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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Markel Group Inc | NYSE:MKL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1,581.06 | 7 | 13:57:24 |
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x
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Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended March 31, 2017
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¨
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Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from _______ to _______
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Virginia
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54-1959284
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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Large accelerated filer
x
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller reporting company
o
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Emerging growth company
o
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Page Number
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March 31,
2017 |
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December 31,
2016 |
||||
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(unaudited)
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||||
ASSETS
|
|
|
|
||||
Investments, available-for-sale, at estimated fair value:
|
|
|
|
||||
Fixed maturities (amortized cost of $9,702,096 in 2017 and $9,591,734 in 2016)
|
$
|
10,006,519
|
|
|
$
|
9,891,510
|
|
Equity securities (cost of $2,555,488 in 2017 and $2,481,448 in 2016)
|
5,038,933
|
|
|
4,745,841
|
|
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Short-term investments (estimated fair value approximates cost)
|
2,178,035
|
|
|
2,336,151
|
|
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Total Investments
|
17,223,487
|
|
|
16,973,502
|
|
||
Cash and cash equivalents
|
1,852,735
|
|
|
1,738,747
|
|
||
Restricted cash and cash equivalents
|
261,956
|
|
|
346,417
|
|
||
Receivables
|
1,429,602
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|
|
1,241,649
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|
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Reinsurance recoverable on unpaid losses
|
1,949,278
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|
|
2,006,945
|
|
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Reinsurance recoverable on paid losses
|
60,479
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|
|
64,892
|
|
||
Deferred policy acquisition costs
|
470,788
|
|
|
392,410
|
|
||
Prepaid reinsurance premiums
|
332,385
|
|
|
299,923
|
|
||
Goodwill
|
1,142,535
|
|
|
1,142,248
|
|
||
Intangible assets
|
711,999
|
|
|
722,542
|
|
||
Other assets
|
965,435
|
|
|
946,024
|
|
||
Total Assets
|
$
|
26,400,679
|
|
|
$
|
25,875,299
|
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LIABILITIES AND EQUITY
|
|
|
|
||||
Unpaid losses and loss adjustment expenses
|
$
|
10,139,678
|
|
|
$
|
10,115,662
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|
Life and annuity benefits
|
1,038,325
|
|
|
1,049,654
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|
||
Unearned premiums
|
2,576,636
|
|
|
2,263,838
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|
||
Payables to insurance and reinsurance companies
|
242,333
|
|
|
231,327
|
|
||
Senior long-term debt and other debt (estimated fair value of $2,755,000 in 2017 and $2,721,000 in 2016)
|
2,581,605
|
|
|
2,574,529
|
|
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Other liabilities
|
1,082,917
|
|
|
1,099,200
|
|
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Total Liabilities
|
17,661,494
|
|
|
17,334,210
|
|
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Redeemable noncontrolling interests
|
87,935
|
|
|
73,678
|
|
||
Commitments and contingencies
|
|
|
|
||||
Shareholders' equity:
|
|
|
|
||||
Common stock
|
3,376,037
|
|
|
3,368,666
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|
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Retained earnings
|
3,557,927
|
|
|
3,526,395
|
|
||
Accumulated other comprehensive income
|
1,719,236
|
|
|
1,565,866
|
|
||
Total Shareholders' Equity
|
8,653,200
|
|
|
8,460,927
|
|
||
Noncontrolling interests
|
(1,950
|
)
|
|
6,484
|
|
||
Total Equity
|
8,651,250
|
|
|
8,467,411
|
|
||
Total Liabilities and Equity
|
$
|
26,400,679
|
|
|
$
|
25,875,299
|
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(dollars in thousands,
except per share data)
|
||||||
OPERATING REVENUES
|
|
|
|
||||
Earned premiums
|
$
|
982,602
|
|
|
$
|
957,686
|
|
Net investment income
|
100,368
|
|
|
91,294
|
|
||
Net realized investment gains:
|
|
|
|
||||
Other-than-temporary impairment losses
|
(3,213
|
)
|
|
(8,405
|
)
|
||
Net realized investment gains, excluding other-than-temporary impairment losses
|
24,078
|
|
|
29,584
|
|
||
Net realized investment gains
|
20,865
|
|
|
21,179
|
|
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Other revenues
|
307,916
|
|
|
306,023
|
|
||
Total Operating Revenues
|
1,411,751
|
|
|
1,376,182
|
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OPERATING EXPENSES
|
|
|
|
||||
Losses and loss adjustment expenses
|
611,719
|
|
|
473,964
|
|
||
Underwriting, acquisition and insurance expenses
|
373,231
|
|
|
364,688
|
|
||
Amortization of intangible assets
|
16,770
|
|
|
17,260
|
|
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Other expenses
|
282,585
|
|
|
275,093
|
|
||
Total Operating Expenses
|
1,284,305
|
|
|
1,131,005
|
|
||
Operating Income
|
127,446
|
|
|
245,177
|
|
||
Interest expense
|
33,402
|
|
|
30,841
|
|
||
Income Before Income Taxes
|
94,044
|
|
|
214,336
|
|
||
Income tax expense
|
23,004
|
|
|
50,690
|
|
||
Net Income
|
71,040
|
|
|
163,646
|
|
||
Net income attributable to noncontrolling interests
|
1,171
|
|
|
3,276
|
|
||
Net Income to Shareholders
|
$
|
69,869
|
|
|
$
|
160,370
|
|
|
|
|
|
||||
OTHER COMPREHENSIVE INCOME
|
|
|
|
||||
Change in net unrealized gains on investments, net of taxes:
|
|
|
|
||||
Net holding gains arising during the period
|
$
|
160,280
|
|
|
$
|
238,890
|
|
Change in unrealized other-than-temporary impairment losses on fixed maturities arising during the period
|
—
|
|
|
(67
|
)
|
||
Reclassification adjustments for net gains included in net income
|
(9,169
|
)
|
|
(12,983
|
)
|
||
Change in net unrealized gains on investments, net of taxes
|
151,111
|
|
|
225,840
|
|
||
Change in foreign currency translation adjustments, net of taxes
|
1,545
|
|
|
10,329
|
|
||
Change in net actuarial pension loss, net of taxes
|
716
|
|
|
463
|
|
||
Total Other Comprehensive Income
|
153,372
|
|
|
236,632
|
|
||
Comprehensive Income
|
224,412
|
|
|
400,278
|
|
||
Comprehensive income attributable to noncontrolling interests
|
1,173
|
|
|
3,284
|
|
||
Comprehensive Income to Shareholders
|
$
|
223,239
|
|
|
$
|
396,994
|
|
|
|
|
|
||||
NET INCOME PER SHARE
|
|
|
|
||||
Basic
|
$
|
3.91
|
|
|
$
|
11.21
|
|
Diluted
|
$
|
3.90
|
|
|
$
|
11.15
|
|
(in thousands)
|
Common Shares
|
|
Common
Stock
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Income
|
|
Total
