.S. government-sponsored enterprises [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 1,346,236 1,142,814
Fair Value, Recurring [Member] | U.S. government-sponsored enterprises [Member] | Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 0 0
Fair Value, Recurring [Member] | U.S. government-sponsored enterprises [Member] | Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 1,346,236 1,142,814
Fair Value, Recurring [Member] | U.S. government-sponsored enterprises [Member] | Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 0 0
Fair Value, Recurring [Member] | Obligations of states, municipalities and political subdivisions [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 3,619,492 4,029,305
Fair Value, Recurring [Member] | Obligations of states, municipalities and political subdivisions [Member] | Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 0 0
Fair Value, Recurring [Member] | Obligations of states, municipalities and political subdivisions [Member] | Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 3,619,492 4,029,305
Fair Value, Recurring [Member] | Obligations of states, municipalities and political subdivisions [Member] | Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 0 0
Fair Value, Recurring [Member] | Foreign governments [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 2,706,523 2,447,218
Fair Value, Recurring [Member] | Foreign governments [Member] | Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 0 0
Fair Value, Recurring [Member] | Foreign governments [Member] | Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 2,706,523 2,447,218
Fair Value, Recurring [Member] | Foreign governments [Member] | Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 0 0
Fair Value, Recurring [Member] | Agency mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 2,649,813 2,381,010
Fair Value, Recurring [Member] | Agency mortgage-backed securities | Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 0 0
Fair Value, Recurring [Member] | Agency mortgage-backed securities | Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 2,649,813 2,381,010
Fair Value, Recurring [Member] | Agency mortgage-backed securities | Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 0 0
Fair Value, Recurring [Member] | Non-agency mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 118,030 333,070
Fair Value, Recurring [Member] | Non-agency mortgage-backed securities | Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 0 0
Fair Value, Recurring [Member] | Non-agency mortgage-backed securities | Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 118,030 333,070
Fair Value, Recurring [Member] | Non-agency mortgage-backed securities | Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 0 0
Fair Value, Recurring [Member] | Corporate bonds [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 217,587 254,602
Fair Value, Recurring [Member] | Corporate bonds [Member] | Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 0 0
Fair Value, Recurring [Member] | Corporate bonds [Member] | Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 217,587 254,602
Fair Value, Recurring [Member] | Corporate bonds [Member] | Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale fixed maturity investments, estimated fair value 0 0
Fair Value, Recurring [Member] | Insurance, banks and other financial institutions [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities 4,970,120 3,695,369
Fair Value, Recurring [Member] | Insurance, banks and other financial institutions [Member] | Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities 4,968,736 3,694,375
Fair Value, Recurring [Member] | Insurance, banks and other financial institutions [Member] | Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities 0 0
Fair Value, Recurring [Member] | Insurance, banks and other financial institutions [Member] | Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities 1,384 994
Fair Value, Recurring [Member] | Industrial, consumer and all other [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities 6,814,401 5,882,502
Fair Value, Recurring [Member] | Industrial, consumer and all other [Member] | Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities 6,814,401 5,882,502
Fair Value, Recurring [Member] | Industrial, consumer and all other [Member] | Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities 0 0
Fair Value, Recurring [Member] | Industrial, consumer and all other [Member] | Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities $ 0 $ 0
v3.25.0.1
Equity Method Investments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]      
Equity method investments $ 862.5 $ 605.9  
Income (loss) from equity method investments 58.7 (2.1) $ (22.9)
Hagerty [Member]      
Schedule of Equity Method Investments [Line Items]      
Equity method investments $ 264.7 $ 237.4  
Equity method investment, ownership percentage 23.00% 23.00%  
Equity method investment, quoted market value $ 753.7 $ 608.4  
v3.25.0.1
Receivables (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Receivables, gross $ 3,660,108 $ 3,486,395
Allowance for credit losses (33,309) (31,089)
Receivables 3,626,799 3,455,306
Insurance operation    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amounts receivable from agents, brokers and insureds 2,870,719 2,686,199
Receivables, gross 124,258 117,436
Markel Ventures [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Receivables, gross 638,480 657,156
Other [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Receivables, gross $ 26,651 $ 25,604
v3.25.0.1
Goodwill And Intangible Assets (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill And Intangible Assets [Line Items]      
Impairment of goodwill $ 0 $ 0 $ 80,000
Impairment of intangible assets (excluding goodwill) 0 0 0
Goodwill, carrying value 2,735,867 [1] 2,624,749 [1] 2,638,838
Estimated amortization of intangible assets for 2025 172,700    
Estimated amortization of intangible assets for 2026 165,500    
Estimated amortization of intangible assets for 2027 154,900    
Estimated amortization of intangible assets for 2028 146,100    
Estimated amortization of intangible assets for 2029 142,000    
Indefinite-lived intangible assets $ 90,400 $ 90,400  
Nephila Holdings Limited [Member]      
Goodwill And Intangible Assets [Line Items]      
Impairment of goodwill     80,000
Goodwill, carrying value     $ 221,800
[1] As of December 31, 2024 and 2023, goodwill was net of accumulated impairment losses of $190.6 million, of which $171.9 million was in other insurance operations and $18.7 million was in Markel Ventures.
v3.25.0.1
Goodwill And Intangible Assets (Components Of Goodwill) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Line Items]    
Goodwill, beginning balance $ 2,624,749 [1] $ 2,638,838
Goodwill, Acquired During Period 114,589  
Goodwill, Adjustments to preliminary purchase price allocation   (16,752)
Foreign currency movements and other adjustments (3,471) 2,663
Goodwill, ending balance [1] 2,735,867 2,624,749
Accumulated impairment losses [1] 190,600 190,600
Insurance [Member]    
Goodwill [Line Items]    
Goodwill, beginning balance 772,823 [1] 771,628
Goodwill, Acquired During Period 0  
Goodwill, Adjustments to preliminary purchase price allocation   0
Foreign currency movements and other adjustments (3,247) 1,195
Goodwill, ending balance [1] 769,576 772,823
Reinsurance [Member]    
Goodwill [Line Items]    
Goodwill, beginning balance 122,745 [1] 122,745
Goodwill, Acquired During Period 0  
Goodwill, Adjustments to preliminary purchase price allocation   0
Foreign currency movements and other adjustments 0 0
Goodwill, ending balance [1] 122,745 122,745
Markel Ventures [Member]    
Goodwill [Line Items]    
Goodwill, beginning balance 1,137,654 [1] 1,153,909
Goodwill, Acquired During Period 114,589  
Goodwill, Adjustments to preliminary purchase price allocation   (16,752)
Foreign currency movements and other adjustments (434) 497
Goodwill, ending balance [1] 1,251,809 1,137,654
Accumulated impairment losses [1] 18,700 18,700
Other Insurance Operations    
Goodwill [Line Items]    
Goodwill, beginning balance [2] 591,527 [1] 590,556
Goodwill, Acquired During Period [2] 0  
Goodwill, Adjustments to preliminary purchase price allocation [2]   0
Foreign currency movements and other adjustments [2] 210 971
Goodwill, ending balance [1],[2] 591,737 591,527
Accumulated impairment losses [1] $ 171,900 $ 171,900
[1] As of December 31, 2024 and 2023, goodwill was net of accumulated impairment losses of $190.6 million, of which $171.9 million was in other insurance operations and $18.7 million was in Markel Ventures.
[2] Amounts included in other insurance operations reflect the Company's operations that are not included in a reportable segment and are primarily related to the Company's program services and insurance-linked securities operations.
v3.25.0.1
Goodwill And Intangible Assets Goodwill And Intangible Assets (Components of Net Intangible Assets) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Intangible [Line Items]      
Net intangible assets, beginning balance $ 1,588,684 $ 1,747,464  
Intangible Assets Acquired During Period 52,909    
Dispositions   (2,000)  
Amortization of intangible assets (181,472) (180,614) $ (178,778)
Adjustments to preliminary purchase price allocation   22,671  
Foreign currency movements and other adjustments (501) 1,163  
Net intangible assets, ending balance 1,459,620 1,588,684 1,747,464
Underwriting [Member]      
Intangible [Line Items]      
Net intangible assets, beginning balance [1] 325,344 362,322  
Intangible Assets Acquired During Period [1] 0    
Dispositions   0  
Amortization of intangible assets [1] 37,276 37,076  
Adjustments to preliminary purchase price allocation   0  
Foreign currency movements and other adjustments [1] (117) 98  
Net intangible assets, ending balance [1] 287,951 325,344 362,322
Markel Ventures [Member]      
Intangible [Line Items]      
Net intangible assets, beginning balance 736,717 796,297  
Intangible Assets Acquired During Period 52,909    
Dispositions   0  
Amortization of intangible assets (81,317) (82,370)  
Adjustments to preliminary purchase price allocation   22,671  
Foreign currency movements and other adjustments 154 119  
Net intangible assets, ending balance 708,463 736,717 796,297
Other Insurance Operations      
Intangible [Line Items]      
Net intangible assets, beginning balance [2] 526,623 588,845  
Intangible Assets Acquired During Period [2] 0    
Dispositions   (2,000)  
Amortization of intangible assets [2] (62,879) (61,168)  
Adjustments to preliminary purchase price allocation   0  
Foreign currency movements and other adjustments [2] (538) 946  
Net intangible assets, ending balance [2] $ 463,206 $ 526,623 $ 588,845
[1] Amounts included in Underwriting reflect the intangible assets associated with the Company's underwriting segments, which are not allocated between the Insurance and Reinsurance segments.
