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The US Department of Justice, the Securities and Exchange Commission and Bermuda Monetary Authority are conducting inquiries into the firm’s ILS subsidiary Markel Catco.
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The insurer declined to comment on how much limit of the EUR1.75bn cover was placed. -
The insurer took a $179mn hit to its Q4 results from loss of goodwill.
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The carrier renewed its retro contracts and expanded its K sidecar to $640mn for 2019.
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The manager said it also expected currently attractive cat bond opportunities to dissipate later in 2019.
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Kevin O’Donnell, CEO of the Bermuda-based company, said he expected reinsurance rates to rise in later 2019 renewals.
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A key question is whether retro dislocation will spill over into reinsurance renewals.
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Newer vehicles found it harder to get going as sidecar sponsors struggled to hit their fundraising targets in the January renewals.
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The fund manager’s scarce capacity contributed to a generally difficult retro renewal at 1 January for buyers
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Looking ahead to the rest of the year and 2020, how likely is it that the industry will hold to its resolutions?
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Daniel Ohn has joined the reinsurer as an ILS structurer in New York.
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As less ILS capital was available at 1 January, retro rates rose by up to 35 percent on loss-hit deals, the broker said in its 1st View report.
