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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 September 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 company☐Emerging 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 October 25, 2022: 13,450,401

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

September 30,
2022		December 31,
2021
(dollars in thousands)(unaudited)
ASSETS
Investments, at estimated fair value:
Fixed maturity securities, available-for-sale (amortized cost of $12,845,579 in 2022 and $12,061,467 in 2021)
$11,726,357 $12,587,305 
Equity securities (cost of $3,005,729 in 2022 and $2,867,899 in 2021)
6,950,357 9,023,927 
Short-term investments, available-for-sale (estimated fair value approximates cost)2,424,844 1,799,988 
Total Investments21,101,558 23,411,220 
Cash and cash equivalents3,540,690 3,978,490 
Restricted cash and cash equivalents1,255,178 902,457 
Receivables2,956,686 2,413,938 
Reinsurance recoverables8,258,499 7,293,555 
Deferred policy acquisition costs946,064 794,145 
Prepaid reinsurance premiums2,285,959 1,798,571 
Goodwill2,797,426 2,899,140 
Intangible assets1,686,212 1,822,486 
Other assets3,593,083 3,163,094 
Total Assets$48,421,355 $48,477,096 
LIABILITIES AND EQUITY
Unpaid losses and loss adjustment expenses$20,194,374 $18,178,894 
Life and annuity benefits733,489 902,980 
Unearned premiums6,514,980 5,383,619 
Payables to insurance and reinsurance companies685,294 616,665 
Senior long-term debt and other debt (estimated fair value of $3,520,000 in 2022 and $5,017,000 in 2021)
4,131,165 4,361,266 
Other liabilities3,290,291 3,832,084 
Total Liabilities35,549,593 33,275,508 
Redeemable noncontrolling interests513,043 461,378 
Commitments and contingencies
Shareholders' equity:
Preferred stock591,891 591,891 
Common stock3,482,828 3,441,079 
Retained earnings9,255,658 10,446,763 
Accumulated other comprehensive income (loss)(1,036,454)237,617 
Total Shareholders' Equity12,293,923 14,717,350 
Noncontrolling interests64,796 22,860 
Total Equity12,358,719 14,740,210 
Total Liabilities and Equity$48,421,355 $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 September 30, Nine Months Ended September 30,
2022202120222021
(dollars in thousands, except per share data)
OPERATING REVENUES
Earned premiums$1,956,830 $1,630,500 $5,549,704 $4,696,232 
Net investment income107,731 91,264 274,123 284,095 
Net investment gains (losses)(281,483)(25,833)(2,194,525)1,175,791 
Products revenues586,531 405,711 1,845,111 1,327,144 
Services and other revenues696,536 585,712 1,990,175 1,605,058 
Total Operating Revenues3,066,145 2,687,354 7,464,588 9,088,320 
OPERATING EXPENSES
Losses and loss adjustment expenses1,185,313 948,241 3,216,495 2,643,114 
Underwriting, acquisition and insurance expenses643,272 569,756 1,843,106 1,644,863 
Products expenses580,830 374,407 1,726,367 1,173,135 
Services and other expenses540,569 513,994 1,692,203 1,442,342 
Amortization of intangible assets43,418 39,268 134,990 118,550 
Total Operating Expenses2,993,402 2,445,666 8,613,161 7,022,004 
Operating Income (Loss)72,743 241,688 (1,148,573)2,066,316 
Interest expense(47,348)(46,455)(147,090)(135,412)
Net foreign exchange gains115,130 48,850 245,356 61,677 
Income (Loss) Before Income Taxes140,525 244,083 (1,050,307)1,992,581 
Income tax (expense) benefit(17,995)(54,415)239,536 (419,898)
Net Income (Loss)122,530 189,668 (810,771)1,572,683 
Net income attributable to noncontrolling interests(57,161)(1,598)(93,062)(18,809)
Net Income (Loss) to Shareholders65,369 188,070 (903,833)1,553,874 
Preferred stock dividends— — (18,000)(18,000)
Net Income (Loss) to Common Shareholders$65,369 $188,070 $(921,833)$1,535,874 
OTHER COMPREHENSIVE LOSS
Change in net unrealized gains (losses) on available-for-sale investments, net of taxes:
Net holding losses arising during the period$(424,929)$(104,238)$(1,263,839)$(262,679)
Reclassification adjustments for net gains (losses) included in net income (loss)591 224 2,289 (3,807)
Change in net unrealized gains (losses) on available-for-sale investments, net of taxes(424,338)(104,014)(1,261,550)(266,486)
Change in foreign currency translation adjustments, net of taxes(8,872)(4,437)(14,395)(330)
Change in net actuarial pension loss, net of taxes303 586 1,808 1,832 
Total Other Comprehensive Loss(432,907)(107,865)(1,274,137)(264,984)
Comprehensive Income (Loss)(310,377)81,803 (2,084,908)1,307,699 
Comprehensive income attributable to noncontrolling interests(57,051)(1,567)(92,996)(18,812)
Comprehensive Income (Loss) to Shareholders$(367,428)$80,236 $(2,177,904)$1,288,887 
NET INCOME (LOSS) PER COMMON SHARE
Basic$3.51 $15.12 $(72.31)$114.39 
Diluted$3.50 $15.09 $(72.31)$114.20 
See accompanying notes to consolidated financial statements.
4
MARKEL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
Quarter Ended September 30, 2022Preferred
 Stock		Common
Stock		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Total
Shareholders'
Equity		Noncontrolling
Interests		Total EquityRedeemable
Noncontrolling
Interests
(dollars in thousands)
June 30, 2022$591,891 $3,478,153 $9,289,820 $(603,657)$12,756,207 $11,125 $12,767,332 $495,378 
Net income65,369 — 65,369 52,867 118,236 4,294 
Other comprehensive loss— (432,797)(432,797)— (432,797)(110)
Comprehensive Income (Loss)(367,428)52,867 (314,561)4,184 
Repurchase of common stock— — (81,799)— (81,799)— (81,799)— 
Restricted stock units expensed— 4,661 — — 4,661 — 4,661 — 
Adjustment of redeemable noncontrolling interests— — (17,730)— (17,730)— (17,730)17,730 
Other— 14 (2)— 12 804 816 (4,249)
September 30, 2022$591,891 $3,482,828 $9,255,658 $(1,036,454)$12,293,923 $64,796 $12,358,719 $513,043 

