MKL Stock Balance Sheets

Markel Quarterly Balance Sheets Chart

Quarterly

Annual

Goodwill

Cash and Cash Eq

Markel Quarterly Balance Sheets Table

Quarterly

Annual

Unit: USD	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-09-30	2017-06-30	2017-03-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-03-31	2014-12-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-06-30	2012-03-31	2011-09-30	2011-06-30	2011-03-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-09-30	2003-06-30	2003-03-31	2002-09-30	2002-06-30

assets
investments, at estimated fair value:
fixed maturity securities, available-for-sale	16,772,408,000	16,277,629,000	15,745,539,000	16,067,848,000	14,977,514,000	14,519,370,000	14,372,732,000	12,951,279,000	12,745,692,000	12,403,118,000	11,856,835,000	11,726,357,000	11,943,894,000	12,295,298,000	12,587,305,000	11,962,587,000	11,439,655,000	10,828,145,000	10,681,734,000	10,244,242,000	10,060,472,000
equity securities	12,330,104,000	11,697,643,000	11,784,521,000	11,591,298,000	10,592,844,000	10,570,975,000	9,577,871,000	8,574,957,000	8,688,860,000	8,113,476,000	7,671,912,000	6,950,357,000	7,170,001,000	8,655,757,000	9,023,927,000	8,220,874,000	8,205,708,000	7,528,817,000	6,994,110,000	6,183,944,000	5,664,247,000	5,684,087,000	7,590,755,000	6,978,874,000	6,875,933,000	6,381,173,000	5,720,945,000	6,549,848,000	6,069,245,000	5,903,803,000	5,709,946,000	5,340,827,000	5,038,933,000	4,510,427,000	4,395,569,000	4,316,540,000	4,074,475,000	4,340,849,000	4,137,576,000	3,251,798,000	2,988,614,000	2,810,434,000	2,708,449,000	2,180,069,000	2,166,841,000	1,609,199,000	1,837,219,000	1,782,584,000	1,586,760,000	1,404,314,000	1,544,543,000	1,349,829,000	1,055,879,000	946,099,000	1,073,769,000	1,463,772,000	1,450,017,000	1,726,721,000	1,854,062,000	1,858,539,000	1,816,027,000	1,749,141,000	1,766,273,000	1,539,774,000	1,428,819,000	1,455,837,000	1,385,368,000	1,355,608,000	1,308,549,000	1,338,526,000	1,088,883,000	1,068,056,000	1,055,145,000	805,068,000	729,238,000	563,327,000	514,356,000	541,574,000
short-term investments, available-for-sale	1,894,524,000	2,099,033,000	2,524,910,000	2,355,738,000	2,787,758,000	2,617,642,000	2,571,382,000	2,252,726,000	2,039,061,000	2,487,501,000	2,669,262,000	2,424,844,000	2,055,534,000	2,093,215,000	1,799,988,000	2,757,798,000	3,263,073,000	2,736,982,000	2,034,099,000	1,897,459,000	929,272,000	250,872,000	1,196,248,000	1,545,393,000	1,383,572,000	754,288,000	1,077,696,000	1,918,691,000	1,947,585,000	2,037,238,000
total investments	30,997,036,000	30,074,305,000	30,054,970,000	30,014,884,000	28,358,116,000	27,707,987,000	26,521,985,000	23,778,962,000	23,473,613,000	23,004,095,000	22,198,009,000	21,101,558,000	21,169,429,000	23,044,270,000	23,411,220,000	22,941,259,000	22,908,436,000	21,093,944,000	19,709,943,000	18,325,645,000	16,653,991,000	16,058,574,000	18,757,912,000	18,728,292,000	18,518,145,000	17,297,880,000	16,841,829,000	18,420,592,000	18,150,903,000	17,845,116,000	17,624,854,000	17,098,735,000	17,223,487,000	16,818,219,000	16,790,689,000	15,793,338,000	15,111,204,000	16,044,535,000	16,155,307,000	14,846,622,000	14,461,010,000	14,484,594,000	8,898,592,000	7,972,314,000	8,138,199,000	7,677,539,000	7,917,401,000	7,611,137,000	7,422,215,000	7,192,988,000	7,337,699,000	6,998,179,000	6,630,885,000	6,239,636,000	6,268,878,000	6,637,436,000	6,813,845,000	7,122,257,000	7,310,545,000	7,348,939,000	7,240,000,000	7,038,904,000	6,980,180,000	6,762,472,000	6,278,322,000	6,218,167,000
cash and cash equivalents	3,720,202,000	4,193,675,000	3,692,667,000	3,873,041,000	3,510,558,000	3,627,142,000	3,747,060,000	4,354,858,000	4,305,884,000	4,031,952,000	4,137,432,000	3,540,690,000	3,698,854,000	3,891,080,000	3,978,490,000	3,938,626,000	3,679,433,000	3,882,379,000	4,341,736,000	4,593,025,000	4,833,689,000	3,834,664,000	3,072,807,000	2,715,455,000	2,220,793,000	2,415,421,000	2,014,168,000	2,347,040,000	1,945,370,000	2,048,976,000	2,076,266,000	2,315,212,000	1,852,735,000	2,156,398,000	2,007,938,000	2,284,165,000	2,630,009,000	1,958,087,000	1,960,169,000	1,978,526,000	2,115,322,000	1,702,622,000	899,075,000	837,208,000	691,797,000	920,193,000	767,954,000	649,947,000	817,954,000	686,675,000	637,672,000	850,494,000	686,136,000	646,975,000	639,578,000	588,459,000	682,149,000	612,056,000	477,661,000	383,626,000	403,415,000	402,982,000	555,115,000	403,817,000	333,607,000	288,418,000	377,335,000	391,725,000	332,405,000	378,939,000	356,623,000	367,667,000	265,522,000	370,434,000	349,307,000	245,776,000	415,605,000	424,965,000
restricted cash and cash equivalents	574,891,000	481,267,000	499,581,000	753,476,000	705,444,000	649,598,000	584,974,000	690,004,000	935,045,000	972,901,000	1,084,081,000	1,255,178,000	1,212,463,000	1,316,503,000	902,457,000	568,385,000	672,385,000	615,525,000	874,913,000	669,528,000	793,683,000	623,660,000	427,546,000	484,314,000	420,673,000	348,984,000	382,264,000	279,902,000	299,026,000	392,676,000	279,399,000	271,031,000	261,956,000	383,971,000	353,900,000	454,467,000	440,132,000	550,610,000	522,225,000	786,926,000	600,171,000	396,416,000
receivables	4,551,187,000	4,282,558,000	3,626,799,000	3,909,404,000	4,227,835,000	3,608,947,000	3,455,306,000	3,557,500,000	3,695,172,000	3,192,078,000	2,961,056,000	2,956,686,000	3,128,706,000	2,686,731,000	2,413,938,000	2,320,987,000	2,627,218,000	2,254,424,000	1,930,211,000	2,004,080,000	2,362,789,000	2,088,579,000	1,847,802,000	1,930,394,000	2,191,947,000	1,959,137,000	1,692,526,000	1,817,637,000	1,944,751,000	1,749,025,000	1,588,636,000	1,589,444,000	1,429,602,000	1,312,685,000	1,427,092,000	1,405,210,000	1,113,703,000	1,193,405,000	1,135,217,000	1,141,773,000	1,253,781,000	1,416,165,000	511,073,000	476,462,000	459,978,000	364,483,000	422,667,000	388,244,000	340,107,000	332,587,000	303,735,000	279,879,000	324,154,000	299,230,000	271,067,000	337,532,000	361,152,000	335,153,000	296,295,000	348,844,000	363,777,000	372,307,000	322,982,000	353,176,000	386,959,000	354,259,000	385,951,000	404,717,000	400,041,000	416,086,000	464,458,000	510,154,000	507,324,000	442,168,000	465,218,000	437,211,000	328,296,000	226,395,000
