Posts Tagged ‘Markel Corporation’

Markel to Acquire Assets of CATCo Investment Management Ltd.

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RICHMOND, Va., LONDON and HAMILTON, Bermuda, Sept. 10, 2015 /PRNewswire/ — Markel Corporation (”Markel”) (NYSE: MKL) and CATCo Investment Management Ltd. (”CATCo”) jointly announced today that they have entered into an agreement whereby Markel will acquire substantially all of the assets of CATCo. The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2015. Additional terms were not disclosed.

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Upon completion of the acquisition, the business will operate as Markel CATCo Investment Management Ltd. (”Markel CATCo”). The existing CATCo management team, led by Chief Executive Officer Tony Belisle, will transition into commensurate roles at Markel CATCo and will operate the business from its Hamilton, Bermuda, headquarters under Markel’s ownership.

Richard R. Whitt, President and Co-Chief Operating Officer of Markel, commented, “We are very pleased for Tony Belisle and the entire CATCo team to join Markel. The addition of CATCo’s insurance linked investment management capabilities alongside Markel’s traditional reinsurance capabilities makes for a powerful combination. While Markel has a long and successful track record in the insurance linked securities space, the addition of the CATCo team takes our capabilities to an entirely new level. The current challenges in the reinsurance and retrocessional markets are well documented. Despite these short-term challenges, we believe that with innovative products and services the long-term future is bright.”

Tony Belisle, Chief Executive Officer of CATCo Investment Management Ltd., said, ”We are excited to join forces with Markel, a leading global specialty insurer and reinsurer which operates with a strong commitment to its core values and distinguished corporate culture. We felt this partnership offered a rare opportunity for CATCo to combine with a culturally similar organization which shares our results-oriented commitment to success and market leadership. We are confident that uniting the strength of the Markel brand and its global reach with CATCo’s differentiated product innovation capabilities will serve to improve our value proposition for investors and cedants. CATCo has grown significantly since its launch in 2010, and the agreement with Markel will allow the same management team to maintain its commitment to both client service and continual product innovation.”

Willis Capital Markets & Advisory served as exclusive financial advisor and Hogan Lovells International LLP served as legal advisor to CATCo. Sidley Austin LLP served as legal advisor to Markel.

About Markel Corporation

Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company’s principal business markets and underwrites specialty insurance products. In each of the Company’s businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at www.markelcorp.com.

About CATCo Investment Management Ltd.

CATCo Investment Management Ltd. is a specialist investment management business. From its headquarters in Hamilton, Bermuda, CATCo manages approximately $2.7 billion of retrocession and traditional reinsurance portfolios for clients around the world, including financial institutions, charities, pension funds, family offices, and investment funds. CATCo Investment Management Ltd. is authorized and regulated by the Bermuda Monetary Authority. Visit CATCo Investment Management Ltd. on the web at www.catcoim.com.

Disclaimer

Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about Markel’s and CATCo’s beliefs, plans or expectations, are forward-looking statements. These statements are based on Markel’s and CATCo’s current plans, estimates, and expectations. There are risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by such statements. Neither Markel nor CATCo assumes any obligation to update this release (including any forward-looking statements herein) as a result of new information, developments, or otherwise. This release speaks only as of the date issued.

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CONTACT: Markel Corporation, Media, Paul Broughton, Managing Director, Marketing, 804-527-7618, pbroughton@markelcorp.com, or Markel Corporation, Investors, Bruce Kay, Managing Director, Investor Relations, 804-747-0136, bkay@markelcorp.com; or CATCo Investment Management Ltd., Media, Mark Way, Investor Relations Director, +44 7786 116 991, mark.way@catcoim.com, or CATCo Investment Management Ltd., Investors, Tony Belisle, Chief Executive Officer, 508-259-1640, tony.belisle@catcoim.com

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Markel Corporation names Mike Clancy Chief Operating Officer, Claims

RICHMOND, Va., May 28, 2015 /PRNewswire/ – Markel Corporation (NYSE: MKL) announced today that Mike Clancy has been named Chief Operating Officer, Markel Claims, effective June 15. In Clancy’s new position, he will be based in Richmond, Virginia and report to Nick Conca, Chief Claims Officer.

