Markel Catco

Markel Catco announced that its proposed buyout of investors will be delayed until the first quarter, as a Bermuda court adjourned hearings on the scheme into early December.

The investor cited legal releases bound up in the offer as an obstacle.

This comes after PIC said it would challenge the buyout offer last week.

The manager has faced a challenge to its buyout offer based on concerns over value.

The pension insurer is seeking others to form an investor group challenging a Markel buyout.

The firm appointed provisional liquidators, with limited “light touch” powers in late September, as it made a buyout offer in the face of legal action.

Markel reported that investigations by the DoJ and SEC have concluded with no penalties or action taken against the company.

California wildfire loss notifications relating to 2017 and 2018 fell.

Markel will provide approximately $150mn to facilitate the buyout of the retrocessional segregated accounts of the funds, as well as tail-risk cover to release $100mn of trapped collateral.

In the later stages of its liquidation, the manager’s listed fund has made an 8% uplift in May on fire releases.

British Virgin Islands-based investor Eugenia II Investment Holdings had alleged fraud and misrepresentation after losing $7.5mn with the retro fund manager.

The return of capital in May will largely go to investors in the class C post-2017 class of shares.