Markel

The Markel Catco Reinsurance Fund and Markel Catco Reinsurance Opportunities Fund have already had provisional liquidators appointed for restructuring purposes.

Prior to joining Markel, Robert O’Connor-Mitchell spent nearly 12 years at trade credit insurance and surety firm Euler Hermes.

The carriers’ losses stem from a placement covering losses ceded from the Mutual Risk Group, a group insurance arrangement consisting of 19 South African companies.

Charlie Richardson will work as head of renewable energy underwriting, as previously reported by this publication.

The company cited “substantial support” from investors on the updated terms.

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Markel reported that investigations by the DoJ and SEC have concluded with no penalties or action taken against the company.

Markel will provide approximately $150mn to facilitate the buyout of the retrocessional segregated accounts of the funds, as well as tail-risk cover to release $100mn of trapped collateral.

The new branch will offer professional indemnity, cyber risk, and directors and officers liability cover.

The move follows change in senior management at the business, with Simon Wilson set to succeed William Stovin as president.

Markel, Beazley, Hiscox, Chaucer, Brit and Liberty Specialty Markets are all participants in the product development.

The transition is part of a planned succession that will take effect no later than January 2022, pending regulatory approval.