RICHMOND, Va., April 14, 2019 /PRNewswire/ -- Markel Corporation
(NYSE: MKL) (the "Company") previously reported that the U.S.
Department of Justice, U.S. Securities and Exchange Commission and
Bermuda Monetary Authority (together, the "Governmental
Authorities") are conducting inquiries into loss reserves recorded
in late 2017 and early 2018 at Markel CATCo Investment Management
Ltd. and its subsidiaries (together, "CATCo"). These inquiries are
limited to CATCo and do not involve the Company or its other
subsidiaries.
As the Company previously disclosed, it retained outside counsel
to conduct an internal review of CATCo's loss reserving in late
2017 and early 2018. The internal review has recently been
completed. The internal review conducted by outside counsel
found no evidence that CATCo personnel acted in bad faith in
exercising business judgment in the setting of reserves and making
related disclosures during late 2017 and early 2018. The
Company's outside counsel has met with the Governmental Authorities
and reported the findings from the internal review.
The Governmental Authorities' inquiries are ongoing and the
Company continues to fully cooperate with them. The Company
cannot currently predict the duration, scope or result of the
Governmental Authorities' inquiries.
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.markel.com.
About Markel
CATCo
Markel CATCo
creates and manages a series of innovative insurance-linked
investment funds which provide its investors the opportunity to
participate in a selected mix of catastrophe reinsurance risks
accessed through its reinsurance company, Markel CATCo Re Ltd. The
funds are diversified across a number of risk categories to limit
the capital exposed to a single event, and are uncorrelated to
traditional asset classes. The structure of the funds provides its
reinsurance purchasers significant underwriting capacity and claims
paying capabilities. Markel CATCo is
headquartered in Hamilton, Bermuda
and is authorized and regulated by the Bermuda Monetary
Authority.
For investor inquiries contact:
Investor
Relations
804-747-0136
investorrelations@markel.com
For media inquiries contact:
Gladstone Place
Partners
Lauren Odell /
Patricia
Figueroa
212-230-5930
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SOURCE Markel Corporation