10-Q 1 mkl-20210930.htm FORM 10-Q mkl-20210930
FALSE2021Q30001096343--12-3111,324,1449,655,2612,823,3102,732,9984,956,0004,367,000237.9271.71,115.6620.0412.5283.7119.2587.7332.613,68513,73413,78313,77813,77613,794600,000600,000600,00000010963432021-01-012021-09-30xbrli:shares00010963432021-10-26iso4217:USD00010963432021-09-3000010963432020-12-3100010963432021-07-012021-09-3000010963432020-07-012020-09-3000010963432020-01-012020-09-30iso4217:USDxbrli:shares0001096343us-gaap:PreferredStockMember2021-06-300001096343us-gaap:CommonStockMember2021-06-300001096343us-gaap:RetainedEarningsMember2021-06-300001096343us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001096343us-gaap:ParentMember2021-06-300001096343us-gaap:NoncontrollingInterestMember2021-06-300001096343mkl:TotalEquityMember2021-06-300001096343mkl:RedeemableNoncontrollingInterestsTemporaryEquityMember2021-06-300001096343us-gaap:RetainedEarningsMember2021-07-012021-09-300001096343us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300001096343us-gaap:ParentMember2021-07-012021-09-300001096343us-gaap:NoncontrollingInterestMember2021-07-012021-09-300001096343mkl:TotalEquityMember2021-07-012021-09-300001096343mkl:RedeemableNoncontrollingInterestsTemporaryEquityMember2021-07-012021-09-300001096343us-gaap:PreferredStockMember2021-07-012021-09-300001096343us-gaap:CommonStockMember2021-07-012021-09-300001096343mkl:RedeemableNoncontrollingInterestsTemporaryEquityMembermkl:BucknerHeavyLiftCranesMember2021-07-012021-09-300001096343us-gaap:PreferredStockMember2021-09-300001096343us-gaap:CommonStockMember2021-09-300001096343us-gaap:RetainedEarningsMember2021-09-300001096343us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300001096343us-gaap:ParentMember2021-09-300001096343us-gaap:NoncontrollingInterestMember2021-09-300001096343mkl:TotalEquityMember2021-09-300001096343mkl:RedeemableNoncontrollingInterestsTemporaryEquityMember2021-09-300001096343us-gaap:PreferredStockMember2020-12-310001096343us-gaap:CommonStockMember2020-12-310001096343us-gaap:RetainedEarningsMember2020-12-310001096343us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001096343us-gaap:ParentMember2020-12-310001096343us-gaap:NoncontrollingInterestMember2020-12-310001096343mkl:TotalEquityMember2020-12-310001096343mkl:RedeemableNoncontrollingInterestsTemporaryEquityMember2020-12-310001096343us-gaap:RetainedEarningsMember2021-01-012021-09-300001096343us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-09-300001096343us-gaap:ParentMember2021-01-012021-09-300001096343us-gaap:NoncontrollingInterestMember2021-01-012021-09-300001096343mkl:TotalEquityMember2021-01-012021-09-300001096343mkl:RedeemableNoncontrollingInterestsTemporaryEquityMember2021-01-012021-09-300001096343us-gaap:PreferredStockMember2021-01-012021-09-300001096343us-gaap:CommonStockMember2021-01-012021-09-300001096343mkl:RedeemableNoncontrollingInterestsTemporaryEquityMembermkl:BucknerHeavyLiftCranesMember2021-01-012021-09-300001096343us-gaap:PreferredStockMember2020-06-300001096343us-gaap:CommonStockMember2020-06-300001096343us-gaap:RetainedEarningsMember2020-06-300001096343us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001096343us-gaap:ParentMember2020-06-300001096343us-gaap:NoncontrollingInterestMember2020-06-300001096343mkl:TotalEquityMember2020-06-300001096343mkl:RedeemableNoncontrollingInterestsTemporaryEquityMember2020-06-300001096343us-gaap:RetainedEarningsMember2020-07-012020-09-300001096343us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300001096343us-gaap:ParentMember2020-07-012020-09-300001096343us-gaap:NoncontrollingInterestMember2020-07-012020-09-300001096343mkl:TotalEquityMember2020-07-012020-09-300001096343mkl:RedeemableNoncontrollingInterestsTemporaryEquityMember2020-07-012020-09-300001096343us-gaap:PreferredStockMember2020-07-012020-09-300001096343us-gaap:CommonStockMember2020-07-012020-09-300001096343us-gaap:PreferredStockMember2020-09-300001096343us-gaap:CommonStockMember2020-09-300001096343us-gaap:RetainedEarningsMember2020-09-300001096343us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-300001096343us-gaap:ParentMember2020-09-300001096343us-gaap:NoncontrollingInterestMember2020-09-300001096343mkl:TotalEquityMember2020-09-300001096343mkl:RedeemableNoncontrollingInterestsTemporaryEquityMember2020-09-300001096343us-gaap:PreferredStockMember2019-12-310001096343us-gaap:CommonStockMember2019-12-310001096343us-gaap:RetainedEarningsMember2019-12-310001096343us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001096343us-gaap:ParentMember2019-12-310001096343us-gaap:NoncontrollingInterestMember2019-12-310001096343mkl:TotalEquityMember2019-12-310001096343mkl:RedeemableNoncontrollingInterestsTemporaryEquityMember2019-12-310001096343us-gaap:RetainedEarningsMember2020-01-010001096343us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-010001096343us-gaap:ParentMember2020-01-010001096343us-gaap:NoncontrollingInterestMember2020-01-010001096343mkl:TotalEquityMember2020-01-010