[2] Amounts included in other insurance operations reflect the Company's operations that are not included in a reportable segment and are primarily related to the Company's program services and insurance-linked securities operations.
v3.25.0.1
Goodwill And Intangible Assets (Components Of Intangible Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Schedule of Indefinite-Lived And Finite-Lived Intangible Assets [Line Items]    
Intangible assets, gross carrying amount $ 2,898,994 $ 2,860,728
Intangible assets, accumulated amortization (1,439,374) (1,272,044)
Customer Relationships [Member]    
Schedule of Indefinite-Lived And Finite-Lived Intangible Assets [Line Items]    
Intangible assets, gross carrying amount 1,488,796 1,450,503
Intangible assets, accumulated amortization (699,550) (600,724)
Investment Management Agreements [Member]    
Schedule of Indefinite-Lived And Finite-Lived Intangible Assets [Line Items]    
Intangible assets, gross carrying amount 464,000 464,000
Intangible assets, accumulated amortization (178,727) (149,560)
Broker and Agent Relationships [Member]    
Schedule of Indefinite-Lived And Finite-Lived Intangible Assets [Line Items]    
Intangible assets, gross carrying amount 295,694 297,693
Intangible assets, accumulated amortization (182,139) (168,586)
Trade Names [Member]    
Schedule of Indefinite-Lived And Finite-Lived Intangible Assets [Line Items]    
Intangible assets, gross carrying amount 305,381 293,270
Intangible assets, accumulated amortization (157,494) (138,040)
Technology [Member]    
Schedule of Indefinite-Lived And Finite-Lived Intangible Assets [Line Items]    
Intangible assets, gross carrying amount 113,187 113,248
Intangible assets, accumulated amortization (107,727) (100,781)
Insurance Licenses [Member]    
Schedule of Indefinite-Lived And Finite-Lived Intangible Assets [Line Items]    
Intangible assets, gross carrying amount 72,333 72,333
Intangible assets, accumulated amortization 0 0
Other [Member]    
Schedule of Indefinite-Lived And Finite-Lived Intangible Assets [Line Items]    
Intangible assets, gross carrying amount 159,603 169,681
Intangible assets, accumulated amortization $ (113,737) $ (114,353)
v3.25.0.1
Leases (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Maximum remaining term of noncancelable leases 18 years    
Operating Lease, Expense $ 169.0 $ 148.4 $ 126.3
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability $ 111.3 $ 130.2 $ 64.4
v3.25.0.1
Leases (Summary of Supplementary Balance Sheet Information) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Lessee, Lease, Description [Line Items]    
Operating lease, right-of-use asset $ 681,405 $ 628,833
Operating lease, liability $ 723,924 $ 657,217
Operating lease, weighted average remaining lease term 9 years 9 years 9 months 18 days
Operating lease, weighted average discount rate, percent 4.30% 5.20%
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Other liabilities Other liabilities
Other Liabilities [Member]    
Lessee, Lease, Description [Line Items]    
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Other liabilities  
v3.25.0.1
Leases (Maturities of Operating Lease Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
Lessee, operating lease, liability, payments, due next twelve months $ 130,943  
Lessee, operating lease, liability, payments, due year two 116,324  
Lessee, operating lease, liability, payments, due year three 100,927  
Lessee, operating lease, liability, payments, due year four 88,473  
Lessee, operating lease, liability, payments, due year five 77,206  
Lessee, operating lease, liability, payments, due after year five 368,468  
Lessee, operating lease, liability, payments, due 882,341  
Lessee, operating lease, liability, undiscounted excess amount (158,417)  
Operating lease, liability 723,924 $ 657,217
Lessee, Lease, Description [Line Items]    
Operating lease, liability $ 723,924 $ 657,217
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Other liabilities Other liabilities
Other Liabilities [Member]    
Lessee, Lease, Description [Line Items]    
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Other liabilities  
v3.25.0.1
Products, Services and Other Revenues (Schedule Of Revenues From Contracts With Customers By Type) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Leasing revenues $ 176,293 $ 188,904 $ 157,552
Fronting fees 187,480 154,838 147,612
Equity method and other investments income (loss) 58,830 (13,598) (15,120)
Disposition gains 0 16,923 225,828
Other 7,211 42,733 33,970
Total products revenues and services and other revenues 5,460,636 5,249,565 5,236,521
Markel Ventures [Member]      
Disaggregation of Revenue [Line Items]      
Leasing revenues 176,293 188,904 157,552
Fronting fees 0 0 0
Equity method and other investments income (loss) 6,577 (1,744) 2,541
Disposition gains 0 0 0
Other 6,805 42,693 32,930
Total products revenues and services and other revenues 5,113,078 4,979,768 4,756,618
Other [Member]      
Disaggregation of Revenue [Line Items]      
Leasing revenues 0 0 0
Fronting fees 187,480 154,838 147,612
Equity method and other investments income (loss) 52,253 (11,854) (17,661)
Disposition gains 0 16,923 225,828
Other 406 40 1,040
Total products revenues and services and other revenues 347,558 269,797 479,903
Revenue from Contract with Customer [Member]      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 5,030,822 4,859,765 4,686,679
Revenue from Contract with Customer [Member] | Products [Member]      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 2,607,581 2,487,054 2,379,399
Revenue from Contract with Customer [Member] | Services [Member]      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 2,326,015 2,273,202 2,228,071
Revenue from Contract with Customer [Member] | Management Fees [Member]      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 97,226 99,509 79,209
Revenue from Contract with Customer [Member] | Markel Ventures [Member]      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 4,923,403 4,749,915 4,563,595
Revenue from Contract with Customer [Member] | Markel Ventures [Member] | Products [Member]      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 2,607,581 2,487,054 2,379,399
Revenue from Contract with Customer [Member] | Markel Ventures [Member] | Services [Member]      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 2,315,822 2,262,861 2,184,196
Revenue from Contract with Customer [Member] | Markel Ventures [Member] | Management Fees [Member]      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 0 0 0
Revenue from Contract with Customer [Member] | Other [Member]      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 107,419 109,850 123,084
Revenue from Contract with Customer [Member] | Other [Member] | Products [Member]      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 0 0 0
Revenue from Contract with Customer [Member] | Other [Member] | Services [Member]      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 10,193 10,341 43,875
Revenue from Contract with Customer [Member] | Other [Member] | Management Fees [Member]      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers $ 97,226 $ 99,509 $ 79,209
v3.25.0.1
Products, Services and Other Revenues Products, Services and Other Revenues (Receivables Related To Contracts With Customers) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Receivables [Line Items]    
Trade and other receivables $ 3,660,108 $ 3,486,395
Contracts with customers [Member]    
Receivables [Line Items]    
Trade and other receivables $ 593,800 $ 616,400
v3.25.0.1
Unpaid Losses And Loss Adjustment Expenses (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Jul. 02, 2024
Dec. 31, 2021
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]          
Net losses and loss adjustment expenses $ 5,508,059 $ 5,360,559 $ 4,613,035    
Unpaid losses and loss adjustment expenses 26,633,094 23,483,321 20,947,898   $ 18,178,894
Reinsurance recoverables on unpaid losses, end of year 11,120,367 8,820,567 7,994,884   $ 6,876,317
Reinsurance Recoverable, Retroactive Reinsurance Transaction $ 0 $ (125,067) 0    
IBNR reserves as a percentage of total unpaid losses and loss adjustment expenses 71.00% 72.00%      
Prior Year Claims and Claims Adjustment Expense $ 455,300 $ 38,600 167,400    
Insurance [Member]          
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]          
Unpaid losses and loss adjustment expenses 16,073,355 14,221,258      
Prior Year Claims and Claims Adjustment Expense 451,000 104,700 142,900    
Insurance [Member] | Accident Years 2014 and Prior [Member]          
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]          
Prior Year Claims and Claims Adjustment Expense 50,100        
Reinsurance [Member]          
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]          
Unpaid losses and loss adjustment expenses 3,870,059 3,726,472      
Prior Year Claims and Claims Adjustment Expense 12,300 (57,100) 26,100    
Reinsurance [Member] | 2023 U.K. Motor Retroactive Transaction          
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]          
Reinsurance Recoverable, Retroactive Reinsurance Transaction   (125,100)      
Fronting [Member]          
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]          
Reinsurance recoverables 3,500,000 2,500,000 3,000,000    
Unpaid losses and loss adjustment expenses 6,515,153 5,185,553      
Asbestos [Member]          
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]          
Asbestos-related reserves, gross loss incurred 122,100 132,500      
Asbestos-related reserves, net loss incurred 32,500 39,600      
Casualty policy portfolio part of retroactive reinsurance contract | Fronting [Member]          
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]          
Unpaid losses and loss adjustment expenses       $ 302,600  
Reinsurance recoverables on unpaid losses, end of year       $ 302,600  
2024 Catastrophes          
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]          
Net losses and loss adjustment expenses 70,600        
Reinsurance recoverables $ 60,400        
2023 Catastrophes | Insurance [Member]          
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]          
Net losses and loss adjustment expenses   40,100      
Reinsurance recoverables   $ 9,300      
Hurricane Ian          
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]          
Net losses and loss adjustment expenses     46,200    
Reinsurance recoverables     115,300    