reinsurance recoverables	12,789,658,000	12,617,479,000	11,604,844,000	10,746,213,000	9,756,660,000	9,575,066,000	9,235,501,000	8,534,919,000	8,296,043,000	8,585,580,000	8,446,745,000	8,258,499,000	7,315,657,000	7,191,433,000	7,293,555,000	6,944,636,000	6,484,269,000	6,188,894,000	5,989,337,000	5,665,838,000	5,472,349,000	5,439,942,000	5,432,712,000	5,372,156,000	5,372,769,000	5,292,335,000	5,221,947,000
deferred policy acquisition costs	975,399,000	960,668,000	875,710,000	967,670,000	1,001,435,000	961,819,000	931,344,000	985,947,000	1,013,304,000	994,365,000	925,483,000	946,064,000	954,521,000	899,358,000	765,915,000	772,127,000	766,736,000	722,865,000	630,794,000	638,134,000	637,760,000	630,600,000	566,042,000	570,323,000	554,233,000	541,012,000	474,513,000	518,853,000	508,214,000	513,814,000	506,294,000	489,836,000	470,788,000	409,195,000	415,700,000	400,052,000	352,756,000	369,632,000	353,410,000	260,967,000	260,230,000	225,492,000	178,682,000	174,274,000	181,686,000	206,534,000	203,940,000	199,921,000	179,413,000	172,479,000	165,976,000	156,797,000	172,164,000	177,979,000	183,755,000	207,337,000	212,913,000	206,175,000	202,291,000	219,432,000	223,111,000	220,702,000	218,392,000	230,569,000	230,408,000	219,272,000	215,734,000	208,256,000	199,729,000	204,579,000	211,887,000	207,613,000	207,221,000	190,573,000	176,907,000	161,126,000	162,694,000	165,315,000
prepaid reinsurance premiums	4,564,408,000	3,334,253,000	2,947,213,000	3,413,314,000	3,672,976,000	2,783,613,000	2,365,243,000	2,707,925,000	2,486,203,000	2,162,117,000	2,066,114,000	2,285,959,000	2,123,256,000	1,940,719,000	1,798,571,000	1,920,184,000	1,708,240,000	1,477,997,000	1,451,858,000	1,457,580,000	1,378,802,000	1,260,009,000	1,415,857,000	1,508,853,000	1,459,272,000	1,334,442,000	1,331,022,000	1,361,044,000	1,266,916,000	1,166,692,000	352,676,000	344,639,000	332,385,000	354,186,000	362,865,000	343,107,000	322,362,000	365,496,000	365,458,000	383,559,000	437,435,000	426,514,000	114,175,000	112,399,000	101,149,000	102,138,000	95,082,000	88,190,000	80,253,000	72,057,000	67,288,000	68,307,000	77,293,000	78,455,000	86,534,000	104,446,000	114,054,000	109,317,000	114,711,000	132,841,000	119,678,000	117,068,000	117,889,000	127,961,000	131,311,000	129,963,000	138,335,000	142,875,000	156,450,000	171,955,000	182,589,000	190,176,000	204,333,000	228,523,000	227,739,000	233,420,000	255,263,000	221,466,000
goodwill	2,826,530,000	2,772,105,000	2,735,867,000	2,739,770,000	2,738,147,000	2,626,258,000	2,624,749,000	2,623,451,000	2,626,588,000	2,642,877,000	2,638,838,000	2,797,426,000	2,769,729,000	2,773,587,000	2,899,140,000	2,695,164,000	2,606,138,000	2,604,820,000	2,604,624,000	2,604,575,000	2,606,507,000	2,309,576,000	2,308,548,000	2,187,585,000	2,189,367,000	2,215,818,000	2,237,975,000	1,783,784,000	1,784,667,000	1,789,035,000	1,425,789,000	1,216,403,000	1,142,535,000	1,165,892,000	1,167,861,000	1,171,809,000	1,167,844,000	1,039,911,000	1,049,115,000	967,717,000	1,008,205,000	1,041,900,000																				330,330,000	339,717,000	339,717,000	339,717,000	339,717,000	339,717,000	339,717,000	339,717,000	339,717,000
intangible assets	1,617,193,000	1,635,277,000	1,459,620,000	1,507,581,000	1,552,843,000	1,545,709,000	1,588,684,000	1,633,188,000	1,677,621,000	1,706,206,000	1,747,464,000	1,686,212,000	1,729,174,000	1,773,784,000	1,822,486,000	1,719,609,000	1,696,748,000	1,736,148,000	1,782,718,000	1,820,453,000	1,865,666,000	1,692,248,000	1,738,474,000	1,659,129,000	1,695,588,000	1,712,618,000	1,726,196,000	1,241,108,000	1,269,520,000	1,317,828,000	990,008,000	806,585,000	711,999,000	733,415,000	753,191,000	775,254,000	792,372,000	680,357,000	702,747,000	565,083,000	560,836,000	576,688,000																													342,617,000	357,317,000	357,317,000	357,317,000	357,317,000	358,815,000	364,073,000	366,702,000
other assets	4,174,673,000	4,247,468,000	4,400,711,000	4,357,885,000	4,185,607,000	4,200,246,000	3,990,864,000	3,881,962,000	3,674,660,000	3,650,090,000	3,586,037,000	3,593,083,000	3,844,984,000	3,467,792,000	3,163,094,000	2,875,459,000	2,491,910,000	2,466,033,000	2,393,920,000	2,391,161,000	2,462,390,000	2,110,935,000	1,906,115,000	1,879,695,000	1,798,797,000	1,619,079,000	1,383,823,000	1,214,710,000	1,247,756,000	1,283,791,000	1,136,448,000	1,010,676,000	965,435,000	965,502,000	959,765,000	932,860,000	944,101,000	987,566,000	985,834,000	1,067,922,000	1,096,285,000	1,210,995,000	666,977,000	592,697,000	486,234,000	483,361,000	435,865,000	455,216,000	324,161,000	430,508,000	406,927,000	433,262,000	451,274,000	559,208,000	585,099,000	494,624,000	361,891,000	276,031,000	236,781,000	243,512,000	258,274,000	232,273,000	191,400,000	281,306,000	363,133,000	315,540,000	293,756,000	213,802,000	303,784,000	192,480,000	243,204,000	236,194,000	208,307,000	197,653,000	191,096,000	249,596,000	216,883,000	220,504,000
total assets	66,791,177,000	64,599,055,000	61,897,982,000	62,283,238,000	59,709,621,000	57,286,385,000	55,045,710,000	52,748,716,000	52,184,133,000	50,942,261,000	49,791,259,000	48,421,355,000	47,946,773,000	48,985,257,000	48,448,866,000	46,696,436,000	45,641,513,000	43,043,029,000	41,710,054,000	40,170,019,000	39,067,626,000	36,048,787,000	37,473,815,000	37,036,196,000	36,421,584,000	34,736,726,000	33,306,263,000	33,958,305,000	33,247,031,000	32,866,471,000	28,519,411,000	27,203,341,000	26,400,679,000	26,403,645,000	26,335,628,000	25,685,230,000	24,941,271,000	25,253,389,000	25,200,357,000	23,955,511,000	23,808,577,000	23,499,980,000	13,117,991,000	11,965,233,000	11,859,284,000	11,371,754,000	11,464,537,000	11,041,536,000	10,581,122,000	10,324,461,000	10,339,951,000	10,241,896,000	9,711,499,000	9,395,753,000	9,477,690,000	9,931,115,000	10,043,763,000	10,155,623,000	10,134,419,000	10,229,608,000	10,197,182,000	9,969,557,000	10,088,131,000	9,982,296,000	9,686,223,000	9,725,286,000	9,901,010,000	9,272,419,000	9,232,235,000	9,397,586,000	9,094,503,000	8,682,464,000	8,753,729,000	8,061,412,000	7,876,613,000	7,504,808,000	7,022,361,000	6,783,836,000