Shareholders'
Equity
|
|
Noncontrolling
Interests
|
|
Total Equity
|
|
Redeemable
Noncontrolling
Interests
|
|||||||||||||||
December 31, 2015
|
13,959
|
|
|
$
|
3,342,357
|
|
|
$
|
3,137,285
|
|
|
$
|
1,354,508
|
|
|
$
|
7,834,150
|
|
|
$
|
6,459
|
|
|
$
|
7,840,609
|
|
|
$
|
62,958
|
|
Net income
|
|
|
|
|
160,370
|
|
|
—
|
|
|
160,370
|
|
|
1,033
|
|
|
161,403
|
|
|
2,243
|
|
|||||||||
Other comprehensive income
|
|
|
|
|
—
|
|
|
236,624
|
|
|
236,624
|
|
|
—
|
|
|
236,624
|
|
|
8
|
|
|||||||||
Comprehensive Income
|
|
|
|
|
|
|
|
|
396,994
|
|
|
1,033
|
|
|
398,027
|
|
|
2,251
|
|
|||||||||||
Issuance of common stock
|
10
|
|
|
3,033
|
|
|
—
|
|
|
—
|
|
|
3,033
|
|
|
—
|
|
|
3,033
|
|
|
—
|
|
|||||||
Repurchase of common stock
|
(1
|
)
|
|
—
|
|
|
(720
|
)
|
|
—
|
|
|
(720
|
)
|
|
—
|
|
|
(720
|
)
|
|
—
|
|
|||||||
Restricted stock units expensed
|
—
|
|
|
7,956
|
|
|
—
|
|
|
—
|
|
|
7,956
|
|
|
—
|
|
|
7,956
|
|
|
—
|
|
|||||||
Adjustment of redeemable noncontrolling interests
|
—
|
|
|
—
|
|
|
(3,452
|
)
|
|
—
|
|
|
(3,452
|
)
|
|
—
|
|
|
(3,452
|
)
|
|
3,452
|
|
|||||||
Other
|
—
|
|
|
1,271
|
|
|
(116
|
)
|
|
—
|
|
|
1,155
|
|
|
(45
|
)
|
|
1,110
|
|
|
(993
|
)
|
|||||||
March 31, 2016
|
13,968
|
|
|
$
|
3,354,617
|
|
|
$
|
3,293,367
|
|
|
$
|
1,591,132
|
|
|
$
|
8,239,116
|
|
|
$
|
7,447
|
|
|
$
|
8,246,563
|
|
|
$
|
67,668
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
December 31, 2016
|
13,955
|
|
|
$
|
3,368,666
|
|
|
$
|
3,526,395
|
|
|
$
|
1,565,866
|
|
|
$
|
8,460,927
|
|
|
$
|
6,484
|
|
|
$
|
8,467,411
|
|
|
$
|
73,678
|
|
Net income (loss)
|
|
|
|
|
69,869
|
|
|
—
|
|
|
69,869
|
|
|
(284
|
)
|
|
69,585
|
|
|
1,455
|
|
|||||||||
Other comprehensive income
|
|
|
|
|
—
|
|
|
153,370
|
|
|
153,370
|
|
|
—
|
|
|
153,370
|
|
|
2
|
|
|||||||||
Comprehensive Income (Loss)
|
|
|
|
|
|
|
|
|
223,239
|
|
|
(284
|
)
|
|
222,955
|
|
|
1,457
|
|
|||||||||||
Issuance of common stock
|
19
|
|
|
359
|
|
|
—
|
|
|
—
|
|
|
359
|
|
|
—
|
|
|
359
|
|
|
—
|
|
|||||||
Repurchase of common stock
|
(24
|
)
|
|
—
|
|
|
(23,512
|
)
|
|
—
|
|
|
(23,512
|
)
|
|
—
|
|
|
(23,512
|
)
|
|
—
|
|
|||||||
Restricted stock units expensed
|
—
|
|
|
7,890
|
|
|
—
|
|
|
—
|
|
|
7,890
|
|
|
—
|
|
|
7,890
|
|
|
—
|
|
|||||||
Adjustment of redeemable noncontrolling interests
|
—
|
|
|
—
|
|
|
(15,143
|
)
|
|
—
|
|
|
(15,143
|
)
|
|
—
|
|
|
(15,143
|
)
|
|
15,143
|
|
|||||||
Purchase of noncontrolling interest
|
—
|
|
|
(861
|
)
|
|
—
|
|
|
—
|
|
|
(861
|
)
|
|
(8,109
|
)
|
|
(8,970
|
)
|
|
—
|
|
|||||||
Other
|
—
|
|
|
(17
|
)
|
|
318
|
|
|
—
|
|
|
301
|
|
|
(41
|
)
|
|
260
|
|
|
(2,343
|
)
|
|||||||
March 31, 2017
|
13,950
|
|
|
$
|
3,376,037
|
|
|
$
|
3,557,927
|
|
|
$
|
1,719,236
|
|
|
$
|
8,653,200
|
|
|
$
|
(1,950
|
)
|
|
$
|
8,651,250
|
|
|
$
|
87,935
|
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(dollars in thousands)
|
||||||
OPERATING ACTIVITIES
|
|
|
|
||||
Net income
|
$
|
71,040
|
|
|
$
|
163,646
|
|
Adjustments to reconcile net income to net cash provided (used) by operating activities
|
(59,094
|
)
|
|
(268,215
|
)
|
||
Net Cash Provided (Used) By Operating Activities
|
11,946
|
|
|
(104,569
|
)
|
||
INVESTING ACTIVITIES
|
|
|
|
||||
Proceeds from sales of fixed maturities and equity securities
|
89,287
|
|
|
100,668
|
|
||
Proceeds from maturities, calls and prepayments of fixed maturities
|
401,875
|
|
|
216,455
|
|
||
Cost of fixed maturities and equity securities purchased
|
(592,707
|
)
|
|
(862,646
|
)
|
||
Net change in short-term investments
|
162,324
|
|
|
322,887
|
|
||
Proceeds from sales of equity method investments
|
2,407
|
|
|
5,480
|
|
||
Additions to property and equipment
|
(15,864
|
)
|
|
(14,900
|
)
|
||
Acquisitions, net of cash acquired
|
(3,810
|
)
|
|
(4,600
|
)
|
||
Other
|
(5,855
|
)
|
|
(193
|
)
|
||
Net Cash Provided (Used) By Investing Activities
|
37,657
|
|
|
(236,849
|
)
|
||
FINANCING ACTIVITIES
|
|
|
|
||||
Additions to senior long-term debt and other debt
|
19,302
|
|
|
16,323
|
|
||
Repayment of senior long-term debt and other debt
|
(9,917
|
)
|
|
(16,305
|
)
|
||
Repurchases of common stock
|
(23,512
|
)
|
|
(720
|
)
|
||
Issuance of common stock
|
359
|
|
|
3,033
|
|
||
Purchase of noncontrolling interests
|
(8,970
|
)
|
|
—
|
|
||
Distributions to noncontrolling interests
|
(2,341
|
)
|
|
(1,038
|
)
|
||
Other
|
(1,463
|
)
|
|
(10,095
|
)
|
||
Net Cash Used By Financing Activities
|
(26,542
|
)
|
|
(8,802
|
)
|
||
Effect of foreign currency rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents
|
6,466
|
|
|
18,711
|
|
||
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents
|
29,527
|
|
|
(331,509
|
)
|
||
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period
|
2,085,164
|
|
|
3,070,141
|
|
||
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS AT END OF PERIOD
|
$
|
2,114,691
|
|
|
$
|
2,738,632
|
|
|
March 31, 2017
|
||||||||||||||||||
(dollars in thousands)
|
Amortized
Cost
|
|
Gross
Unrealized
Holding
Gains
|
|
Gross
Unrealized
Holding
Losses
|
|
Unrealized
Other-Than-
Temporary
Impairment
Losses
|
|
Estimated
Fair
Value
|
||||||||||
Fixed maturity securities:
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Treasury
|
$
|
242,552
|
|
|
$
|
90
|
|
|
$
|
(867
|
)
|
|
$
|
—
|
|
|
$
|
241,775
|
|
U.S. government-sponsored enterprises
|
395,726
|
|
|
9,477
|
|
|
(3,203
|
)
|
|
—
|
|
|
402,000
|
|
|||||
Obligations of states, municipalities and political subdivisions
|
4,496,459
|
|
|
159,684
|
|
|
(40,078
|
)
|
|
—
|
|
|
4,616,065
|
|
|||||
Foreign governments
|
1,264,563
|
|
|
145,540
|
|
|
(2,046
|
)
|
|
—
|
|
|
1,408,057
|
|
|||||
Commercial mortgage-backed
|
1,145,469
|
|
|
3,803
|
|
|
(19,624
|
)
|
|
—
|
|
|
1,129,648
|
|
|||||
Residential mortgage-backed
|
797,442
|
|
|
16,602
|
|
|
(4,618
|
)
|
|
—
|
|
|
809,426
|
|
|||||
Asset-backed
|
26,731
|
|
|
1
|
|
|
(101
|
)
|
|
—
|
|
|
26,631
|
|
|||||
Corporate
|
1,333,154
|
|
|
47,713
|
|
|
(7,950
|
)
|
|
—
|
|
|
1,372,917
|
|
|||||
Total fixed maturity securities
|
9,702,096
|
|
|
382,910
|
|
|
(78,487
|
)
|
|
—
|
|
|
10,006,519
|
|
|||||
Equity securities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Insurance, banks and other financial institutions
|
848,977
|
|
|
906,464
|
|
|
(831
|
)
|
|
—
|
|
|
1,754,610
|
|
|||||
Industrial, consumer and all other
|
1,706,511
|
|
|
1,581,603
|
|
|
(3,791
|
)
|
|
—
|
|
|
3,284,323
|
|
|||||
Total equity securities
|
2,555,488
|
|
|
2,488,067
|
|
|
(4,622
|
)
|
|
—
|
|
|
5,038,933
|
|
|||||
Short-term investments
|
2,178,111
|
|
|
47
|
|
|
(123
|
)
|
|
—
|
|
|
2,178,035
|
|
|||||
Investments, available-for-sale
|
$
|
14,435,695
|
|
|
$
|
2,871,024
|
|
|
$
|
(83,232
|
)
|
|
$
|
—
|
|
|
$
|
17,223,487
|
|
|
December 31, 2016
|
||||||||||||||||||
(dollars in thousands)
|
Amortized
Cost
|
|
Gross
Unrealized
Holding
Gains
|
|
Gross
Unrealized
Holding
Losses
|
|
Unrealized
Other-Than-
Temporary
Impairment
Losses
|
|
Estimated
Fair
Value
|
||||||||||
Fixed maturity securities:
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Treasury
|
$
|
259,379
|
|
|
$
|
99
|
|
|
$
|
(894
|
)
|
|
$
|
—
|
|
|
$
|
258,584
|
|
U.S. government-sponsored enterprises
|
