Markel
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Carriers are grappling with a rush of investor interest in longer-tail lines. -
Nationwide will delegate management of the policies to Ryan Specialty.
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Indirect exposure to cat risk through long-term investors gives Markel optionality.
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Nephila revenues would likely have been higher, but for an ‘elevated climate signal’ this year.
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Schmidt will lead Markel's Global Strategy team and work with Nephila.
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State National has been lined up to front for the vehicle, which would be a rare example of third-party capital in this space.
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The acquiring reinsurer will now run off the business.
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The carriers were in arbitration with UnipolRe and Gen Re.
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The conflict between US and Bermuda legal systems offers no easy route for counterparties to fraud-impacted transactions.
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The committee claims Chaucer waited until it had ‘maximum leverage’ over other debtors.
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A credit loss owing to a fraudulent letter of credit from Vestto added 1 point to the combined ratio in Q3, insurance president Jeremy Noble told analysts during a conference call.