liabilities and equity
unpaid losses and loss adjustment expenses	28,515,391,000	27,888,257,000	26,633,094,000	25,877,478,000	24,646,618,000	24,144,955,000	23,483,321,000	22,144,366,000	21,374,813,000	21,306,793,000	20,947,898,000	20,194,374,000	19,062,760,000	18,843,130,000	18,178,894,000	17,611,199,000	16,999,816,000	16,600,500,000	16,222,376,000	15,723,231,000	15,245,505,000	15,038,812,000	14,728,676,000	14,437,816,000	14,335,783,000	14,332,665,000	14,276,479,000	13,888,489,000	13,628,941,000	13,641,937,000	11,443,148,000	10,312,695,000	10,139,678,000	10,258,290,000	10,199,899,000	10,257,506,000	10,251,953,000	10,280,037,000	10,404,152,000	10,262,056,000	10,172,692,000	10,012,140,000	5,286,068,000	5,273,275,000	5,357,151,000	5,463,082,000	5,505,657,000	5,477,591,000	5,358,819,000	5,327,268,000	5,368,766,000	5,427,096,000	5,524,183,000	5,432,814,000	5,492,339,000	5,789,273,000	5,652,584,000	5,583,239,000	5,525,573,000	5,611,043,000	5,579,728,000	5,520,322,000	5,583,879,000	5,627,095,000	5,692,539,000	5,775,510,000	6,047,831,000	5,301,515,000	5,388,173,000	5,482,367,000	5,347,851,000	5,125,017,000	5,085,483,000	4,647,026,000	4,467,216,000	4,387,646,000	4,055,529,000	3,872,587,000
life and annuity benefits	611,859,000	587,593,000	583,273,000	623,445,000	594,749,000	617,266,000	649,054,000	600,256,000	643,572,000	668,848,000	759,025,000	733,489,000	777,726,000	824,174,000	902,980,000	925,958,000	975,499,000	977,647,000	1,069,986,000	1,034,093,000	999,421,000	975,485,000	985,729,000	1,021,185,000	1,032,715,000	1,011,637,000	1,001,453,000	1,028,696,000	1,033,461,000	1,093,437,000	1,108,947,000	1,061,298,000	1,038,325,000	1,155,672,000	1,152,676,000	1,149,932,000	1,123,275,000	1,189,140,000	1,305,818,000	1,486,574,000	1,482,998,000	1,456,829,000
unearned premiums	9,073,434,000	7,691,743,000	7,063,956,000	7,887,057,000	8,243,981,000	7,153,997,000	6,642,426,000	7,196,808,000	7,072,182,000	6,570,373,000	6,220,748,000	6,514,980,000	6,336,362,000	5,923,624,000	5,383,619,000	5,511,392,000	5,261,649,000	4,838,032,000	4,433,245,000	4,509,811,000	4,413,789,000	4,190,216,000	4,057,727,000	4,224,074,000	4,116,051,000	3,892,388,000	3,611,028,000	3,816,249,000	3,695,040,000	3,574,496,000	2,750,243,000	2,712,597,000	2,576,636,000	2,474,277,000	2,529,540,000	2,417,925,000	2,166,105,000	2,316,508,000	2,245,690,000	2,127,115,000	2,307,266,000	2,332,267,000	1,094,312,000	1,036,444,000	975,832,000	969,628,000	956,195,000	908,406,000	833,775,000	785,009,000	745,869,000	717,728,000	811,603,000	797,645,000	827,888,000	937,965,000	979,671,000	943,686,000	940,309,000	1,046,023,000	1,051,593,000	1,021,319,000	1,007,801,000	1,075,003,000	1,090,121,000	1,038,283,000	1,019,867,000	999,409,000	996,219,000	1,026,296,000	1,069,305,000	1,072,285,000	1,087,772,000	1,079,790,000	1,029,834,000	992,468,000	994,299,000	969,609,000
payables to insurance and reinsurance companies	1,723,784,000	1,842,984,000	1,434,901,000	1,448,951,000	1,418,983,000	1,237,996,000	1,037,722,000	924,602,000	972,194,000	800,371,000	669,742,000	685,294,000	703,481,000	634,089,000	616,665,000	579,905,000	671,820,000	561,155,000	493,470,000	416,988,000	447,970,000	280,405,000	406,720,000	408,508,000	485,570,000	368,389,000	337,326,000	453,132,000	422,423,000	382,263,000	230,041,000	259,801,000	242,333,000	256,793,000	260,599,000	298,261,000	224,921,000	286,102,000	276,122,000	295,496,000	385,734,000	422,731,000
senior long-term debt and other debt	4,364,232,000	4,390,589,000	4,330,341,000	4,356,054,000	4,399,876,000	3,855,494,000	3,779,796,000	3,769,248,000	3,813,917,000	3,896,766,000	4,103,629,000	4,131,165,000	4,502,237,000	4,428,692,000	4,361,266,000	4,268,290,000	4,160,175,000	3,564,949,000	3,484,023,000	3,498,311,000	3,606,109,000	3,593,954,000	3,534,183,000	3,896,962,000	3,625,744,000	3,058,968,000	3,009,577,000	2,993,243,000	3,024,306,000	3,048,096,000	2,471,419,000	2,485,671,000	2,581,605,000	2,589,350,000	2,602,432,000	2,299,756,000	2,241,427,000	2,249,554,000	2,253,594,000	2,256,227,000	2,250,479,000	2,249,819,000	1,732,250,000	1,309,530,000	1,305,573,000	1,271,810,000	1,268,444,000	1,027,711,000	996,663,000	1,003,576,000	996,386,000	963,648,000
other liabilities	4,634,354,000	4,453,408,000	4,383,444,000	4,427,425,000	3,980,342,000	3,959,161,000	3,927,498,000	3,590,807,000	3,603,932,000	3,417,906,000	3,438,738,000	3,290,291,000	3,301,497,000	3,744,465,000	3,826,156,000	3,527,555,000	3,346,104,000	3,080,928,000	2,946,631,000	2,838,807,000	2,729,931,000	2,082,168,000	2,504,802,000	2,247,179,000	2,261,343,000	2,106,331,000	1,796,036,000	1,839,603,000	1,809,448,000	1,649,372,000	1,455,459,000	1,332,072,000	1,082,917,000	1,064,328,000	1,078,708,000	947,619,000	1,030,023,000	999,542,000	1,051,931,000	777,850,000	675,580,000	625,487,000	640,034,000	463,222,000	416,847,000	305,741,000	296,617,000	276,910,000	245,076,000	275,328,000	235,920,000	294,857,000	224,803,000	179,401,000	245,881,000	243,958,000	257,250,000	274,631,000	306,887,000	262,079,000	304,789,000	211,982,000	282,821,000	263,013,000	230,914,000	236,773,000	229,734,000	279,684,000	264,369,000	287,707,000	223,153,000	183,445,000	197,212,000	177,003,000	199,187,000	150,962,000	166,721,000	139,292,000