418,457
|
|
|
9,083
|
|
|
(4,328
|
)
|
|
—
|
|
|
423,212
|
|
|||||
Obligations of states, municipalities and political subdivisions
|
4,324,332
|
|
|
145,678
|
|
|
(41,805
|
)
|
|
—
|
|
|
4,428,205
|
|
|||||
Foreign governments
|
1,306,324
|
|
|
159,291
|
|
|
(2,153
|
)
|
|
—
|
|
|
1,463,462
|
|
|||||
Commercial mortgage-backed
|
1,055,947
|
|
|
3,953
|
|
|
(19,544
|
)
|
|
—
|
|
|
1,040,356
|
|
|||||
Residential mortgage-backed
|
779,503
|
|
|
18,749
|
|
|
(5,048
|
)
|
|
(2,258
|
)
|
|
790,946
|
|
|||||
Asset-backed
|
27,494
|
|
|
2
|
|
|
(158
|
)
|
|
—
|
|
|
27,338
|
|
|||||
Corporate
|
1,420,298
|
|
|
49,146
|
|
|
(9,364
|
)
|
|
(673
|
)
|
|
1,459,407
|
|
|||||
Total fixed maturity securities
|
9,591,734
|
|
|
386,001
|
|
|
(83,294
|
)
|
|
(2,931
|
)
|
|
9,891,510
|
|
|||||
Equity securities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Insurance, banks and other financial institutions
|
846,343
|
|
|
857,063
|
|
|
(5,596
|
)
|
|
—
|
|
|
1,697,810
|
|
|||||
Industrial, consumer and all other
|
1,635,105
|
|
|
1,421,080
|
|
|
(8,154
|
)
|
|
—
|
|
|
3,048,031
|
|
|||||
Total equity securities
|
2,481,448
|
|
|
2,278,143
|
|
|
(13,750
|
)
|
|
—
|
|
|
4,745,841
|
|
|||||
Short-term investments
|
2,336,100
|
|
|
57
|
|
|
(6
|
)
|
|
—
|
|
|
2,336,151
|
|
|||||
Investments, available-for-sale
|
$
|
14,409,282
|
|
|
$
|
2,664,201
|
|
|
$
|
(97,050
|
)
|
|
$
|
(2,931
|
)
|
|
$
|
16,973,502
|
|
|
March 31, 2017
|
||||||||||||||||||||||
|
Less than 12 months
|
|
12 months or longer
|
|
Total
|
||||||||||||||||||
(dollars in thousands)
|
Estimated
Fair
Value
|
|
Gross
Unrealized
Holding and
Other-Than-
Temporary
Impairment
Losses
|
|
Estimated
Fair
Value
|
|
Gross
Unrealized
Holding and
Other-Than-
Temporary
Impairment
Losses
|
|
Estimated
Fair
Value
|
|
Gross
Unrealized
Holding and
Other-Than-
Temporary
Impairment
Losses
|
||||||||||||
Fixed maturity securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Treasury
|
$
|
225,832
|
|
|
$
|
(867
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
225,832
|
|
|
$
|
(867
|
)
|
U.S. government-sponsored enterprises
|
213,631
|
|
|
(3,200
|
)
|
|
7,538
|
|
|
(3
|
)
|
|
221,169
|
|
|
(3,203
|
)
|
||||||
Obligations of states, municipalities and political subdivisions
|
1,034,288
|
|
|
(36,072
|
)
|
|
31,808
|
|
|
(4,006
|
)
|
|
1,066,096
|
|
|
(40,078
|
)
|
||||||
Foreign governments
|
111,137
|
|
|
(2,043
|
)
|
|
5,002
|
|
|
(3
|
)
|
|
116,139
|
|
|
(2,046
|
)
|
||||||
Commercial mortgage-backed
|
769,805
|
|
|
(19,302
|
)
|
|
24,327
|
|
|
(322
|
)
|
|
794,132
|
|
|
(19,624
|
)
|
||||||
Residential mortgage-backed
|
181,127
|
|
|
(2,497
|
)
|
|
77,314
|
|
|
(2,121
|
)
|
|
258,441
|
|
|
(4,618
|
)
|
||||||
Asset-backed
|
21,163
|
|
|
(62
|
)
|
|
5,402
|
|
|
(39
|
)
|
|
26,565
|
|
|
(101
|
)
|
||||||
Corporate
|
459,805
|
|
|
(6,752
|
)
|
|
86,784
|
|
|
(1,198
|
)
|
|
546,589
|
|
|
(7,950
|
)
|
||||||
Total fixed maturity securities
|
3,016,788
|
|
|
(70,795
|
)
|
|
238,175
|
|
|
(7,692
|
)
|
|
3,254,963
|
|
|
(78,487
|
)
|
||||||
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Insurance, banks and other financial institutions
|
8,670
|
|
|
(110
|
)
|
|
13,367
|
|
|
(721
|
)
|
|
22,037
|
|
|
(831
|
)
|
||||||
Industrial, consumer and all other
|
20,997
|
|
|
(1,583
|
)
|
|
6,598
|
|
|
(2,208
|
)
|
|
27,595
|
|
|
(3,791
|
)
|
||||||
Total equity securities
|
29,667
|
|
|
(1,693
|
)
|
|
19,965
|
|
|
(2,929
|
)
|
|
49,632
|
|
|
(4,622
|
)
|
||||||
Short-term investments
|
1,041,378
|
|
|
(123
|
)
|
|
—
|
|
|
—
|
|
|
1,041,378
|
|
|
(123
|
)
|
||||||
Total
|
$
|
4,087,833
|
|
|
$
|
(72,611
|
)
|
|
$
|
258,140
|
|
|
$
|
(10,621
|
)
|
|
$
|
4,345,973
|
|
|
$
|
(83,232
|
)
|
|
December 31, 2016
|
||||||||||||||||||||||
|
Less than 12 months
|
|
12 months or longer
|
|
Total
|
||||||||||||||||||
(dollars in thousands)
|
Estimated
Fair
Value
|
|
Gross
Unrealized
Holding and
Other-Than-
Temporary
Impairment
Losses
|
|
Estimated
Fair
Value
|
|
Gross
Unrealized
Holding and
Other-Than-
Temporary
Impairment
Losses
|
|
Estimated
Fair
Value
|
|
Gross
Unrealized
Holding and
Other-Than-
Temporary
Impairment
Losses
|
||||||||||||
Fixed maturity securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Treasury
|
$
|
122,950
|
|
|
$
|
(894
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
122,950
|
|
|
$
|
(894
|
)
|
U.S. government-sponsored enterprises
|
220,333
|
|
|
(4,324
|
)
|
|
7,618
|
|
|
(4
|
)
|
|
227,951
|
|
|
(4,328
|
)
|
||||||
Obligations of states, municipalities and political subdivisions
|
1,004,947
|
|
|
(37,685
|
)
|
|
31,723
|
|
|
(4,120
|
)
|
|
1,036,670
|
|
|
(41,805
|
)
|
||||||
Foreign governments
|
68,887
|
|
|
(2,145
|
)
|
|
5,005
|
|
|
(8
|
)
|
|
73,892
|
|
|
(2,153
|
)
|
||||||
Commercial mortgage-backed
|
749,889
|
|
|
(19,091
|
)
|
|
29,988
|
|
|
(453
|
)
|
|
779,877
|
|
|
(19,544
|
)
|
||||||
Residential mortgage-backed
|
181,557
|
|
|
(4,987
|
)
|
|
79,936
|
|
|
(2,319
|
)
|
|
261,493
|
|
|
(7,306
|
)
|
||||||
Asset-backed
|
14,501
|
|
|
(106
|
)
|
|
5,869
|
|
|
(52
|
)
|
|
20,370
|
|
|
(158
|
)
|
||||||
Corporate
|
494,573
|
|
|
(8,357
|
)
|
|
93,790
|
|
|
(1,680
|
)
|
|
588,363
|
|
|
(10,037
|
)
|
||||||
Total fixed maturity securities
|
2,857,637
|
|
|
(77,589
|
)
|
|
253,929
|
|
|
(8,636
|
)
|
|
3,111,566
|
|
|
(86,225
|
)
|
||||||
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Insurance, banks and other financial institutions
|
8,808
|
|
|
(410
|
)
|
|
37,973
|
|
|
(5,186
|
)
|
|
46,781
|
|
|
(5,596
|
)
|
||||||
Industrial, consumer and all other
|
98,406
|
|
|
(4,772
|
)
|
|
29,650
|
|
|
(3,382
|
)
|
|
128,056
|
|
|
(8,154
|
)
|
||||||
Total equity securities
|
107,214
|
|
|
(5,182
|
)
|
|
67,623
|
|
|
(8,568
|
)
|
|
174,837
|
|
|
(13,750
|
)
|
||||||
Short-term investments
|
504,211
|
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
504,211
|
|
|
(6
|
)
|
||||||
Total
|
$
|
3,469,062
|
|
|
$
|
(82,777
|
)
|
|
$
|
321,552
|
|
|
$
|
(17,204
|
)
|
|
$
|
3,790,614
|
|
|
$
|
(99,981
|
)
|
(dollars in thousands)
|
Amortized
Cost
|
|
Estimated
Fair Value
|
||||
Due in one year or less
|
$
|
589,338
|
|
|
$
|
591,779
|
|
Due after one year through five years
|
1,151,016
|
|
|
1,191,368
|
|
||
Due after five years through ten years
|
1,589,079
|
|
|
1,667,691
|
|
||
Due after ten years
|
4,403,021
|
|
|
4,589,976
|
|
||
|
7,732,454
|
|
|
8,040,814
|
|
||
Commercial mortgage-backed
|
1,145,469
|
|
|
1,129,648
|
|
||
Residential mortgage-backed
|
797,442
|
|
|
809,426
|
|
||
Asset-backed
|
26,731
|
|
|
26,631
|
|
||
Total fixed maturity securities
|
$
|
9,702,096
|
|
|
$
|
10,006,519
|
|
|
Three Months Ended March 31,
|
||||||
(dollars in thousands)
|
2017
|
|
2016
|
||||
Interest:
|
|
|
|
||||
Municipal bonds (tax-exempt)
|
$
|
22,372
|
|
|
$
|
21,922
|
|
Municipal bonds (taxable)
|
17,505
|
|
|
15,888
|
|
||
Other taxable bonds
|
34,888
|
|
|
35,319
|
|
||
Short-term investments, including overnight deposits
|
4,949
|
|
|
2,291
|
|
||
Dividends on equity securities
|
20,606
|
|
|
17,652
|
|
||
Income (loss) from equity method investments
|
4,593
|
|
|
(253
|
)
|
||
Other
|
(229
|
)
|
|
2,484
|
|
||
|
104,684
|
|
|
95,303
|
|
||