Russia-Ukraine conflict          
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]          
Net losses and loss adjustment expenses     35,700    
Reinsurance recoverables     $ 44,300    
v3.25.0.1
Unpaid Losses And Loss Adjustment Expenses (Reconciliation Of Consolidated Reserves For Losses And Loss Adjustment Expenses) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims [Abstract]      
Gross reserves for losses and loss adjustment expenses, beginning of year $ 23,483,321 $ 20,947,898 $ 18,178,894
Reinsurance recoverables on unpaid losses, beginning of year 8,820,567 7,994,884 6,876,317
Net reserves for losses and loss adjustment expenses, beginning of year 14,662,754 12,953,014 11,302,577
Effect of foreign currency rate changes on beginning of year balance (78,702) 70,344 (160,622)
Adjusted net reserves for losses and loss adjustment expenses, beginning of year 14,584,052 13,023,358 11,141,955
Incurred losses and loss adjustment expenses, current accident year 5,508,059 5,360,559 4,613,035
Incurred losses and loss adjustment expenses, prior accident years (including deposit liability) (455,310) (38,550) (167,446)
Total incurred losses and loss adjustment expenses 5,052,749 5,322,009 4,445,589
Payments, current accident year 720,178 729,895 580,537
Payments, prior accident years 3,239,999 2,663,165 2,396,446
Total payments 3,960,177 3,393,060 2,976,983
Effect of foreign currency rate changes on current year activity (3,934) (1,532) (5,468)
Net reserves for losses and loss adjustment expenses of Markel CATCo Re (159,963) (162,954) 347,921
Reinsurance Recoverable, Retroactive Reinsurance Transaction 0 (125,067) 0
Net reserves for losses and loss adjustment expenses, end of year 15,512,727 14,662,754 12,953,014
Reinsurance recoverables on unpaid losses, end of year 11,120,367 8,820,567 7,994,884
Gross reserves for losses and loss adjustment expenses, end of year $ 26,633,094 $ 23,483,321 $ 20,947,898
v3.25.0.1
Unpaid Losses And Loss Adjustment Expenses (Prior Year Losses and Loss Adjustment Expenses Development by Product Line) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Incurred losses and loss adjustment expenses, prior accident years $ (455.3) $ (38.6) $ (167.4)
Insurance [Member]      
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Incurred losses and loss adjustment expenses, prior accident years (451.0) (104.7) (142.9)
Insurance [Member] | Professional liability [Member] | U.S. [Member]      
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Incurred losses and loss adjustment expenses, prior accident years 111.8 56.8  
Insurance [Member] | Professional liability [Member] | International      
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Incurred losses and loss adjustment expenses, prior accident years (152.6) (102.2)  
Insurance [Member] | Professional liability [Member] | Short-Duration Insurance Contracts, Accident Years 2018 and 2019      
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Incurred losses and loss adjustment expenses, prior accident years     121.0
Insurance [Member] | Professional liability [Member] | Short-Duration Insurance Contracts, Accident Years, all other      
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Incurred losses and loss adjustment expenses, prior accident years     (91.1)
Insurance [Member] | General liability [Member]      
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Incurred losses and loss adjustment expenses, prior accident years (81.6)    
Insurance [Member] | General liability [Member] | U.S. [Member]      
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Incurred losses and loss adjustment expenses, prior accident years   274.0  
Insurance [Member] | General liability [Member] | International      
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Incurred losses and loss adjustment expenses, prior accident years   (36.5)  
Insurance [Member] | General liability [Member] | Short-Duration Insurance Contracts, Accident Years 2016 to 2019      
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Incurred losses and loss adjustment expenses, prior accident years     61.6
Insurance [Member] | General liability [Member] | Short-Duration Insurance Contracts, Accident Years, all other      
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Incurred losses and loss adjustment expenses, prior accident years     (20.5)
Insurance [Member] | Property [Member]      
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Incurred losses and loss adjustment expenses, prior accident years (75.0) (95.1) (48.1)
Insurance [Member] | Marine and energy [Member]      
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Incurred losses and loss adjustment expenses, prior accident years (58.3) (76.5)  
Insurance [Member] | Personal Lines      
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Incurred losses and loss adjustment expenses, prior accident years   (42.8)  
Insurance [Member] | Workers' compensation [Member]      
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Incurred losses and loss adjustment expenses, prior accident years   (36.5) (62.1)
Insurance [Member] | Programs [Member]      
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Incurred losses and loss adjustment expenses, prior accident years (53.9)   (48.3)
Insurance [Member] | Credit and surety [Member]      
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Incurred losses and loss adjustment expenses, prior accident years (51.4)   (31.7)
Insurance [Member] | Other products [Member]      
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Incurred losses and loss adjustment expenses, prior accident years (90.0) (45.9) (23.7)
Reinsurance [Member]      
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Incurred losses and loss adjustment expenses, prior accident years (12.3) 57.1 (26.1)
Reinsurance [Member] | Professional liability [Member]      
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Incurred losses and loss adjustment expenses, prior accident years (17.1)    
Reinsurance [Member] | General liability [Member]      
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Incurred losses and loss adjustment expenses, prior accident years   95.5  
Reinsurance [Member] | Property [Member]      
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Incurred losses and loss adjustment expenses, prior accident years (23.0) (21.6) (29.2)
Reinsurance [Member] | Workers' compensation [Member]      
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Incurred losses and loss adjustment expenses, prior accident years (20.3) (14.9)  
Reinsurance [Member] | Premium adjustments      
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Incurred losses and loss adjustment expenses, prior accident years (4.0) 11.4 53.1
Reinsurance [Member] | Credit and surety [Member]      
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Incurred losses and loss adjustment expenses, prior accident years     (22.9)
Reinsurance [Member] | Public entity      
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Incurred losses and loss adjustment expenses, prior accident years 34.1 53.7  
Reinsurance [Member] | Other products [Member]      
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Incurred losses and loss adjustment expenses, prior accident years 18.0 (67.0) (27.1)
Other [Member] | Other underwriting [Member]      
Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Incurred losses and loss adjustment expenses, prior accident years $ 8.0 $ 9.0 $ 1.6
v3.25.0.1
Unpaid Losses And Loss Adjustment Expenses (Ultimate Incurred Losses And Cumulative Paid Losses And Allocated Loss Adjustment Expenses, Net Of Reinsurance) (Details)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Claims Development [Line Items]                    
Total liabilities for unpaid losses and loss adjustment expenses, net of reinsurance $ 15,087,702,000                  
Insurance [Member]                    
Claims Development [Line Items]                    
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance 27,539,900,000                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 16,302,700,000                  
All outstanding liabilities for unpaid losses and loss adjustment expenses before 2014, net of reinsurance 313,300,000                  
Total liabilities for unpaid losses and loss adjustment expenses, net of reinsurance 11,550,516,000                  
Insurance [Member] | 2015 Accident Year [Member]                    
Claims Development [Line Items]                    
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance 1,457,100,000 $ 1,460,000,000 $ 1,440,900,000 $ 1,450,600,000 $ 1,454,700,000 $ 1,486,500,000 $ 1,517,000,000 $ 1,571,000,000 $ 1,693,800,000 $ 1,767,500,000
Total of incurred-but-not-reported liabilities, net of reinsurance $ 58,000,000.0                  
Cumulative number of reported claims 88,000                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance $ 1,344,700,000 1,327,300,000 1,291,700,000 1,259,200,000 1,208,400,000 1,141,300,000 1,032,900,000 870,200,000 660,000,000.0 320,700,000
Insurance [Member] | 2016 Accident Year [Member]                    
Claims Development [Line Items]                    
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance 1,718,100,000 1,732,900,000 1,678,400,000 1,667,400,000 1,674,700,000 1,700,300,000 1,753,600,000 1,852,800,000 1,856,300,000  
Total of incurred-but-not-reported liabilities, net of reinsurance $ 77,200,000                  
Cumulative number of reported claims 100,000                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance $ 1,529,800,000 1,479,600,000 1,425,500,000 1,350,300,000 1,262,800,000 1,158,200,000 973,700,000 746,200,000 369,800,000  
Insurance [Member] | 2017 Accident Year [Member]                    
Claims Development [Line Items]                    
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance 2,152,300,000 2,111,200,000 2,023,900,000 2,004,500,000 1,998,700,000 2,059,300,000 2,176,700,000 2,309,000,000    
Total of incurred-but-not-reported liabilities, net of reinsurance $ 124,600,000                  
Cumulative number of reported claims 140,000                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance $ 1,909,500,000 1,839,600,000 1,739,800,000 1,619,200,000 1,462,000,000 1,274,300,000 982,700,000 434,900,000    
Insurance [Member] | 2018 Accident Year [Member]                    
Claims Development [Line Items]                    