001096343mkl:RedeemableNoncontrollingInterestsTemporaryEquityMember2020-01-010001096343us-gaap:PreferredStockMember2020-01-010001096343us-gaap:CommonStockMember2020-01-010001096343us-gaap:RetainedEarningsMember2020-01-012020-09-300001096343us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-09-300001096343us-gaap:ParentMember2020-01-012020-09-300001096343us-gaap:NoncontrollingInterestMember2020-01-012020-09-300001096343mkl:TotalEquityMember2020-01-012020-09-300001096343mkl:RedeemableNoncontrollingInterestsTemporaryEquityMember2020-01-012020-09-300001096343us-gaap:PreferredStockMember2020-01-012020-09-300001096343us-gaap:CommonStockMember2020-01-012020-09-300001096343mkl:RedeemableNoncontrollingInterestsTemporaryEquityMembermkl:LansingBuildingProductsLLCMember2020-01-012020-09-3000010963432019-12-3100010963432020-09-300001096343mkl:InsuranceMember2021-07-012021-09-300001096343mkl:ReinsuranceMember2021-07-012021-09-300001096343mkl:InvestingMember2021-07-012021-09-300001096343mkl:MarkelVenturesOperationsMember2021-07-012021-09-300001096343mkl:OtherMember2021-07-012021-09-30xbrli:pure0001096343mkl:UnderwritingSegmentsMember2021-07-012021-09-300001096343mkl:InsuranceMember2020-07-012020-09-300001096343mkl:ReinsuranceMember2020-07-012020-09-300001096343mkl:InvestingMember2020-07-012020-09-300001096343mkl:MarkelVenturesOperationsMember2020-07-012020-09-300001096343mkl:OtherMember2020-07-012020-09-300001096343mkl:UnderwritingSegmentsMember2020-07-012020-09-300001096343mkl:InsuranceMember2021-01-012021-09-300001096343mkl:ReinsuranceMember2021-01-012021-09-300001096343mkl:InvestingMember2021-01-012021-09-300001096343mkl:MarkelVenturesOperationsMember2021-01-012021-09-300001096343mkl:OtherMember2021-01-012021-09-300001096343mkl:UnderwritingSegmentsMember2021-01-012021-09-300001096343mkl:InsuranceMember2020-01-012020-09-300001096343mkl:ReinsuranceMember2020-01-012020-09-300001096343mkl:InvestingMember2020-01-012020-09-300001096343mkl:MarkelVenturesOperationsMember2020-01-012020-09-300001096343mkl:OtherMember2020-01-012020-09-300001096343mkl:UnderwritingSegmentsMember2020-01-012020-09-300001096343us-gaap:SegmentContinuingOperationsMembermkl:InvestingMember2021-09-300001096343us-gaap:SegmentContinuingOperationsMembermkl:InvestingMember2020-12-310001096343mkl:UnderwritingOperationsMemberus-gaap:SegmentContinuingOperationsMember2021-09-300001096343mkl:UnderwritingOperationsMemberus-gaap:SegmentContinuingOperationsMember2020-12-310001096343us-gaap:SegmentContinuingOperationsMembermkl:MarkelVenturesOperationsMember2021-09-300001096343us-gaap:SegmentContinuingOperationsMembermkl:MarkelVenturesOperationsMember2020-12-310001096343us-gaap:SegmentContinuingOperationsMember2021-09-300001096343us-gaap:SegmentContinuingOperationsMember2020-12-310001096343mkl:OtherMember2021-09-300001096343mkl:OtherMember2020-12-310001096343mkl:BucknerHeavyLiftCranesMember2021-08-310001096343mkl:BucknerHeavyLiftCranesMember2021-08-312021-08-310001096343mkl:BucknerHeavyLiftCranesMemberus-gaap:CustomerRelationshipsMember2021-08-310001096343mkl:BucknerHeavyLiftCranesMemberus-gaap:TradeNamesMember2021-08-310001096343mkl:BucknerHeavyLiftCranesMemberus-gaap:CustomerRelationshipsMember2021-08-312021-08-310001096343mkl:BucknerHeavyLiftCranesMemberus-gaap:TradeNamesMember2021-08-312021-08-310001096343us-gaap:USTreasurySecuritiesMember2021-09-300001096343us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2021-09-300001096343us-gaap:USStatesAndPoliticalSubdivisionsMember2021-09-300001096343us-gaap:ForeignGovernmentDebtSecuritiesMember2021-09-300001096343us-gaap:CommercialMortgageBackedSecuritiesMember2021-09-300001096343us-gaap:ResidentialMortgageBackedSecuritiesMember2021-09-300001096343us-gaap:AssetBackedSecuritiesMember2021-09-300001096343us-gaap:AllOtherCorporateBondsMember2021-09-300001096343us-gaap:USTreasurySecuritiesMember2020-12-310001096343us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2020-12-310001096343us-gaap:USStatesAndPoliticalSubdivisionsMember2020-12-310001096343us-gaap:ForeignGovernmentDebtSecuritiesMember2020-12-310001096343us-gaap:CommercialMortgageBackedSecuritiesMember2020-12-310001096343us-gaap:ResidentialMortgageBackedSecuritiesMember2020-12-310001096343us-gaap:AssetBackedSecuritiesMember2020-12-310001096343us-gaap:AllOtherCorporateBondsMember2020-12-310001096343us-gaap:FixedMaturitiesMember2021-09-30mkl:securities00010963432021-01-012021-06-300001096343us-gaap:FixedMaturitiesMember2020-12-310001096343us-gaap:TaxableMunicipalBondsMember2021-07-012021-09-300001096343us-gaap:TaxableMunicipalBondsMember2020-07-012020-09-300001096343us-gaap:TaxableMunicipalBondsMember2021-01-012021-09-300001096343us-gaap:TaxableMunicipalBondsMember2020-01-012020-09-300001096343mkl:OtherTaxableBondsMember2021-07-012021-09-300001096343mkl:OtherTaxableBondsMember2020-07-012020-09-300001096343mkl:OtherTaxableBondsMember2021-01-012021-09-300001096343mkl:OtherTaxableBondsMember2020-01-012020-09-300001096343mkl:SalesOfFixedMaturitiesMember2021-07-012021-09-300001096343mkl:SalesOfFixedMaturitiesMember2020-07-012020-09-300001096343mkl:SalesOfFixedMaturitiesMember2021-01-012021-09-300001096343mkl:SalesOfFixedMaturitiesMember2020-01-012020-09-300001096343mkl:SalesOfShortTermInvestmentsMember2021-07-012021-09-300001096343mkl:SalesOfShortTermInvestmentsMember2020-07-012020-09-300001096343mkl:SalesOfShortTermInvestmentsMember2021-01-012021-09-300001096343mkl:SalesOfShortTermInvestmentsMember2020-01-012020-09-300001096343mkl:SalesOfOtherInvestmentsMember2021-07-012021-09-300001096343mkl:SalesOfOtherInvestmentsMember2020-07-012020-09-300001096343mkl:SalesOfOtherInvestmentsMember2021-01-012021-09-300001096343mkl:SalesOfOtherInvestmentsMember2020-01-012020-09-300001096343us-gaap:FixedMaturitiesMember2021-07-012021-09-300001096343us-gaap:FixedMaturitiesMember2020-07-012020-09-300001096343us-gaap:FixedMaturitiesMember2021-01-012021-09-300001096343us-gaap:FixedMaturitiesMember2020-01-012020-09-300001096343us-gaap:ShortTermInvestmentsMember2021-07-012021-09-300001096343us-gaap:ShortTermInvestmentsMember2020-07-012020-09-300001096343us-gaap:ShortTermInvestmentsMember2021-01-012021-09-300001096343us-gaap:ShortTermInvestmentsMember2020-01-012020-09-300001096343us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001096343us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-09-300001096343us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-09-300001096343us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001096343us-gaap:FairValueInputsLevel1Memberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001096343us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-09-300001096343us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-09-300001096343us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001096343us-gaap:FairValueInputsLevel1Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001096343us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-09-300001096343us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-09-300001096343us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001096343us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001096343us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-09-300001096343us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-09-300001096343us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001096343us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001096343us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-09-300001096343us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-09-300001096343us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001096343us-gaap:FairValueInputsLevel1Memberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001096343us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-09-300001096343us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-09-300001096343us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001096343us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2021-09-300001096343us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMember2021-09-300001096343us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMember2021-09-300001096343us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2021-09-300001096343us-gaap:AllOtherCorporateBondsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001096343us-gaap:AllOtherCorporateBondsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-09-300001096343us-gaap:AllOtherCorporateBondsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-09-300001096343us-gaap:AllOtherCorporateBondsMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001096343us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001096343us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-09-300001096343us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-09-300001096343us-gaap:FairValueMeasurementsRecurringMember2021-09-300001096343us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:BanksTrustAndInsuranceEquitiesMember2021-09-300001096343us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:BanksTrustAndInsuranceEquitiesMember2021-09-300001096343us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:BanksTrustAndInsuranceEquitiesMember2021-09-300001096343us-gaap:FairValueMeasurementsRecurringMemberus-gaap:BanksTrustAndInsuranceEquitiesMember2021-09-300001096343us-gaap:FairValueInputsLevel1Memberus-gaap:IndustrialMiscellaneousAndAllOthersMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001096343us-gaap:IndustrialMiscellaneousAndAllOthersMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-09-300001096343us-gaap:IndustrialMiscellaneousAndAllOthersMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-09-300001096343us-gaap:IndustrialMiscellaneousAndAllOthersMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001096343us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001096343us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-12-310001096343us