Markel

Alastair Barbour, who is a non-executive director of the company and chairman of its audit committee, will leave at the end of this year.

Former Markel Catco CEO Anthony Belisle and ex-CEO of its Bermuda operation Alissa Fredricks filed separate lawsuits against their former employer.

People moves in the industry in the past month.

Most investors in Markel Catco are expected to take up an offer to redeem their shares, as the platform further increased its loss reserves for 2017 events and had its value written down to zero by parent company Markel.

The increase represents a 4 percent deterioration to its 2017 annual loss, pushing it out to 61 percent.

A Markel executive said he expects most investors will seek to cash out by March 31.

The insurer took a $179mn hit to its Q4 results from loss of goodwill.

The Catco platform is under regulatory investigation in relation to loss reserves recorded in 2017 and 2018.

Regulatory investigations can move at a snail’s pace.

The board of Bermuda-based Markel Catco’s listed fund will review arrangements as the transition takes place following the founding CEO’s departure.

A key question is whether retro dislocation will spill over into reinsurance renewals.

Due partly to loss creep from Irma, ILS losses have been eked out throughout the year.