total liabilities	48,923,054,000	46,854,574,000	44,429,009,000	44,620,410,000	43,284,549,000	40,968,869,000	39,519,817,000	38,226,087,000	37,480,610,000	36,661,057,000	36,139,780,000	35,549,593,000	34,684,063,000	34,398,174,000	33,269,580,000	32,424,299,000	31,415,063,000	29,623,211,000	28,649,731,000	28,021,241,000	27,442,725,000	26,161,040,000	26,217,837,000	26,235,724,000	25,857,206,000	24,770,378,000	24,031,899,000	24,019,412,000	23,613,619,000	23,389,601,000	19,459,257,000	18,164,134,000	17,661,494,000	17,798,710,000	17,823,854,000	17,370,999,000	17,037,704,000	17,320,883,000	17,537,307,000	17,205,318,000	17,274,749,000	17,099,273,000	8,887,069,000	8,222,329,000	8,183,316,000	8,093,662,000	8,116,458,000	7,778,467,000	7,506,962,000	7,458,018,000	7,417,492,000	7,450,182,000	7,359,074,000	7,215,673,000	7,297,016,000	7,618,434,000	7,554,678,000	7,540,842,000	7,493,257,000	7,667,600,000	7,747,782,000	7,596,503,000	7,791,738,000	8,006,903,000	7,948,124,000	8,019,545,000	8,305,693,000	7,521,116,000	7,603,963,000	7,741,083,000	7,588,553,000	7,250,301,000	7,279,028,000	6,759,367,000	6,547,358,000	6,326,811,000	5,887,255,000	5,656,257,000
redeemable noncontrolling interests	531,339,000	579,739,000	540,034,000	515,493,000	476,518,000	499,993,000	469,685,000	467,386,000	464,442,000	491,883,000	523,154,000	513,043,000	495,378,000	480,351,000	461,378,000	231,912,000	228,401,000	234,654,000	245,642,000	241,020,000	214,653,000	155,417,000	177,562,000	165,602,000	151,297,000	148,002,000	174,062,000	158,739,000	155,998,000	155,720,000	153,310,000	86,691,000	87,935,000	70,660,000	66,201,000	67,668,000	62,958,000	55,108,000	61,048,000	72,183,000	71,488,000	74,858,000	74,501,000	87,613,000
commitments and contingencies
shareholders' equity:
preferred stock		591,891,000	591,891,000	591,891,000	591,891,000	591,891,000	591,891,000	591,891,000	591,891,000	591,891,000	591,891,000	591,891,000	591,891,000	591,891,000	591,891,000	591,891,000	591,891,000	591,891,000	591,891,000	591,891,000	591,891,000
common stock	3,659,041,000	3,582,932,000	3,560,633,000	3,552,800,000	3,546,661,000	3,547,912,000	3,517,146,000	3,519,534,000	3,515,362,000	3,506,972,000	3,493,893,000	3,482,828,000	3,478,153,000	3,469,449,000	3,441,079,000	3,455,129,000	3,451,968,000	3,447,614,000	3,428,340,000	3,425,247,000	3,421,845,000	3,419,528,000	3,404,919,000	3,402,934,000	3,400,964,000	3,395,940,000	3,392,993,000	3,392,322,000	3,387,121,000	3,383,668,000	3,379,156,000	3,376,230,000	3,376,037,000	3,365,750,000	3,360,830,000	3,354,617,000	3,342,357,000	3,320,323,000	3,308,395,000	3,288,863,000	3,277,488,000	3,269,355,000	911,330,000	904,047,000	902,441,000	890,393,000	888,616,000	886,574,000	872,452,000	871,887,000	872,587,000	872,876,000	871,622,000	871,146,000	869,744,000	870,528,000	869,778,000	868,772,000	866,362,000	865,834,000	864,774,000	858,620,000	854,561,000	745,485,000	745,178,000	744,596,000	743,272,000	742,937,000	742,602,000	742,288,000	741,978,000	738,024,000	737,784,000	737,044,000	736,531,000	736,451,000	736,238,000	736,088,000
retained earnings	13,839,880,000	13,364,810,000	13,380,456,000	13,063,403,000	12,329,827,000	12,184,925,000	11,353,101,000	10,778,567,000	10,818,989,000	10,255,401,000	9,836,827,000	9,255,658,000	9,289,820,000	10,278,405,000	10,424,461,000	9,650,355,000	9,503,889,000	8,754,760,000	8,195,182,000	7,377,095,000	6,948,466,000	6,039,474,000	7,457,176,000	6,988,888,000	6,808,201,000	6,338,874,000	5,782,310,000	6,576,562,000	6,184,299,000	5,927,739,000	3,378,524,000	3,666,246,000	3,557,927,000	3,433,891,000	3,355,262,000	3,293,367,000	3,137,285,000	2,753,963,000	2,581,866,000	2,294,909,000	2,197,816,000	2,148,240,000	2,160,060,000	1,957,778,000	1,890,040,000	1,794,387,000	1,761,067,000	1,744,245,000	1,598,968,000	1,553,547,000	1,552,580,000	1,514,398,000	1,362,357,000	1,314,259,000	1,297,901,000	1,330,974,000	1,491,593,000	1,442,355,000	1,417,269,000	1,323,828,000	1,231,475,000	1,110,274,000	1,015,679,000	894,298,000	790,200,000	699,768,000	545,930,000	670,531,000	610,364,000	537,068,000	486,794,000	472,970,000	415,049,000	330,322,000	346,855,000	288,000,000	225,224,000	216,520,000
accumulated other comprehensive loss	-180,763,000	-391,126,000	-617,082,000	-193,855,000	-618,355,000	-595,009,000	-478,210,000	-890,833,000	-740,743,000	-609,781,000
total shareholders' equity	17,318,158,000	17,148,507,000	16,915,898,000	17,014,239,000	15,850,024,000	15,729,719,000	14,983,928,000	13,999,159,000	14,185,499,000	13,744,483,000	13,065,534,000	12,293,923,000	12,756,207,000	14,101,178,000	14,695,048,000	14,016,764,000	13,974,971,000	13,163,944,000	12,799,789,000	11,893,947,000	11,394,553,000	9,720,728,000	11,070,867,000	10,623,454,000	10,396,365,000	9,795,982,000	9,080,653,000	9,783,992,000	9,480,860,000	9,324,211,000	8,908,885,000	8,954,409,000	8,653,200,000	8,527,283,000	8,438,369,000	8,239,116,000	7,834,150,000	7,869,658,000	7,594,818,000	6,673,577,000	6,457,423,000
noncontrolling interests	18,626,000	16,235,000	13,041,000	133,096,000	98,530,000	87,804,000	72,280,000	56,084,000	53,582,000	44,838,000	62,791,000	64,796,000	11,125,000	5,554,000	22,860,000	23,461,000	23,078,000	21,220,000	14,892,000	13,811,000	15,695,000	11,602,000	7,549,000	11,416,000	16,716,000	22,364,000	19,649,000	-3,838,000	-3,446,000	-3,061,000	-2,041,000	-1,893,000	-1,950,000	6,992,000	7,204,000	7,447,000	6,459,000	7,740,000	7,184,000	4,433,000	4,917,000	4,945,000	4,912,000	125,000	73,875,000	65,912,000	65,106,000	64,691,000	16,103,000	16,450,000	18,236,000	17,354,000
