Markel

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.

Chris Burgess will work with Scott Bailey in the newly created operation.

Last week, Markel said it was placing its retro fund manager Markel Catco into run-off, as part of a restructure that will see a fresh retro play brought to market for 1 January 2020.

The company is also placing its Markel Catco reinsurance fund into run-off.

The company has reached a settlement with Alissa Fredricks and agreed to binding arbitration with Tony Belisle.

The executive replaces Matt Cannock, while Colin Fordham will take on the role of Asia director.

The lawsuit against carriers including Chubb, Allianz and Markel follows the passage of NY’s Child Victims Act.

The executive left Markel late last year and reports to head of financial lines Gavin Stanley at his new employer.