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-12-310001096343us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001096343us-gaap:FairValueInputsLevel1Memberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001096343us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-12-310001096343us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-12-310001096343us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001096343us-gaap:FairValueInputsLevel1Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001096343us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-12-310001096343us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-12-310001096343us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001096343us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001096343us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-12-310001096343us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-12-310001096343us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001096343us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001096343us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-12-310001096343us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-12-310001096343us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001096343us-gaap:FairValueInputsLevel1Memberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001096343us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-12-310001096343us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-12-310001096343us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001096343us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2020-12-310001096343us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMember2020-12-310001096343us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMember2020-12-310001096343us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2020-12-310001096343us-gaap:AllOtherCorporateBondsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001096343us-gaap:AllOtherCorporateBondsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-12-310001096343us-gaap:AllOtherCorporateBondsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-12-310001096343us-gaap:AllOtherCorporateBondsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001096343us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001096343us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-12-310001096343us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-12-310001096343us-gaap:FairValueMeasurementsRecurringMember2020-12-310001096343us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:BanksTrustAndInsuranceEquitiesMember2020-12-310001096343us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:BanksTrustAndInsuranceEquitiesMember2020-12-310001096343us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:BanksTrustAndInsuranceEquitiesMember2020-12-310001096343us-gaap:FairValueMeasurementsRecurringMemberus-gaap:BanksTrustAndInsuranceEquitiesMember2020-12-310001096343us-gaap:FairValueInputsLevel1Memberus-gaap:IndustrialMiscellaneousAndAllOthersMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001096343us-gaap:IndustrialMiscellaneousAndAllOthersMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-12-310001096343us-gaap:IndustrialMiscellaneousAndAllOthersMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-12-310001096343us-gaap:IndustrialMiscellaneousAndAllOthersMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-3100010963432021-06-3000010963432020-06-300001096343mkl:UnconsolidatedMarkelCATCoFund2Member2020-01-012020-01-010001096343mkl:UnconsolidatedMarkelCATCoFund2Member2021-09-300001096343us-gaap:FairValueMeasurementsRecurringMember2021-01-012021-09-300001096343us-gaap:FairValueMeasurementsRecurringMember2020-01-012020-09-300001096343us-gaap:FairValueMeasurementsNonrecurringMember2021-09-300001096343us-gaap:FairValueMeasurementsNonrecurringMember2020-09-300001096343us-gaap:RevenueFromContractWithCustomerMember2021-07-012021-09-300001096343us-gaap:RevenueFromContractWithCustomerMember2020-07-012020-09-300001096343us-gaap:RevenueFromContractWithCustomerMember2021-01-012021-09-300001096343us-gaap:RevenueFromContractWithCustomerMember2020-01-012020-09-300001096343us-gaap:ProductMemberus-gaap:RevenueFromContractWithCustomerMembermkl:MarkelVenturesOperationsMember2021-07-012021-09-300001096343us-gaap:ProductMemberus-gaap:RevenueFromContractWithCustomerMembermkl:OtherMember2021-07-012021-09-300001096343us-gaap:ProductMemberus-gaap:RevenueFromContractWithCustomerMember2021-07-012021-09-300001096343us-gaap:ProductMemberus-gaap:RevenueFromContractWithCustomerMembermkl:MarkelVenturesOperationsMember2020-07-012020-09-300001096343us-gaap:ProductMemberus-gaap:RevenueFromContractWithCustomerMembermkl:OtherMember2020-07-012020-09-300001096343us-gaap:ProductMemberus-gaap:RevenueFromContractWithCustomerMember2020-07-012020-09-300001096343us-gaap:RevenueFromContractWithCustomerMembermkl:ServicesMembermkl:MarkelVenturesOperationsMember2021-07-