Markel
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Courts in Bermuda and the US approved the move, which had earlier been subject to investor litigation. -
The executive’s prior ILS roles include stints at Hamilton and Horseshoe.
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His departure follows the closure of retro platform Lodgepine and Markel’s cat exit.
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The group will look to build on synergies between its insurance platforms.
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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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Markel said it has entered into consultation with staff at the ILS vehicle, which was launched in 2019.
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The insurer said its plan was to fully transition the book to the fund.
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The company cited “substantial support” from investors on the updated terms.
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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.
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CEO Talbir Bains founded the business in 2017 with backing from the market’s largest ILS manager.
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The carrier yesterday shook of $64mn in Uri claims to report a return to profit.
