Q3 Net investment gain/loss $539 million
Q3 Markel Venture $824 million top line
Q2 Net investment gain/loss $911 million
Q2 Markel Venture $678 million top line
Q1 Net investment gain/loss ($1.7 billion)
Q1 Markel Venture $511 million top line
Net investment gain/loss through Q3 = ($230 million)
From the conference call on buy-backs:
Unknown speaker
Hello, gentlemen. I have a why-not instead of a but-for. Ventures has been facing horrific conditions, whether they're fires or storms or COVID, and yet you have maintained and grown the equity of the company during this horrific period. Over my many decades in this business, I've seen many companies that had share repurchase plans, not buy, when the price was low but buy when the price was high.
I know you're very attuned to value when you make that decision. But if the skies are not perfectly blue now, but it seems like you are envisioning times when they're going to get a lot bluer than they are currently. The pricing is good. Ventures is doing well.
You feel good about all the insurance arms. Why not take the handcuffs off the statement that you're not open to buying shares back today? You've got cash, I believe, of $4.5 billion, I've never seen. If that's correct. I haven't seen that ratio to value of the company in your history.
Why wait for the last cloud to clear to have the ability to pull the trigger if you choose to do so? It doesn't mean you have to in the last quarter of the year, but you would have told the market that you want to have that arrow back in your quiver, and you may or may not use it.
Tom Gayner -- Co-Chief Executive Officer
Right. Charles, this is Tom. Thanks for the question. And really, the long tent in the pole from my point of view is the regulatory and rating agency environment that we continue to need to be sensitive to.
So in the environment which we continue to be in, the current growth rate of what we're experiencing in our Insurance business has regulators and rating agencies being very particular about the amount of capital we have and the form in which it is held. So we continue to work with them to try to make them as comfortable as we possibly can, and that's an ongoing process. And at the point where the growth rate slows down a little bit, that will actually free up sort of the regulatory capital and rating agency capital that we need to be sensitive to for the Insurance business. But other than that, I agree with everything you said.
Unknown speaker
Well, then the other signal would be insiders should consider doing heavy buying since they see things going so well.
Tom Gayner -- Co-Chief Executive Officer
From your mouth to God's ear.
Unknown speaker
Just give me the phone call. I can make it happen.