Markel CATCo Investment Management

A settlement is being negotiated between parties in a Florida fraud lawsuit lawsuit involving former CATCo CEO Tony Belisle, with the proceedings stayed until May to allow for the negotiations to continue.

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.

The CATCo Reinsurance Opportunities Fund Ltd., the listed, retrocession focused insurance-linked securities (ILS) fund strategy managed by Markel CATCo Investment Management, has recovered more value for its investors, with favourable development related to 2017 and 2018 catastrophe loss events.

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.

Markel Corporation has full-confidence in the ability of its insurance-linked securities (ILS) specialist manager Nephila Capital to deliver results over the long-term and looks forward to realising more synergies with the ILS operation, according to Co-CEO Richie Whitt.

Assets under management at Markel’s flagship insurance-linked securities (ILS) operation Nephila Capital dropped by roughly $1 billion during the second-half of 2021, as the effects of natural catastrophe activity and redemptions dented the ILS fund managers scale.

The fraud lawsuit involving former CATCo CEO Tony Belisle has been stayed pending a Bermuda Supreme Court decision on the insolvency and winding-down of the Markel CATCo retrocessional reinsurance funds.

The CATCo Reinsurance Opportunities Fund Ltd., the listed, retrocession focused insurance-linked securities (ILS) fund strategy managed by Markel CATCo Investment Management, has reported another increase in net asset value (NAV) after loss reserves saw more favourable development.