Investment expenses
|
(4,316
|
)
|
|
(4,009
|
)
|
||
Net investment income
|
$
|
100,368
|
|
|
$
|
91,294
|
|
|
Three Months Ended March 31,
|
||||||
(dollars in thousands)
|
2017
|
|
2016
|
||||
Realized gains:
|
|
|
|
||||
Sales of fixed maturity securities
|
$
|
244
|
|
|
$
|
268
|
|
Sales of equity securities
|
15,239
|
|
|
27,728
|
|
||
Other
|
570
|
|
|
438
|
|
||
Total realized gains
|
16,053
|
|
|
28,434
|
|
||
Realized losses:
|
|
|
|
||||
Sales of fixed maturity securities
|
(231
|
)
|
|
(413
|
)
|
||
Sales of equity securities
|
(431
|
)
|
|
(718
|
)
|
||
Other-than-temporary impairments
|
(3,213
|
)
|
|
(8,405
|
)
|
||
Other
|
(208
|
)
|
|
(2,296
|
)
|
||
Total realized losses
|
(4,083
|
)
|
|
(11,832
|
)
|
||
Gains on securities measured at fair value through net income
|
8,895
|
|
|
4,577
|
|
||
Net realized investment gains
|
$
|
20,865
|
|
|
$
|
21,179
|
|
Change in net unrealized gains on investments included in other comprehensive income:
|
|
|
|
||||
Fixed maturity securities
|
$
|
4,647
|
|
|
$
|
239,956
|
|
Equity securities
|
219,052
|
|
|
96,958
|
|
||
Short-term investments
|
(127
|
)
|
|
(67
|
)
|
||
Net increase
|
$
|
223,572
|
|
|
$
|
336,847
|
|
|
March 31, 2017
|
||||||||||||||
(dollars in thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Investments available-for-sale:
|
|
|
|
|
|
|
|
||||||||
Fixed maturity securities:
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
$
|
—
|
|
|
$
|
241,775
|
|
|
$
|
—
|
|
|
$
|
241,775
|
|
U.S. government-sponsored enterprises
|
—
|
|
|
402,000
|
|
|
—
|
|
|
402,000
|
|
||||
Obligations of states, municipalities and political subdivisions
|
—
|
|
|
4,616,065
|
|
|
—
|
|
|
4,616,065
|
|
||||
Foreign governments
|
—
|
|
|
1,408,057
|
|
|
—
|
|
|
1,408,057
|
|
||||
Commercial mortgage-backed
|
—
|
|
|
1,129,648
|
|
|
—
|
|
|
1,129,648
|
|
||||
Residential mortgage-backed
|
—
|
|
|
809,426
|
|
|
—
|
|
|
809,426
|
|
||||
Asset-backed
|
—
|
|
|
26,631
|
|
|
—
|
|
|
26,631
|
|
||||
Corporate
|
—
|
|
|
1,372,917
|
|
|
—
|
|
|
1,372,917
|
|
||||
Total fixed maturity securities
|
—
|
|
|
10,006,519
|
|
|
—
|
|
|
10,006,519
|
|
||||
Equity securities:
|
|
|
|
|
|
|
|
||||||||
Insurance, banks and other financial institutions
|
1,576,567
|
|
|
—
|
|
|
178,043
|
|
|
1,754,610
|
|
||||
Industrial, consumer and all other
|
3,284,323
|
|
|
—
|
|
|
—
|
|
|
3,284,323
|
|
||||
Total equity securities
|
4,860,890
|
|
|
—
|
|
|
178,043
|
|
|
5,038,933
|
|
||||
Short-term investments
|
2,094,369
|
|
|
83,666
|
|
|
—
|
|
|
2,178,035
|
|
||||
Total investments available-for-sale
|
$
|
6,955,259
|
|
|
$
|
10,090,185
|
|
|
$
|
178,043
|
|
|
$
|
17,223,487
|
|
|
December 31, 2016
|
||||||||||||||
(dollars in thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Investments available-for-sale:
|
|
|
|
|
|
|
|
||||||||
Fixed maturity securities:
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
$
|
—
|
|
|
$
|
258,584
|
|
|
$
|
—
|
|
|
$
|
258,584
|
|
U.S. government-sponsored enterprises
|
—
|
|
|
423,212
|
|
|
—
|
|
|
423,212
|
|
||||
Obligations of states, municipalities and political subdivisions
|
—
|
|
|
4,428,205
|
|
|
—
|
|
|
4,428,205
|
|
||||
Foreign governments
|
—
|
|
|
1,463,462
|
|
|
—
|
|
|
1,463,462
|
|
||||
Commercial mortgage-backed
|
—
|
|
|
1,040,356
|
|
|
—
|
|
|
1,040,356
|
|
||||
Residential mortgage-backed
|
—
|
|
|
790,946
|
|
|
—
|
|
|
790,946
|
|
||||
Asset-backed
|
—
|
|
|
27,338
|
|
|
—
|
|
|
27,338
|
|
||||
Corporate
|
—
|
|
|
1,459,407
|
|
|
—
|
|
|
1,459,407
|
|
||||
Total fixed maturity securities
|
—
|
|
|
9,891,510
|
|
|
—
|
|
|
9,891,510
|
|
||||
Equity securities:
|
|
|
|
|
|
|
|
||||||||
Insurance, banks and other financial institutions
|
1,506,607
|
|
|
—
|
|
|
191,203
|
|
|
1,697,810
|
|
||||
Industrial, consumer and all other
|
3,048,031
|
|
|
—
|
|
|
—
|
|
|
3,048,031
|
|
||||
Total equity securities
|
4,554,638
|
|
|
—
|
|
|
191,203
|
|
|
4,745,841
|
|
||||
Short-term investments
|
2,255,898
|
|
|
80,253
|
|
|
—
|
|
|
2,336,151
|
|
||||
Total investments available-for-sale
|
$
|
6,810,536
|
|
|
$
|
9,971,763
|
|
|
$
|
191,203
|
|
|
$
|
16,973,502
|
|
|
Three Months Ended March 31,
|
||||||
(dollars in thousands)
|
2017
|
|
2016
|
||||
Equity securities, beginning of period
|
$
|
191,203
|
|
|
$
|
—
|
|
Purchases
|
6,000
|
|
|
170,250
|
|
||
Sales
|
(25,371
|
)
|
|
—
|
|
||
Total gains included in:
|
|
|
|
||||
Net income
|
6,211
|
|
|
6,692
|
|
||
Other comprehensive income
|
—
|
|
|
—
|
|
||
Transfers into Level 3
|
—
|
|
|
—
|
|
||
Transfers out of Level 3
|
—
|
|
|
—
|
|
||
Equity securities, end of period
|
$
|
178,043
|
|
|
$
|
176,942
|
|
Net unrealized gains included in net income relating to assets held at March 31, 2017 and 2016
(1)
|
$
|
6,211
|
|
|
$
|
6,692
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2017
|
||||||||||||||||||||||
(dollars in thousands)
|
U.S.
Insurance
|
|
International
Insurance
|
|
Reinsurance
|
|
Other
Insurance
(Discontinued
Lines)
|
|
Investing
|
|
Consolidated
|
||||||||||||
Gross premium volume
|
$
|
639,829
|
|
|
$
|
273,168
|
|
|
$
|
547,737
|
|
|
$
|
17
|
|
|
$
|
—
|
|
|
$
|
1,460,751
|
|
Net written premiums
|
545,105
|
|
|
225,412
|
|
|
489,596
|
|
|
116
|
|
|
—
|
|
|
1,260,229
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Earned premiums
|
549,336
|
|
|
207,513
|
|
|
225,637
|
|
|
116
|
|
|
—
|
|
|
982,602
|
|
||||||
Losses and loss adjustment expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current accident year
|
(346,306
|
)
|
|
(146,430
|
)
|
|
(145,610
|
)
|
|
—
|
|
|
—
|
|
|
(638,346
|
)
|
||||||
Prior accident years
|
42,620
|
|
|
50,266
|
|
|
(71,563
|
)
|
|
5,304
|
|
|
—
|
|
|
26,627
|
|
||||||
Amortization of policy acquisition costs
|
(112,966
|
)
|
|
(34,723
|
)
|
|
(56,859
|
)
|
|
—
|
|
|
—
|
|
|
(204,548
|
)
|
||||||
Other operating expenses
|
(93,375
|
)
|
|
(52,275
|
)
|
|
(22,869
|
)
|
|
(164
|
)
|
|
—
|
|
|
(168,683
|
)
|
||||||
Underwriting profit (loss)
|
39,309
|
|
|
24,351
|
|
|
(71,264
|
)
|
|
5,256
|
|
|
—
|
|
|
(2,348
|
)
|
||||||
Net investment income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100,368
|
|
|
100,368
|
|
||||||
Net realized investment gains
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20,865
|
|
|
20,865
|
|
||||||
Other revenues (insurance)
|
663
|
|
|
3,995
|
|
|
416
|
|
|
436
|
|
|
—
|
|
|
5,510
|
|
||||||
Other expenses (insurance)
|
(758
|
)
|
|
(2,346
|
)
|
|
—
|
|
|
(7,064
|
)
|
|
—
|
|
|
(10,168
|
)
|
||||||
Segment profit (loss)
|
$
|
39,214
|
|
|
$
|
26,000
|
|
|
$
|
(70,848
|
)
|
|
$
|
(1,372
|
)
|
|
$
|
121,233
|
|
|
$
|
114,227
|
|
Other revenues (non-insurance)
|
|
|
|
|
|
|
|
|
|
|
302,406
|
|
|||||||||||
Other expenses (non-insurance)
|
|
|
|
|
|
|
|
|
|
|
(272,417
|
)
|
|||||||||||
Amortization of intangible assets
|
|
|
|
|
|
|
|
|
|
|
(16,770
|
)
|
|||||||||||
Interest expense
|
|
|
|
|
|
|
|
|
|
|
(33,402
|
)
|
|||||||||||
Income before income taxes
|
|
|
|
|
|
|
|
|
|
|
$
|
94,044
|
|
||||||||||
U.S. GAAP combined ratio
(1)
|
93
|
%
|
|
88
|
%
|
|
132
|
%
|
|
NM
|
|
(2)
|
|
|
100
|
%
|
|
Three Months Ended March 31, 2016
|
||||||||||||||||||||||
(dollars in thousands)
|
U.S.