012021-09-300001096343us-gaap:RevenueFromContractWithCustomerMembermkl:OtherMembermkl:ServicesMember2021-07-012021-09-300001096343us-gaap:RevenueFromContractWithCustomerMembermkl:ServicesMember2021-07-012021-09-300001096343us-gaap:RevenueFromContractWithCustomerMembermkl:ServicesMembermkl:MarkelVenturesOperationsMember2020-07-012020-09-300001096343us-gaap:RevenueFromContractWithCustomerMembermkl:OtherMembermkl:ServicesMember2020-07-012020-09-300001096343us-gaap:RevenueFromContractWithCustomerMembermkl:ServicesMember2020-07-012020-09-300001096343us-gaap:RevenueFromContractWithCustomerMembermkl:InvestmentManagementMembermkl:MarkelVenturesOperationsMember2021-07-012021-09-300001096343us-gaap:RevenueFromContractWithCustomerMembermkl:OtherMembermkl:InvestmentManagementMember2021-07-012021-09-300001096343us-gaap:RevenueFromContractWithCustomerMembermkl:InvestmentManagementMember2021-07-012021-09-300001096343us-gaap:RevenueFromContractWithCustomerMembermkl:InvestmentManagementMembermkl:MarkelVenturesOperationsMember2020-07-012020-09-300001096343us-gaap:RevenueFromContractWithCustomerMembermkl:OtherMembermkl:InvestmentManagementMember2020-07-012020-09-300001096343us-gaap:RevenueFromContractWithCustomerMembermkl:InvestmentManagementMember2020-07-012020-09-300001096343us-gaap:RevenueFromContractWithCustomerMembermkl:MarkelVenturesOperationsMember2021-07-012021-09-300001096343us-gaap:RevenueFromContractWithCustomerMembermkl:OtherMember2021-07-012021-09-300001096343us-gaap:RevenueFromContractWithCustomerMembermkl:MarkelVenturesOperationsMember2020-07-012020-09-300001096343us-gaap:RevenueFromContractWithCustomerMembermkl:OtherMember2020-07-012020-09-300001096343mkl:ProgramServicesAndOtherFrontingMembermkl:MarkelVenturesOperationsMember2021-07-012021-09-300001096343mkl:OtherMembermkl:ProgramServicesAndOtherFrontingMember2021-07-012021-09-300001096343mkl:ProgramServicesAndOtherFrontingMember2021-07-012021-09-300001096343mkl:ProgramServicesAndOtherFrontingMembermkl:MarkelVenturesOperationsMember2020-07-012020-09-300001096343mkl:OtherMembermkl:ProgramServicesAndOtherFrontingMember2020-07-012020-09-300001096343mkl:ProgramServicesAndOtherFrontingMember2020-07-012020-09-300001096343mkl:OtherRevenuesMembermkl:MarkelVenturesOperationsMember2021-07-012021-09-300001096343mkl:OtherMembermkl:OtherRevenuesMember2021-07-012021-09-300001096343mkl:OtherRevenuesMember2021-07-012021-09-300001096343mkl:OtherRevenuesMembermkl:MarkelVenturesOperationsMember2020-07-012020-09-300001096343mkl:OtherMembermkl:OtherRevenuesMember2020-07-012020-09-300001096343mkl:OtherRevenuesMember2020-07-012020-09-300001096343us-gaap:ProductMemberus-gaap:RevenueFromContractWithCustomerMembermkl:MarkelVenturesOperationsMember2021-01-012021-09-300001096343us-gaap:ProductMemberus-gaap:RevenueFromContractWithCustomerMembermkl:OtherMember2021-01-012021-09-300001096343us-gaap:ProductMemberus-gaap:RevenueFromContractWithCustomerMember2021-01-012021-09-300001096343us-gaap:ProductMemberus-gaap:RevenueFromContractWithCustomerMembermkl:MarkelVenturesOperationsMember2020-01-012020-09-300001096343us-gaap:ProductMemberus-gaap:RevenueFromContractWithCustomerMembermkl:OtherMember2020-01-012020-09-300001096343us-gaap:ProductMemberus-gaap:RevenueFromContractWithCustomerMember2020-01-012020-09-300001096343us-gaap:RevenueFromContractWithCustomerMembermkl:ServicesMembermkl:MarkelVenturesOperationsMember2021-01-012021-09-300001096343us-gaap:RevenueFromContractWithCustomerMembermkl:OtherMembermkl:ServicesMember2021-01-012021-09-300001096343us-gaap:RevenueFromContractWithCustomerMembermkl:ServicesMember2021-01-012021-09-300001096343us-gaap:RevenueFromContractWithCustomerMembermkl:ServicesMembermkl:MarkelVenturesOperationsMember2020-01-012020-09-300001096343us-gaap:RevenueFromContractWithCustomerMembermkl:OtherMembermkl:ServicesMember2020-01-012020-09-300001096343us-gaap:RevenueFromContractWithCustomerMembermkl:ServicesMember2020-01-012020-09-300001096343us-gaap:RevenueFromContractWithCustomerMembermkl:InvestmentManagementMembermkl:MarkelVenturesOperationsMember2021-01-012021-09-300001096343us-gaap:RevenueFromContractWithCustomerMembermkl:OtherMembermkl:InvestmentManagementMember2021-01-012021-09-300001096343us-gaap:RevenueFromContractWithCustomerMembermkl:InvestmentManagementMember2021-01-012021-09-300001096343us-gaap:RevenueFromContractWithCustomerMembermkl:InvestmentManagementMembermkl:MarkelVenturesOperationsMember2020-01-012020-09-300001096343us-gaap:RevenueFromContractWithCustomerMembermkl:OtherMembermkl:InvestmentManagementMember2020-01-012020-09-300001096343us-gaap:RevenueFromContractWithCustomerMembermkl:InvestmentManagementMember2020-01-012020-09-300001096343us-gaap:RevenueFromContractWithCustomerMembermkl:MarkelVenturesOperationsMember2021-01-012021-09-300001096343us-gaap:RevenueFromContractWithCustomerMembermkl:OtherMember2021-01-012021-09-300001096343us-gaap:RevenueFromContractWithCustomerMembermkl:MarkelVenturesOperationsMember2020-01-012020-09-300001096343