MARKEL GROUP INC.MKL
MARKEL GROUP INC. Debt Disclosure
14. Senior Long-Term Debt and Other Debt
The following table summarizes the Company's senior long-term debt and other debt.
| December 31, | |||||||||||
| (dollars in thousands) | 2025 | 2024 | |||||||||
3.50% unsecured senior notes, due November 1, 2027, interest payable semi-annually, net of unamortized discount of $428 in 2025 and $592 in 2024 | $ | 299,483 | $ | 299,236 | |||||||
3.35% unsecured senior notes, due September 17, 2029, interest payable semi-annually, net of unamortized discount of $970 in 2025 and $1,174 in 2024 | 298,844 | 298,590 | |||||||||
7.35% unsecured senior notes, due August 15, 2034, interest payable semi-annually, net of unamortized discount of $892 in 2025 and $663 in 2024 | 128,923 | 129,148 | |||||||||
5.0% unsecured senior notes, due March 30, 2043, interest payable semi-annually, net of unamortized discount of $4,471 in 2025 and $4,087 in 2024 | 245,315 | 245,687 | |||||||||
5.0% unsecured senior notes, due April 5, 2046, interest payable semi-annually, net of unamortized discount of $5,333 in 2025 and $5,202 in 2024 | 494,035 | 494,135 | |||||||||
4.30% unsecured senior notes, due November 1, 2047, interest payable semi-annually, net of unamortized discount of $3,514 in 2025 and $3,364 in 2024 | 295,926 | 296,049 | |||||||||
5.0% unsecured senior notes, due May 20, 2049, interest payable semi-annually, net of unamortized discount of $6,591 in 2025 and $6,378 in 2024 | 592,369 | 592,538 | |||||||||
4.15% unsecured senior notes, due September 17, 2050, interest payable semi-annually, net of unamortized discount of $4,642 in 2025 and $4,563 in 2024 | 494,697 | 494,749 | |||||||||
3.45% unsecured senior notes, due May 7, 2052, interest payable semi-annually, net of unamortized discount of $7,630 in 2025 and $7,626 in 2024 | 591,351 | 591,316 | |||||||||
6.00% unsecured senior notes, due May 16, 2054, interest payable semi-annually, net of unamortized discount of $7,200 in 2025 and $7,240 in 2024 | 591,616 | 591,511 | |||||||||
Other debt, with a weighted average interest rate of 4.8% in 2025 and 5.4% in 2024 | 271,252 | 297,382 | |||||||||
| Senior long-term debt and other debt | $ | 4,303,811 | $ | 4,330,341 | |||||||
In May 2024, the Company issued $600 million of 6.0% unsecured senior notes due May 2054. Net proceeds to the Company were $592.6 million, before expenses. The Company used these proceeds to redeem in full its Series A preferred shares in June 2025. See note 19.
The Company's 7.35% unsecured senior notes due August 15, 2034 are not redeemable. The Company's other unsecured senior notes are redeemable by the Company at any time, subject to payment of a make-whole premium to the noteholders. None of the Company's senior long-term debt is subject to any sinking fund requirements.
The Company's other debt is comprised of debt associated with its operating businesses. As of December 31, 2025 and 2024, other debt at the Company's operating businesses was $271.3 million and $297.4 million, respectively, which includes amounts outstanding on their respective credit facilities. This debt is non-recourse to the holding company and generally is secured by the assets of those operating businesses.
Various of the Company's operating businesses maintain revolving credit facilities or lines of credit, which provide up to $691.5 million of aggregate capacity for working capital and other general operational purposes. A portion of the capacity on certain of these credit facilities may be used as security for letters of credit and other obligations. At December 31, 2025 and 2024, $146.8 million and $150.0 million, respectively, of borrowings were outstanding under these credit facilities. As of December 31, 2025, all of the Company's operating businesses were in compliance with all covenants contained in their respective credit facilities.
The estimated fair value of the Company's senior long-term debt and other debt was $3.9 billion and $3.8 billion at December 31, 2025 and 2024, respectively.
The following table summarizes the future principal payments on senior long-term debt and other debt as of December 31, 2025.
| (dollars in thousands) | Senior long-term debt | Other debt | Total | ||||||||||||||
| Years Ending December 31, | |||||||||||||||||
| 2026 | $ | — | $ | 54,388 | $ | 54,388 | |||||||||||
| 2027 | 300,000 | 153,409 | 453,409 | ||||||||||||||
| 2028 | — | 18,164 | 18,164 | ||||||||||||||
| 2029 | 300,000 | 17,313 | 317,313 | ||||||||||||||
| 2030 | — | 9,833 | 9,833 | ||||||||||||||
| 2031 and thereafter | 3,479,846 | 20,765 | 3,500,611 | ||||||||||||||
| Total principal payments | 4,079,846 | 273,872 | 4,353,718 | ||||||||||||||
| Net unamortized discount | (41,671) | — | (41,671) | ||||||||||||||
| Net unamortized debt issuance costs | (5,616) | (2,620) | (8,236) | ||||||||||||||
| Total | $ | 4,032,559 | $ | 271,252 | $ | 4,303,811 | |||||||||||
Markel Group and certain insurance subsidiaries maintain a corporate revolving credit facility, which provides up to $300 million of capacity for future acquisitions, investments, and stock repurchases, and for other working capital and general corporate purposes. At the Company's discretion, up to $200 million of the total capacity may be used for letters of credit. The Company may increase the capacity of the facility by up to $200 million subject to obtaining commitments for the increase and certain other terms and conditions. The Company pays interest on balances outstanding under the facility and a utilization fee for letters of credit issued under the facility. The Company also pays a commitment fee (0.18% at December 31, 2025) on the unused portion of the facility based on the Company's leverage ratio as calculated under the credit agreement. The credit agreement includes financial covenants that require that the Company not exceed a maximum debt to capitalization (leverage) ratio and maintain a minimum amount of consolidated net worth, as well as other customary covenants and events of default. Markel Group guarantees the obligations under the facility of the insurance subsidiaries that are also parties to the credit agreement. This facility expires in June 2028. At December 31, 2025 and 2024, the Company had no borrowings outstanding under this revolving credit facility. As of December 31, 2025, the Company was in compliance with all covenants contained in its corporate revolving credit facility.
To the extent that Markel Group or any of its subsidiaries are not in compliance with the covenants under their respective credit facilities, access to such credit facilities could be restricted.
The Company paid $204.0 million, $197.4 million and $187.8 million in interest on its senior long-term debt and other debt during the years ended December 31, 2025, 2024 and 2023, respectively.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2018 | Feb 28, 2019 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.