Markel CATCo Investment Management

The CATCo retrocessional reinsurance investment portfolio has experienced additional favourable development in the final quarter of 2022, with the net asset values (NAV’s) increasing again as side pocket loss reserves continue to prove to have been set conservatively.

The unwinding of the Markel CATCo retrocessional reinsurance investment funds and the return of capital to investors continues apace, with a further US $17.8 million now being delivered back to shareholders in the London-listed retro fund.

Favourable development across the CATCo retrocessional reinsurance investment portfolio has delivered almost $82 million back to investors in the strategy across the first nine months of 2022.

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.

The CATCo retrocessional reinsurance investment portfolio appears to have had yet another major boost to its value on the back of additional favourable development related to the 2018 catastrophe loss year.

The CATCo retrocessional reinsurance investment portfolio continues to benefit from favourable development on reserves, with the manager expecting yet another release of side pocket investment capital later this year, which it expects to buy back more shares with.

The CATCo retrocessional reinsurance investment portfolio has continued to experience favourable development against prior loss year side pockets, with additional value recovered in April.

The CATCo retrocessional reinsurance investment portfolio experienced more favourable development on a side pocket set for the 2019 underwriting year before its final winding down and distribution of the remaining capital to investors was complete.

With the CATCo retrocessional reinsurance investment funds buyout now completed, owner Markel and the remaining former-Markel CATCo team can concentrate on running-off the remainder of the portfolio, a process that could continue into 2023.

Shares have been redeemed in the public and stock exchange listed CATCo Reinsurance Opportunities Fund, as investors in the strategy finally get to realise the remaining value and exit the retrocessional reinsurance investment strategy.