Markel

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

Class C investors who entered the retro fund after the 2017 hurricane season made a 1.3% loss for the year, although wildfire subrogation meant a gain for ordinary shares.

Simon Moore has joined Lockton Re as a senior broker in the company’s non-marine retro and property specialty team, based in London.

The total increase to the Bermudian firm’s AuM will be “tempered” at the start of the year due to timing of allocations, cat losses and side pocketing.

The manager has extended a fee discount to side-pocketed capital.

The start-up's reinsurance division will target cat and retro business as well as a selection of specialty lines.

Following the sixth compulsory redemption the fund will have returned $271.3mn to shareholders.

Markel's ILS revenue dropped 30% amid Catco run-off and growing side-pocketed assets at Nephila.

The move will allow Markel to leverage Nephila's position and generate operational efficiencies, co-CEO Richie Whitt said.

The transaction, led by Markel Specialty, showcased a new Aon IP capital market solution.

The move marks the company’s fifth round of share redemptions since going into run-off.

The firm plans to carry out a fifth compulsory redemption later this year.