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance 2,417,100,000 2,331,600,000 2,151,200,000 2,058,800,000 2,199,200,000 2,320,800,000 2,429,000,000      
Total of incurred-but-not-reported liabilities, net of reinsurance $ 177,800,000                  
Cumulative number of reported claims 193,000                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance $ 2,017,400,000 1,856,500,000 1,671,600,000 1,494,900,000 1,281,900,000 1,017,400,000 490,700,000      
Insurance [Member] | 2019 Accident Year [Member]                    
Claims Development [Line Items]                    
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance 2,526,800,000 2,471,700,000 2,293,700,000 2,239,700,000 2,402,200,000 2,552,400,000        
Total of incurred-but-not-reported liabilities, net of reinsurance $ 206,900,000                  
Cumulative number of reported claims 228,000                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance $ 2,104,400,000 1,910,900,000 1,576,400,000 1,262,900,000 991,100,000 524,100,000        
Insurance [Member] | 2020 Accident Year [Member]                    
Claims Development [Line Items]                    
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance 2,771,600,000 2,858,500,000 2,914,200,000 2,972,100,000 3,185,100,000          
Total of incurred-but-not-reported liabilities, net of reinsurance $ 434,300,000                  
Cumulative number of reported claims 183,000                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance $ 2,033,800,000 1,772,500,000 1,515,700,000 1,148,500,000 568,100,000          
Insurance [Member] | 2021 Accident Year [Member]                    
Claims Development [Line Items]                    
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance 2,720,100,000 2,755,400,000 2,907,100,000 3,083,500,000            
Total of incurred-but-not-reported liabilities, net of reinsurance $ 531,000,000.0                  
Cumulative number of reported claims 149,000                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance $ 1,751,100,000 1,357,500,000 985,800,000 473,400,000            
Insurance [Member] | 2022 Accident Year [Member]                    
Claims Development [Line Items]                    
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance 3,342,600,000 3,365,500,000 3,746,800,000              
Total of incurred-but-not-reported liabilities, net of reinsurance $ 1,098,300,000                  
Cumulative number of reported claims 159,000                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance $ 1,564,100,000 1,059,900,000 484,500,000              
Insurance [Member] | 2023 Accident Year [Member]                    
Claims Development [Line Items]                    
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance 3,901,700,000 4,435,900,000                
Total of incurred-but-not-reported liabilities, net of reinsurance $ 1,802,500,000                  
Cumulative number of reported claims 169,000                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance $ 1,396,600,000 596,900,000                
Insurance [Member] | 2024 Accident Year [Member]                    
Claims Development [Line Items]                    
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance 4,532,500,000                  
Total of incurred-but-not-reported liabilities, net of reinsurance $ 3,271,700,000                  
Cumulative number of reported claims 149,000                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance $ 651,300,000                  
Reinsurance [Member]                    
Claims Development [Line Items]                    
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance 7,017,100,000                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 3,847,700,000                  
All outstanding liabilities for unpaid losses and loss adjustment expenses before 2014, net of reinsurance 273,300,000                  
Total liabilities for unpaid losses and loss adjustment expenses, net of reinsurance 3,442,663,000                  
Reinsurance [Member] | 2015 Accident Year [Member]                    
Claims Development [Line Items]                    
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance 477,700,000 500,000,000.0 488,200,000 487,800,000 499,900,000 504,800,000 516,000,000.0 524,600,000 508,800,000 523,000,000.0
Total of incurred-but-not-reported liabilities, net of reinsurance 56,600,000                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 388,600,000 375,600,000 359,500,000 342,800,000 323,200,000 298,600,000 251,600,000 201,000,000.0 130,300,000 $ 63,300,000
Reinsurance [Member] | 2016 Accident Year [Member]                    
Claims Development [Line Items]                    
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance 556,500,000 573,300,000 551,500,000 548,100,000 523,400,000 513,400,000 515,400,000 515,200,000 506,600,000  
Total of incurred-but-not-reported liabilities, net of reinsurance 30,100,000                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 475,700,000 451,600,000 418,000,000.0 377,900,000 344,400,000 292,700,000 236,400,000 166,700,000 $ 78,600,000  
Reinsurance [Member] | 2017 Accident Year [Member]                    
Claims Development [Line Items]                    
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance 931,300,000 931,000,000.0 919,700,000 907,300,000 934,900,000 933,200,000 927,600,000 894,400,000    
Total of incurred-but-not-reported liabilities, net of reinsurance 44,200,000                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 796,000,000.0 747,600,000 692,800,000 623,800,000 560,400,000 478,600,000 357,500,000 $ 157,100,000    
Reinsurance [Member] | 2018 Accident Year [Member]                    
Claims Development [Line Items]                    
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance 790,100,000 821,000,000.0 758,100,000 762,500,000 757,400,000 764,900,000 743,000,000.0      
Total of incurred-but-not-reported liabilities, net of reinsurance 82,200,000                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 613,900,000 543,600,000 474,400,000 404,400,000 334,900,000 235,100,000 $ 86,900,000      
Reinsurance [Member] | 2019 Accident Year [Member]                    
Claims Development [Line Items]                    
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance 730,400,000 719,000,000.0 691,000,000.0 683,100,000 668,400,000 654,400,000        
Total of incurred-but-not-reported liabilities, net of reinsurance 129,100,000                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 507,700,000 435,600,000 351,800,000 261,300,000 169,100,000 $ 53,200,000        
Reinsurance [Member] | 2020 Accident Year [Member]                    
Claims Development [Line Items]                    
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance 765,200,000 762,800,000 741,000,000.0 730,500,000 678,100,000          
Total of incurred-but-not-reported liabilities, net of reinsurance 230,100,000                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 463,000,000.0 381,800,000 308,700,000 202,900,000 $ 93,200,000          
Reinsurance [Member] | 2021 Accident Year [Member]                    
Claims Development [Line Items]                    
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance 753,900,000 754,700,000 733,600,000 731,900,000            
Total of incurred-but-not-reported liabilities, net of reinsurance 303,800,000                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 361,000,000.0 281,600,000 187,100,000 $ 79,200,000            
Reinsurance [Member] | 2022 Accident Year [Member]                    
Claims Development [Line Items]                    
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance 616,400,000 601,900,000 661,100,000              
Total of incurred-but-not-reported liabilities, net of reinsurance 413,400,000                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 138,400,000 66,600,000 $ 24,100,000              
Reinsurance [Member] | 2023 Accident Year [Member]                    
Claims Development [Line Items]                    
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance 665,300,000 658,300,000                
Total of incurred-but-not-reported liabilities, net of reinsurance 506,700,000                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance 79,500,000 $ 27,100,000                
Reinsurance [Member] | 2024 Accident Year [Member]                    
Claims Development [Line Items]                    
Ultimate incurred losses and allocated loss adjustment expenses, net of reinsurance 730,300,000                  
Total of incurred-but-not-reported liabilities, net of reinsurance 674,300,000                  
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance $ 23,900,000                  
v3.25.0.1
Unpaid Losses And Loss Adjustment Expenses (Average Annual Percentage Payout Of Incurred Losses By Age (in Years), Net Of Reinsurance) (Details)
Dec. 31, 2024
Insurance [Member]  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Average annual percentage payout of incurred losses in year 1 18.70%
Average annual percentage payout of incurred losses in year 2 20.90%
Average annual percentage payout of incurred losses in year 3 13.10%
Average annual percentage payout of incurred losses in year 4 10.80%
Average annual percentage payout of incurred losses in year 5 8.50%
Average annual percentage payout of incurred losses in year 6 6.10%
Average annual percentage payout of incurred losses in year 7 4.80%
Average annual percentage payout of incurred losses in year 8 2.90%
Average annual percentage payout of incurred losses in year 9 2.70%
Average annual percentage payout of incurred losses in year 10 1.20%
Reinsurance [Member]  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Average annual percentage payout of incurred losses in year 1 9.60%
Average annual percentage payout of incurred losses in year 2 14.40%
Average annual percentage payout of incurred losses in year 3 12.90%
Average annual percentage payout of incurred losses in year 4 10.10%
Average annual percentage payout of incurred losses in year 5 9.50%
Average annual percentage payout of incurred losses in year 6 7.40%
Average annual percentage payout of incurred losses in year 7 6.50%
Average annual percentage payout of incurred losses in year 8 4.90%
Average annual percentage payout of incurred losses in year 9 3.80%
