Markel Catco
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The move suggests the Markel Cato funds buyout could now finally be concluded.
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The US hearing will be held on 16 March.
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A Bermuda court has ordered scheme meetings be convened to vote on the deal. -
The buyout of the Markel Catco investors is inching toward a resolution.
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A recent final sweetener to the offer led to US litigation being withdrawn.
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The 5%-7% uplift came in ahead of a smaller November gain connected to 2019 catastrophes.
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With a Bermuda court ruling still pending over the firm’s proposed buy-out, Markel has negotiated a deal to counter US litigation.
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The former Markel Catco CEO won a stay pending a decision in Bermuda.
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The firm’s listed fund took a 2.5% gain for post-2017 class C shares.
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The lawsuit claims CEO Tony Belisle misled the investor over risk levels.
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The British investor had previously challenged what it described at attempts to ‘cramdown’ investors.
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The Markel Catco Reinsurance Fund and Markel Catco Reinsurance Opportunities Fund have already had provisional liquidators appointed for restructuring purposes.
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