Insurance
|
|
International
Insurance
|
|
Reinsurance
|
|
Other
Insurance
(Discontinued
Lines)
|
|
Investing
|
|
Consolidated
|
||||||||||||
Gross premium volume
|
$
|
647,790
|
|
|
$
|
291,404
|
|
|
$
|
453,486
|
|
|
$
|
(17
|
)
|
|
$
|
—
|
|
|
$
|
1,392,663
|
|
Net written premiums
|
552,745
|
|
|
226,399
|
|
|
402,726
|
|
|
90
|
|
|
—
|
|
|
1,181,960
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Earned premiums
|
532,468
|
|
|
215,345
|
|
|
209,619
|
|
|
254
|
|
|
—
|
|
|
957,686
|
|
||||||
Losses and loss adjustment expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current accident year
|
(316,333
|
)
|
|
(145,476
|
)
|
|
(130,476
|
)
|
|
—
|
|
|
—
|
|
|
(592,285
|
)
|
||||||
Prior accident years
|
38,654
|
|
|
29,652
|
|
|
36,361
|
|
|
13,654
|
|
|
—
|
|
|
118,321
|
|
||||||
Amortization of policy acquisition costs
|
(108,004
|
)
|
|
(34,272
|
)
|
|
(47,693
|
)
|
|
—
|
|
|
—
|
|
|
(189,969
|
)
|
||||||
Other operating expenses
|
(89,459
|
)
|
|
(54,334
|
)
|
|
(30,812
|
)
|
|
(114
|
)
|
|
—
|
|
|
(174,719
|
)
|
||||||
Underwriting profit
|
57,326
|
|
|
10,915
|
|
|
36,999
|
|
|
13,794
|
|
|
—
|
|
|
119,034
|
|
||||||
Net investment income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
91,294
|
|
|
91,294
|
|
||||||
Net realized investment gains
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,179
|
|
|
21,179
|
|
||||||
Other revenues (insurance)
|
1,419
|
|
|
4,121
|
|
|
—
|
|
|
495
|
|
|
—
|
|
|
6,035
|
|
||||||
Other expenses (insurance)
|
(724
|
)
|
|
(1,554
|
)
|
|
—
|
|
|
(8,001
|
)
|
|
—
|
|
|
(10,279
|
)
|
||||||
Segment profit
|
$
|
58,021
|
|
|
$
|
13,482
|
|
|
$
|
36,999
|
|
|
$
|
6,288
|
|
|
$
|
112,473
|
|
|
$
|
227,263
|
|
Other revenues (non-insurance)
|
|
|
|
|
|
|
|
|
|
|
299,988
|
|
|||||||||||
Other expenses (non-insurance)
|
|
|
|
|
|
|
|
|
|
|
(264,814
|
)
|
|||||||||||
Amortization of intangible assets
|
|
|
|
|
|
|
|
|
|
|
(17,260
|
)
|
|||||||||||
Interest expense
|
|
|
|
|
|
|
|
|
|
|
(30,841
|
)
|
|||||||||||
Income before income taxes
|
|
|
|
|
|
|
|
|
|
|
$
|
214,336
|
|
||||||||||
U.S. GAAP combined ratio
(1)
|
89
|
%
|
|
95
|
%
|
|
82
|
%
|
|
NM
|
|
(2)
|
|
|
88
|
%
|
(1)
|
The U.S. GAAP combined ratio is a measure of underwriting performance and represents the relationship of incurred losses, loss adjustment expenses and underwriting, acquisition and insurance expenses to earned premiums.
|
(2)
|
NM – Ratio is not meaningful.
|
b)
|
The following table reconciles segment assets to the Company's consolidated balance sheets.
|
(dollars in thousands)
|
March 31, 2017
|
|
December 31, 2016
|
||||
Segment assets:
|
|
|
|
||||
Investing
|
$
|
19,299,203
|
|
|
$
|
19,029,584
|
|
Underwriting
|
5,641,242
|
|
|
5,397,696
|
|
||
Total segment assets
|
24,940,445
|
|
|
24,427,280
|
|
||
Non-insurance operations
|
1,460,234
|
|
|
1,448,019
|
|
||
Total assets
|
$
|
26,400,679
|
|
|
$
|
25,875,299
|
|
|
Three Months Ended March 31,
|
||||||
(dollars in thousands)
|
2017
|
|
2016
|
||||
Net reserves for losses and loss adjustment expenses, beginning of year
|
$
|
8,108,717
|
|
|
$
|
8,235,288
|
|
Foreign currency movements
|
10,364
|
|
|
19,814
|
|
||
Adjusted net reserves for losses and loss adjustment expenses, beginning of year
|
8,119,081
|
|
|
8,255,102
|
|
||
Incurred losses and loss adjustment expenses:
|
|
|
|
||||
Current year
|
638,346
|
|
|
592,285
|
|
||
Prior years
|
(22,739
|
)
|
|
(106,595
|
)
|
||
Total incurred losses and loss adjustment expenses
|
615,607
|
|
|
485,690
|
|
||
Payments:
|
|
|
|
||||
Current year
|
57,514
|
|
|
36,990
|
|
||
Prior years
|
486,163
|
|
|
493,554
|
|
||
Total payments
|
543,677
|
|
|
530,544
|
|
||
Effect of foreign currency rate changes
|
(611
|
)
|
|
957
|
|
||
Net reserves for losses and loss adjustment expenses, end of period
|
8,190,400
|
|
|
8,211,205
|
|
||
Reinsurance recoverable on unpaid losses
|
1,949,278
|
|
|
2,046,301
|
|
||
Gross reserves for losses and loss adjustment expenses, end of period
|
$
|
10,139,678
|
|
|
$
|
10,257,506
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
||||||||||||||
|
2017
|
|
2016
|
||||||||||||
(dollars in thousands)
|
Other
Revenues
|
|
Other
Expenses
|
|
Other
Revenues
|
|
Other
Expenses
|
||||||||
Insurance:
|
|
|
|
|
|
|
|
||||||||
Managing general agent operations
|
$
|
4,658
|
|
|
$
|
1,853
|
|
|
$
|
5,540
|
|
|
$
|
2,278
|
|
Life and annuity
|
436
|
|
|
7,064
|
|
|
495
|
|
|
8,001
|
|
||||
Other
|
416
|
|
|
1,251
|
|
|
—
|
|
|
—
|
|
||||
|
5,510
|
|
|
10,168
|
|
|
6,035
|
|
|
10,279
|
|
||||
Non-Insurance:
|
|
|
|
|
|
|
|
||||||||
Markel Ventures: Manufacturing
|
177,135
|
|
|
153,653
|
|
|
192,691
|
|
|
160,366
|
|
||||
Markel Ventures: Non-Manufacturing
|
109,800
|
|
|
97,611
|
|
|
93,828
|
|
|
88,433
|
|
||||
Investment management
|
9,359
|
|
|
14,935
|
|
|
7,173
|
|
|
9,930
|
|
||||
Other
|
6,112
|
|
|
6,218
|
|
|
6,296
|
|
|
6,085
|
|
||||
|
302,406
|
|
|
272,417
|
|
|
299,988
|
|
|
264,814
|
|
||||
Total
|
$
|
307,916
|
|
|
$
|
282,585
|
|
|
$
|
306,023
|
|
|
$
|
275,093
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
||||||||||||||
|
2017
|
|
2016
|
||||||||||||
(dollars in thousands)
|
Written
|
|
Earned
|
|
Written
|
|
Earned
|
||||||||
Direct
|
$
|
849,484
|
|
|
$
|
862,986
|
|
|
$
|
879,088
|
|
|
$
|
867,444
|
|
Assumed
|
611,267
|
|
|
307,569
|
|
|
513,575
|
|
|
290,063
|
|
||||
Ceded
|
(200,522
|
)
|
|
(187,953
|
)
|
|
(210,703
|
)
|
|
(199,821
|
)
|
||||
Net premiums
|
$
|
1,260,229
|
|
|
$
|
982,602
|
|
|
$
|
1,181,960
|
|
|
$
|
957,686
|
|
|
Three Months Ended March 31,
|
||||||
(in thousands, except per share amounts)
|
2017
|
|
2016
|
||||
Net income to shareholders
|
$
|
69,869
|
|
|
$
|
160,370
|
|
Adjustment of redeemable noncontrolling interests
|
(15,143
|
)
|
|
(3,452
|
)
|
||
Adjusted net income to shareholders
|
$
|
54,726
|
|
|
$
|
156,918
|
|
|
|
|
|
||||
Basic common shares outstanding
|
13,998
|
|
|
13,994
|
|
||
Dilutive potential common shares from conversion of options
|
2
|
|
|
5
|
|
||
Dilutive potential common shares from conversion of restricted stock
|
46
|
|
|
75
|
|
||
Diluted shares outstanding
|
14,046
|
|
|
14,074
|
|
||
Basic net income per share
|
$
|
3.91
|
|
|
$
|
11.21
|
|
Diluted net income per share
|
$
|
3.90
|
|
|
$
|
11.15
|
|
(dollars in thousands)
|
Unrealized Holding Gains on Available-for-Sale Securities
|
|
Foreign Currency
|
|
Net Actuarial Pension Loss
|
|
Total
|
||||||||
December 31, 2015
|
$
|
1,472,762
|
|
|
$
|
(72,696
|
)
|
|
$
|
(45,558
|
)
|
|
$
|
1,354,508
|
|
Other comprehensive income before reclassifications
|
238,823
|
|
|
10,321
|
|
|
—
|
|
|
249,144
|
|
||||
Amounts reclassified from accumulated other comprehensive income
|
(12,983
|
)
|
|
—
|
|
|
463
|
|
|
(12,520
|
)
|
||||
Total other comprehensive income
|
225,840
|
|
|
10,321
|
|
|
463
|
|