Average annual percentage payout of incurred losses in year 10 2.70%
v3.25.0.1
Unpaid Losses And Loss Adjustment Expenses (Reconciliation Of Net Incurred And Paid Loss Development Tables, By Segment, To The Liability For Losses And Loss Adjustment Expenses In The Consolidated Balance Sheet) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Short-Duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance $ 15,087,702      
Reinsurance recoverable on unpaid losses 11,120,367      
Unallocated loss adjustment expenses 425,025      
Total gross liability for unpaid losses and loss adjustment expenses 26,633,094 $ 23,483,321 $ 20,947,898 $ 18,178,894
Market CATCo Re        
Short-Duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance 25,005      
Insurance [Member]        
Short-Duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance 11,550,516      
Reinsurance recoverable on unpaid losses 4,129,856      
Total gross liability for unpaid losses and loss adjustment expenses 16,073,355 14,221,258    
Reinsurance [Member]        
Short-Duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance 3,442,663      
Reinsurance recoverable on unpaid losses 397,810      
Total gross liability for unpaid losses and loss adjustment expenses 3,870,059 3,726,472    
Other underwriting [Member]        
Short-Duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance 62,903      
Reinsurance recoverable on unpaid losses 84,079      
Total gross liability for unpaid losses and loss adjustment expenses 149,522 165,071    
Fronting [Member]        
Short-Duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance 6,615      
Reinsurance recoverable on unpaid losses 6,508,622      
Total gross liability for unpaid losses and loss adjustment expenses $ 6,515,153 $ 5,185,553    
v3.25.0.1
Reinsurance (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reinsurance Disclosures [Line Items]      
Percentage of ceded earned premiums to gross earned premiums 44.00% 39.00% 38.00%
Percentage of assumed earned premiums to net earned premiums 38.00% 31.00% 30.00%
Underwriting [Member]      
Reinsurance Disclosures [Line Items]      
Reinsurance recoverables $ (1,917,318) $ (1,496,265) $ (834,648)
Reinsurance Recoverables, Gross $ 5,000,000 $ 4,000,000  
Underwriting [Member] | Ten Largest Reinsurers [Member]      
Reinsurance Disclosures [Line Items]      
Recoverable balances as a percentage of the total balance 63.00% 65.00%  
Underwriting [Member] | RenaissanceRe      
Reinsurance Disclosures [Line Items]      
Recoverable balances as a percentage of the total balance 19.00%    
Fronting [Member]      
Reinsurance Disclosures [Line Items]      
Reinsurance recoverables $ 3,500,000 $ 2,500,000 $ 3,000,000
Program Services [Member]      
Reinsurance Disclosures [Line Items]      
Reinsurance Recoverables, Gross $ 6,000,000 $ 4,900,000  
Program Services [Member] | Ten Largest Reinsurers [Member]      
Reinsurance Disclosures [Line Items]      
Recoverable balances as a percentage of the total balance 55.00% 56.00%  
Program Services [Member] | Knight Insurance Company      
Reinsurance Disclosures [Line Items]      
Recoverable balances as a percentage of the total balance 9.00%    
ILS fronting [Member] | Nephila Reinsurers [Member]      
Reinsurance Disclosures [Line Items]      
Recoverable balances as a percentage of the total balance 100.00%    
v3.25.0.1
Reinsurance (Effect Of Reinsurance And Retrocessional Reinsurance On Premiums Written And Earned) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Effects of Reinsurance [Line Items]      
Direct premiums written $ 12,094,040 $ 11,306,483 $ 10,729,950
Direct premiums earned 11,855,424 10,999,889 10,068,570
Assumed premiums written 3,400,591 2,695,754 2,471,732
Assumed premiums earned 3,188,007 2,554,030 2,246,805
Ceded premiums written (7,198,456) (5,604,662) (4,998,292)
Ceded premiums earned (6,611,019) (5,258,440) (4,727,583)
Net premiums written 8,296,175 8,397,575 8,203,390
Net premiums earned 8,432,412 8,295,479 7,587,792
Underwriting [Member]      
Effects of Reinsurance [Line Items]      
Direct premiums written 8,860,015 8,657,266 8,085,812
Direct premiums earned 8,801,477 8,363,710 7,379,766
Assumed premiums written 1,691,858 1,620,366 1,761,726
Assumed premiums earned 1,628,408 1,616,630 1,589,920
Ceded premiums written (2,252,122) (1,878,844) (1,640,165)
Ceded premiums earned (1,993,895) (1,683,648) (1,378,191)
Net premiums written 8,299,751 8,398,788 8,207,373
Net premiums earned 8,435,990 8,296,692 7,591,495
Fronting [Member]      
Effects of Reinsurance [Line Items]      
Direct premiums written 3,234,025 2,649,217 2,644,138
Direct premiums earned 3,053,947 2,636,179 2,688,804
Assumed premiums written 1,708,733 1,075,388 710,006
Assumed premiums earned 1,559,599 937,400 656,885
Ceded premiums written (4,946,334) (3,725,818) (3,358,127)
Ceded premiums earned (4,617,124) (3,574,792) (3,349,392)
Net premiums written (3,576) (1,213) (3,983)
Net premiums earned $ (3,578) $ (1,213) $ (3,703)
v3.25.0.1
Reinsurance Reinsurance (Effect of Reinsurance and Retrocessional Reinsurance on Incurred Losses and Loss Adjustment Expenses) (Details) - Underwriting Operations [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Effects of Reinsurance [Line Items]      
Gross losses and loss adjustment expenses $ 6,970,871 $ 6,817,630 $ 5,281,424
Ceded losses and loss adjustment expenses (1,917,318) (1,496,265) (834,648)
Net losses and loss adjustment expenses $ 5,053,553 $ 5,321,365 $ 4,446,776
v3.25.0.1
Life and Annuity Benefits (Schedule of Liability for Future Policyholder Benefits) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Liability for Future Policy Benefit, Activity [Line Items]        
Liability for future policy holder benefits $ 491,370 $ 557,763 $ 554,366 $ 821,632
Deferred profit liability 51,482 52,287    
Other 40,421 39,004    
Life and annuity benefits $ 583,273 $ 649,054    
v3.25.0.1
Life And Annuity Benefits (Schedule of Liability for Future Policy Benefit, Activity) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Undiscounted liability for future policy benefits $ 737,575 $ 824,642 $ 861,264  
Liability for future policyholder benefits, beginning of year 557,763 554,366 821,632  
Liability for future policyholder benefits at original discount rate, beginning of year 642,877 667,761 745,313  
Effect of changes in cash flow assumptions   0 0 $ 0
Effect of actual variances from expected experience   (4,745) (5,890) (3,859)
Adjusted liability for future policyholder benefits, beginning of year   638,132 661,871 $ 741,454
Interest accretion 13,996 14,889 15,625  
Benefit payments (49,200) (52,588) (53,232)  
Effect of foreign currency rate changes (26,126) 18,705 (36,086)  
Liability for future policyholder benefits at original discount rate, end of year 576,802 642,877 667,761  
Cumulative effect of changes in discount rate assumptions (85,432) (85,114) (113,395)  
Liability for future policyholder benefits, end of year $ 491,370 $ 557,763 $ 554,366  
v3.25.0.1
Life And Annuity Benefits (Schedule of Additional Details of Liability for Future Policyholder Benefits, Life and Annuity) (Details)
Dec. 31, 2024
Rate
Dec. 31, 2023
Rate
Interest accretion rate 2.30% 2.30%
Current discount rate 4.00% 3.80%
Weighted-average liability duration 8 years 3 months 18 days 8 years 7 months 6 days
v3.25.0.1
Senior Long-Term Debt And Other Debt (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
May 15, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]        
Senior long-term debt and other debt   $ 4,330,341 $ 3,779,796  
Senior long-term debt and other debt, estimated fair value   $ 3,800,000 3,400,000  
Line of credit facility, initiation date   Jun. 23, 2023    
Line of credit facility, expiration date   Jun. 23, 2028    
Interest on senior long-term debt and other debt   $ 197,400 187,800 $ 197,300
Revolving Credit Facility [Member]        
Debt Instrument [Line Items]        
Line of credit facility, increase (decrease), net   $ 200,000    
Line of credit facility, unused capacity, commitment fee percentage   0.20%    
Borrowings outstanding under the facility   $ 0 0  
Revolving Credit Facility [Member] | Markel Ventures [Member]        
Debt Instrument [Line Items]        
Line of credit facility, capacity available   692,000    
Borrowings outstanding under the facility   150,000 169,500  
Revolving Credit Facility [Member] | Secured Letters Of Credit [Member]        
Debt Instrument [Line Items]        
Line of credit facility, capacity available   200,000    
Previous line of credit facility        
Debt Instrument [Line Items]        
Line of credit facility, capacity available   300,000    
Unsecured Senior Notes [Member]        
Debt Instrument [Line Items]        
Senior long-term debt and other debt   4,032,959    
Other Debt [Member]        
Debt Instrument [Line Items]        
Senior long-term debt and other debt   297,382 340,597  
Other Debt [Member] | Markel Ventures [Member]        
Debt Instrument [Line Items]        
Senior long-term debt and other debt   $ 297,400 339,000  
7.35% Unsecured Senior Notes Due August 15, 2034 [Member] | Unsecured Senior Notes [Member]        
Debt Instrument [Line Items]        
Debt instrument, interest rate   7.35%    
3.625% Unsecured Senior Notes Due March 30, 2023 [Member] | Unsecured Senior Notes [Member]        
Debt Instrument [Line Items]        
Debt instrument, face amount     $ 250,000  
Debt instrument, interest rate     3.625%  
6.0% Unsecured Senior Notes due May 16 2054        
Debt Instrument [Line Items]        
Net proceeds from issuance of unsecured senior notes $ 592,600      
6.0% Unsecured Senior Notes due May 16 2054 | Unsecured Senior Notes [Member]        
Debt Instrument [Line Items]        
Debt instrument, face amount $ 600,000      
Debt instrument, interest rate 6.00% 6.00%    
v3.25.0.1
Senior Long-Term Debt And Other Debt (Summary Of Senior Long-Term Debt And Other Debt) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
May 15, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Senior long-term debt and other debt $ 4,330,341   $ 3,779,796
Unsecured Senior Notes [Member]      
Debt Instrument [Line Items]      
Senior long-term debt and other debt 4,032,959    
Unsecured Senior Notes [Member] | 3.50% Unsecured Senior Notes Due November 1, 2027 [Member]      
Debt Instrument [Line Items]      
Unsecured senior notes $ 299,236   298,869
Debt instrument, interest rate 3.50%    
Debt Instrument, Unamortized Discount $ 592   876