us-gaap:RevenueFromContractWithCustomerMembermkl:OtherMember2020-01-012020-09-300001096343mkl:ProgramServicesAndOtherFrontingMembermkl:MarkelVenturesOperationsMember2021-01-012021-09-300001096343mkl:OtherMembermkl:ProgramServicesAndOtherFrontingMember2021-01-012021-09-300001096343mkl:ProgramServicesAndOtherFrontingMember2021-01-012021-09-300001096343mkl:ProgramServicesAndOtherFrontingMembermkl:MarkelVenturesOperationsMember2020-01-012020-09-300001096343mkl:OtherMembermkl:ProgramServicesAndOtherFrontingMember2020-01-012020-09-300001096343mkl:ProgramServicesAndOtherFrontingMember2020-01-012020-09-300001096343mkl:OtherRevenuesMembermkl:MarkelVenturesOperationsMember2021-01-012021-09-300001096343mkl:OtherMembermkl:OtherRevenuesMember2021-01-012021-09-300001096343mkl:OtherRevenuesMember2021-01-012021-09-300001096343mkl:OtherRevenuesMembermkl:MarkelVenturesOperationsMember2020-01-012020-09-300001096343mkl:OtherMembermkl:OtherRevenuesMember2020-01-012020-09-300001096343mkl:OtherRevenuesMember2020-01-012020-09-300001096343mkl:CustomerswithContractsMember2021-09-300001096343mkl:CustomerswithContractsMember2020-12-310001096343mkl:A2021CatastrophesMember2021-01-012021-09-300001096343mkl:COVID19PandemicMember2020-01-012020-09-300001096343mkl:COVID19PandemicDirectEffectMember2020-01-012020-09-300001096343mkl:COVID19PandemicIndirectEffectMember2020-01-012020-09-300001096343mkl:A2020CatastrophesMember2020-01-012020-09-300001096343mkl:InsuranceMembermkl:GeneralLiabWorkersCompMarineEnergyPropertyAndProfessionalLiabInsuranceSegmentMember2021-01-012021-09-300001096343mkl:ReinsuranceMemberus-gaap:PropertyInsuranceProductLineMember2021-01-012021-09-300001096343mkl:ProfLiabGeneralLiabAndWorkersCompInsuranceSegmentAndPropertyAndGeneralLiabReinsuranceSegmentMember2020-01-012020-09-300001096343mkl:UnderwritingOperationsMember2021-07-012021-09-300001096343mkl:UnderwritingOperationsMember2020-07-012020-09-300001096343mkl:UnderwritingOperationsMember2021-01-012021-09-300001096343mkl:UnderwritingOperationsMember2020-01-012020-09-300001096343mkl:ProgramServicesAndOtherFrontingMember2021-07-012021-09-300001096343mkl:ProgramServicesAndOtherFrontingMember2021-01-012021-09-300001096343mkl:ProgramServicesAndOtherFrontingMember2020-07-012020-09-300001096343mkl:ProgramServicesAndOtherFrontingMember2020-01-012020-09-300001096343mkl:UnderwritingOperationsMember2021-07-012021-09-300001096343mkl:UnderwritingOperationsMember2020-07-012020-09-300001096343mkl:UnderwritingOperationsMember2021-01-012021-09-300001096343mkl:UnderwritingOperationsMember2020-01-012020-09-300001096343mkl:ThreePointFourFivePercentUnsecuredSeniorNotesDueMay2052Member2021-05-040001096343mkl:ThreePointFourFivePercentUnsecuredSeniorNotesDueMay2052Member2021-05-042021-05-040001096343mkl:FourPointNinePercentUnsecuredSeniorNotesDueJuly2022Member2021-09-300001096343mkl:UnconsolidatedMarkelCATCoFund2Member2020-12-310001096343mkl:UnconsolidatedMarkelCATCoFundsMember2021-09-300001096343mkl:UnconsolidatedMarkelCATCoFundsMember2020-12-310001096343mkl:InsurancelinkedSecuritiesOperationsMembermkl:UnconsolidatedEntitiesManagedByNephilaMember2021-07-012021-09-300001096343mkl:InsurancelinkedSecuritiesOperationsMembermkl:UnconsolidatedEntitiesManagedByNephilaMember2021-01-012021-09-300001096343mkl:InsurancelinkedSecuritiesOperationsMembermkl:UnconsolidatedEntitiesManagedByNephilaMember2020-07-012020-09-300001096343mkl:InsurancelinkedSecuritiesOperationsMembermkl:UnconsolidatedEntitiesManagedByNephilaMember2020-01-012020-09-300001096343mkl:Syndicate2357andcertainotherNephilaReinsurersMember2021-07-012021-09-300001096343mkl:Syndicate2357andcertainotherNephilaReinsurersMember2021-01-012021-09-300001096343mkl:Syndicate2357andcertainotherNephilaReinsurersMember2020-07-012020-09-300001096343mkl:Syndicate2357andcertainotherNephilaReinsurersMember2020-01-012020-09-300001096343mkl:Syndicate2357andcertainotherNephilaReinsurersMember2021-09-300001096343mkl:Syndicate2357andcertainotherNephilaReinsurersMember2020-12-310001096343mkl:HagertyGroupLLCMember2021-07-012021-09-300001096343mkl:HagertyGroupLLCMember2021-01-012021-09-300001096343mkl:HagertyGroupLLCMember2020-07-012020-09-300001096343mkl:HagertyGroupLLCMember2020-01-012020-09-300001096343us-gaap:CommonStockMemberus-gaap:CommonStockMember2021-07-012021-09-300001096343us-gaap:CommonStockMemberus-gaap:CommonStockMember2020-07-012020-09-300001096343us-gaap:CommonStockMemberus-gaap:CommonStockMember2021-01-012021-09-300001096343us-gaap:CommonStockMemberus-gaap:CommonStockMember2020-01-012020-09-300001096343us-gaap:SeriesAPreferredStockMember2021-09-300001096343us-gaap:SeriesAPreferredStockMember2020-05-272020-05-270001096343us-gaap:SeriesAPreferredStockMember2021-04-012021-06-300001096343us-gaap:RestrictedStockUnitsRSUMember2021-07-012021-09-300001096343us-gaap:RestrictedStockUnitsRSUMember2020-07-012020-09-300001096343us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-09-300001096343us-gaap:RestrictedStockUnitsRSUMember2020-01-012020-09-300001096343us-gaap:SeriesAPreferredStockMember2020-12-310001096343mkl:MarkelCATCoReMember2021-09-300001096343mkl:LodgepineFundLimitedMember2021-09-3000010963432021-07-01
