Markel Corp didn’t invest in CatCo’s mammoth $2.3bn+ fund raising that occurred in late 2017 after Hurricanes Harvey, Irma and Maria caused more than a $100bn+ of industry losses while tying up billions of dollars of capital among ILS funds.
Shares in the listed fund of retro investment specialist Markel CatCo fell 25 percent in London trading today (06 December) as the firm revealed US and Bermuda authorities are looking into loss reserves recorded in late 2017 and early 2018 at CatCo and its subsidiaries.
Markel CatCo - a leading provider of collateralised retro capacity - confirmed last night it is under investigation by “US and Bermuda authorities” over its loss reserves.
Catastrophe risk modeling firm AIR Worldwide estimates that industry insured losses from the Camp Fire in Northern California will be between $6bn and $9bn.
The majority of the losses stemming from the wildfires that ravaged parts of California last month will be insured, according to Aon.
Bermudian legacy-to-live carrier Enstar has completed its $200mn investment in Evergreen.
Arthur J Gallagher has snapped up Boston Marks Group which includes Boston Marks Insurance NZ in New Zealand, BMG Aviation in Australia and the book of business of Boston Marks Insurance Brokers in the United Kingdom.
As the post-takeover operating structure of MMC and JLT begins to take shape, JLT’s qualifying staff have been notified of their entitlements under the £100mn retention bonus scheme that was announced as part of the £4.3bn acquisition.
Oliver Bäte, the CEO of Europe’s second largest insurer Allianz, has had his contract extended by a further five years.