Markel

The stake in Catco’s listed fund held by the Boston-based asset management firm crossed the five percent threshold last week.

Nick Lazarus takes the London-based role after almost 12 years at Hiscox Re.

Guenter Kryszon joined from AIG, where he was head of retail property in North America.

Fundraising is on hold due to the ongoing government investigations, Markel co-CEO Richard Whitt said.

The gains were partially offset by the costs associated with Markel Catco.

Complaints by the ex Markel Catco CEO fail to establish Markel committed “offending conduct” in the states where the case was filed, Markel said.

The fund will go into run-off from 30 June.

Twenty reinsurers took place in the electronic auction, making $250mn of capacity available.

The gain was ahead of the year-ago February performance.

It expects to broaden its ILS product offerings in the coming year.

New registrations are expected from the ILS market.

The US Department of Justice, the Securities and Exchange Commission and Bermuda Monetary Authority are conducting inquiries into the firm’s ILS subsidiary Markel Catco.