total equity	17,336,784,000	17,164,742,000	16,928,939,000	17,147,335,000	15,948,554,000	15,817,523,000	15,056,208,000	14,055,243,000	14,239,081,000	13,789,321,000	13,128,325,000	12,358,719,000	12,767,332,000	14,106,732,000	14,717,908,000	14,040,225,000	13,998,049,000	13,185,164,000	12,814,681,000	11,907,758,000	11,410,248,000	9,732,330,000	11,078,416,000	10,634,870,000	10,413,081,000	9,818,346,000	9,100,302,000	9,780,154,000	9,477,414,000	9,321,150,000	8,906,844,000	8,952,516,000	8,651,250,000	8,534,275,000	8,445,573,000	8,246,563,000	7,840,609,000	7,877,398,000	7,602,002,000	6,678,010,000	6,462,340,000	6,325,849,000	4,156,421,000	3,655,291,000	3,675,968,000	3,278,092,000	3,348,079,000	3,263,069,000	3,074,160,000	2,866,443,000	2,922,459,000	2,791,714,000
total liabilities and equity	66,791,177,000	64,599,055,000	61,897,982,000	62,283,238,000	59,709,621,000	57,286,385,000	55,045,710,000	52,748,716,000	52,184,133,000	50,942,261,000	49,791,259,000	48,421,355,000	47,946,773,000	48,985,257,000	48,448,866,000	46,696,436,000	45,641,513,000	43,043,029,000	41,710,054,000	40,170,019,000	39,067,626,000	36,048,787,000	37,473,815,000	37,036,196,000	36,421,584,000	34,736,726,000	33,306,263,000	33,958,305,000	33,247,031,000	32,866,471,000	28,519,411,000	27,203,341,000	26,400,679,000	26,403,645,000	26,335,628,000	25,685,230,000	24,941,271,000	25,253,389,000	25,200,357,000	23,955,511,000	23,808,577,000	23,499,980,000	13,117,991,000	11,965,233,000	11,859,284,000	11,371,754,000	11,464,537,000	11,041,536,000	10,581,122,000	10,324,461,000	10,339,951,000	10,241,896,000
accumulated other comprehensive income											-857,077,000	-1,036,454,000	-603,657,000	-238,567,000	237,617,000	319,389,000	427,223,000	369,679,000	584,376,000	499,714,000	432,351,000	261,726,000	208,772,000	231,632,000	187,200,000	61,168,000	-94,650,000	-184,892,000	-90,560,000	12,804,000	2,151,205,000	1,911,933,000	1,719,236,000	1,727,642,000	1,722,277,000	1,591,132,000	1,354,508,000	1,795,372,000	1,704,557,000	1,089,805,000	982,119,000	903,309,000	1,080,119,000	793,341,000	809,612,000	527,400,000	633,290,000	567,559,000	586,637,000	424,559,000	479,056,000	387,086,000	118,446,000	-5,325,000		111,179,000	127,714,000	303,654,000
fixed maturities, available-for-sale																						10,123,615,000	9,970,909,000	10,204,025,000	10,258,640,000	10,162,419,000	10,043,188,000	9,952,053,000	10,134,073,000	9,904,075,000
equity securities, available-for-sale
reinsurance recoverable on unpaid losses																												4,836,271,000	4,739,259,000	4,650,860,000	2,466,554,000	2,007,652,000	1,949,278,000	2,041,928,000	2,038,687,000	2,046,301,000	2,016,665,000	1,949,974,000	1,868,669,000	1,854,414,000	1,910,023,000	1,876,858,000	721,813,000	765,043,000	786,736,000	803,574,000	809,318,000	818,239,000	865,998,000	874,465,000	852,791,000	886,442,000	958,979,000	986,440,000	1,026,858,000	1,157,278,000	1,089,918,000	1,084,971,000	1,072,918,000	1,117,228,000	1,144,956,000	1,159,181,000	1,257,453,000	1,333,244,000	1,462,283,000	1,718,704,000	1,908,123,000	1,418,740,000	1,536,065,000	1,641,276,000	1,618,605,000	1,575,970,000	1,615,752,000	1,503,014,000	1,502,941,000	1,519,687,000	1,513,381,000	1,456,423,000
reinsurance recoverable on paid losses																												137,364,000	90,649,000	108,658,000	72,487,000	53,128,000	60,479,000	62,254,000	57,940,000	78,667,000	50,123,000	113,816,000	102,206,000	102,002,000	105,279,000	141,736,000	52,679,000	43,406,000	45,880,000	44,247,000	45,306,000	54,576,000	49,833,000	61,223,000	66,562,000	65,703,000	68,940,000	64,978,000	71,890,000	59,377,000	62,074,000	65,702,000	78,306,000	89,325,000	97,513,000	95,810,000	105,003,000	150,034,000	160,483,000	141,246,000	83,813,000	101,168,000	112,174,000	114,746,000	112,637,000	118,857,000	162,334,000	148,479,000	134,779,000	127,339,000	159,874,000	168,103,000
investments, available-for-sale, at estimated fair value:
fixed maturities																															9,919,346,000	10,053,492,000	10,006,519,000	10,318,487,000	10,399,629,000	10,152,405,000	9,394,468,000	9,971,814,000	10,422,882,000	10,142,536,000	10,312,939,000	10,678,463,000	4,809,825,000	5,326,511,000	5,507,664,000	5,576,584,000	5,479,821,000	5,394,007,000	5,515,857,000	5,427,805,000	5,451,154,000	5,112,136,000	4,662,880,000	4,547,167,000	4,592,552,000	4,757,062,000	5,139,980,000	5,229,115,000	5,323,750,000	5,337,556,000	5,070,041,000	5,042,114,000	5,000,969,000	4,825,125,000	4,610,452,000	4,646,449,000	4,566,556,000	4,561,281,000	4,479,158,000	4,477,568,000	4,267,467,000	3,996,111,000	4,096,252,000	3,714,150,000	3,638,516,000	3,515,158,000	2,899,865,000	2,679,849,000
short-term investments																															1,995,562,000	1,704,416,000	2,178,035,000	1,989,305,000	1,995,491,000	1,324,393,000	1,642,261,000	1,731,872,000	1,594,849,000	1,452,288,000	1,159,457,000	995,697,000	1,380,318,000	465,734,000	463,694,000	491,756,000	600,361,000	434,546,000	319,598,000	360,869,000	342,002,000	492,581,000	814,934,000	652,246,000	508,834,000	324,468,000	138,126,000	81,184,000	51,552,000	75,492,000	277,449,000	172,508,000	139,499,000	323,771,000	167,607,000	45,923,000	206,322,000	134,530,000	64,163,000	121,714,000	205,533,000	54,349,000	74,222,000	104,033,000	103,555,000	93,353,000	192,071,000	119,643,000
shareholders’ equity:
total shareholders’ equity																																										6,320,904,000	4,151,509,000	3,655,166,000	3,602,093,000	3,212,180,000	3,282,973,000	3,198,378,000	3,058,057,000	2,849,993,000	2,904,223,000	2,774,360,000	2,352,425,000	2,180,080,000	2,180,674,000	2,312,681,000	2,489,085,000	2,614,781,000	2,641,162,000	2,562,008,000	2,449,400,000	2,373,054,000	2,296,393,000	1,975,393,000	1,738,099,000	1,705,741,000	1,595,317,000	1,751,303,000	1,628,272,000	1,656,503,000	1,505,950,000	1,432,163,000	1,474,701,000	1,302,045,000	1,329,255,000	1,177,997,000	1,135,106,000	1,127,579,000
goodwill and intangible assets																																											1,074,925,000	991,430,000	967,625,000	769,685,000	767,004,000	776,066,000	501,188,000	501,479,000	501,301,000	502,833,000	341,674,000	342,852,000	344,031,000	344,626,000	345,767,000	343,961,000	344,911,000	345,861,000	346,458,000
