Markel

The executive’s prior ILS roles include stints at Hamilton and Horseshoe.

His departure follows the closure of retro platform Lodgepine and Markel’s cat exit.

The MGA was sold to Oaktree Capital in February.

The group will look to build on synergies between its insurance platforms.

The Markel Catco Reinsurance Fund and Markel Catco Reinsurance Opportunities Fund have already had provisional liquidators appointed for restructuring purposes.

Markel said it has entered into consultation with staff at the ILS vehicle, which was launched in 2019.

The insurer said its plan was to fully transition the book to the fund.

The company cited “substantial support” from investors on the updated terms.

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.

CEO Talbir Bains founded the business in 2017 with backing from the market’s largest ILS manager.

The carrier yesterday shook of $64mn in Uri claims to report a return to profit.

Markel’s overall ILS revenues dropped by 27% year on year as it lifted fronted premium written for the Bermudian firm.