RICHMOND, Va., Jan. 18, 2019 /PRNewswire/ -- Markel
Corporation (NYSE: MKL) said today that effective immediately,
Anthony Belisle, Markel CATCo Chief Executive Officer and
Alissa Fredricks, Markel CATCo Chief Executive Officer –
Bermuda are no longer with the
company.
As previously announced, after being notified of governmental
inquiries into loss reserves recorded in late 2017 and early 2018
at Markel CATCo Investment Management Ltd and its subsidiaries
(Markel CATCo), Markel Corporation
(Markel) engaged outside counsel to conduct an internal review.
During the course of the internal review, Markel discovered
violations by Mr. Belisle and Ms. Fredricks of Markel policies
relating to an undisclosed personal relationship, and prompt action
was taken. The internal review relating to loss reserving continues
with no conclusions reached at this time.
Effective immediately, management and oversight of Markel CATCo, which includes approximately 25
employees, will be provided by Jed
Rhoads, President and Chief Underwriting Officer, Markel
Global Reinsurance, and Andrew "Barney" Barnard, Senior Managing Director, Head of
International Property Catastrophe and Retro Reinsurance at Markel
Global Reinsurance. Markel will commence a search for Markel CATCo's new Chief Executive Officer.
Biographies
Jed Rhoads
Jed leads Markel's treaty and facultative reinsurance business
with teams focused on property, casualty, specialty, and public
entity risk solutions from offices located in the US, Bermuda, and the UK. He joined Markel in 2013,
when Markel acquired Alterra Capital Holdings Limited in
Bermuda. Over the course of his
career, Jed has held senior positions with Harbor Point Re, Chubb
Re Bermuda, Overseas Partners Limited Bermuda, and Stockton Re
Limited Bermuda.
Andrew "Barney" Barnard
Barney leads the international property team. His
responsibilities include Markel's catastrophe and retro reinsurance
products. He is based in Bermuda.
Prior to joining Markel, Barney was Senior Vice President with
Alterra Capital Holdings Limited. Barney's underwriting and
business development career has included positions with White
Mountains Re, Willis Re, Gerling
Global London Market, and Eagle Star Re.
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.
For investor inquiries contact:
Investor Relations
804-747-0136
investorrelations@markelcorp.com
For media inquiries contact:
Gladstone Place
Partners
Lauren
Odell / Patricia Figueroa
212-230-5930
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SOURCE Markel Corporation