payables to insurance companies																																											134,405,000	139,858,000	127,913,000	83,401,000	89,545,000	87,849,000	72,629,000	66,837,000	70,551,000	46,853,000	59,731,000	67,182,000	42,399,000	58,852,000	76,909,000	58,243,000	39,790,000	68,102,000	58,685,000	90,398,000	58,880,000	82,850,000	106,920,000	124,051,000	160,909,000	82,417,000	98,621,000	89,636,000	94,654,000	104,253,000	144,828,000	138,033,000	135,217,000	130,686,000	136,715,000	142,274,000
investments in affiliates																																																	0	0		43,633,000	97,192,000	94,124,000	93,723,000	92,134,000	85,722,000	85,237,000	81,181,000	77,352,000	76,483,000	75,141,000	73,439,000	73,802,000	71,444,000	69,958,000
operating revenues
earned premiums																																																				1,815,835,000			2,022,184,000				2,117,294,000				2,184,381,000							2,053,887,000
net investment income																																																				259,809,000			283,738,000				306,458,000				271,016,000							204,032,000
net realized investment gains																																																				-96,100,000			-407,594,000				59,504,000				63,608,000							4,139,000
other-than-temporary impairment losses																																																				-95,570,000
less other-than-temporary impairment losses recognized in other comprehensive income																																																				5,620,000
other-than-temporary impairment losses recognized in net income																																																				-89,950,000
net realized investment gains, excluding other-than-temporary impairment losses																																																				-6,150,000
other revenues																																																				89,782,000
total operating revenues																																																				2,069,326,000			1,898,328,000				2,483,256,000				2,519,005,000							2,262,058,000
operating expenses
losses and loss adjustment expenses																																																				992,863,000			1,269,025,000				1,096,203,000				1,132,579,000							1,308,343,000
underwriting, acquisition and insurance expenses																																																				736,660,000			738,546,000				756,699,000				767,853,000							673,450,000
amortization of intangible assets																																																				6,698,000			4,383,000				2,145,000
other incomes																																																				80,499,000
total operating expenses																																																				1,816,720,000			2,011,954,000				1,855,047,000				1,900,432,000							1,981,793,000
operating income																																																				252,606,000			-113,626,000				628,209,000				618,573,000							280,265,000
interest expense																																																				53,969,000			47,390,000				56,251,000				65,172,000							56,220,000
income before income taxes																																																				198,637,000			-161,016,000				571,958,000				553,401,000							224,045,000
income tax benefit																																																				-3,782,000			-102,249,000
net income																																																				202,419,000			-58,767,000				405,669,000				392,502,000							165,412,000
less net income attributable to noncontrolling interests																																																				781,000
net income to shareholders																																																				201,638,000
other comprehensive income
change in net unrealized gains on investments, net of taxes:
net holding gains arising during the period																																																				326,959,000			-594,767,000				-33,638,000				201,318,000							108,945,000
unrealized other-than-temporary impairment losses on fixed maturities arising during the period																																																				-5,405,000
reclassification adjustments for net gains included in net income																																																				52,883,000
change in net unrealized gains on investments, net of taxes																																																				374,437,000
change in currency translation adjustments, net of taxes																																																				19,239,000
change in net actuarial pension loss, net of taxes																																																				-4,268,000			-6,740,000				1,546,000
total other comprehensive income																																																				389,408,000			-344,502,000				-68,622,000				133,280,000							107,265,000
comprehensive income																																																				591,827,000			-403,269,000				337,047,000				525,782,000							272,677,000
less comprehensive income attributable to noncontrolling interests																																																				832,000
comprehensive income to shareholders																																																				590,995,000
net income per share
basic																																																				20,540			-5,950				40,730				40,430							16,790
diluted																																																				20,520			-5,950				40,640				39,400							16,410
liabilities and shareholders’ equity
senior long-term debt																																																					738,754,000	738,631,000	688,509,000	588,386,000	588,264,000	681,043,000	680,698,000	680,353,000	752,987,000	752,482,000	751,978,000	751,473,000	607,536,000	607,044,000	608,448,000	611,257,000	610,758,000	610,260,000	609,761,000	522,455,000	521,983,000