|
236,624
|
|
||||
March 31, 2016
|
$
|
1,698,602
|
|
|
$
|
(62,375
|
)
|
|
$
|
(45,095
|
)
|
|
$
|
1,591,132
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2016
|
$
|
1,714,930
|
|
|
$
|
(84,406
|
)
|
|
$
|
(64,658
|
)
|
|
$
|
1,565,866
|
|
Other comprehensive income before reclassifications
|
160,280
|
|
|
1,543
|
|
|
—
|
|
|
161,823
|
|
||||
Amounts reclassified from accumulated other comprehensive income
|
(9,169
|
)
|
|
—
|
|
|
716
|
|
|
(8,453
|
)
|
||||
Total other comprehensive income
|
151,111
|
|
|
1,543
|
|
|
716
|
|
|
153,370
|
|
||||
March 31, 2017
|
$
|
1,866,041
|
|
|
$
|
(82,863
|
)
|
|
$
|
(63,942
|
)
|
|
$
|
1,719,236
|
|
|
Three Months Ended March 31,
|
||||||
(dollars in thousands)
|
2017
|
|
2016
|
||||
Change in net unrealized gains on investments:
|
|
|
|
||||
Net holding gains arising during the period
|
$
|
74,993
|
|
|
$
|
116,499
|
|
Change in unrealized other-than-temporary impairment losses on fixed maturities arising during the period
|
—
|
|
|
(15
|
)
|
||
Reclassification adjustments for net gains included in net income
|
(2,532
|
)
|
|
(5,477
|
)
|
||
Change in net unrealized gains on investments
|
72,461
|
|
|
111,007
|
|
||
Change in foreign currency translation adjustments
|
(37
|
)
|
|
(77
|
)
|
||
Change in net actuarial pension loss
|
179
|
|
|
102
|
|
||
Total
|
$
|
72,603
|
|
|
$
|
111,032
|
|
|
Three Months Ended March 31,
|
||||||
(dollars in thousands)
|
2017
|
|
2016
|
||||
Unrealized holding gains on available-for-sale securities:
|
|
|
|
||||
Other-than-temporary impairment losses
|
$
|
(3,213
|
)
|
|
$
|
(8,405
|
)
|
Net realized investment gains, excluding other-than-temporary impairment losses
|
14,914
|
|
|
26,865
|
|
||
Total before taxes
|
11,701
|
|
|
18,460
|
|
||
Income taxes
|
(2,532
|
)
|
|
(5,477
|
)
|
||
Reclassification of unrealized holding gains, net of taxes
|
$
|
9,169
|
|
|
$
|
12,983
|
|
|
|
|
|
||||
Net actuarial pension loss:
|
|
|
|
||||
Underwriting, acquisition and insurance expenses
|
$
|
(895
|
)
|
|
$
|
(565
|
)
|
Income taxes
|
179
|
|
|
102
|
|
||
Reclassification of net actuarial pension loss, net of taxes
|
$
|
(716
|
)
|
|
$
|
(463
|
)
|
•
|
ASU No. 2014-09,
Revenue from Contracts with Customers (Topic 606)
|
•
|
ASU No. 2016-01,
Financial Instruments (Topic 825): Recognition and Measurement of Financial Assets and Financial Liabilities
|
•
|
ASU No. 2016-02,
Leases (Topic 842)
|
•
|
ASU No. 2016-13,
Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
|
|
Three Months Ended March 31,
|
||||||
(dollars in thousands)
|
2017
|
|
2016
|
||||
U.S. Insurance segment underwriting profit
|
$
|
39,309
|
|
|
$
|
57,326
|
|
International Insurance segment underwriting profit
|
24,351
|
|
|
10,915
|
|
||
Reinsurance segment underwriting profit (loss)
|
(71,264
|
)
|
|
36,999
|
|
||
Other Insurance (Discontinued Lines) segment underwriting profit
|
5,256
|
|
|
13,794
|
|
||
Net investment income
|
100,368
|
|
|
91,294
|
|
||
Net realized investment gains
|
20,865
|
|
|
21,179
|
|
||
Other revenues
|
307,916
|
|
|
306,023
|
|
||
Other expenses
|
(282,585
|
)
|
|
(275,093
|
)
|
||
Amortization of intangible assets
|
(16,770
|
)
|
|
(17,260
|
)
|
||
Interest expense
|
(33,402
|
)
|
|
(30,841
|
)
|
||
Income tax expense
|
(23,004
|
)
|
|
(50,690
|
)
|
||
Net income attributable to noncontrolling interests
|
(1,171
|
)
|
|
(3,276
|
)
|
||
Net income to shareholders
|
$
|
69,869
|
|
|
$
|
160,370
|
|
|
Three Months Ended March 31,
|
|
||||||
(dollars in thousands)
|
2017
|
|
2016
|
|
||||
Gross premium volume
|
$
|
1,460,751
|
|
|
$
|
1,392,663
|
|
|
Net written premiums
|
1,260,229
|
|
|
1,181,960
|
|
|
||
Net retention
|
86
|
%
|
|
85
|
%
|
|
||
Earned premiums
|
982,602
|
|
|
957,686
|
|
|
||
Losses and loss adjustment expenses
|
611,719
|
|
|
473,964
|
|
|
||
Underwriting, acquisition and insurance expenses
|
373,231
|
|
|
364,688
|
|
|
||
Underwriting profit (loss)
|
(2,348
|
)
|
|
119,034
|
|
|
||
|
|
|
|
|
||||
U.S. GAAP Combined Ratios
|
|
|
|
|
||||
U.S. Insurance
|
93
|
%
|
|
89
|
%
|
|
||
International Insurance
|
88
|
%
|
|
95
|
%
|
|
||
Reinsurance
|
132
|
%
|
|
82
|
%
|
|
||
Other Insurance (Discontinued Lines)
|
NM
|
|
(1)
|
NM
|
|
(1)
|
||
Markel Corporation (Consolidated)
|
100
|
%
|
|
88
|
%
|
|
(1)
|
NM – Ratio is not meaningful.
|
•
|
The increase in the current accident year loss ratio for the quarter ended March 31, 2017 was driven primarily by higher attritional losses in 2017 compared to 2016 across most of our product lines.
|
•
|
The U.S. Insurance segment's combined ratio for the quarter ended March 31, 2017 included $42.6 million of favorable development on prior years' loss reserves compared to $38.7 million for the same period in 2016. In 2017, the favorable development on prior years' loss reserves was most significant on our general liability product lines, primarily on the 2013 through 2015 accident years, and our workers compensation product lines, primarily on the 2014 through 2016 accident years. The favorable development in 2016 was most significant on our general liability product lines.
|
•
|
The increase in the current accident year loss ratio for the quarter ended March 31, 2017 was driven by lower premiums in our property and marine and energy product lines, due to declining premium rates in recent periods, and higher attritional losses, primarily in our marine and energy product lines, in 2017 compared to 2016.
|
•
|
The International Insurance segment's combined ratio for the quarter ended March 31, 2017 included $50.3 million of favorable development on prior years' loss reserves compared to $29.7 million in 2016. The increase in reserve redundancies on prior years' loss reserves was driven by favorable development on our general liability product lines in the first quarter of 2017 compared to unfavorable development in the same period of 2016. For the quarter ended March 31, 2017, the favorable development on our general liability product line was primarily on the 2010 accident year related to a large loss that had adverse development in the first quarter of 2016. We also experienced favorable development on our marine and energy product lines, primarily on the 2013 through 2015 accident years. For the quarter ended March 31, 2016, the favorable development was most significant on our professional liability and marine and energy product lines.
|
•
|
The expense ratio for the International Insurance segment increased slightly, primarily due to expenses in 2017 related to changes in our branch office locations and changes in the mix of business, which was due in part to higher retentions on products with higher commission rates in 2017 compared to 2016. These increases were offset by lower profit sharing expenses in the first quarter of 2017 compared to 2016.
