Markel
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Arthur Jones succeeds Alastair Barbour who in February indicated his intention to retire from the board towards the end of this year.
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Lodgepine departs from the pillared structure of Markel Catco, Markel co-CEO Richie Whitt said.
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The carrier’s ILS revenues tripled year on year after its Nephila acquisition. -
The manager bought back and cancelled 900,000 ordinary shares worth $180,000 at the end of last week, as the process of winding up the business continues.
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The Reinsurance Opportunities Fund also repurchased $43.4mn of shares in September.
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Markel co-CEO Richard Whitt told an audience in Las Vegas that the launch of Lodgepine coincided with a need for capacity in the retro market.
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The carrier launched the retrocessional ILS fund this month with Andrew Barnard as CEO.
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Andrew Barnard will serve as Lodgepine CEO with two other Markel staff, Jamie Welsby and John Duda, joining as key executives.
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Trading Risk looks at the dominant themes that the ILS market will be discussing at the 63rd Monte Carlo Reinsurance Rendez-Vous in September.
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Markel and Pimco updated the market on their ILS plans.
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This will be the first share buy-back since the firm’s investors voted for the fund to go into run-off.
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The Markel co-CEO also said that “noise” around the performance of new acquisition Nephila will clear up by year end.
