Markel

The dispute centres on ILWs that used Munich Re loss estimates as their trigger.

Company shareholders voted to wind down the beleaguered fund last March, and the run-off is expected to take a few years.

Catastrophe losses saw a 31 percent hit to the fund's 2019 portfolio with attritional losses coming in more than three times as high as budgeted.

The small gains come as the fund makes payments to investors.

The insurer will offer to buy out side-pocketed assets at a discount, with several hundred millions of capacity available if needed.

More and more cyber insurers are seeking alternative capital financing.

The fund intends to pay 90 percent of its current cash to investors with much of its portfolio held in side pockets.

Co-CEO Richie Whitt also highlighted an expectation that Nephila will seek to raise capital and return to growth.

Costs associated with Markel's investigations into Catco drove ILS expenses up tenfold for the insurance group in 2019.

Managers at the Aberdeen Diversified Income and Growth Trust fund said other ILS opportunities did not offer a satisfactory risk-return combination.

Markel Catco’s listed Reinsurance Opportunities Fund posted November gains of 0.8 percent and 1.3 percent respectively for its ordinary and class C shares issued in 2018.

The Limited Purpose Insurer framework was set up earlier this year.