|
•
|
The increase in the current accident year loss ratio for the quarter ended March 31, 2017 was driven by a larger impact from unfavorable premium adjustments related to prior accident years in 2017 compared to 2016.
|
•
|
The Reinsurance segment's combined ratio for the quarter ended March 31, 2017 included $71.6 million of adverse development on prior years' loss reserves compared to $36.4 million of favorable development in 2016. The adverse development on prior years' loss reserves in 2017 is primarily due to the decrease in the Ogden Rate, as described above, which resulted in $85.0 million of adverse development, or 38 points on the Reinsurance segment combined ratio. Also contributing to the unfavorable variance to prior year was slightly adverse development on our professional liability and marine and energy product lines, compared to favorable development on these lines in 2016. For the quarter ended March 31, 2017, we experienced favorable development on prior years' loss reserves on our property product lines across several accident years. For the quarter ended March 31, 2016, the favorable development was most significant on our property, marine and energy and professional liability product lines.
|
•
|
The decrease in the expense ratio was primarily due to lower profit sharing expenses in 2017 compared to 2016, partially offset by higher commissions as a result of higher earned premiums on our quota share business in 2017 compared to 2016, which carries a higher commission rate than other business in the Reinsurance segment.
|
Gross Premium Volume
|
|
|
|
||||
|
Three Months Ended March 31,
|
||||||
(dollars in thousands)
|
2017
|
|
2016
|
||||
U.S. Insurance
|
$
|
639,829
|
|
|
$
|
647,790
|
|
International Insurance
|
273,168
|
|
|
291,404
|
|
||
Reinsurance
|
547,737
|
|
|
453,486
|
|
||
Other Insurance (Discontinued Lines)
|
17
|
|
|
(17
|
)
|
||
Total
|
$
|
1,460,751
|
|
|
$
|
1,392,663
|
|
Net Written Premiums
|
|
|
|
||||
|
Three Months Ended March 31,
|
||||||
(dollars in thousands)
|
2017
|
|
2016
|
||||
U.S. Insurance
|
$
|
545,105
|
|
|
$
|
552,745
|
|
International Insurance
|
225,412
|
|
|
226,399
|
|
||
Reinsurance
|
489,596
|
|
|
402,726
|
|
||
Other Insurance (Discontinued Lines)
|
116
|
|
|
90
|
|
||
Total
|
$
|
1,260,229
|
|
|
$
|
1,181,960
|
|
Earned Premiums
|
|
|
|
||||
|
Three Months Ended March 31,
|
||||||
(dollars in thousands)
|
2017
|
|
2016
|
||||
U.S. Insurance
|
$
|
549,336
|
|
|
$
|
532,468
|
|
International Insurance
|
207,513
|
|
|
215,345
|
|
||
Reinsurance
|
225,637
|
|
|
209,619
|
|
||
Other Insurance (Discontinued Lines)
|
116
|
|
|
254
|
|
||
Total
|
$
|
982,602
|
|
|
$
|
957,686
|
|
|
Three Months Ended March 31,
|
||||||
(dollars in thousands)
|
2017
|
|
2016
|
||||
Net investment income
|
$
|
100,368
|
|
|
$
|
91,294
|
|
Net realized investment gains
|
$
|
20,865
|
|
|
$
|
21,179
|
|
Change in net unrealized gains on investments
|
$
|
223,572
|
|
|
$
|
336,847
|
|
Investment yield
(1)
|
0.6
|
%
|
|
0.6
|
%
|
||
Taxable equivalent total investment return, before foreign currency effect
|
2.0
|
%
|
|
2.6
|
%
|
||
Taxable equivalent total investment return
|
2.1
|
%
|
|
3.1
|
%
|
(1)
|
Investment yield reflects net investment income as a percentage of monthly average invested assets at amortized cost.
|
|
Three Months Ended March 31,
|
||||
|
2017
|
|
2016
|
||
Investment yield
(1)
|
0.6
|
%
|
|
0.6
|
%
|
Adjustment of investment yield from amortized cost to fair value
|
(0.1
|
)%
|
|
(0.1
|
)%
|
Net amortization of net premium on fixed maturity securities
|
0.1
|
%
|
|
0.1
|
%
|
Net realized investment gains and change in net unrealized gains on investments
|
1.3
|
%
|
|
2.0
|
%
|
Taxable equivalent effect for interest and dividends
(2)
|
0.1
|
%
|
|
0.1
|
%
|
Other
(3)
|
0.1
|
%
|
|
0.4
|
%
|
Taxable equivalent total investment return
|
2.1
|
%
|
|
3.1
|
%
|
(1)
|
Investment yield reflects net investment income as a percentage of monthly average invested assets at amortized cost.
|
(2)
|
Adjustment to tax-exempt interest and dividend income to reflect a taxable equivalent basis.
|
(3)
|
Adjustment to reflect the impact of changes in foreign currency exchange rates and time-weighting the inputs to the calculation of taxable equivalent total investment return.
|
|
Three Months Ended March 31,
|
||||||
(dollars in thousands)
|
2017
|
|
2016
|
||||
Operating revenues
|
$
|
286,935
|
|
|
$
|
286,519
|
|
Net income to shareholders
|
$
|
13,999
|
|
|
$
|
14,073
|
|
EBITDA
|
$
|
41,692
|
|
|
$
|
41,144
|
|
|
Three Months Ended March 31,
|
||||||
(dollars in thousands)
|
2017
|
|
2016
|
||||
Net income to shareholders
|
$
|
69,869
|
|
|
$
|
160,370
|
|
Income before income taxes from other Markel operations
|
(69,015
|
)
|
|
(188,353
|
)
|
||
Income tax expense from other Markel operations
|
13,145
|
|
|
42,056
|
|
||
Markel Ventures net income to shareholders
|
13,999
|
|
|
14,073
|
|
||
Interest expense
(1)
|
3,478
|
|
|
3,652
|
|
||
Income tax expense
|
9,149
|
|
|
8,878
|
|
||
Depreciation expense
|
8,695
|
|
|
7,779
|
|
||
Amortization of intangible assets
|
6,371
|
|
|
6,762
|
|
||
Markel Ventures EBITDA - Total
|
$
|
41,692
|
|
|
$
|
41,144
|
|
|
|
|
|
||||
Markel Ventures EBITDA - Manufacturing
|
$
|
26,731
|
|
|
$
|
34,639
|
|
Markel Ventures EBITDA - Non-Manufacturing
|
14,961
|
|
|
6,505
|
|
||
Markel Ventures EBITDA - Total
|
$
|
41,692
|
|
|
$
|
41,144
|
|
(1)
|
Interest expense for the
three
months ended
March 31, 2017
and
2016
includes intercompany interest expense of
$2.0 million
and
$2.3 million
, respectively.
