Aquilo Fund

Chard Re, a reinsurance-linked investment manager run by well-known industry executives Rick Montgomerie and Charlie Vaughan, has promoted team member William (Bill) Orendorf to the role of Chief Underwriting Officer (CUO).

Chard Re, the reinsurance-linked investment manager launched by well-known former Markel CATCo executives Rick Montgomerie and Charlie Vaughan, has hired a new Senior Portfolio Analyst in William (Bill) Orendorf, who is based in Bermuda.

At a directions hearing held in a Bermuda Court yesterday, the judge ruled that meetings of buy-out scheme creditors in the Markel CATCo Investment Management operated retrocessional reinsurance funds be held.

The in run-off retrocessional reinsurance investment funds that are managed by Markel CATCo Investment Management are heading back to the Bermuda Court this week to provide an update on recent developments.

Markel CATCo Investment Management has gained support from a majority of investors in its listed retrocessional reinsurance investment fund for the improved terms of the buy-out offer and an extension of the Support Undertakings to 31st March 2022.

Markel CATCo Investment Management has announced a sweetening of the terms of the buyout process for its retrocessional reinsurance investment funds, after a settlement was reached and more investor support for its winding down was received.

As the proposal of a process to buyout investors in the Markel CATCo Investment Management retrocessional reinsurance investment funds has been drawn out by legal appearances and is now waiting for a court decision to proceed, the investment manager has extended the expiry date of the support undertakings it received from investors.

Progress in the buyout of investors in the Markel CATCo Investment Management retrocessional reinsurance investment funds is unlikely to be made until next year now, as the investment manager said a court decision is unlikely to come until January 22nd 2022.

Markel CATCo Investment Management acknowledged the delay to the buyout process for its retrocessional reinsurance investment funds this morning, but said that any challenges from investors would be vigorously defended against.

Activity surrounding the buyout terms proposed to investors in the Markel CATCo Investment Management retrocessional reinsurance investment funds looks set to drag on, after a court appearance in Bermuda ended with Markel agreeing to provide additional information to creditors, we understand.