total liabilities and shareholders’ equity																																																					9,711,499,000	9,395,753,000	9,477,690,000	9,931,115,000	10,043,763,000	10,155,623,000	10,134,419,000	10,229,608,000	10,197,182,000	9,969,557,000	10,088,131,000	9,982,296,000	9,686,223,000	9,725,286,000	9,901,010,000	9,272,419,000	9,232,235,000	9,397,586,000	9,094,503,000	8,682,464,000	8,753,729,000	8,061,412,000	7,876,613,000	7,504,808,000	7,022,361,000	6,783,836,000
accumulated other comprehensive income:
net unrealized holding gains on investments, net of taxes of 31,075 in 2008 and 208,751 in 2007																																																							58,652,000
cumulative translation adjustments, net of tax benefit of 8,300 in 2008 and 4,050 in 2007																																																							-15,416,000
net actuarial pension loss, net of tax benefit of 16,266 in 2008 and 12,636 in 2007																																																							-30,207,000
net unrealized gains on investments, net of taxes:
less reclassification adjustments for net gains included in net income																																																							264,898,000				-40,323,000				-41,345,000							-2,690,000
net unrealized gains																																																							-329,869,000				-73,961,000				159,973,000							106,255,000
currency translation adjustments, net of taxes																																																							-7,893,000				3,793,000				-1,680,000							1,010,000
junior subordinated deferrable interest debentures																																																															106,379,000	106,379,000		138,621,000	141,045,000	150,000,000	150,000,000	150,000,000	150,000,000	150,000,000	150,000,000
net unrealized holding gains on investments, net of taxes of 208,751 in 2007 and 249,029 in 2006																																																											388,521,000
cumulative translation adjustments, net of tax benefit of 4,050 in 2007 and 6,094 in 2006																																																											-7,523,000
net actuarial pension loss, net of tax benefit of 12,636 in 2007 and 13,469 in 2006																																																											-23,467,000
income tax expense																																																											166,289,000				160,899,000							58,633,000
net unrealized holding gains on investments, net of taxes of 216,980 in 2007 and 249,029 in 2006																																																												403,366,000
cumulative translation adjustments, net of tax benefit of 3,740 in 2007 and 6,094 in 2006																																																												-6,947,000
net actuarial pension loss, net of tax benefit of 12,962 in 2007 and 13,469 in 2006																																																												-24,073,000
net unrealized holding gains on fixed maturities and equity securities, net of taxes of 208,324 in 2007 and 249,029 in 2006																																																													387,200,000
cumulative translation adjustments, net of tax benefit of 5,199 in 2007 and 6,094 in 2006																																																													-9,655,000
net actuarial pension loss, net of tax benefit of 13,135 in 2007 and 13,469 in 2006																																																													-24,394,000
net unrealized holding gains on fixed maturities and equity securities, net of taxes of 236,553 in 2007 and 249,029 in 2006																																																														439,899,000
cumulative translation adjustments, net of tax benefit of 5,941 in 2007 and 6,094 in 2006																																																														-11,029,000
net actuarial pension loss, net of tax benefit of 13,305 in 2007 and 13,469 in 2006																																																														-24,710,000
convertible notes payable																																																																101,090,000	100,028,000	99,263,000	97,859,000	96,834,000	95,823,000	94,817,000	93,829,000	92,846,000	91,750,000	89,466,000	88,333,000	87,218,000	85,011,000	83,919,000
net unrealized holding gains on fixed maturities and equity securities, net of taxes of 249,029 in 2006 and 162,889 in 2005																																																															462,482,000
cumulative translation adjustments, net of tax benefit of 6,094 in 2006 and 5,189 in 2005																																																															-11,316,000
net actuarial pension loss, net of tax benefit of 13,469 in 2006																																																															-25,013,000
net unrealized gains on securities, net of taxes:
net actuarial pension loss, net of taxes																																																															-25,013,000
net unrealized holding gains on fixed maturities and equity securities, net of taxes of 185,470 in 2006 and 162,889 in 2005																																																																344,444,000
cumulative translation adjustments, net of tax benefit of 4,756 in 2006 and 5,189 in 2005																																																																-8,834,000
junior subordinated deferrable interest debentures (estimated fair value of 127,000 in
2006 and 150,000 in 2005)																																																																	120,066,000
net unrealized holding gains on fixed maturities and equity securities, net of taxes of 113,939 in 2006 and 162,889 in 2005																																																																	211,603,000
cumulative translation adjustments, net of tax benefit of 4,783 in 2006 and 5,189 in 2005																																																																	-8,882,000
net unrealized holding gains on fixed maturities and equity securities, net of taxes of 145,042 in 2006 and 162,889 in 2005																																																																		269,363,000
