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Markel’s ILS revenues were impacted by the Markel Catco run-off and Lodgepine start-up costs. -
The Aquiline-backed carrier will offer multiple strategies including a high-risk and cat bond fund.
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The carrier has set aside $13mn to pay coronavirus claims at its international unit.
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Year-end returns diverged widely with a dozen funds falling to a loss.
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The executive, based in Chicago, is a former broker and joined Argo’s ceded re team from Allied World in 2020.
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The executive takes over from Megan Thomas, who left to become the CEO at Hamilton Re in September.
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The carrier set up a "modest" retro vehicle but has plans to expand into other lines of business.
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The additional $730mn in capital for its Upsilon RFO, DaVinci and Medici funds include $130mn of the company’s own money.
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The carrier is legally obligated to sell cover at “actuarially sound rates”.
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The company announced the departures of former CEO Bruce Lucas and former president Richard Widdicombe last year.
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The charge comes at the end of Everest’s CEO Juan Andrade’s first year leading the (re)insurer.
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The transaction, announced in December, covers around $130mn in premium for business in CT, NJ, MA, and RI, helping HCI expand beyond Florida.
