Markel
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The fund manager’s scarce capacity contributed to a generally difficult retro renewal at 1 January for buyers -
The crucial thing for the industry now is that the nuances of the lessons from 2017-2018 are heard.
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Just one of the funds tracked by the ILS Advisers Index reported a positive return for the month.
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The fund manager invested in ordinary shares of the fund, exposed to losses from 2017.
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Analysts welcome offer of redemption share class but say timeframe for realisation is unclear.
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Regulators are currently investigating the beleaguered retro manager’s loss reserving.
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How do ILS investors know whether they’re being paid enough for shouldering catastrophe risks?
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Retro buyers are unclear over how much capacity Markel Catco will have to renew its January 2019 portfolio.
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January renewals were creaking into order in December after the wildfires locked up the process.
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Heavy wildfire losses in 2018 may have a heavier impact on the ILS market than in 2017.
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Ordinary shares in the Markel Catco-managed fund slump more than 40 percent on news of the investigations and increased loss estimate.
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Trapped capital will add to losses from Michael, Jebi and the wildfires.
