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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________________
 FORM 10-Q
______________________________________________________________________________________

    Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended June 30, 2022
or
    Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from _______ to _______
Commission File Number: 001-15811
_________________________________________
MARKEL CORPORATION
(Exact name of registrant as specified in its charter)
___________________________________________________________________________________
Virginia54-1959284
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
4521 Highwoods Parkway, Glen Allen, Virginia 23060-6148
(Address of principal executive offices) (Zip Code)
(804) 747-0136
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of exchange on which registered
Common Stock, no par valueMKLNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x   No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes x No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated filer  Non-accelerated filer  
Smaller reporting companyEmerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes      No  x
Number of shares of the registrant's common stock outstanding at July 26, 2022: 13,525,410


Markel Corporation
Form 10-Q
Index
 
  Page Number
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 6.
2

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

MARKEL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

June 30,
2022
December 31,
2021
(dollars in thousands)(unaudited)
ASSETS
Investments, at estimated fair value:
Fixed maturity securities, available-for-sale (amortized cost of $12,532,957 in 2022 and $12,061,467 in 2021)
$11,943,894 $12,587,305 
Equity securities (cost of $2,939,975 in 2022 and $2,867,899 in 2021)
7,170,001 9,023,927 
Short-term investments, available-for-sale (estimated fair value approximates cost)2,055,534 1,799,988 
Total Investments21,169,429 23,411,220 
Cash and cash equivalents3,698,854 3,978,490 
Restricted cash and cash equivalents1,212,463 902,457 
Receivables3,128,706 2,413,938 
Reinsurance recoverables7,315,657 7,293,555 
Deferred policy acquisition costs954,521 794,145 
Prepaid reinsurance premiums2,123,256 1,798,571 
Goodwill2,769,729 2,899,140 
Intangible assets1,729,174 1,822,486 
Other assets3,844,984 3,163,094 
Total Assets$47,946,773 $48,477,096 
LIABILITIES AND EQUITY
Unpaid losses and loss adjustment expenses$19,062,760 $18,178,894 
Life and annuity benefits777,726 902,980 
Unearned premiums6,336,362 5,383,619 
Payables to insurance and reinsurance companies703,481 616,665 
Senior long-term debt and other debt (estimated fair value of $4,199,000 in 2022 and $5,017,000 in 2021)
4,502,237 4,361,266 
Other liabilities3,301,497 3,832,084 
Total Liabilities34,684,063 33,275,508 
Redeemable noncontrolling interests495,378 461,378 
Commitments and contingencies
Shareholders' equity:
Preferred stock591,891 591,891 
Common stock3,478,153 3,441,079 
Retained earnings9,289,820 10,446,763 
Accumulated other comprehensive income (loss)(603,657)237,617 
Total Shareholders' Equity12,756,207 14,717,350 
Noncontrolling interests11,125 22,860 
Total Equity12,767,332 14,740,210 
Total Liabilities and Equity$47,946,773 $48,477,096 

See accompanying notes to consolidated financial statements.
3

MARKEL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)
(Unaudited)
Quarter Ended June 30, Six Months Ended June 30,
2022202120222021
(dollars in thousands, except per share data)
OPERATING REVENUES
Earned premiums$1,833,104 $1,568,037 $3,592,874 $3,065,732 
Net investment income93,658 96,261 166,392 192,831 
Net investment gains (losses)(1,554,643)674,753 (1,913,042)1,201,624 
Products revenues776,959 592,601 1,258,580 921,433 
Services and other revenues643,129 569,120 1,293,639 1,019,346 
Total Operating Revenues1,792,207 3,500,772 4,398,443 6,400,966 
OPERATING EXPENSES
Losses and loss adjustment expenses1,058,810 814,955 2,031,182 1,694,873 
Underwriting, acquisition and insurance expenses609,469 548,364 1,199,834 1,075,107 
Products expenses697,718 502,202 1,145,537 798,728 
Services and other expenses559,858 516,251 1,151,634 928,348 
Amortization of intangible assets45,523 39,729 91,572 79,282 
Total Operating Expenses2,971,378 2,421,501 5,619,759 4,576,338 
Operating Income (Loss)(1,179,171)1,079,271 (1,221,316)1,824,628 
Interest expense(50,050)(46,568)(99,742)(88,957)
Net foreign exchange gains (losses)106,732 (12,257)130,226 12,827 
Income (Loss) Before Income Taxes(1,122,489)1,020,446 (1,190,832)1,748,498 
Income tax (expense) benefit239,102 (217,112)257,531 (365,483)
Net Income (Loss)(883,387)803,334 (933,301)1,383,015 
Net income attributable to noncontrolling interests(32,972)(11,224)(35,901)(17,211)
Net Income (Loss) to Shareholders(916,359)792,110 (969,202)1,365,804 
Preferred stock dividends(18,000)(18,000)(18,000)(18,000)
Net Income (Loss) to Common Shareholders$(934,359)$774,110 $(987,202)$1,347,804 
OTHER COMPREHENSIVE INCOME (LOSS)
Change in net unrealized gains (losses) on available-for-sale investments, net of taxes:
Net holding gains (losses) arising during the period$(362,392)$55,935 $(838,910)$(158,441)
Reclassification adjustments for net gains (losses) included in net income (loss)1,261 (3,943)1,698 (4,031)
Change in net unrealized gains (losses) on available-for-sale investments, net of taxes(361,131)51,992 (837,212)(162,472)
Change in foreign currency translation adjustments, net of taxes(4,275)4,915 (5,523)4,107 
Change in net actuarial pension loss, net of taxes373 654 1,505 1,246 
Total Other Comprehensive Income (Loss)(365,033)57,561 (841,230)(157,119)
Comprehensive Income (Loss)(1,248,420)860,895 (1,774,531)1,225,896 
Comprehensive income attributable to noncontrolling interests(33,029)(11,241)(35,945)(17,245)
Comprehensive Income (Loss) to Shareholders$(1,281,449)$849,654 $(1,810,476)$1,208,651 
NET INCOME (LOSS) PER COMMON SHARE
Basic$(69.19)$57.12 $(75.68)$99.19 
Diluted$(69.19)$57.02 $(75.68)$99.03 
See accompanying notes to consolidated financial statements.
4