Nine Months Ended September 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)(903,833)— (903,833)78,283 (825,550)14,779 
Other comprehensive loss— (1,274,071)(1,274,071)— (1,274,071)(66)
Comprehensive Income (Loss)(2,177,904)78,283 (2,099,621)14,713 
Repurchase of common stock— — (208,090)— (208,090)— (208,090)— 
Preferred stock dividends— — (18,000)— (18,000)— (18,000)— 
Restricted stock units expensed— 37,531 — — 37,531 — 37,531 — 
Adjustment of redeemable noncontrolling interests— — (62,168)— (62,168)— (62,168)62,168 
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— 4,218 986 — 5,204 7,973 13,177 (6,535)
September 30, 2022$591,891 $3,482,828 $9,255,658 $(1,036,454)$12,293,923 $64,796 $12,358,719 $513,043 

See accompanying notes to consolidated financial statements.
5
MARKEL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
Quarter Ended September 30, 2021Preferred
Stock		Common
Stock		Retained
Earnings		Accumulated
Other
Comprehensive
Income		Total
Shareholders'
Equity		Noncontrolling
Interests		Total EquityRedeemable
Noncontrolling
Interests
(dollars in thousands)
June 30, 2021$591,891 $3,451,968 $9,526,191 $427,223 $13,997,273 $23,078 $14,020,351 $228,401 
Net income188,070 — 188,070 558 188,628 1,040 
Other comprehensive loss— (107,834)(107,834)— (107,834)(31)
Comprehensive Income80,236 558 80,794 1,009 
Repurchase of common stock— — (61,551)— (61,551)— (61,551)— 
Restricted stock units expensed— 4,181 — — 4,181 — 4,181 — 
Acquisition of Buckner— — — — — — — 26,438 
Adjustment of redeemable noncontrolling interests— — 19,930 — 19,930 — 19,930 (19,930)
Purchase of noncontrolling interest— (1,020)— — (1,020)— (1,020)(1,032)
Other— — 17 — 17 (175)(158)(2,974)
September 30, 2021$591,891 $3,455,129 $9,672,657 $319,389 $14,039,066 $23,461 $14,062,527 $231,912 

Nine Months Ended September 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 income1,553,874 — 1,553,874 7,960 1,561,834 10,849 
Other comprehensive income (loss)— (264,987)(264,987)— (264,987)3 
Comprehensive Income1,288,887 7,960 1,296,847 10,852 
Repurchase of common stock— — (122,377)— (122,377)— (122,377)— 
Preferred stock dividends— — (18,000)— (18,000)— (18,000)— 
Restricted stock units expensed— 27,783 — — 27,783 — 27,783 — 
Acquisition of Buckner— — — — — — — 26,438 
Adjustment of redeemable noncontrolling interests— — 41,553 — 41,553 — 41,553 (41,553)
Purchase of noncontrolling interest— (1,551)— — (1,551)