cumulative translation adjustments, net of tax benefit of 4,300 in 2006 and 5,189 in 2005																																																																		-7,986,000
total investments, available-for-sale																																																																			6,158,246,000	6,051,419,000	5,851,870,000	5,937,808,000	5,561,883,000	5,118,516,000	5,225,619,000	4,623,251,000	4,471,309,000	4,171,838,000	3,606,292,000	3,341,066,000
net unrealized holding gains on fixed maturities and equity securities, net of taxes of 170,552 in 2005 and 203,041 in 2004																																																																			316,740,000
cumulative translation adjustments, net of tax benefit of 5,720 in 2005 and tax expense of 39 in 2004																																																																			-10,625,000
net unrealized holding gains on fixed maturities and equity securities, net of taxes of 188,089 in 2005 and 203,041 in 2004																																																																				349,309,000
cumulative translation adjustments, net of tax benefit of 6,178 in 2005 and tax expense of 39 in 2004																																																																				-11,474,000
net unrealized holding gains on fixed maturities and equity securities, net of tax expense of 154,348 in 2005 and 203,041 in 2004																																																																					286,649,000
cumulative translation adjustments, net of tax benefit of 6,108 in 2005 and tax expense of 39 in 2004																																																																					-11,343,000
investments, available-for-sale, at estimated fair value
shareholders’ equity
net unrealized holding gains on fixed maturities and equity securities, net of taxes of 203,041 in 2004 and 145,826 in 2003																																																																						377,074,000
cumulative translation adjustments, net of tax expense of 39 in 2004 and tax benefit of 505 in 2003																																																																						73,000
net unrealized gains on securities, net of taxes
net unrealized holding gains on fixed maturities and equity securities, net of tax expense of 150,293 in 2004 and 145,826 in 2003																																																																							279,115,000
cumulative translation adjustments, net of tax benefit of 1,043 in 2004 and 505 in 2003																																																																							-1,937,000
net unrealized holding gains on fixed maturities and equity securities, net of tax expense of 119,979 in 2004 and 145,826 in 2003																																																																								222,817,000
cumulative translation adjustments, net of tax benefit of 888 in 2004 and 505 in 2003																																																																								-1,648,000
net unrealized holding gains on fixed maturities and equity securities, net of tax expense of 174,391 in 2004 and 145,826 in 2003																																																																									323,868,000
cumulative translation adjustments, net of tax benefit of 1,077 in 2004 and 505 in 2003																																																																									-2,000,000
long-term debt																																																																										478,049,000	477,571,000	427,831,000	298,980,000	298,576,000
company-obligated mandatorily redeemable preferred capital securities of subsidiary trust holding solely junior subordinated deferrable interest debentures of markel corporation																																																																										150,000,000	150,000,000		150,000,000	150,000,000
net unrealized holding gains on fixed maturities and equity securities, net of tax expense of 128,464 in 2003 and 96,476 in 2002																																																																										238,577,000
cumulative translation adjustments, net of tax benefit of 2,099 in 2003 and 4,239 in 2002																																																																										-3,898,000
net unrealized holding gains on fixed maturities and equity securities, net of tax expense of 133,009 in 2003 and 96,476 in 2002																																																																											247,017,000
cumulative translation adjustments, net of tax benefit of 618 in 2003 and 4,239 in 2002																																																																											-1,148,000
company-obligated mandatorily redeemable preferred capital securities of subsidiary
trust holding solely junior subordinated deferrable interest debentures of markel corporation																																																																												150,000,000
net unrealized holding gains on fixed maturities and equity securities, net of tax expense of 85,850 in 2003 and 96,476 in 2002																																																																												159,435,000
cumulative translation adjustments, net of tax benefit of 3,171 in 2003 and 4,239 in 2002																																																																												-5,889,000
accrued premium income																																																																														192,897,000
net unrealized holding gains on fixed maturities and equity securities, net of tax expense of 92,791 in 2002 and 93,653 in 2001																																																																														172,327,000
cumulative translation adjustments, net of tax expense of 1,424 in 2002 and tax benefit of 345 in 2001																																																																														2,644,000

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