Capital markets

Cat bond expansion drives the growth.

The executive was previously an actuarial analyst at the broker.

RMS’ Paul Wilson and former MS Amlin executive Adam Tidball have joined the firm.

With Markel as its new parent, the fund manager can diversify further away from its traditional mainstay of property cat reinsurance.

The business has continued to diversify into fee-driven firms through M&A.

Several independent managers remain but ILS entrepreneurs have already largely cashed out.

Citrus cat bond losses are now expected to total $324mn

Dual’s planned syndicate start-up and Beat Capital’s acquisition of Syndicate 4242 point to a Lloyd’s future where the underwriting is distanced from the capital it serves.

The deal, which will give Markel a 20 percent share of the ILS market, could be the industry's first true convergence play.

The ILS manager will continue to use Allianz as a fronting partner after ownership change.

Markel will gain a dominant ILS position and an enhanced business profile, AM Best said, while Moody's noted strategic benefits and enlarged asset base.

The sale will accelerate the fund manager's expansion into the primary insurance markets.