Markel

Markel International has sold the remnants of its Brazilian business less than a year after it scaled back its involvement in the region.

AIG, Chubb, Markel, Swiss Re and Zurich are among the carriers which face potential losses from the tour operator's collapse.

Further rate rises “aren’t just a nice to have”, Markel’s co-CEO said on Thursday.

"We’ve got skills, capital, distribution and knowledge” to maintain dominance, the executive said.

The launch follows the carrier’s decision earlier this year to put CatCo into run-off.

Andrew Barnard will serve as CEO of new ILS platform Lodgepine with two colleagues taking on investment management roles.

The latest increase has pulled its cumulative returns since inception down to a loss of 52.9 percent for ordinary shares, as prior-year gains have been more than wiped out by 2017/18 disaster events.

The Reinsurance Opportunities Fund has started a buy-back process after shareholders voted in favour of a run-off.

The executive promises a broader managed funds vehicle, whose strategies will also differ from those of Nephila.

The co-CEO warns a higher catastrophe frequency and severity also calls for more rate.

The firm primarily operates as an MGA, underwriting specialist automobile insurance.

Markel beats second quarter operating earnings expectations by 2.7 percent as favourable reserve development drops by $38.9mn.