Unsecured Senior Notes [Member] | 3.35% Unsecured Senior Notes Due September 17, 2029 [Member]      
Debt Instrument [Line Items]      
Unsecured senior notes $ 298,590   298,294
Debt instrument, interest rate 3.35%    
Debt Instrument, Unamortized Discount $ 1,174   1,421
Unsecured Senior Notes [Member] | 7.35% Unsecured Senior Notes Due August 15, 2034 [Member]      
Debt Instrument [Line Items]      
Unsecured senior notes $ 129,148   129,076
Debt instrument, interest rate 7.35%    
Debt Instrument, Unamortized Discount $ 663   731
Unsecured Senior Notes [Member] | 5.0% Unsecured Senior Notes Due March 30, 2043 [Member]      
Debt Instrument [Line Items]      
Unsecured senior notes $ 245,687   245,451
Debt instrument, interest rate 5.00%    
Debt Instrument, Unamortized Discount $ 4,087   4,311
Unsecured Senior Notes [Member] | 5.0% Unsecured Senior Notes Due April 5, 2046 [Member]      
Debt Instrument [Line Items]      
Unsecured senior notes $ 494,135   493,860
Debt instrument, interest rate 5.00%    
Debt Instrument, Unamortized Discount $ 5,202   5,445
Unsecured Senior Notes [Member] | 4.30% Unsecured Senior Notes Due November 1, 2047 [Member]      
Debt Instrument [Line Items]      
Unsecured senior notes $ 296,049   295,870
Debt instrument, interest rate 4.30%    
Debt Instrument, Unamortized Discount $ 3,364   3,516
Unsecured Senior Notes [Member] | 5.0% Unsecured Senior Notes Due May 20, 2049 [Member] [Domain]      
Debt Instrument [Line Items]      
Unsecured senior notes $ 592,538   592,233
Debt instrument, interest rate 5.00%    
Debt Instrument, Unamortized Discount $ 6,378   6,639
Unsecured Senior Notes [Member] | 4.15% Unsecured Senior Notes Due September 17 2050 [Member]      
Debt Instrument [Line Items]      
Unsecured senior notes $ 494,749   494,546
Debt instrument, interest rate 4.15%    
Debt Instrument, Unamortized Discount $ 4,563   4,740
Unsecured Senior Notes [Member] | 3.45% Unsecured Senior Notes due May 7 2052      
Debt Instrument [Line Items]      
Unsecured senior notes $ 591,316   591,000
Debt instrument, interest rate 3.45%    
Debt Instrument, Unamortized Discount $ 7,626   7,904
Unsecured Senior Notes [Member] | 6.0% Unsecured Senior Notes due May 16 2054      
Debt Instrument [Line Items]      
Unsecured senior notes $ 591,511   0
Debt instrument, interest rate 6.00% 6.00%  
Debt Instrument, Unamortized Discount $ 7,240   0
Other Debt [Member]      
Debt Instrument [Line Items]      
Senior long-term debt and other debt $ 297,382   $ 340,597
Other Debt [Member] | Other Debt [Member] | Weighted Average      
Debt Instrument [Line Items]      
Debt instrument, interest rate 5.40%   5.00%
v3.25.0.1
Senior Long-Term Debt And Other Debt (Summary Of Future Principal Payments Due At Maturity On Senior Long-Term Debt And Other Debt) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
2025 $ 41,843  
2026 41,902  
2027 458,376  
2028 16,724  
2029 315,182  
2030 and thereafter 3,505,751  
Total principal payments 4,379,778  
Net unamortized discount (40,889)  
Net unamortized debt issuance costs (8,548)  
Senior long-term debt and other debt 4,330,341 $ 3,779,796
Unsecured Senior Notes [Member]    
Debt Instrument [Line Items]    
2025 0  
2026 0  
2027 300,000  
2028 0  
2029 300,000  
2030 and thereafter 3,479,846  
Total principal payments 4,079,846  
Net unamortized discount (40,889)  
Net unamortized debt issuance costs (5,998)  
Senior long-term debt and other debt 4,032,959  
Other Debt [Member]    
Debt Instrument [Line Items]    
2025 41,843  
2026 41,902  
2027 158,376  
2028 16,724  
2029 15,182  
2030 and thereafter 25,905  
Total principal payments 299,932  
Net unamortized discount 0  
Net unamortized debt issuance costs (2,550)  
Senior long-term debt and other debt $ 297,382 $ 340,597
v3.25.0.1
Income Taxes (Narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Line Items]      
Income tax payments $ 382,500,000 $ 280,700,000 $ 251,500,000
Income taxes payable 40,300,000 29,400,000  
Income taxes receivable 13,300,000 300,000  
Unrecognized tax benefits 0    
Deferred tax liability, net 1,541,030,000 1,170,399,000  
Tax credit carryforwards 45,481,000 25,396,000  
Gross deferred tax assets 840,601,000 801,495,000  
Valuation allowance (33,292,000) (13,916,000)  
Estimated gross deferred tax assets including net operating losses realized through generating taxable income or reversal of existing temporary differences attributable to gross deferred tax liabilities $ 807,300,000    
Income Tax Examination, Year under Examination 2017    
Earliest Tax Year [Member]      
Income Tax Disclosure [Line Items]      
Tax credit, expiration date Dec. 31, 2034    
U.S. State Operations      
Income Tax Disclosure [Line Items]      
Net operating loss carryforwards $ 28,900,000    
Certain Foreign Operations [Member]      
Income Tax Disclosure [Line Items]      
Net operating loss carryforwards 7,700,000    
Other Liabilities [Member]      
Income Tax Disclosure [Line Items]      
Deferred tax liability, net 1,600,000,000 1,200,000,000  
Other Assets [Member]      
Income Tax Disclosure [Line Items]      
Net deferred tax assets $ 40,000,000.0 $ 23,500,000  
v3.25.0.1
Income Taxes (Components Of Income Before Income Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
U.S. operations $ 2,428,694 $ 1,711,849 $ (109,311)
Foreign operations 1,209,006 941,857 (42,255)
Income (Loss) Before Income Taxes $ 3,637,700 $ 2,653,706 $ (151,566)
v3.25.0.1
Income Taxes (Components Of Income Tax Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
U.S., current $ 271,801 $ 249,149 $ 222,074
Foreign, current 123,933 69,669 12,042
Total current tax expense 395,734 318,818 234,116
U.S., deferred 399,169 250,041 (301,423)
Foreign, deferred (4,609) (16,243) 19,098
Total deferred tax expense (benefit) 394,560 233,798 (282,325)
Income tax expense (benefit) $ 790,294 $ 552,616 $ (48,209)
v3.25.0.1
Income Taxes (Reconciliations Of United States Corporate Income Tax Rate To Effective Tax Rate On Income Before Income Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
U.S. corporate tax rate 21.00% 21.00% 21.00%
State income taxes, net of U.S. federal income tax benefit, percent 1.10% 1.00% (2.20%)
Tax-exempt investment income, percent (0.40%) (0.60%) 10.60%
Foreign operations, percent 0.30% 0.40% (3.50%)
Impairment of goodwill, percent 0.00% 0.00% (11.10%)
Markel CATCo Re income not subject to tax, percent (0.30%) (0.60%) 12.50%
Other, percent 0.00% (0.40%) 4.50%
Effective tax rate 21.70% 20.80% 31.80%
Income taxes at U.S. corporate tax rate $ 763,917 $ 557,278 $ (31,829)
State income taxes, net of U.S. federal income tax benefit 39,770 27,007 3,369
Tax-exempt investment income (14,830) (15,328) (16,063)
Foreign operations 12,985 10,854 5,335
Impairment of goodwill 0 0 16,800
Markel CATCo Re income not subject to tax (12,201) (15,013) (18,871)
Other 653 (12,182) (6,950)
Income tax expense (benefit) $ 790,294 $ 552,616 $ (48,209)
v3.25.0.1
Income Taxes (Components Of Domestic And Foreign Deferred Tax Assets And Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]    
Unpaid losses and loss adjustment expenses $ 233,583 $ 216,863
Lease liabilities 172,131 161,350
Unearned premiums 164,485 168,172
Accrued incentive compensation 51,943 52,853
Tax credit carryforwards 45,481 25,396
Net operating loss carryforwards 37,168 43,439
Life and annuity benefits 29,143 39,729
Other differences between financial reporting and tax bases 106,667 93,693
Total gross deferred tax assets 840,601 801,495
Less valuation allowance (33,292) (13,916)
Total gross deferred tax assets, net of allowance 807,309 787,579
Investments 1,566,540 1,196,717
Deferred policy acquisition costs 173,742 176,382
Goodwill and other intangible assets 170,941 175,767
Right-of-use lease assets 162,628 152,939
Property, plant and equipment 160,615 152,149
Other differences between financial reporting and tax bases 113,873 104,024
Total gross deferred tax liabilities 2,348,339 1,957,978
Deferred tax liability, net $ 1,541,030 $ 1,170,399
v3.25.0.1
Employee Benefit Plans (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Postemployment Benefits [Abstract]      
Expenses relating to defined contribution plans $ 72.4 $ 65.4 $ 57.9
Projected benefit plan obligations of Terra Nova Pension Plan 105.4 117.3  
Fair value of Terra Nova Pension Plan assets $ 168.8 $ 184.6  
v3.25.0.1
Variable Interest Entities (Narrative) (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Jun. 30, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Mar. 31, 2022
Variable Interest Entity [Line Items]          
Cash funding used to purchase Markel CATCo Funds' interests in Markel CATCo Re         $ 45,100
Additional payments made, net of insurance proceeds, to investors by Markel         $ 101,900
Returned capital from Markel CATCo Re $ 24,900        
Investment in Markel CATCo Re   $ 20,100 $ 20,100    
Percentage of Markel CATCo Re net equity by the Company   52.00% 23.00%    
Prior Year Claims and Claims Adjustment Expense   $ 455,300 $ 38,600 $ 167,400  
Tail risk cover in proposed CATCo transaction   95,000      
Noncontrolling Interests [Member]          
Variable Interest Entity [Line Items]          
Redemption of Markel CATCo Re noncontrolling interests   (117,227) (62,646) (22,261)  
Market CATCo Re          
Variable Interest Entity [Line Items]          
Prior Year Claims and Claims Adjustment Expense   $ (58,100) $ (71,500) $ (89,900)  
v3.25.0.1
Variable Interest Entities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Variable Interest Entity [Line Items]        
Cash and cash equivalents $ 3,692,667 $ 3,747,060    
Restricted cash and cash equivalents 499,581 584,974    
Assets 61,897,982 55,045,710    
Unpaid losses and loss adjustment expenses 26,633,094 23,483,321 $ 20,947,898 $ 18,178,894
Other liabilities 4,383,444 3,927,498    
Total Liabilities 44,429,009 39,519,817    
Shareholders' equity 16,915,898 14,983,928    
Noncontrolling interests 13,041 72,280    
Total Equity 16,928,939 15,056,208    
Total Liabilities and Equity 61,897,982 55,045,710    
Market CATCo Re        
Variable Interest Entity [Line Items]        
Cash and cash equivalents 34,497 91,301    
Restricted cash and cash equivalents 28,701 173,800    
Other assets and receivables due from cedents 329 19,292    
Assets 63,527 284,393    
Unpaid losses and loss adjustment expenses 25,005 184,967    
Other liabilities 66 1,842    
Total Liabilities 25,071 186,809    
Shareholders' equity 21,139 21,139    
Noncontrolling interests 17,317 76,445    
Total Equity 38,456 97,584    
