Markel Catco
-
The fund has nine open contracts it is actively trying to run-off, four years after its failure.
-
Interest income also boosted the results, with net assets of $9mn rising to $10.8mn by the half-year point.
-
The partial redemption values Ordinary Shares at $3.33 and C Shares at $17.50.
-
Markel Catco reported a small gain for its February result on 2019 side pocket releases, ahead of its early buyout of investors.
-
Commutation negotiations continue on the book of underlying contracts written by the retro fund.
-
Markel CatCo’s buyout transaction closed 28 March, as the firm prepares to pay out $106mn of remaining value to shareholders in its public fund.
-
The catastrophe bond is the fourth in the series for reinsured NCIUA
-
Courts in Bermuda and the US approved the move, which had earlier been subject to investor litigation.
-
Completion of the buyout remains subject to US bankruptcy courts recognising the agreement.
-
Subject to court approvals the buyout should be complete by the end of this month.
-
The move suggests the Markel Cato funds buyout could now finally be concluded.
-
The US hearing will be held on 16 March.
-
A Bermuda court has ordered scheme meetings be convened to vote on the deal.
-
The buyout of the Markel Catco investors is inching toward a resolution.
-
A recent final sweetener to the offer led to US litigation being withdrawn.
-
The 5%-7% uplift came in ahead of a smaller November gain connected to 2019 catastrophes.
-
With a Bermuda court ruling still pending over the firm’s proposed buy-out, Markel has negotiated a deal to counter US litigation.
-
The former Markel Catco CEO won a stay pending a decision in Bermuda.
-
The firm’s listed fund took a 2.5% gain for post-2017 class C shares.
-
The lawsuit claims CEO Tony Belisle misled the investor over risk levels.
-
The British investor had previously challenged what it described at attempts to ‘cramdown’ investors.
-
The Markel Catco Reinsurance Fund and Markel Catco Reinsurance Opportunities Fund have already had provisional liquidators appointed for restructuring purposes.
-
Markel Catco announced that its proposed buyout of investors will be delayed until the first quarter, as a Bermuda court adjourned hearings on the scheme into early December.
-
The investor cited legal releases bound up in the offer as an obstacle.
-
This comes after PIC said it would challenge the buyout offer last week.
-
The manager has faced a challenge to its buyout offer based on concerns over value.
-
The pension insurer is seeking others to form an investor group challenging a Markel buyout.
-
The firm appointed provisional liquidators, with limited “light touch” powers in late September, as it made a buyout offer in the face of legal action.
-
Markel reported that investigations by the DoJ and SEC have concluded with no penalties or action taken against the company.
-
California wildfire loss notifications relating to 2017 and 2018 fell.
-
Markel will provide approximately $150mn to facilitate the buyout of the retrocessional segregated accounts of the funds, as well as tail-risk cover to release $100mn of trapped collateral.
-
In the later stages of its liquidation, the manager’s listed fund has made an 8% uplift in May on fire releases.
-
British Virgin Islands-based investor Eugenia II Investment Holdings had alleged fraud and misrepresentation after losing $7.5mn with the retro fund manager.
-
The return of capital in May will largely go to investors in the class C post-2017 class of shares.
-
Class C investors who entered the retro fund after the 2017 hurricane season made a 1.3% loss for the year, although wildfire subrogation meant a gain for ordinary shares.
-
Simon Moore has joined Lockton Re as a senior broker in the company’s non-marine retro and property specialty team, based in London.