Markel
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The acquiring reinsurer will now run off the business.
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The carriers were in arbitration with UnipolRe and Gen Re.
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The conflict between US and Bermuda legal systems offers no easy route for counterparties to fraud-impacted transactions.
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The committee claims Chaucer waited until it had ‘maximum leverage’ over other debtors.
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A credit loss owing to a fraudulent letter of credit from Vestto added 1 point to the combined ratio in Q3, insurance president Jeremy Noble told analysts during a conference call.
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The ILS firm reported $6.8bn of assets under management at the third-quarter mark.
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Markel Bermuda entered into two collateralized reinsurance transactions with White Rock for the benefit of a segregated account owned by a Vesttoo affiliate.
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The CFO of parent company Markel has said it aims to lean into property cat through Nephila.
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Nephila achieved significant rate increases at 1 January and expected the strong rate environment to continue this year.
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The incoming president for insurance also highlighted the role Nephila could play in the transition to net zero.
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The executive will help grow the insurer’s presence in the region and support the office’s overall operations and strategy.
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The insurer also emphasized that it realised more than $300mn from selling two MGA operations.
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The company’s combined ratio edged up by 0.3 points despite a two-point reduction in expenses and a 3.4-point reduction in cats.
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Rhoads joined Markel in 2013 as part of its acquisition of Alterra Capital Holdings Limited.
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Evanston Insurance Company, a subsidiary of Markel, backed the move.
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Company's Nephila ILS operations will focus on “significant” cat opportunities.
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Acrisure entered into a definitive agreement with Markel in March to acquire the MGA.
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The ILS platform delivered stable revenues as Markel spent $102mn on its Catco buyout.
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The retro fund has redeemed 99% of share capital, returning around $106mn to public fund investors.
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Courts in Bermuda and the US approved the move, which had earlier been subject to investor litigation.
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The executive’s prior ILS roles include stints at Hamilton and Horseshoe.
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His departure follows the closure of retro platform Lodgepine and Markel’s cat exit.
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