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Markel MKL Fronting — Reinsurance recoverables on unpaid losses, end of year

Similar metrics at other companies

GLREFinancial — Reinsurance recoverable on unpaid claims

8,850,000,000%+7,298,100,000pp

AXSReinsurance recoverable on unpaid losses and loss expenses

$8.89B+28.0%

HCIReinsurance recoverable on unpaid losses and loss expenses

$246.76M-48.7%

GLREReinsurance recoverable on unpaid losses and loss expenses

$86.24M-2.0%

KG

KGReinsurance recoverable on unpaid losses and loss expenses

$436.38M—

PRA

PRAReinsurance recoverable on unpaid losses and loss expenses

$334.9M-9.3%

Other financials

Income statement

Revenue$3.6B+0.1%

Operating income-$273.3M-197%

Net income-$212.3M-274%

EPS (diluted)-$18.90-256%

Balance sheet

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

Operating cash flow$15.9M-95.8%

CapEx$47.3M+16.1%

Free cash flow-$31.4M-109%

Valuation

Market cap$24.44B-2.1%

Enterprise value$25.14B-1.8%

P/E13.8×+2.6×

P/S1.5×-0.1×

Profitability

Operating margin16.4%-1.7pp

Net margin11%-1.6pp

FCF margin13.6%-0.8pp

Returns & leverage

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:ReinsuranceReceivablesIncurredButNotReportedClaims.

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 on unpaid losses, end of year?: Markel (MKL) reported fronting — reinsurance recoverables on unpaid losses, end of year of $8.8B in Q4 2025.
What does fronting — reinsurance recoverables on unpaid losses, end of year mean?: The portion of unpaid loss liabilities that the company expects to collect from third-party reinsurers. This represents the credit risk exposure to reinsurers for claims that have been ceded under fronting agreements.