Markel
-
The acquiring reinsurer will now run off the business.
-
The carriers were in arbitration with UnipolRe and Gen Re.
-
The conflict between US and Bermuda legal systems offers no easy route for counterparties to fraud-impacted transactions.
-
The committee claims Chaucer waited until it had ‘maximum leverage’ over other debtors.
-
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.
-
The ILS firm reported $6.8bn of assets under management at the third-quarter mark.
-
Markel Bermuda entered into two collateralized reinsurance transactions with White Rock for the benefit of a segregated account owned by a Vesttoo affiliate.
-
-
The CFO of parent company Markel has said it aims to lean into property cat through Nephila.
-
Nephila achieved significant rate increases at 1 January and expected the strong rate environment to continue this year.
-
The incoming president for insurance also highlighted the role Nephila could play in the transition to net zero.
-
The executive will help grow the insurer’s presence in the region and support the office’s overall operations and strategy.
-
The insurer also emphasized that it realised more than $300mn from selling two MGA operations.
-
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.
-
Rhoads joined Markel in 2013 as part of its acquisition of Alterra Capital Holdings Limited.
-
Evanston Insurance Company, a subsidiary of Markel, backed the move.
-
Company's Nephila ILS operations will focus on “significant” cat opportunities.
-
Acrisure entered into a definitive agreement with Markel in March to acquire the MGA.
-
The ILS platform delivered stable revenues as Markel spent $102mn on its Catco buyout.
-
The retro fund has redeemed 99% of share capital, returning around $106mn to public fund investors.
-
Courts in Bermuda and the US approved the move, which had earlier been subject to investor litigation.
-
The executive’s prior ILS roles include stints at Hamilton and Horseshoe.
-
His departure follows the closure of retro platform Lodgepine and Markel’s cat exit.
-
-
The group will look to build on synergies between its insurance platforms.
-
The Markel Catco Reinsurance Fund and Markel Catco Reinsurance Opportunities Fund have already had provisional liquidators appointed for restructuring purposes.
-
Markel said it has entered into consultation with staff at the ILS vehicle, which was launched in 2019.
-
The insurer said its plan was to fully transition the book to the fund.
-
The company cited “substantial support” from investors on the updated terms.
-
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.
-
CEO Talbir Bains founded the business in 2017 with backing from the market’s largest ILS manager.
-
The carrier yesterday shook of $64mn in Uri claims to report a return to profit.
-
Markel’s overall ILS revenues dropped by 27% year on year as it lifted fronted premium written for the Bermudian firm.
-
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.