Total Liabilities and Equity $ 63,527 $ 284,393    
v3.25.0.1
Fund Management Related Party Disclosures (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Related Party Transaction [Line Items]      
Services and other revenues $ 2,824,977 $ 2,704,512 $ 2,809,425
Insurance-linked Securities Operations [Member] | Unconsolidated entities managed by Nephila [Member]      
Related Party Transaction [Line Items]      
Services and other revenues $ 94,600 $ 97,600 $ 74,300
v3.25.0.1
Fronting Related Party Transactions (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Related Party Transaction [Line Items]      
Gross written premiums $ 15,494,631 $ 14,002,237 $ 13,201,682
Ceded written premium 7,198,456 5,604,662 4,998,292
Fronting fees 187,480 154,838 147,612
Reinsurance recoverables 11,604,844 9,235,501  
Nephila Reinsurers [Member]      
Related Party Transaction [Line Items]      
Reinsurance recoverables 968,900 794,300  
Fronting [Member] | Nephila Reinsurers [Member]      
Related Party Transaction [Line Items]      
Gross written premiums 1,300,000 1,100,000 1,000,000
Ceded written premium 1,300,000 1,100,000 1,000,000
Fronting fees 39,400 $ 34,700 $ 37,000
Industry Loss Warranties (ILW) Program [Member] | Nephila Reinsurers [Member]      
Related Party Transaction [Line Items]      
Gross written premiums 168,000    
Ceded written premium $ 168,000    
v3.25.0.1
Hagerty Related Party Disclosures (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Related Party Transaction [Line Items]      
Gross written premiums $ 15,494,631 $ 14,002,237 $ 13,201,682
Ceded written premium 7,198,456 5,604,662 4,998,292
Reinsurance recoverables 11,604,844 9,235,501  
Hagerty [Member]      
Related Party Transaction [Line Items]      
Gross written premiums 922,657 805,673 689,670
Ceded written premium 708,147 616,491 $ 456,637
Reinsurance recoverables $ 308,800 $ 214,800  
v3.25.0.1
Shareholders' Equity (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
May 27, 2020
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Issuer's Redemption Option, Period to Redeem After a Redemption Event 90 days    
Preferred Stock, Redemption Price Per Share $ 1,000    
Earnings Per Share [Line Items]      
Preferred stock, shares authorized   10,000,000  
Preferred stock dividends   $ 36.0 $ 36.0
Preferred stock dividends, cash   $ 36.0 $ 36.0
Preferred Stock, Dividends Per Share, Declared   $ 60.00 $ 60.00
Preferred Stock, Dividends, Per Share, Cash Paid   60.00 $ 60.00
Rating Agency Event [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Preferred Stock, Redemption Price Per Share 1,020    
Regulatory Capital Event [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Preferred Stock, Redemption Price Per Share $ 1,000    
Series A Preferred Stock [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Preferred Stock, Dividend Rate, Reset Percentage 5.662%    
Preferred Stock, Reset Period 5 years    
Preferred Stock, Liquidation Preference Per Share $ 1,000    
Earnings Per Share [Line Items]      
Preferred Stock, No Par Value   $ 0  
Preferred stock, shares issued   600,000 600,000
Preferred stock, shares outstanding   600,000 600,000
Preferred Stock, Dividend Rate, Percentage 6.00%    
v3.25.0.1
Shareholders' Equity (Schedule of Common Stock Outstanding Roll Forward) (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Class of Stock [Line Items]    
Common stock, shares authorized 50,000,000  
Common stock, no par value $ 0  
Common Stock [Member]    
Class of Stock [Line Items]    
Shares, Issued, Beginning Balance 13,131,672 13,422,692
Shares, Outstanding, Beginning Balance 13,131,672 13,422,692
Stock Repurchased During Period, Shares (370,034) (321,760)
Shares, Issued, Ending Balance 12,790,117 13,131,672
Shares, Outstanding, Ending Balance 12,790,117 13,131,672
Common Stock [Member] | Common Stock [Member]    
Class of Stock [Line Items]    
Issuance of common stock, shares 28,479 30,740
v3.25.0.1
Shareholders' Equity (Schedule Of Net Income Per Common Share) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Line Items]      
Net income (loss) to common shareholders $ 2,711,022 $ 1,960,060 $ (252,277)
Adjustment of redeemable noncontrolling interests (111,700) 6,212 (69,896)
Adjusted net income (loss) to common shareholders $ 2,599,322 $ 1,966,272 $ (322,173)
Basic common shares outstanding 13,017,000 13,347,000 13,580,000
Diluted common shares outstanding 13,041,000 13,378,000 13,580,000
Basic net income (loss) per common share $ 199.69 $ 147.32 $ (23.72)
Diluted net income per common share $ 199.32 $ 146.98 $ (23.72) [1]
Number of shares available for future awards [2] 284,049    
Restricted Stock Units (RSUs) [Member]      
Earnings Per Share [Line Items]      
Dilutive potential common shares from restricted stock units and restricted stock 24,000 [2] 31,000 0 [1]
Potential incremental common shares attributable to share-based payment arrangements [1]     33,000
[1] The impact of 33 thousand shares from restricted stock units and restricted stock was excluded from the computation of diluted net loss per common share for the year ended December 31, 2022 because the effect would have been anti-dilutive.
[2]     The Company has issued grants and awards of restricted stock units to employees as performance, retention or hiring incentives, as well as awards of restricted stock to non-employee directors, under its equity incentive compensation plan. At December 31, 2024, there were 284,049 shares available for future awards under the Company's equity incentive compensation plan.
v3.25.0.1
Other Comprehensive Income (Loss) (Change In Accumulated Other Comprehensive Income By Component, Net Of Noncontrolling Interests) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Accumulated other comprehensive income (loss), beginning balance $ (478,210)    
Income tax (expense) benefit (790,294) $ (552,616) $ 48,209
Accumulated other comprehensive income (loss), ending balance (617,082) (478,210)  
Unrealized Gains (Losses) On Available-For-Sale Investments [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Accumulated other comprehensive income (loss), beginning balance (459,373) (766,276) 388,554
Total other comprehensive income (loss) before income taxes (165,423) 390,558 (1,463,876)
Income tax (expense) benefit 35,128 (83,655) 309,046
Total other comprehensive income (loss) (130,295) 306,903 (1,154,830)
Accumulated other comprehensive income (loss), ending balance (589,668) (459,373) (766,276)
Accumulated Life and Annuity Discount Rate Assumption Adjustment Attributable to Parent      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Accumulated other comprehensive income (loss), beginning balance 67,240 89,583 (60,291)
Total other comprehensive income (loss) before income taxes 319 (28,281) 189,714
Income tax (expense) benefit (67) 5,938 (39,840)
Total other comprehensive income (loss) 252 (22,343) 149,874
Accumulated other comprehensive income (loss), ending balance 67,492 67,240 89,583
Foreign Currency [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Accumulated other comprehensive income (loss), beginning balance (61,257) (65,907) (56,631)
Total other comprehensive income (loss) before income taxes (3,883) 4,650 (9,677)
Income tax (expense) benefit 0 0 401
Total other comprehensive income (loss) (3,883) 4,650 (9,276)
Accumulated other comprehensive income (loss), ending balance (65,140) (61,257) (65,907)
Net Actuarial Pension Loss [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Accumulated other comprehensive income (loss), beginning balance (24,820) (24,894) (49,624)
Total other comprehensive income (loss) before income taxes (6,600) 94 31,222
Income tax (expense) benefit 1,654 (20) (6,492)
Total other comprehensive income (loss) (4,946) 74 24,730
Accumulated other comprehensive income (loss), ending balance (29,766) (24,820) (24,894)
Accumulated Other Comprehensive Income (Loss) [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Accumulated other comprehensive income (loss), beginning balance (478,210) (767,494) 222,008
Total other comprehensive income (loss) before income taxes (175,587) 367,021 (1,252,617)
Income tax (expense) benefit 36,715 (77,737) 263,115
Total other comprehensive income (loss) (138,872) 289,284 (989,502)
Accumulated other comprehensive income (loss), ending balance $ (617,082) $ (478,210) $ (767,494)
v3.25.0.1
Statutory Financial Information (Narrative) (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Statutory Accounting Practices [Line Items]  
Amount of cash and investments held as funds at Lloyd's $ 913.7
Parent Company [Member]  
Statutory Accounting Practices [Line Items]  
Amount of cash and investments held as funds at Lloyd's 272.4
United States [Member]  
Statutory Accounting Practices [Line Items]  
Amount available for dividend payment 672.9
Bermuda [Member]  
Statutory Accounting Practices [Line Items]  
Amount available for dividend payment $ 603.6
v3.25.0.1
Statutory Financial Information (Actual Statutory Capital And Surplus) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
United States [Member]    
Statutory Accounting Practices [Line Items]    
Statutory capital and surplus $ 6,764,770 $ 5,958,801
United Kingdom [Member]    
Statutory Accounting Practices [Line Items]    
Statutory capital and surplus 1,001,574 977,604
Bermuda [Member]    
Statutory Accounting Practices [Line Items]    
Statutory capital and surplus 2,414,364 2,353,058
Germany [Member]    
Statutory Accounting Practices [Line Items]    
Statutory capital and surplus $ 171,581 $ 166,403
v3.25.0.1
Statutory Financial Information (Statutory Net Income (Loss)) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
United States [Member]      
Statutory Accounting Practices [Line Items]      
Statutory net income (loss) $ 500,860 $ 196,952 $ 689,341
United Kingdom [Member]      
Statutory Accounting Practices [Line Items]      
Statutory net income (loss) 62,084 116,436 35,719
Bermuda [Member]      
Statutory Accounting Practices [Line Items]      
Statutory net income (loss) 614,056 484,417 (144,239)
Germany [Member]      
Statutory Accounting Practices [Line Items]      
Statutory net income (loss) $ 10,075 $ 5,543 $ (2,471)
v3.25.0.1
Markel Group (Parent Company Only) Financial Information (Narrative) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Revolving Credit Facility [Member]    
Condensed Financial Statements, Captions [Line Items]    
Borrowings outstanding under the facility $ 0.0 $ 0.0
Markel Ventures [Member]    