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, 2021
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 October 26, 2021: 13,668,248


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

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

MARKEL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

September 30,
2021
December 31,
2020
(dollars in thousands)(unaudited)
ASSETS
Investments, at estimated fair value:
Fixed maturity securities, available-for-sale (amortized cost of $11,324,144 in 2021 and $9,655,261 in 2020)
$11,962,587 $10,681,734 
Equity securities (cost of $2,823,310 in 2021 and $2,732,998 in 2020)
8,220,874 6,994,110 
Short-term investments, available-for-sale (estimated fair value approximates cost)2,757,798 2,034,099 
Total Investments22,941,259 19,709,943 
Cash and cash equivalents3,938,626 4,341,736 
Restricted cash and cash equivalents568,385 874,913 
Receivables2,320,987 1,930,211 
Reinsurance recoverables6,944,636 5,989,337 
Deferred policy acquisition costs772,127 630,794 
Prepaid reinsurance premiums1,920,184 1,451,858 
Goodwill2,695,164 2,604,624 
Intangible assets1,719,609 1,782,718 
Other assets2,875,459 2,393,920 
Total Assets$46,696,436 $41,710,054 
LIABILITIES AND EQUITY
Unpaid losses and loss adjustment expenses$17,611,199 $16,222,376 
Life and annuity benefits925,958 1,069,986 
Unearned premiums5,511,392 4,433,245 
Payables to insurance and reinsurance companies579,905 493,470 
Senior long-term debt and other debt (estimated fair value of $4,956,000 in 2021 and $4,367,000 in 2020)
4,268,290 3,484,023 
Other liabilities3,527,555 2,946,631 
Total Liabilities32,424,299 28,649,731 
Redeemable noncontrolling interests231,912 245,642 
Commitments and contingencies
Shareholders' equity:
Preferred stock591,891 591,891 
Common stock3,455,129 3,428,340 
Retained earnings9,650,355 8,195,182 
Accumulated other comprehensive income319,389 584,376 
Total Shareholders' Equity14,016,764 12,799,789 
Noncontrolling interests23,461 14,892 
Total Equity14,040,225 12,814,681 
Total Liabilities and Equity$46,696,436 $41,710,054 

See accompanying notes to consolidated financial statements.
3

MARKEL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME
(Unaudited)
Quarter Ended September 30, Nine Months Ended September 30,
2021202020212020
(dollars in thousands, except per share data)
OPERATING REVENUES
Earned premiums$1,630,500 $1,394,428 $4,696,232 $4,085,311 
Net investment income91,264 90,384 284,095 274,242 
Net investment gains (losses)(25,833)539,302 1,175,791 (230,896)
Products revenues405,711 342,039 1,327,144 1,117,781 
Services and other revenues585,712 545,582 1,605,058 1,132,978 
Total Operating Revenues2,687,354 2,911,735 9,088,320 6,379,416 
OPERATING EXPENSES
Losses and loss adjustment expenses948,241 863,247 2,643,114 2,652,811 
Underwriting, acquisition and insurance expenses569,756 492,824 1,644,863 1,477,349 
Products expenses374,407 296,371 1,173,135 974,925 
Services and other expenses513,994 522,237 1,442,342 1,024,733 
Amortization of intangible assets39,268 44,664 118,550 120,276 
Total Operating Expenses2,445,666 2,219,343 7,022,004 6,250,094 
Operating Income241,688 692,392 2,066,316 129,322 
Interest expense(46,455)(42,744)(135,412)(133,201)
Net foreign exchange gains (losses)48,850 (65,577)61,677 (8,736)
Income (Loss) Before Income Taxes244,083 584,071 1,992,581 (12,615)
Income tax expense(54,415)(130,028)(419,898)(3,047)
Net Income (Loss)189,668 454,043 1,572,683 (15,662)
Net income attributable to noncontrolling interests(1,598)(1,317)(18,809)(15,607)
Net Income (Loss) to Shareholders188,070 452,726 1,553,874 (31,269)
Preferred stock dividends  (18,000) 
Net Income (Loss) to Common Shareholders$188,070 $452,726 $1,535,874 $(31,269)
OTHER COMPREHENSIVE INCOME (LOSS)
Change in net unrealized gains on available-for-sale investments, net of taxes:
Net holding gains (losses) arising during the period$(104,238)$64,449 $(262,679)$301,487 
Reclassification adjustments for net gains (losses) included in net income (loss)224 (3,362)(3,807)(3,560)
Change in net unrealized gains on available-for-sale investments, net of taxes(104,014)61,087 (266,486)297,927 
Change in foreign currency translation adjustments, net of taxes(4,437)5,756 (330)(8,383)
Change in net actuarial pension loss, net of taxes586 538 1,832 1,422 
Total Other Comprehensive Income (Loss)(107,865)67,381 (264,984)290,966 
Comprehensive Income81,803 521,424 1,307,699 275,304 
Comprehensive income attributable to noncontrolling interests(1,567)(1,335)(18,812)(15,631)
Comprehensive Income to Shareholders$80,236 $520,089 $1,288,887 $259,673 
NET INCOME (LOSS) PER COMMON SHARE
Basic$15.12 $31.07 $114.39 $(3.76)
Diluted$15.09 $31.03 $114.20 $(3.76)
See accompanying notes to consolidated financial statements.
