Markel

Markel hires Proferes in global PL executive underwriting role

Markel has added another senior hire to its underwriting management ranks with the appointment of James Proferes as executive underwriting officer for global professional liability.

Markel CatCo increases 2017 and 2018 reserves

Markel CatCo is to increase the loss reserves held by its listed reinsurance fund for Typhoon Jebi, Hurricane Michael, as well as 2017 catastrophes, following the receipt of cedant loss reports in the past 15 days.

CFC supplements Lloyd’s capacity with five new backers

London cyber-specialist MGA CFC has added five insurers to its panel of capacity providers in addition to Lloyd’s syndicates which, until now, have been its exclusive backer.

Markel swoops on Hiscox Re for head of North American property reinsurance in London

Markel International has appointed Nick Lazarus as managing director of North American property reinsurance based in London.

Markel names Kryszon in global property role

Markel has confirmed the appointment of Guenter Kryszon as executive underwriting officer for global property. As previously revealed by The Insurer, Kryszon resigned as AIG retail property head last week.

Markel’s combined ratio increases 5 points in Q1; CatCo fees plunge

Markel has reported a combined ratio of 95 percent for the first quarter compared to 90 percent for the first quarter of 2018, driven by less favourable development on insurance loss reserves and a slightly higher expense ratio.

CatCo aims to deliver 2019 portfolio to reinsurance fund’s shareholders

The net asset value (NAV) of the ordinary shares of CatCo Reinsurance Opportunities Fund plummeted 58 percent in 2018. But the fund’s annual report reveals CatCo is committed to delivering its 2019 portfolio to the shareholders.

Markel: no “bad faith” in CatCo reserving

An external legal team parachuted into the discredited ILS retro fund manager CatCo has found no “bad faith” in the under-reserving that took place after the 2017 loss events.

Markel transfer of European business approved

Markel International has completed the transfer of the European business of its London insurance company to its Munich-based insurance company to protect against the impact of Brexit.

CatCo shareholders approve listed fund run-off

Markel CatCo’s London-listed retro investment fund CatCo Reinsurance Opportunities Fund is set to be placed into run-off following a shareholder meeting where investors almost unanimously approved the proposal.

Markel: “We will learn” to make ILS a key results contributor

In their annual letter to shareholders, Markel’s co-CEOs have underlined their commitment to the ILS sector, despite the continuing problems at subsidiary CatCo, and said they are looking to expand third-party capital management capabilities to more risk areas than property cat.

Markel reveals potential $250mn CatCo exposure in 2019

Markel has confirmed it is the US Department of Justice, the US Securities and Exchange Commission and the Bermuda Monetary Authority that are investigating CatCo’s loss reserves, and revealed it has exposure to reinsurance contracts it entered into on behalf of the ILS fund.

CatCo edges closer to run-off

Under-investigation retro fund manager Markel CatCo has taken a further step towards closure after announcing it will proceed with an orderly run-off process for its listed fund, CatCo Reinsurance Opportunities Fund.

Buffer opportunities return to hardening E&S property market

A hardening US excess and surplus lines (E&S) property market where rates on even clean cat-exposed accounts are up 10 percent is seeing the return of opportunities for writers of buffer layers in programmes, The Insurer has learned.

Belisle and Fredricks sue Markel over CatCo dismissal

The two former Markel CatCo executives that were fired in January have sued Markel, alleging they have been denied more than $70mn in incentive payments.

Fast-shrinking CatCo says average rates up as high as 30 percent

2017-18 Losses now $4.5bn+ Claims rates on book were effectively up 30 percent at 1.1 AuM shrunk to $3bn; what will it be next month?

Ascot taps Markel for US inland marine head

Ascot Insurance US has appointed Jeff Vetter as executive vice president and head of inland marine.

Markel CatCo 2017 loss deteriorates yet again as doubts over future grow

*2017 loss deteriorates yet again **Markel praises Nephila management team ***Analyst shock over ousted CatCo CEO remuneration ****Goodwill write down to 0 percent *****CatCo AuM shrinks heavily on redemptions and losses

Markel writes off CatCo goodwill and intangibles with $179mn charge

Markel has reduced the carrying value of the goodwill and intangible assets of its CatCo unit to zero, taking a $179mn fourth quarter impairment charge in the process.

CatCo: Investors told rates up to 43 percent higher

Under investigation ILS fund manager CatCo told investors in March 2018 that they should expect up to a 43 percent increase in returns because of price hardening following the 2017 loss events.

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