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Clancy will focus primarily on accelerating efforts to improve the customer experience and manage the relationship between claims and underwriting teams. To support these initiatives he will be leveraging Markel’s data and analytics capabilities, driving process improvement efforts, and applying technology to make the claims process easier to navigate.

Clancy joined Markel in January 2012 as a Managing Director. In his current role, he has partnered with leadership teams across Markel’s divisions, departments, and the Office of the President to focus on creating business efficiencies and developing tools and resources to support operating discipline.

Prior to joining Markel, Clancy worked for the Boston Consulting Group (BCG) and was a consultant for Markel. He has more than 20 years of experience consulting to the insurance and financial services industries. He has worked extensively with both carriers and brokers in the insurance space, focusing on growth strategies, the consumer experience, and business transformation. Prior to joining BCG, he held various positions in financial services consulting, including co-founding research and advisory firms in New York and Washington, DC.

“Mike’s strong knowledge of Markel’s business, in all its complexity, combined with his industry expertise, will allow us to improve performance across the entire Claims organization,” said Conca. “I am excited to welcome him to our leadership team and look forward to reinforcing claims services as one of Markel’s core strengths and compelling competitive advantages.”

About Markel Corporation
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company’s principal business markets and underwrites specialty insurance products. In each of the Company’s businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at markelcorp.com.

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CONTACT: Paul Broughton, 804-527-7618, pbroughton@markelcorp.com

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Markel Corporation Names Britt Glisson Global Insurance Division President

RICHMOND, Va., Nov. 24, 2014 /PRNewswire/ — Markel Corporation (NYSE: MKL), a holding company with insurance operations and other investments around the world, announced that Britt Glisson has been appointed President of the Global Insurance division effective November 17, 2014.

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Markel Global, which is dedicated to the specialized needs of sophisticated insureds and producers, was formed following the acquisition of Alterra Capital Holdings by Markel in May 2013. The Markel Global team underwrites marine, professional liability, property, and excess casualty products from offices in Bermuda, New York, Dublin, London, Atlanta, San Francisco, Chicago, and Dallas. Markel Global also includes US-based practice groups.

Glisson joined Markel in 1990 and continues to serve as corporate Chief Administrative Officer (CAO), a position he has held since 2009. Most recently, he took on an assignment in the Bermuda office to support the Markel – Alterra integration.  Previously, Glisson served as CFO, COO, and then President of Essex Insurance Company. In 1996, he was named President of Markel Insurance Company and continued in that post until his promotion to CAO.

In his new role, Glisson will report to Mike Crowley, Markel Corporation’s President and Co-Chief Operating Officer. He remains responsible for Markel’s ceded reinsurance administration team.

“Britt has worked closely with the Markel Global management team, and he brings strategic vision and a track record of success to this high profile position. He is an experienced leader and excels at bringing people together. As we expand our global brand, I am confident that Britt will represent us well and help the team to increase Markel’s market share of business with larger risks,” commented Crowley.

About Markel Corporation
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company’s principal business markets and underwrites specialty insurance products. In each of the Company’s businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at markelcorp.com.

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CONTACT: Paul Broughton, Director, Marketing, Markel Corporation, 804-527-7618, pbroughton@markelcorp.com

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Markel Re announces leadership changes

RICHMOND, Va., Sept. 30, 2014 /PRNewswire/ – Markel Corporation (NYSE: MKL) announced today that David Kalainoff, President and Chief Underwriting Officer – Casualty of Markel’s Global Reinsurance (Markel Re) division, is retiring effective June 1, 2015. Jed Rhoads, presently Markel Re’s President and Chief Underwriting Officer – Property, will assume responsibility for leading the division in June 2015. Both were previously employed by Alterra Capital Holdings, which was acquired by Markel in May 2013.

“Dave is a valued member of Markel’s senior leadership team and has been instrumental in the transition of the reinsurance team to Markel. We truly appreciate that he shared his retirement decision with us so early and is willing to work with us until June of next year to ensure customer continuity and uninterrupted service,” said Richie Whitt, President and Co-Chief Operating Officer. “Dave has a long and profitable track record in the reinsurance marketplace, and thanks to the efforts of he, Jed, and many others, Markel Re is poised for continued success.”

