Markel CATCo Investment Management

Markel Corporation has reported rising revenues earned through the operations of its insurance-linked securities (ILS) and reinsurance investment manager Nephila Capital, with year-to-date the total reaching an impressive almost $125 million.

As part of its efforts to run-off its portfolios of retrocessional reinsurance and return capital to its investors, Markel CATCo Investment Management has executed its first share buyback for the exchange listed ILS fund CATCo Reinsurance Opportunities Fund Ltd.

Retrocessional reinsurance focused investment manager Markel CATCo Investment Management has now established specific loss reserves for recent catastrophes hurricane Dorian and typhoon Faxai.

Rick Montgomerie and Charlie Vaughan are to depart from Markel CATCo and will set up a new specialist reinsurance focused ILS fund manager and investment strategy under Chard Re Investment Management.

Markel CATCo Investment Management has begun returning capital to shareholding investors in its listed retrocessional reinsurance investment fund, with almost $16 million set to be returns by way of an interim dividend.

Markel Corporation has hired Brenton “Brent” Slade from Hamilton Insurance Group to be the President of its newly launched retrocessional reinsurance ILS fund management unit Lodgepine Capital Management Limited.

Retrocessional reinsurance focused investment manager Markel CATCo Investment Management has warned that investors in the 2019 portfolios of its listed fund are exposed to potential losses from recent catastrophe events hurricane Dorian and typhoon Faxai.

Markel Corporation has revealed its awaited new retrocessional reinsurance ILS fund management unit, which is based in Bermuda and called Lodgepine Capital Management Limited.

On a net asset value (NAV) basis, the CATCo Reinsurance Opportunities Fund continued to deliver positive NAV returns in July, but at the same time the share price continues to languish, as much as 135% below their net asset value in the case of one class.

Despite the fact it is set for run-off it is interesting to note that the 2019 portfolio underwritten for the CATCo Reinsurance Opportunities Fund has delivered a 6% net asset value return in the first-half of the year to one class of shareholders.