RICHMOND, Va., July 25, 2019 /PRNewswire/ -- Markel Corporation
(NYSE: MKL) ("Markel") today announced that it intends to establish
a new retrocessional Insurance Linked Securities (ILS) fund
platform in Bermuda, comprised of
a reinsurance company, fund entity and investment manager.
The new platform is expected to allow Markel to expand on its
current range of ILS capabilities, drawing on the deep talent and
resources from across the Markel organization. Markel expects that
investors in the new venture will benefit from the access to risk
that Markel Corporation can offer, as well as its significant
underwriting and analytical capabilities and position in the
reinsurance market. The platform will be overseen by Markel Global
Reinsurance executives Jed Rhoads
and Andrew "Barney" Barnard.
Initial product offerings are expected to include a property
catastrophe retrocessional investment ahead of the 2020 renewal
period. The fund is expected to offer cedants a suite of property
retrocession products with the ability to have coverage provided
either on a collateralized basis, written by the new reinsurance
company, or on a rated paper basis written by Markel Corporation's
existing Class 4 Bermuda-based licensed insurance company, Markel
Bermuda Limited, or a combination of both.
"Markel is tremendously optimistic about the future of the ILS
market. Over time we expect this new platform to broaden Markel's
capabilities and provide institutional investors access to further
opportunities in insurance risk, complementing our existing Nephila
and State National operations," said Richard R. Whitt, Co-Chief Executive Officer at
Markel. "The 2020 Retro Fund is expected to provide investors with
access to property catastrophe retrocession exposure via a
single-entry point and platform, and we expect it will additionally
present a convenient and compelling offering to both our cedants
and brokers."
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.
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 beliefs, plans or
expectations, are forward-looking statements. These statements are
based on Markel'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. Markel assumes no 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.
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