What is Markel's fronting — reinsurance recoverables, gross?

Markel (MKL) reported fronting — reinsurance recoverables, gross of $8.8B in Q4 2025.

What does fronting — reinsurance recoverables, gross mean?

The total amount of claims and loss adjustment expenses that the company has the right to recover from reinsurers, regardless of whether the claims have been paid or are still unpaid. This reflects the total gross credit exposure to the reinsurance panel.

Markel MKL Fronting — Reinsurance Recoverables, Gross

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Other financials

Income statement

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Revenue$3.6B+0.1%

Operating income-$273.3M-197%

Net income-$212.3M-274%

EPS (diluted)-$18.90-256%

Balance sheet

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Cash & equivalents$3.7B-12.2%

Total debt$4.4B-0.2%

Total equity$18.1B+5.7%

Total assets$68.6B+6.2%

Cash flow

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Operating cash flow$15.9M-95.8%

CapEx$47.3M+16.1%

Free cash flow-$31.4M-109%

Valuation

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Market cap$24.44B-2.1%

Enterprise value$25.14B-1.8%

P/E13.8×+2.6×

P/S1.5×-0.1×

Profitability

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Operating margin16.4%-1.7pp

Net margin11%-1.6pp

FCF margin13.6%-0.8pp

Returns & leverage

See full

Return on equity10.1%-1.2pp

Debt / equity0.2×0.0×

Where this comes from

Reported directly by Markel in its filing.

Tagged under the XBRL concept us-gaap:ReinsuranceRecoverablesGross.

The official record: Markel’s 10-K, filed February 26, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Markel's fronting — reinsurance recoverables, gross?: Markel (MKL) reported fronting — reinsurance recoverables, gross of $8.8B in Q4 2025.
What does fronting — reinsurance recoverables, gross mean?: The total amount of claims and loss adjustment expenses that the company has the right to recover from reinsurers, regardless of whether the claims have been paid or are still unpaid. This reflects the total gross credit exposure to the reinsurance panel.