Dave’s distinguished career has spanned more than 30 years. Prior to joining Markel, he served as President and Chief Underwriting Officer – US Reinsurance for Alterra. He also held senior underwriting positions at Transatlantic Reinsurance Company, Fireman’s Fund Insurance Company, and Continental Insurance Company.

Jed has more than 30 years of property and casualty treaty reinsurance experience, serving as an underwriter, broker, and executive in the US and Bermuda. His title at Alterra was President and Chief Underwriting Officer – Bermuda Reinsurance.

“Jed and Dave have been close partners in building and leading Markel’s reinsurance business, and they will continue to work closely during the transition,” said Richie. “We are grateful for Dave’s contributions and wish him all the best in his retirement. I am confident that under Jed’s leadership, we will continue to strengthen our reinsurance platform.”

About Markel Corporation
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company’s principal business markets and underwrites specialty insurance products. In each of the Company’s businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at markelcorp.com.

CONTACT: Paul Broughton, Director, Marketing, Markel Corporation, 804-527-7618, pbroughton@markelcorp.com

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Markel Global Reinsurance adds Erik Manning, Jamie Welsby and John Duda to its team

RICHMOND, Va., Sept. 11, 2014 /PRNewswire/ — Markel Corporation (NYSE: MKL) announced today that Dr. Erik Manning and  Jamie Welsby have been appointed Managing Directors of Markel Global Reinsurance (Markel Re), Markel Corporation’s reinsurance operating division. In addition, John Duda has been appointed Assistant Vice President, Reinsurance Underwriter for Markel Re.

Jed Rhoads, President and Chief Underwriting Officer, Property Reinsurance for Markel Re, commented, “We are very pleased to be adding Erik, Jamie and John to our Bermuda leadership team. They bring a wealth of knowledge and experience in the managed third party capital property reinsurance business that will be an asset to us as we seek to expand our presence in that marketplace. They will enhance our analytical capabilities and help develop a broader product offering, as well as assist with fundraising and the servicing of our clients, brokers, and investors. Their activities will not be limited to the assumed retrocessional reinsurance we write on Markel paper and New Point, our eight year old special purpose insurance vehicle.

“Erik, Jamie and John will bolster our existing Managed Cat and Retro team located in Bermuda that currently comprises Andrew ‘Barney’ Barnard, Crystal Doughty and Elena Marshall. We are committed to the retrocessional market and growing our managed third party capital business.”

Erik Manning recently served as Managing Director, Specialty Practice for Guy Carpenter Bermuda. Previously, Erik was Director, ICG/DCM at Deutsche Bank (based in London). Prior to joining Deustche Bank, he was Senior Structure, Insurance Linked Securities at ABN, AMRO. He has also worked at RK Carvill and Company, Ltd. Erik earned his bachelor’s degree from Appalachian State University and his master’s degree from University of Sheffield. He has a doctorate degree in Theory of Risk from Birkbeck, University of London.

Jamie Welsby was most recently Principal at Logic Reinsurance Underwriting Management, Ltd., which he co-founded. Prior to helping create Logic, Jamie was Head of Property Reinsurance at RBC Reinsurance in Toronto. He has 23 years of reinsurance underwriting and management experience. He also worked with GE Insurance/Frankona, where he held the positions of Global Property Portfolio Leader, Global Catastrophe Leader, and Pricing Actuarial Leader based in Munich, Germany. Jamie is a graduate of McMaster University.

John Duda most recently served as a Portfolio Manager for Logic Reinsurance in Toronto. His experience also includes roles at Benfield (then Aon Benfield) and Guy Carpenter, working in the Canadian and Advisory teams. John has an analytics background and has focused on the placement of property catastrophe business. He has also worked for Zurich Financial Services in London. John earned his bachelor’s degree in Math from the University of Waterloo.

About Markel Corporation
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company’s principal business markets and underwrites specialty insurance products. In each of the Company’s businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at markelcorp.com.

CONTACT:  Jed Rhoads, President and Chief Underwriting Officer, Markel Global Reinsurance, +1-441-294-6745, Jed.Rhoads@Markelcorp.com

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