MARKEL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
Quarter Ended June 30, 2022Preferred
 Stock
Common
Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Shareholders'
Equity
Noncontrolling
Interests
Total EquityRedeemable
Noncontrolling
Interests
(dollars in thousands)
March 31, 2022$591,891 $3,469,449 $10,278,405 $(238,567)$14,101,178 $5,554 $14,106,732 $480,351 
Net income (loss)(916,359) (916,359)25,989 (890,370)6,983 
Other comprehensive income (loss) (365,090)(365,090) (365,090)57 
Comprehensive Income (Loss)(1,281,449)25,989 (1,255,460)7,040 
Repurchase of common stock  (46,995) (46,995) (46,995) 
Preferred stock dividends  (18,000) (18,000) (18,000) 
Restricted stock units expensed 4,406   4,406  4,406  
Adjustment of redeemable noncontrolling interests  (7,498) (7,498) (7,498)7,498 
Redemption of Markel CATCo Re noncontrolling interests     (22,261)(22,261) 
Other 4,298 267  4,565 1,843 6,408 489 
June 30, 2022$591,891 $3,478,153 $9,289,820 $(603,657)$12,756,207 $11,125 $12,767,332 $495,378 

Six Months Ended June 30, 2022Preferred
 Stock
Common
Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Shareholders'
Equity
Noncontrolling
Interests
Total EquityRedeemable
Noncontrolling
Interests
(dollars in thousands)
December 31, 2021$591,891 $3,441,079 $10,446,763 $237,617 $14,717,350 $22,860 $14,740,210 $461,378 
Net income (loss)(969,202) (969,202)25,416 (943,786)10,485 
Other comprehensive income (loss) (841,274)(841,274) (841,274)44 
Comprehensive Income (Loss)(1,810,476)25,416 (1,785,060)10,529 
Repurchase of common stock  (126,291) (126,291) (126,291) 
Preferred stock dividends  (18,000) (18,000) (18,000) 
Restricted stock units expensed 32,870   32,870  32,870  
Adjustment of redeemable noncontrolling interests  (44,438) (44,438) (44,438)44,438 
Adjustment to Metromont purchase price allocation       (18,681)
Disposition of Velocity     (22,059)(22,059) 
Redemption of Markel CATCo Re noncontrolling interests     (22,261)(22,261) 
Other 4,204 988  5,192 7,169 12,361 (2,286)
June 30, 2022$591,891 $3,478,153 $9,289,820 $(603,657)$12,756,207 $11,125 $12,767,332 $495,378 

See accompanying notes to consolidated financial statements.
5

MARKEL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
Quarter Ended June 30, 2021Preferred
Stock
Common
Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Income
Total
Shareholders'
Equity
Noncontrolling
Interests
Total EquityRedeemable
Noncontrolling
Interests
(dollars in thousands)
March 31, 2021$591,891 $3,447,614 $8,777,062 $369,679 $13,186,246 $21,220 $13,207,466 $234,654 
Net income792,110  792,110 727 792,837 10,497 
Other comprehensive income 57,544 57,544  57,544 17 
Comprehensive Income849,654 727 850,381 10,514 
Repurchase of common stock  (38,803) (38,803) (38,803) 
Preferred stock dividends  (18,000) (18,000) (18,000) 
Restricted stock units expensed 4,442   4,442  4,442  
Adjustment of redeemable noncontrolling interests  13,717  13,717  13,717 (13,717)
Other (88)105  17 1,131 1,148 (3,050)
June 30, 2021$591,891 $3,451,968 $9,526,191 $427,223 $13,997,273 $23,078 $14,020,351 $228,401 

Six Months Ended June 30, 2021Preferred
 Stock
Common
Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Income
Total
Shareholders'
Equity
Noncontrolling
Interests
Total EquityRedeemable
Noncontrolling
Interests
(dollars in thousands)
December 31, 2020$591,891 $3,428,340 $8,195,182 $584,376 $12,799,789 $14,892 $12,814,681 $245,642 
Cumulative effect of change in accounting policy22,302  22,302  22,302  
January 1, 2021591,891 3,428,340 8,217,484 584,376 12,822,091 14,892 12,836,983 245,642 
Net income1,365,804  1,365,804 7,402 1,373,206 9,809 
Other comprehensive income (loss) (157,153)(157,153) (157,153)34 
Comprehensive Income1,208,651 7,402 1,216,053 9,843 
Repurchase of common stock  (60,826) (60,826) (60,826) 
Preferred stock dividends  (18,000) (18,000) (18,000) 
Restricted stock units expensed 23,602   23,602  23,602  
Adjustment of redeemable noncontrolling interests  21,623  21,623  21,623 (21,623)
Purchase of noncontrolling interest (531)  (531) (531)(147)
Other 557 106  663 784 1,447 (5,314)
June 30, 2021$591,891 $3,451,968 $9,526,191 $427,223 $13,997,273 $