|
•
|
our anticipated premium volume is based on current knowledge and assumes no significant man-made or natural catastrophes, no significant changes in products or personnel and no adverse changes in market conditions;
|
•
|
the effect of cyclical trends, including demand and pricing in the insurance and reinsurance markets;
|
•
|
actions by competitors, including the application of new or "disruptive" technologies or business models and consolidation, and the effect of competition on market trends and pricing;
|
•
|
we offer insurance and reinsurance coverage against terrorist acts in connection with some of our programs, and in other instances we are legally required to offer terrorism insurance; in both circumstances, we actively manage our exposure, but if there is a covered terrorist attack, we could sustain material losses;
|
•
|
the frequency and severity of man-made and natural catastrophes (including earthquakes and weather-related catastrophes) may exceed expectations, are unpredictable and, in the case of weather-related catastrophes, may be exacerbated if, as many forecast, conditions in the oceans and atmosphere result in increased hurricane, flood, drought or other adverse weather-related activity;
|
•
|
emerging claim and coverage issues, changing legal and social trends, and inherent uncertainties in the loss estimation process can adversely impact the adequacy of our loss reserves and our allowance for reinsurance recoverables;
|
•
|
reinsurance reserves are subject to greater uncertainty than insurance reserves, primarily because of reliance upon the original underwriting decisions made by ceding companies and the longer lapse of time from the occurrence of loss events to their reporting to the reinsurer for ultimate resolution;
|
•
|
changes in the assumptions and estimates used in establishing reserves for our life and annuity reinsurance book (which is in runoff), for example, changes in assumptions and estimates of mortality, longevity, morbidity and interest rates, could result in material increases in our estimated loss reserves for such business;
|
•
|
adverse developments in insurance coverage litigation or other legal or administrative proceedings could result in material increases in our estimates of loss reserves;
|
•
|
the failure or inadequacy of any loss limitation methods we employ;
|
•
|
changes in the availability, costs and quality of reinsurance coverage, which may impact our ability to write or continue to write certain lines of business;
|
•
|
industry and economic conditions, deterioration in reinsurer credit quality and coverage disputes can affect the ability or willingness of reinsurers to pay balances due;
|
•
|
after the commutation of ceded reinsurance contracts, any subsequent adverse development in the re-assumed loss reserves will result in a charge to earnings;
|
•
|
regulatory actions can impede our ability to charge adequate rates and efficiently allocate capital;
|
•
|
general economic and market conditions and industry specific conditions, including extended economic recessions or expansions; prolonged periods of slow economic growth; inflation or deflation; fluctuations in foreign currency exchange rates, commodity and energy prices and interest rates; volatility in the credit and capital markets; and other factors;
|
•
|
economic conditions, actual or potential defaults in municipal bonds or sovereign debt obligations, volatility in interest and foreign currency exchange rates and changes in market value of concentrated investments can have a significant impact on the fair value of our fixed maturity and equity securities, as well as the carrying value of our other assets and liabilities, and this impact may be heightened by market volatility;
|
•
|
economic conditions may adversely affect our access to capital and credit markets;
|
•
|
the effects of government intervention, including material changes in the monetary policies of central banks, to address financial downturns and economic and currency concerns;
|
•
|
the impacts that political and civil unrest and regional conflicts may have on our businesses and the markets they serve or that any disruptions in regional or worldwide economic conditions generally arising from these situations may have on our businesses, industries or investments;
|
•
|
the impacts that health epidemics and pandemics may have on our business operations and claims activity;
|
•
|
the impact on our businesses of the repeal, in part or in whole, or modification of U.S. health care reform legislation and regulations;
|
•
|
changes in U.S. tax laws or in the tax laws of other jurisdictions in which we operate;
|
•
|
we are dependent upon operational effectiveness and security of our enterprise information technology systems and those maintained by third parties; if one or more of those systems fail or suffer a security breach, our businesses or reputation could be adversely impacted;
|
•
|
our acquisition of insurance and non-insurance businesses may increase our operational and control risks for a period of time;
|
•
|
we may not realize the contemplated benefits, including cost savings and synergies, of our acquisitions;
|
•
|
any determination requiring the write-off of a significant portion of our goodwill and intangible assets;
|
•
|
the loss of services of any executive officer or other key personnel could adversely impact one or more of our operations;
|
•
|
our substantial international operations and investments expose us to increased political, operational and economic risks, including foreign currency exchange rate and credit risk;
|
•
|
the vote by the United Kingdom to leave the European Union, which could have adverse consequences for our businesses, particularly our London-based international insurance operations;
|
•
|
our ability to raise third party capital for existing or new investment vehicles and risks related to our management of third party capital;
|
•
|
the effectiveness of our procedures for compliance with existing and ever increasing guidelines, policies and legal and regulatory standards, rules, laws and regulations;
|
•
|
the impact of economic and trade sanctions and embargo programs on our businesses, including instances in which the requirements and limitations applicable to the global operations of U.S. companies and their affiliates are more restrictive than those applicable to non-U.S. companies and their affiliates;
|
•
|
a number of additional factors may adversely affect our Markel Ventures operations, and the markets they serve, and negatively impact their revenues and profitability, including, among others: changes in government support for education, healthcare and infrastructure projects; changes in capital spending levels; changes in the housing market; and volatility in commodity prices and interest and foreign currency exchange rates; and
|
•
|
adverse changes in our assigned financial strength or debt ratings could adversely impact us, including our ability to attract and retain business and the availability and cost of capital.
|
|
(a)
|
|
(b)
|
|
(c)
|
|
(d)
|
||||||
Period
|
Total
Number of
Shares
Purchased
|
|
Average
Price
Paid per
Share
|
|
Total
Number of
Shares
Purchased as
Part
of Publicly
Announced
Plans
or Programs
(1)
|
|
Approximate
Dollar
Value of
Shares that
May Yet Be
Purchased
Under
the Plans or
Programs
(in thousands)
|
||||||
January 1, 2017 through January 31, 2017
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
229,263
|
|
|
February 1, 2017 through February 28, 2017
|
4,480
|
|
|
$
|
962.42
|
|
|
4,480
|
|
|
$
|
224,952
|
|
March 1, 2017 through March 31, 2017
|
12,880
|
|
|
$
|
973.85
|
|
|
12,880
|
|
|
$
|
212,409
|
|
Total
|
17,360
|
|
|
$
|
970.90
|
|
|
17,360
|
|
|
$
|
212,409
|
|
(1)
|
The Board of Directors approved the repurchase of up to $300 million of our common stock pursuant to a share repurchase program publicly announced on November 21, 2013 (the Program). Under the Program, we may repurchase outstanding shares of our common stock from time to time in privately negotiated or open market transactions, including under plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934. The Program has no expiration date but may be terminated by the Board of Directors at any time.
|
|
Markel Corporation
|
|
|
|
|
|
By:
|
/s/ Alan I. Kirshner
|
|
|
Alan I. Kirshner
|
|
|
Executive Chairman
|
|
|
(Principal Executive Officer)
|
|
|
|
|
By:
|
/s/ Anne G. Waleski
|
|
|
Anne G. Waleski
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
(Principal Financial Officer)
|
Exhibit No.
|
Document Description
|
|
|
3(i)
|
Amended and Restated Articles of Incorporation (incorporated by reference from Exhibit 3.1 in the Registrant's report on Form 8-K filed with the Commission May 13, 2011)
|
|
|
3(ii)
|
Bylaws, as amended (incorporated by reference from Exhibit 3.1 in the Registrant's report on Form 8-K filed with the Commission November 20, 2015)
|
|
|
4.1
|
Indenture dated as of June 5, 2001, between Markel Corporation and The Chase Manhattan Bank, as Trustee (incorporated by reference from Exhibit 4.1 in the Registrant's report on Form 8-K filed with the Commission June 5, 2001)
|
|
|
4.2
|
Form of Third Supplemental Indenture dated as of August 13, 2004 between Markel Corporation and JPMorgan Chase Bank (formerly known as The Chase Manhattan Bank), as Trustee, including form of the securities as Exhibit A (incorporated by reference from Exhibit 4.2 in the Registrant's report on Form 8-K filed with the Commission August 11, 2004)
|
|
|
4.3
|
Form of Fifth Supplemental Indenture dated as of September 22, 2009 between Markel Corporation and The Bank of New York Mellon (as successor to The Chase Manhattan Bank), as Trustee, including form of the securities as Exhibit A (incorporated by reference from Exhibit 4.2 in the Registrant's report on Form 8-K filed with the Commission September 21, 2009)
|
|
|
4.4
|
Form of Sixth Supplemental Indenture dated as of June 1, 2011 between Markel Corporation and The Bank of New York Mellon (as successor to The Chase Manhattan Bank), as Trustee, including form of the securities as Exhibit A (incorporated by reference from Exhibit 4.2 in the Registrant's report on Form 8-K filed with the Commission May 31, 2011)
|
|
|
4.5
|
Form of Seventh Supplemental Indenture dated as of July 2, 2012 between Markel Corporation and The Bank of New York Mellon (as successor to The Chase Manhattan Bank), as Trustee, including form of the securities as Exhibit A (incorporated by reference from Exhibit 4.2 in the Registrant's report on Form 8-K filed with the Commission June 29, 2012)
|
|
|
4.6
|
Form of Eighth Supplemental Indenture dated as of March 8, 2013 between Markel Corporation and The Bank of New York Mellon (as successor to The Chase Manhattan Bank), as Trustee, including form of the securities as Exhibit A (incorporated by reference from Exhibit 4.2 in the Registrant's report on Form 8-K filed with the Commission March 7, 2013)
|
|
|
4.7
|
Form of Ninth Supplemental Indenture dated as of March 8, 2013 between Markel Corporation and The Bank of New York Mellon (as successor to The Chase Manhattan Bank), as Trustee, including form of the securities as Exhibit A (incorporated by reference from Exhibit 4.3 in the Registrant's report on Form 8-K filed with the Commission March 7, 2013)
|
|
|
4.8
|
Form of Tenth Supplemental Indenture dated as of April 5, 2016 between Markel Corporation and The Bank of New York Mellon (as successor to The Chase Manhattan Bank), as Trustee, including form of the securities as Exhibit A (incorporated by reference from Exhibit 4.2 in the Registrant's report on Form 8-K filed with the Commission March 31, 2016)
|
|
|
4.9
|
Indenture dated as of September 1, 2010, among Alterra Finance LLC, Alterra Capital Holdings Limited and The Bank of New York Mellon, as Trustee (incorporated by reference from Exhibit 4.14 in the Registrant's report on Form 10-Q filed with the Commission for the quarter ended June 30, 2013)
|
|
|
4.10
|
First Supplemental Indenture, dated as of September 27, 2010 between Alterra Finance LLC, Alterra Capital Holdings Limited and The Bank of New York Mellon, as Trustee, including the form of the securities as Exhibit A (incorporated by reference from Exhibit 4.15 in the Registrant's report on Form 10-Q filed with the Commission for the quarter ended June 30, 2013)
|
|
|
4.11
|
Form of Second Supplemental Indenture dated as of June 30, 2014 among Alterra Finance LLC, Alterra Capital Holdings Limited and the Bank of New York Mellon, as Trustee (incorporated by reference from Exhibit 4.16 in the Registrant's report on Form 10-Q filed with the Commission for the quarter ended June 30, 2014)
|
|
|
4.12
|
Form of Guaranty Agreement by Markel Corporation dated as of June 30, 2014 in connection with the Alterra Finance LLC 6.25% Senior Notes due 2020 (incorporated by reference from Exhibit 4.17 in the Registrant's report on Form 10-Q filed with the Commission for the quarter ended June 30, 2014)
|
|
|
4.13
|
Description of Awards Under Executive Bonus Plan and 2016 Equity Incentive Compensation Plan for 2017 (incorporated by reference from Item 5.02 in the Registrant's report on Form 8-K filed with the Commission February 24, 2017)*
|
|
|
*
|
Indicates management contract or compensatory plan or arrangement.
|
**
|
Filed with this report.
|
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