4

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 $9,503,889 $427,223 $13,974,971 $23,078 $13,998,049 $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 $9,650,355 $319,389 $14,016,764 $23,461 $14,040,225 $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 
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) (1,551)(1,179)
Other 557 123  680 609 1,289 (8,288)
September 30, 2021$591,891 $3,455,129 $9,650,355 $319,389 $14,016,764 $23,461 $14,040,225 $231,912 

See accompanying notes to consolidated financial statements.
5

MARKEL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (continued)
(Unaudited)
Quarter Ended September 30, 2020Preferred
Stock
Common
Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Income
Total
Shareholders'
Equity
Noncontrolling
Interests
Total EquityRedeemable
Noncontrolling
Interests
(dollars in thousands)
June 30, 2020$591,891 $3,421,845 $6,948,466 $432,351 $11,394,553 $15,695 $11,410,248 $214,653 
Net income (loss)452,726  452,726 (2,393)450,333 3,710 
Other comprehensive income 67,363 67,363  67,363 18 
Comprehensive Income (Loss)520,089 (2,393)517,696 3,728 
Restricted stock units expensed 3,402   3,402  3,402  
Adjustment of redeemable noncontrolling interests  (23,621) (23,621) (23,621)23,621 
Other  (476) (476)509 33 (982)
September 30, 2020$591,891 $3,425,247 $7,377,095 $499,714 $11,893,947 $13,811 $11,907,758 $241,020 

Nine Months Ended September 30, 2020Preferred
 Stock
Common
Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Income
Total
Shareholders'
Equity
Noncontrolling
Interests
Total EquityRedeemable
Noncontrolling
Interests
(dollars in thousands)
December 31, 2019$ $3,404,919 $7,457,176 $208,772 $11,070,867 $7,549 $11,078,416 $177,562 
Cumulative effect of adoption of ASU No. 2016-13, net of taxes(3,827) (3,827) (3,827) 
January 1, 2020 3,404,919 7,453,349 208,772 11,067,040 7,549 11,074,589 177,562 
Net income (loss)(31,269) (31,269)4,201 (27,068)11,406 
Other comprehensive income 290,942 290,942  290,942 24 
Comprehensive Income259,673 4,201 263,874 11,430 
Issuance of preferred stock591,891    591,891  591,891  
Repurchase of common stock  (23,943) (23,943) (23,943) 
Restricted stock units expensed 26,386   26,386  26,386  
Acquisition of Lansing       43,566 
Adjustment of redeemable noncontrolling interests  (20,681) (20,681) (20,681)20,681 
Purchase of noncontrolling interest (6,131)  (6,131) (6,131)(7,029)
Other 73 (361) (288)2,061 1,773 (5,190)
September 30, 2020$591,891 $3,425,247 $7,377,095 $499,714 $11,893,947 $13,811 $11,907,758 $241,020 

See accompanying notes to consolidated financial statements.
6

MARKEL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

Nine Months Ended September 30,
20212020
(dollars in thousands)
OPERATING ACTIVITIES
Net income (loss)$1,572,683 $(15,662)
Adjustments to reconcile net income (loss) to net cash provided by operating activities49,759 1,277,250 
Net Cash Provided By Operating Activities1,622,442 1,261,588 
INVESTING ACTIVITIES
Proceeds from sales of fixed maturity securities and equity securities182,040 1,544,501 
Proceeds from maturities, calls and prepayments of fixed maturity securities467,170 507,480 
Cost of fixed maturity securities and equity securities purchased(2,379,990)(764,823)
Net change in short-term investments(727,366)(697,580)
Additions to property and equipment(80,758)(72,771)
Acquisitions, net of cash acquired(241,210)(547,847)
Other47,623 53,531 
Net Cash Provided (Used) By Investing Activities(