Condensed Financial Statements, Captions [Line Items]    
Debt Guaranteed by Parent 788.0 738.0
Markel Ventures [Member] | Revolving Credit Facility [Member]    
Condensed Financial Statements, Captions [Line Items]    
Borrowings outstanding under the facility $ 150.0 $ 169.5
v3.25.0.1
Markel Group (Parent Company Only) Financial Information (Schedule Of Condensed Balance Sheets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Condensed Financial Statements, Captions [Line Items]    
Fixed maturity securities, available-for-sale (amortized cost of $130,983 in 2024 and $139,766 in 2023) $ 15,745,539 $ 14,372,732
Equity securities (cost of $1,084,814 in 2024 and $1,089,332 in 2023) 11,784,521 9,577,871
Short-term investments, available-for-sale (estimated fair value approximates cost) 2,524,910 2,571,382
Investments 30,054,970 26,521,985
Cash and cash equivalents 3,692,667 3,747,060
Restricted cash and cash equivalents 499,581 584,974
Other assets 4,400,711 3,990,864
Total Assets 61,897,982 55,045,710
Senior long-term debt 4,330,341 3,779,796
Deferred tax liability, net 1,541,030 1,170,399
Other liabilities 4,383,444 3,927,498
Total Liabilities 44,429,009 39,519,817
Preferred stock 591,891 591,891
Common stock 3,560,633 3,517,146
Retained earnings 13,380,456 11,353,101
Accumulated other comprehensive loss (617,082) (478,210)
Shareholders' equity 16,915,898 14,983,928
Total Liabilities and Equity 61,897,982 55,045,710
Parent Company [Member]    
Condensed Financial Statements, Captions [Line Items]    
Fixed maturity securities, available-for-sale (amortized cost of $130,983 in 2024 and $139,766 in 2023) 123,053 131,544
Equity securities (cost of $1,084,814 in 2024 and $1,089,332 in 2023) 2,071,110 1,731,839
Short-term investments, available-for-sale (estimated fair value approximates cost) 1,410,830 1,032,118
Investments 3,604,993 2,895,501
Cash and cash equivalents 701,289 635,047
Restricted cash and cash equivalents 20,013 15,908
Investments in consolidated subsidiaries 16,699,125 14,928,756
Other assets 450,327 441,977
Total Assets 21,475,747 18,917,189
Senior long-term debt 4,032,960 3,439,197
Income taxes payable 179,381 213,770
Deferred tax liability, net 274,661 201,140
Other liabilities 72,847 79,154
Total Liabilities 4,559,849 3,933,261
Preferred stock 591,891 591,891
Common stock 3,560,633 3,517,146
Retained earnings 13,380,456 11,353,101
Accumulated other comprehensive loss (617,082) (478,210)
Shareholders' equity 16,915,898 14,983,928
Total Liabilities and Equity $ 21,475,747 $ 18,917,189
v3.25.0.1
Markel Group (Parent Company Only) Financial Information (Schedule of Condensed Balance Sheets - Parenthetical) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Condensed Financial Statements, Captions [Line Items]    
Fixed maturities, amortized cost $ 16,457,723  
Equity securities cost 3,887,820 $ 3,497,071
Parent Company [Member]    
Condensed Financial Statements, Captions [Line Items]    
Fixed maturities, amortized cost 130,983 139,766
Equity securities cost $ 1,084,814 $ 1,089,332
v3.25.0.1
Markel Group (Parent Company Only) Financial Information (Schedule Of Condensed Statements Of Income And Comprehensive Income) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]      
Net investment income $ 920,496 $ 734,532 $ 446,755
Change in fair value of equity securities 1,802,796 1,566,231 (1,554,750)
Net investment gains (losses) 1,807,219 1,524,054 (1,595,733)
Gain on disposition of subsidiary 0 18,965 225,832
Other 7,211 42,733 33,970
Total operating revenues 16,620,763 15,803,630 11,675,335
Services and other expenses 2,424,372 2,310,769 2,306,985
Interest expense 204,300 185,077 196,062
Net foreign exchange losses (gains) (129,438) 90,045 (137,832)
Total operating expenses 12,908,201 12,874,802 11,768,671
Income tax (expense) benefit (790,294) (552,616) 48,209
Net Income (Loss) to Shareholders 2,747,022 1,996,060 (216,277)
Preferred stock dividends (36,000) (36,000) (36,000)
Net Income (Loss) to Common Shareholders 2,711,022 1,960,060 (252,277)
Net holding gains (losses) arising during the period (148,302) 278,363 (1,199,736)
Reclassification adjustments for net gains (losses) included in net income (loss) 18,007 28,540 44,906
Change in net unrealized gains (losses) on available-for-sale investments, net of taxes (130,295) 306,903 (1,154,830)
Total Other Comprehensive Income (Loss) (138,754) 289,338 (989,485)
Comprehensive Income (Loss) to Shareholders 2,608,150 2,285,344 (1,205,779)
Parent Company [Member]      
Condensed Financial Statements, Captions [Line Items]      
Net investment income 86,583 92,080 34,781
Dividends on common stock of consolidated subsidiaries 575,008 310,000 278,557
Net realized investment gains (losses) 16,718 (515) 7,620
Change in fair value of equity securities 342,623 275,048 (397,906)
Net investment gains (losses) 359,341 274,533 (390,286)
Gain on disposition of subsidiary 0 0 107,293
Other 31,132 (28,718) (29,487)
Total operating revenues 1,052,064 647,895 858
Services and other expenses 12,061 19,716 111,848
Interest expense 179,626 156,953 172,125
Net foreign exchange losses (gains) (36,907) 9,038 (13,143)
Total operating expenses 154,780 185,707 270,830
Income (Loss) Before Equity in Undistributed Earnings (Losses) of Consolidated Subsidiaries and Income Taxes 897,284 462,188 (269,972)
Equity in undistributed earnings (losses) of consolidated subsidiaries 1,941,339 1,580,347 (72,125)
Income tax (expense) benefit (91,601) (46,475) 125,820
Net Income (Loss) to Shareholders 2,747,022 1,996,060 (216,277)
Preferred stock dividends (36,000) (36,000) (36,000)
Net Income (Loss) to Common Shareholders 2,711,022 1,960,060 (252,277)
Net holding gains (losses) arising during the period 109 1,453 (24,465)
Consolidated subsidiaries' net holding gains (losses) arising during the period (148,411) 276,910 (1,175,271)
Reclassification adjustments for net gains (losses) included in net income (loss) 365 (92) 1,965
Consolidated subsidiaries' reclassification adjustments for net losses included in net income to shareholders 17,642 28,632 42,941
Change in net unrealized gains (losses) on available-for-sale investments, net of taxes (130,295) 306,903 (1,154,830)
Consolidated Subsidiaries' Change in discount rate for life and annuity benefits, net of taxes 252 (22,343) 149,874
Consolidated subsidiaries' change in foreign currency translation adjustments, net of taxes (3,883) 4,650 (9,276)
Consolidated subsidiaries' change in net actuarial pension loss, net of taxes (4,946) 74 24,730
Total Other Comprehensive Income (Loss) (138,872) 289,284 (989,502)
Comprehensive Income (Loss) to Shareholders $ 2,608,150 $ 2,285,344 $ (1,205,779)
v3.25.0.1
Markel Group (Parent Company Only) Financial Information (Schedule Of Condensed Statements Of Cash Flows) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]      
Net income (loss) to shareholders $ 2,747,022 $ 1,996,060 $ (216,277)
Net Cash Provided By Operating Activities 2,594,006 2,786,807 2,709,442
Proceeds from sales, maturities, calls and prepayments of fixed maturity securities 2,068,755 2,126,586 1,152,335
Cost of fixed maturity securities purchased (3,588,989) (4,302,864) (2,112,066)
Proceeds from sales of equity securities 177,254 298,582 242,010
Cost of equity securities purchased (571,096) (638,306) (442,991)
Net change in short-term investments 151,972 202,930 (846,019)
Cost of equity method investments (205,937) (192,715) (20,051)
Other 32,167 23,081 28,345
Net Cash Used By Investing Activities (2,398,618) (2,703,607) (1,670,204)
Repayment and retirement of senior long-term debt (896,749) (949,636) (1,255,005)
Additions to senior long-term debt 1,434,205 624,972 1,034,052
Repurchases of common stock (572,728) (445,479) (290,796)
Dividends paid on preferred stock (36,000) (36,000) (36,000)
Other (8,886) (12,227) (32,307)
Net Cash Used By Financing Activities (297,878) (999,716) (595,311)
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents (139,786) (889,479) 340,566
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year 4,332,034 5,221,513 4,880,947
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS AT END OF YEAR 4,192,248 4,332,034 5,221,513
Parent Company [Member]      
Condensed Financial Statements, Captions [Line Items]      
Net income (loss) to shareholders 2,747,022 1,996,060 (216,277)
Adjustments to reconcile net income (loss) to shareholders to net cash provided by operating activities (2,183,635) (1,664,382) 489,413
Net Cash Provided By Operating Activities 563,387 331,678 273,136
Proceeds from sales, maturities, calls and prepayments of fixed maturity securities 14,459 72,834 13,047
Cost of fixed maturity securities purchased (6,516) (48,501) 0
Proceeds from sales of equity securities 3,662 24,237 65,379
Cost of equity securities purchased (310) (7,731) (16,660)
Net change in short-term investments (315,622) 451,846 58,970
Decrease (increase) in notes receivable due from subsidiaries 0 0 75,645
Capital contributions to subsidiaries (174,002) (55,575) (94,585)
Proceeds from sale of subsidiary 0 16,090 165,615
Cost of equity method investments 0 (5,000) 0
Other 2,694 (12,691) 4,779
Net Cash Used By Investing Activities (475,635) 435,509 272,190
Repayment and retirement of senior long-term debt 0 (250,000) (350,000)
Additions to senior long-term debt 592,596 0 0
Decrease in notes payable to subsidiaries 0 0 (32,753)
Repurchases of common stock (572,728) (445,479) (290,796)
Dividends paid on preferred stock (36,000) (36,000) (36,000)
Other (1,273) 0 0
Net Cash Used By Financing Activities (17,405) (731,479) (709,549)
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents 70,347 35,708 (164,223)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year 650,955 615,247 779,470
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS AT END OF YEAR 721,302 650,955 615,247
Cash dividends received from subsidiaries, Parent Company 575,000 310,000 245,102
Noncash Capital Distribution to Subsidiaries, Parent Company $ 0 $ 43,111 $ 923,980
v3.25.0.1
Subsequent Events (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 07, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Subsequent Event [Line Items]        
Net losses and loss adjustment expenses   $ 5,508,059 $ 5,360,559 $ 4,613,035
Minimum [Member] | Subsequent Event | California Wildfires (2025)        
Subsequent Event [Line Items]        
Net losses and loss adjustment expenses $ 90,000      
Maximum [Member] | Subsequent Event | California Wildfires (2025)        
Subsequent Event [Line Items]        
Net losses and loss adjustment expenses $ 130,000